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Silent Service Method

  • #1,001
  • Apr 7, 2009 8:44pm Apr 7, 2009 8:44pm
Quoting dkmb92
i will demo them, thx for sharing. no matter what broker i chose to trade w/, i will still chart w/ mt4. i have been following the ibfx & fxpro feeds. which feeds do you follow? have you checked out the lfx's at lite-forex?
I saw them once, didn't find them overly useful. I checked out their site, and saw the one HUGE red flag that is a no-no for me.......Russian language at the bottom. Russian brokers are notorious scammers.
  • #1,002
  • Apr 7, 2009 8:55pm Apr 7, 2009 8:55pm
Clockwork, Im hoping you can shed some light on this movemnet. It hit the 50% fib on the weekly fell back to 87.00 and created a pin bar on the daily. showing 87.00 maybe the support level. What do you do in this case? Its caught between the fib and support level. Hope you can see the chart I attached. Thanks
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  • #1,003
  • Apr 7, 2009 9:07pm Apr 7, 2009 9:07pm
Quoting clockwork71
I saw them once, didn't find them overly useful. I checked out their site, and saw the one HUGE red flag that is a no-no for me.......Russian language at the bottom. Russian brokers are notorious scammers.
right, i would never trade w/ them. i just think the lfx's are neat indy's to add to the tool box, only to add confluence to a trade. so what feeds do you follow?
  • #1,004
  • Apr 7, 2009 9:08pm Apr 7, 2009 9:08pm
Quoting TraderJSS
Clockwork, Im hoping you can shed some light on this movemnet. It hit the 50% fib on the weekly fell back to 87.00 and created a pin bar on the daily. showing 87.00 maybe the support level. What do you do in this case? Its caught between the fib and support level. Hope you can see the chart I attached. Thanks
I was watching this pair, and to be honest, I think it's trapped between 90 and 87. I wouldn't get involved quite yet. It really hasn't "broke out" until it clears 90 in my opinion. If anything I would be looking short. However, you have that stupid pinbar, which shows indecision. Indecision breeds losses.
  • #1,005
  • Apr 7, 2009 9:35pm Apr 7, 2009 9:35pm
This makes sense, I appreciate the respose.


Quoting clockwork71
I was watching this pair, and to be honest, I think it's trapped between 90 and 87. I wouldn't get involved quite yet. It really hasn't "broke out" until it clears 90 in my opinion. If anything I would be looking short. However, you have that stupid pinbar, which shows indecision. Indecision breeds losses.
  • #1,006
  • Apr 7, 2009 9:42pm Apr 7, 2009 9:42pm
Sorry, one more quick question. Do you ever wait an extra bar after a signal to confirm, or does that end up loosing pips? Would it be a better method to do that in your opinion?

Quoting TraderJSS
This makes sense, I appreciate the respose.
  • #1,007
  • Apr 7, 2009 10:37pm Apr 7, 2009 10:37pm
Quoting clockwork71
How much do you believe in the move? I can see the thinking, but to be honest.....I am only at break even at this moment. (well.....+2 pips to cover swap for 2 days.....)

What are you comfortable with? THAT IS THE QUESTION.
Hi CW - I have been thinking about your comments about 'how much do I believe in the move' and zoomed out to see a slightly bigger picture. I noticed that we have a similar daily bar on Jan 12 (blue zones), to the daily bar that just closed. That bar was also after a rejection of the .60 level.
Normally, I would have set a take profit in around 100 pips, but your insight has allowed me to manage the trade in a more beneficial way with less stress. Also being in the overall direction of the trend helps.

Obviously price could bounce back to hit entry level and take me out, but it looks like a reasonable set up for continued bearish action. I can now react to price action instead of previously reacting to my emotions, fear and greed. Also, this is by far the least I have ever monitored a trade, in terms of checking on it constantly. I took your advice and only look at it once in a while.
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  • #1,008
  • Apr 8, 2009 2:20am Apr 8, 2009 2:20am
Quoting hel13rock
I think we're talking the same language but as it's countertrend I'm looking for where it's going to retrace to surely? I thought fib expansions are the other way after a retracement and trend continuation?

Semantics maybe, nothing more .

I've got 130.5 as my ppz on the weekly chart but I'm only drawing lines at the moment as zones create problems for me. I think I can see 131 as a better level to watch as it would be the start of the zone if I was to draw one.

I think I'll leave the tp as it is but watch the 131 level very closely.

Thanks...
congratz on ej...your plan worked as we talked..
  • #1,009
  • Apr 8, 2009 6:20am Apr 8, 2009 6:20am
Thanks, to say that I am pleased with that trade would be an understatement!

I need to step back a bit now and keep a clear head, you just know it's the next trade after a largeish win that goes wrong the worst!
  • #1,010
  • Apr 8, 2009 6:43am Apr 8, 2009 6:43am
you're right...one should be feeling happy not because having a winning trade but making a plan and following it every single time..
nice area to watch on uj..(possible pin on weekly)
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  • #1,011
  • Apr 8, 2009 6:59am Apr 8, 2009 6:59am
It's sometimes difficult to keep those emotions in check when you get a nice win. Hopefully as I progress in my trading I'll get nearer the ho hum stage when a win or loss feels the same.

Do you record the trades you make and if so, do you review them? I do write down what I am trading, sometimes take a screenshot and try to remember to write some notes about what I was thinking when I took the trade but I don't always stick to this and reviewing old notes is dull! Part of the business I suppose?

