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Silent Service Method

  • #381
  • Mar 10, 2009 7:30pm Mar 10, 2009 7:30pm
Quoting clockwork71
I MUST BE THE ONE GETTING OLD.....I MEANT UPTREND!
Thanks both NF &CW for the clarification. I'm back in the groove.
  • #382
  • Mar 10, 2009 7:34pm Mar 10, 2009 7:34pm
Quoting Jollyroger
Thanks both NF &CW for the clarification. I'm back in the groove.
I prefer the traditional method to determine trend direction, higher highs/higher lows for up and lower lows/lower highs for down.
  • #383
  • Mar 10, 2009 7:40pm Mar 10, 2009 7:40pm
Our friend Diane pointed this chart out.....this is what waiting can do for you. A couple of bucks on a crude oil futures contract is a lot of money. $10 for every cent per contract.....a lot of money.....this move would have been worth a couple of thousand.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: oil1.png Size: 60 KB
Click to Enlarge Name: oil2.png Size: 84 KB
  • #384
  • Mar 10, 2009 8:13pm Mar 10, 2009 8:13pm
I have been getting a lot of questions about different types of entires, etc. I just wanted to say this:

What I am posting here is a rough outline.....a method. (Hence the name of the thread.) To call this a system is a bit of a stretch. The reason is basically that all of you could trade these parameters I am posting a little differently.

For example, some of you may only trade pinbars, and pinbars only. Some may add one or two other bar shapes. Some might enter blindly off touches of support or resistance. We are all going to approach things a bit differently.

What I am trying to teach here is more a method of thinking, not a "If A happens, do B type of system." You cannot trade effectively if it isn't a personal method of your own. I am simply trying to cut a few years off your learning curve.

So when it comes to the subtle differences, they will work themselves out as we get through this thread.
  • #385
  • Mar 10, 2009 8:20pm Mar 10, 2009 8:20pm
Quoting clockwork71
What I am posting here is a rough outline.....a method.
What you're doing is laying a solid foundation my good man.

This sort of stuff (as with james16) can be used with any system to make it so much more effective.
  • #386
  • Mar 10, 2009 8:22pm Mar 10, 2009 8:22pm
I was watching CNBC this afternoon at the end of the trading day. (Actually, I was playing World Of Warcraft with the tv on in the background.) I heard Maria talking to someone about "What are you trading today", as usual looking for a hot "tip", amazing....nothing has changed since Livermore's day.

Anyway, the guy said he thought we could be seeing a large bear market rally. (Dow was up 330 or so today.) He said, "And I know it sounds crazy, but I saw a Japanese Candle Stick formation that says this." She just kind of laughed about it, and spoke of it like he was reading tea leaves.

Let's be honest here, they all on the networks have been talking about how "cheap" stocks look. I wonder if you bought back at Dow 10,000 how cheap those stocks look now?

Of course, as the market goes down...people get apathetic, and don't buy stocks. No buying stocks....why waste time watching CNBC? See the conflict? I have noticed the anchors getting a lot more aggressive for "tips" and "advice" these days from these morons they host on their sets.

Yes kids, this is America's best and brightest. Many of us out here in the real world are handing it to them on a daily basis. The truth is this: The "experts" don't know their ass from a hole in the ground. Never for a second think you can't beat them.

It's funny really, because they think what we do is ridiculous. But they advocate "Dollar Cost Averaging". (Buying on the way down because it makes your input cost cheaper.) In other words - more commission for these idiots. These same morons will say "Never catch a falling knife." Uhh....isn't it the same thing?

My response to that has always been: "Why not just make better entries?" Seems simple to me. In fact, it actually is.....

Just my random rant for the day.

CW
  • #387
  • Mar 10, 2009 8:36pm Mar 10, 2009 8:36pm
Quote
Yes kids, this is America's best and brightest. Many of us out here in the real world are handing it to them on a daily basis. The truth is this: The "experts" don't know their ass from a hole in the ground. Never for a second think you can't beat them.

LOL. Those guys are so painfully clueless it hurts. You see the Jon Stewart bit on CNBC the other day?
  • #388
  • Mar 10, 2009 8:40pm Mar 10, 2009 8:40pm
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hi, CW, please let me ask a question, if I may. would you have taken the first PinBar as entry if you noticed it then(referring to your hourly chart)? if yes, would you change your mind to close the short in between? there were at least 25 bars meaning 25 hours between the two entry opportunities, a lot things could happen, mentally, and other opportunities ...... many many things could happen in between. looking at the chart hindsignt, it is very obvious the second entry point is perfect. but, how would you manage the trade if you entered the first one? thank you



Quoting clockwork71
Our friend Diane pointed this chart out.....this is what waiting can do for you. A couple of bucks on a crude oil futures contract is a lot of money. $10 for every cent per contract.....a lot of money.....this move would have been worth a couple of thousand.
  • #389
  • Mar 10, 2009 9:53pm Mar 10, 2009 9:53pm
Quoting Rabid
LOL. Those guys are so painfully clueless it hurts. You see the Jon Stewart bit on CNBC the other day?

