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Silent Service Method

  • #201
  • Mar 4, 2009 7:59am Mar 4, 2009 7:59am
Quoting BWise
Good morning yall,

I just wanted to ask CW and the rest of the senior members, whether they were session specific with their trading, ie. London session, NY session, Asian session, or do you put on alerts to notify you when price is aproaching a S&R zone?

I don't really worry about the session so much to be honest. I am a little leery of taking a 4 hour bar serious that was formed during the NY afternoon on a friday though, because it can be a result of people closing out the week's positions.

CW
  • #202
  • Mar 4, 2009 8:00am Mar 4, 2009 8:00am
with my best hope looking forward to seeing clockwork clarifying his method( i mean setup,entry,mm,exits etc)..or i'm already missing something here big time but havent noticed yet
thanks for the thread..
  • #203
  • Mar 4, 2009 8:22am Mar 4, 2009 8:22am
Quoting nomask
with my best hope looking forward to seeing clockwork clarifying his method( i mean setup,entry,mm,exits etc)..or i'm already missing something here big time but havent noticed yet
thanks for the thread..
Don't worry. Read it few times from the beginning as CW has explained what he looked for in a trade. I dunno how he trade but what I know he's looking for good location of S/R. Like me I'm looking for price action at this area.

I'm currently looking for U/J. Closed my long position and looking for bearish PA but look like we still in strong uptrend move. About EU that I mentioned before, price never reached 1.2400 but looking at daily we could have a PB off support. Another one is my U/Cad trade, off daily resistance. Hopefully we can pass the level I marked. Any comment is welcomed as I still in learning phase.
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  • #204
  • Edited 8:31am Mar 4, 2009 8:28am | Edited 8:31am
Quoting clockwork71
EXACTLY. The USD/CAD is very interesting to me at the moment. If you look at the monthly or weekly.... 1.30 is a HUGE SPOT. It's places like these that we can take a trade and hang on forever.

If it will only show itself. We must wait for it's reaction.

CW

I'm enjoying reading your excellent thread - and interested to see that I've also written of quite a few similar points in my own posts.

I've always liked Tom Williams's comment that he views S&R areas as a hedge that resists the move - and somethimes its quite a thick - 100 pip wide - hedge - here it was 50 pips wide.

I missed reading this yesterday, otherwise the lower high doji two candles after FO that was held at the 950 level would have certainly put me short. But then I'm a notoriously short TF mainly cable trader who's now looking for more time afloat this summer...http://www.forexfactory.com/images/icons/icon12.gif
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Trading Levels with WRBs
  • #205
  • Mar 4, 2009 8:51am Mar 4, 2009 8:51am
SLV, a silver ETF - I uploaded a chart to show some of the things I watch out for.....had to use NinjaTrader charts.....Interactive Brokers charts are the worst.
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  • #206
  • Mar 4, 2009 8:57am Mar 4, 2009 8:57am
Quoting arcus
Don't worry. Read it few times from the beginning as CW has explained what he looked for in a trade. I dunno how he trade but what I know he's looking for good location of S/R. Like me I'm looking for price action at this area.

I'm currently looking for U/J. Closed my long position and looking for bearish PA but look like we still in strong uptrend move. About EU that I mentioned before, price never reached 1.2400 but looking at daily we could have a PB off support. Another one is my U/Cad trade, off daily resistance. Hopefully we can pass the...
u/j was a good trade..last week i exited too after holding it for about 10 days..for u/cad although it seems you shorted at good price but i don't think it'll just fall down without any retracement or bearish confirmation,so i'll wait for retracement as a confirmation and to lower stop size if not doesnt matter..
good luck..
  • #207
  • Mar 4, 2009 10:36am Mar 4, 2009 10:36am
Quoting Private Message
Im sure living in Columbus and with other responsibilities that your probably not setting your alarm to jar you awake for the London open. Maybe Im wrong. Having said that. What time(s) do you usually place your trades? Sorry if Im jumping ahead but Id like to spend less time staring at trades and more time studying, Thanks for the pearls of wisdom, looking forward to more

Yes, London is not very handy to trade. I know that to some people the following statement might be heresy.

I don't care about the time.

I based the trades off of weekly s/r lines for a reason - they tend to matter. The large orders there don't care if it's London, Tokyo, or Sydney knocking at the door.

CW
  • #208
  • Mar 4, 2009 11:15am Mar 4, 2009 11:15am
I am waiting to see reaction to this zone.....Hopefully price action will be obvious. An engulfing bar....pinbar.....outside bar.....

If not, then I will use common sense as well. If it gets rejected hard, I now know where price isn't going and sometimes that is just as important....
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  • #209
  • Mar 4, 2009 11:17am Mar 4, 2009 11:17am
Hi Clockwork,

This is a fantastic thread! I have read all of James16's and Trader Dantes (over at T2W) as well which follow the same method as you discuss and the results are really excellent.

One question regarding S/R levels. With regard to futures markets, when drawing in your levels do you include the evening session (after hours) data on your charts or just go with the regular trading session hours? It seems to me that when you keep the evening session data in (very low volume usually) it skews the S/R levels a bit. The charts seem cleaner without it. Just wanted your opinion on this matter.