Usd Jpy is very interesting at the moment. I've got 101 as resistance, which it looks is holding but I'm wondering whether it has a little higher to go towards that trendline? 61.8 fib retracement is a little higher than 101 too.

Wait and see is always best I suppose. The next few days will let us know.

Looking at the setup on Usd Jpy it makes me wonder how long eurjpy and gbpjpy are going to continue in their uptrends as well.

What are your thoughts? (anyone)
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  • #1,012
  • Apr 8, 2009 7:41am Apr 8, 2009 7:41am
Quoting hel13rock
It's sometimes difficult to keep those emotions in check when you get a nice win. Hopefully as I progress in my trading I'll get nearer the ho hum stage when a win or loss feels the same.

Do you record the trades you make and if so, do you review them? I do write down what I am trading, sometimes take a screenshot and try to remember to write some notes about what I was thinking when I took the trade but I don't always stick to this and reviewing old notes is dull! Part of the business I suppose?

Usd Jpy is very interesting at the moment. I've...

One thought I have on this:

I would advise buying an external hard drive. They are dirt cheap these days. (You can get 1TB for about 129 these days......a 300 GB is like 40-50) It gives you a ton of storage for videos, charts, spreadsheets, and backing up info.....etc.)
  • #1,013
  • Apr 8, 2009 9:41am Apr 8, 2009 9:41am
I responded to a post on this forum in another thread that got me really hot under the collar. It wasn't that that poster was out of line, far from it. It was a cliche he used. "Trading takes guts".

No it doesn't. Bullshit.

Let's talk about something that happened in my life last year that profoundly effected me in so many ways. Last June, on the 14th, my second son was born. On the 22nd, my mother died. Even if the month was horrible for me, it taught me to look at the world in a different light. Oddly enough, I really accelerated in profits starting that month. I learned what's important. I will let you in on a secret: It's NOT trading. Period.Never, ever forget that.

The thing is this: When we are in a trade, it can be "scary". Why is that? Holy shit! I might be proven wrong! So what? You've been wrong before. How did you handle it? Or better yet, did you survive it? Probably. Most of this trading thing is a head game.

Think about the possibility of having a losing trade. Does it takes guts to risk a certain amount of money? Hell no. I know you may not feel like that....but let's get real. I am a contractor, and sometimes am 40-100 feet in the air. Trust me, that's more to worry about than a few hundred in the currency markets.

Or better yet, there are people in the world that don't know if they are eating tonight. How's that for fear? Ever lived in a war zone? I bet those people in Sarajevo a few years back were a little more nervous than you in your $50 loss on EUR?JPY.

I know these emotions creep up, but it helps if you look at the big picture. This is true in life, so why not in trading? It is little distinctions like this that have changed my trading, and therefore my results.

Think dammit. That's what most people DON'T DO. Trading really IS SIMPLE. I PROMISE. It's YOU that makes it difficult.

Ever wonder why Jacko is so followed? Because he's got a system that is ridiculously simple.....which in and of itself makes it great. It's funny really....because if you read what he does, why is there still discussion about it? Seems simple to me. Could have done it in about 10 posts really. But people are constantly asking him questions that are more about themselves than the charts. (If you read between the lines.)

Ok, sorry. Rant over. LOL

CW
  • #1,014
  • Apr 8, 2009 9:48am Apr 8, 2009 9:48am
Keeping things in perspective. Makes a lot of sense.
  • #1,015
  • Apr 8, 2009 9:57am Apr 8, 2009 9:57am
I just wanted to ask a question about the USD/MEX does it normally move this smoothly? I took the trade last night was able to aero out in about 2 hours if I remember right. The long is high lighted in the yellow box, also you can see all the trade details below on the bottom. I know that the short entry area highlighted by green is a better entry so Im not asking about that. Also how well does this fit with your silent service method?

And thanks for sharing all this info after reading through this thread things are just a little more clear helping my trading in short term as well as my move into longer term trades. S/R were a hit and miss for me but now they are getting better and better.
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  • #1,016
  • Apr 8, 2009 10:44am Apr 8, 2009 10:44am
love the new avatar Chris.
havent seen that cartoon for a while though.
  • #1,017
  • Apr 8, 2009 10:46am Apr 8, 2009 10:46am
Quoting rustyjeff
love the new avatar Chris.
havent seen that cartoon for a while though.
I'll second that, this is the best of the latest three,

Regards,
Ghous.
I believe . . .
  • #1,018
  • Apr 8, 2009 11:10am Apr 8, 2009 11:10am
I miss flava.
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  • #1,019
  • Apr 8, 2009 11:44am Apr 8, 2009 11:44am
Quoting kodflakes
I just wanted to ask a question about the USD/MEX does it normally move this smoothly? I took the trade last night was able to aero out in about 2 hours if I remember right. The long is high lighted in the yellow box, also you can see all the trade details below on the bottom. I know that the short entry area highlighted by green is a better entry so Im not asking about that. Also how well does this fit with your silent service method?

And thanks for sharing all this info after reading through this thread things are just a little more clear helping...
To be honest, I don't know if I have traded this pair too often. However, the chart makes sense to me.
  • #1,020
  • Apr 8, 2009 11:45am Apr 8, 2009 11:45am
Quoting opie999
I miss flava.
The guy in the picture is my new hero.
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