Yeah pretty good that was.
  • #390
  • Mar 10, 2009 9:55pm Mar 10, 2009 9:55pm
Quoting krue
Hi, CW, please let me ask a question, if I may. would you have taken the first PinBar as entry if you noticed it then(referring to your hourly chart)? if yes, would you change your mind to close the short in between? there were at least 25 bars meaning 25 hours between the two entry opportunities, a lot things could happen, mentally, and other opportunities ...... many many things could happen in between. looking at the chart hindsignt, it is very obvious the second entry point is perfect. but, how would you manage the trade if you entered the first...
Well as far as a pure price action play, I would have had my stop above that pinbar, and it would have never got taken out.....so I would still be in the trade.

Of course, oil is a VERY EXPENSIVE game, so I probably would be a little more careful than that. It takes a ton of money to trade oil to be honest......

But as an example, I would still be in it.

CW
  • #391
  • Mar 10, 2009 9:59pm Mar 10, 2009 9:59pm
Quoting clockwork71
I was watching CNBC this afternoon at the end of the trading day. (Actually, I was playing World Of Warcraft with the tv on in the background.) I heard Maria talking to someone about "What are you trading today", as usual looking for a hot "tip", amazing....nothing has changed since Livermore's day.

Anyway, the guy said he thought we could be seeing a large bear market rally. (Dow was up 330 or so today.) He said, "And I know it sounds crazy, but I saw a Japanese Candle Stick formation that says this." She just kind of laughed about it, and...
Just wanted to say thanks for making this thread clockwork, really helped refresh my S/R knowledge.

As for CNBC, I agree they are totally clueless. All of them laugh at the technicians that come on and very few actually seem to have even a basic concept (Caruso-Cabrerra comes to mind). But you got to admit they got some nice eye candy on there: Erin Burnett, Rebecca Jarvis, Margarete Brennan,Trish/Melissa. Meow. lol.


Keep up the good work, now I'll have to read both the J16 thread and Silent Service everyday.
  • #392
  • Mar 10, 2009 10:55pm Mar 10, 2009 10:55pm
Quoting Icehocey77
Just wanted to say thanks for making this thread clockwork, really helped refresh my S/R knowledge.

As for CNBC, I agree they are totally clueless. All of them laugh at the technicians that come on and very few actually seem to have even a basic concept (Caruso-Cabrerra comes to mind). But you got to admit they got some nice eye candy on there: Erin Burnett, Rebecca Jarvis, Margarete Brennan,Trish/Melissa. Meow. lol.


Keep up the good work, now I'll have to read both the J16 thread and Silent Service everyday.

I found out Jarvis was on the Apprentice. Season 1 I believe.
  • #393
  • Edited 11:46pm Mar 10, 2009 11:12pm | Edited 11:46pm
Quoting clockwork71
I have been getting a lot of questions about different types of entires, etc. I just wanted to say this:

What I am posting here is a rough outline.....a method. (Hence the name of the thread.) To call this a system is a bit of a stretch. The reason is basically that all of you could trade these parameters I am posting a little differently.

For example, some of you may only trade pinbars, and pinbars only. Some may add one or two other bar shapes. Some might enter blindly off touches of support or resistance. We are all going to approach things...

Great lessons here, CW...

Some people may still be waiting for your "system"... Most of them will drop when they realize you're not giving us a system... Others could finally see what it is, and those will stick with you and the thread... (I'm on this boat... better saying.... submarine )

I naturally have a day job (I'm a doctor, anesthesiologist) so I just can't stay glued hours and hours in front of the screen.... And I have enough stress and adrenaline everyday.... So I'm keeping my trading on higher TFs (LOL... market in fact doesn't have any TF... but this is another discussion)... and I must say, your skills and insights on the market behavior and mainly S/R zones (ONE of my weakness... my thick medical brain just couldn't figure it till now....) have spared me big time on the learning road!

Thanks again!

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #394
  • Mar 10, 2009 11:17pm Mar 10, 2009 11:17pm
There are always alternatives: Bloomberg, Reuters... etc
  • #395
  • Mar 10, 2009 11:47pm Mar 10, 2009 11:47pm
Really Really Really enjoying this tread. Thanks CW for your insight..... Looking forward to keeping up with this one..
Things can get Real ugly, Real quick!!!
  • #396
  • Mar 11, 2009 12:46am Mar 11, 2009 12:46am
Quoting NuckingFuts
It gets a bit hard to distinguish up or down with the left to right when you see charts like this
agreed, looking at a weekly EUR/USD right now it's hard to tell the long term trend.
  • #397
  • Mar 11, 2009 3:20am Mar 11, 2009 3:20am
can someone tell me how do put in shaded zones for my support and resistance in mt4... the lines i draw on the weekly timeframe are too small when i look at them on lower TF's
Grabbing the bull by the horns!
  • #398
  • Mar 11, 2009 3:38am Mar 11, 2009 3:38am
Insert -> Shapes -> Rectangle. Or you can add rectangle to your toolbar.
  • #399
  • Mar 11, 2009 3:57am Mar 11, 2009 3:57am
Quoting Rabid
Insert -> Shapes -> Rectangle. Or you can add rectangle to your toolbar.
why thankyou...

would someone share with me there thoughts on the S+R ive drawn for the eurusd weekly, looks busyish to me, i dunno tho...
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd weekly.gif Size: 18 KB
Grabbing the bull by the horns!
  • #400
  • Mar 11, 2009 6:12am Mar 11, 2009 6:12am
I decided to go short on the CHFJPY. Found a daily candle that looked like a pinbar around the 85 resistance level.
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy 2009-03-11 daily.gif Size: 19 KB
The nail that sticks out gets hammered back in
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