Thanks
It's all about cautious - and highly educated - wagering on probabilities.
  • #210
  • Mar 4, 2009 12:03pm Mar 4, 2009 12:03pm
.
  • #211
  • Mar 4, 2009 12:07pm Mar 4, 2009 12:07pm
Quoting nomask
u/j was a good trade..last week i exited too after holding it for about 10 days..for u/cad although it seems you shorted at good price but i don't think it'll just fall down without any retracement or bearish confirmation,so i'll wait for retracement as a confirmation and to lower stop size if not doesnt matter..
good luck..
I took the U/cad trade based on h1 outside bar that off weekly and daily resistance. The size wasn't that good IMO but the location outweigh the size. And the price stalled at expected place. Still got tons to learn on this S/R stuffs, and on how to manage it.
  • #212
  • Mar 4, 2009 12:11pm Mar 4, 2009 12:11pm
Quoting clockwork71
I am waiting to see reaction to this zone.....Hopefully price action will be obvious. An engulfing bar....pinbar.....outside bar.....

If not, then I will use common sense as well. If it gets rejected hard, I now know where price isn't going and sometimes that is just as important....
Hey CW, I'm watching this area too. Can you give us more hint about the part where price isn't going? Do you mean that's is not going for the resistance that it has broke and atleast for now it could possibly act as support and wait for rebounce.
  • #213
  • Mar 4, 2009 12:28pm Mar 4, 2009 12:28pm
He's saying if that weekly PB on the usdcad sticks around, you might see an effective short.
  • #214
  • Mar 4, 2009 12:54pm Mar 4, 2009 12:54pm
Quoting arcus
I took the U/cad trade based on h1 outside bar that off weekly and daily resistance. The size wasn't that good IMO but the location outweigh the size. And the price stalled at expected place. Still got tons to learn on this S/R stuffs, and on how to manage it.

EXACTLY.

Price action helps, no doubt about it.....but it's the reaction and the place that sometimes matters more. The 1.30 area is HUGE for the CAD.

I went short this pair as well, but based upon a reaction more that a specific shape of a bar. I don't normally trade this way, unless the area warrants the possibility of doing it.
  • #215
  • Mar 4, 2009 12:57pm Mar 4, 2009 12:57pm
Quoting arcus
Hey CW, I'm watching this area too. Can you give us more hint about the part where price isn't going? Do you mean that's is not going for the resistance that it has broke and atleast for now it could possibly act as support and wait for rebounce.
Think of your above mentioned USDCAD trade......the area is pretty obvious. If price cannot get above 1.30 and hold.....it's going down.

The same might be said about USDJPY at 100. We will see. If it can't get above and hold above the 100 mark, it has to go somewhere. (I know someone will say - "It can go sideways as long as it likes." The answer to that is "No." There are people trading this pair, and therefore they will act like people.....they won't sit forever.)
  • #216
  • Mar 4, 2009 12:59pm Mar 4, 2009 12:59pm
Quoting Santana55
Hi Clockwork,

This is a fantastic thread! I have read all of James16's and Trader Dantes (over at T2W) as well which follow the same method as you discuss and the results are really excellent.

One question regarding S/R levels. With regard to futures markets, when drawing in your levels do you include the evening session (after hours) data on your charts or just go with the regular trading session hours? It seems to me that when you keep the evening session data in (very low volume usually) it skews the S/R levels a bit. The charts seem...

My thinking is to still base everything off the weekly....which of course makes futures a very expensive game.....but it seems to hold true.

After hours in general doesn't effect it as much if you are looking at larger time frames in my opinion.

CW
  • #217
  • Mar 4, 2009 2:45pm Mar 4, 2009 2:45pm
Quoting clockwork71
Think of your above mentioned USDCAD trade......the area is pretty obvious. If price cannot get above 1.30 and hold.....it's going down.

The same might be said about USDJPY at 100. We will see. If it can't get above and hold above the 100 mark, it has to go somewhere. (I know someone will say - "It can go sideways as long as it likes." The answer to that is "No." There are people trading this pair, and therefore they will act like people.....they won't sit forever.)
Thanks CW for the hints. With this answer, I think I've figured out the "mile marker". I guess same principle applied.
  • #218
  • Mar 4, 2009 4:12pm Mar 4, 2009 4:12pm
The eur/usd daily is looking solid (of course, it's counter trend however). BTW clockwork, I like your style...I like your moves.
I dream, therefore I become.
  • #219
  • Mar 4, 2009 4:44pm Mar 4, 2009 4:44pm
All these moves were predictable and worth a lot of pips today. Just need to head down to the lower tf's and wait for a break in the other direction.

A very good day indeed...

eurusd long at the bottom
Audusd long at the bottom
usdcad short at the top
gbpjpy long of support
usdjpy long of support

How good would this have been for you had you got them? A 1% risk would have seen near 20% profit today from all trades

Happy pippin'

P.S. clock...how did your silver trade go? I'm long longterm in that bad boy. Looking to casher all in a year or so. That is where I put all my mutual fund money that I cashed out before the crash...that and water. Water is longer term for me then silver though. Here is to hopefully good times ahead
"Keep your eyes on the helpers" - Mr. Rogers
  • #220
  • Mar 4, 2009 4:51pm Mar 4, 2009 4:51pm
Quoting damonl
...Water is longer term for me then silver though. Here is to hopefully good times ahead
Seriously I do not know that water is also traded. Or is it just nickname for something.
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