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Silent Service Method

  • #521
  • Mar 15, 2009 1:51pm Mar 15, 2009 1:51pm
Hi Clockwork 71
can you pleae take a look at my 4H chart? do you think i was able to draw S and R on this chart , If correct all what i need in my entry point , I think SL should be under the low , entry point is what i need to learn from you maybe it is time to make some money after i blow 4 accounts in the last years .
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  • #522
  • Mar 15, 2009 2:42pm Mar 15, 2009 2:42pm
Quoting tazzam72
Hi Clockwork 71
can you pleae take a look at my 4H chart? do you think i was able to draw S and R on this chart , If correct all what i need in my entry point , I think SL should be under the low , entry point is what i need to learn from you maybe it is time to make some money after i blow 4 accounts in the last years .
Hi Tazz

If I may, I think those S/R lines you've drawn look pretty good, at least according to how I understand them. The only thing is that CW recommends drawing them only on a zoomed out weekly chart to ensure you are drawing the major zones, which are much more reliable, and to draw them where you have touches from both below and above, though sometimes it is clear a zone is still a major S/R area with several touches from one side only. I imagine if one was going to trade the 1-hr and below then drawing S/R lines on the 4-hr might work, but not if you are trading the higher TFs, as recommended for noobs like me.
  • #523
  • Mar 15, 2009 3:19pm Mar 15, 2009 3:19pm
Looking for some input here from the masters...

I am working on my weekly analysis and looking through all of my dollar pairs...from what I see I can't help but notice that we are looking at a major shift to dollar weakness. Every chart I look at that is paired with the $ is at a major S & R line and PA is showing that it's about to break against the $. Anyone else seeing this???

I'll get more specific if anyone wants - but I am just looking for a general feeling from others.
  • #524
  • Mar 15, 2009 6:25pm Mar 15, 2009 6:25pm
Quoting tazzam72
Hi Clockwork71
I just read your thread , Thanks for sharing .I have 2 questions

1) What do you think about entering a trade after you see a pin bar (hammer) S or R confirmed on the 4 H chart then switch to 1 H and confirm cross of moving average as 5 and 8 EMA etc..

2) I noticed that some one asked you do you trade contra trade trend you said yes , Don't you think that trading S or R is a contra trade trend this is how i see your system , Please advice. Thanks.

I don't think anything about #1 personally - moving averages are a waste of time.

As far as #2 is concerned, just because the trade is at S/R areas does not mean it's counter-trend. It could be a pullback, etc.

CW
  • #525
  • Mar 15, 2009 6:26pm Mar 15, 2009 6:26pm
Quoting tazzam72
Hi Clockwork 71
can you pleae take a look at my 4H chart? do you think i was able to draw S and R on this chart , If correct all what i need in my entry point , I think SL should be under the low , entry point is what i need to learn from you maybe it is time to make some money after i blow 4 accounts in the last years .

This chart is kind of a mess.....but it's not your fault - this pair is a mess. I don't like seeing so many lines, this is why I am ignoring the EUR/USD for the most part.....too many "areas" at the moment.

But, you have the general idea my friend!
  • #526
  • Mar 15, 2009 6:28pm Mar 15, 2009 6:28pm
Quoting bgin2end
Looking for some input here from the masters...

I am working on my weekly analysis and looking through all of my dollar pairs...from what I see I can't help but notice that we are looking at a major shift to dollar weakness. Every chart I look at that is paired with the $ is at a major S & R line and PA is showing that it's about to break against the $. Anyone else seeing this???

I'll get more specific if anyone wants - but I am just looking for a general feeling from others.
This also goes along with stock markets and the ridiculous run up they had last week. 9% in 5 days? Please.....so it makes sense it looks like that.

I am not anticipating anything....that leads to taking "so-so" trades.....but I agree, we are at some interesting places.

CW
  • #527
  • Mar 15, 2009 6:28pm Mar 15, 2009 6:28pm
Quoting clockwork71

..... it would be a grade "B" trade in my opinion.

CW
Can you please give us a specific description for each "Grade" trade?

Thanks.
  • #528
  • Mar 15, 2009 6:38pm Mar 15, 2009 6:38pm
Quoting Blackeagle
Can you please give us a specific description for each "Grade" trade?

Thanks.
There really isn't any criteria, it's more like a subjective call.
  • #529
  • Mar 15, 2009 7:13pm Mar 15, 2009 7:13pm
Quoting clockwork71
A chart that I have been watching (and trading lately.) Perhaps we are setting up for yet another short? Short is the trend after all.

If I am short on this stock, I will be aiming for something like $12.25

Hi,

Just a quick question about your stock trades. Do you use level 2 for more confirmation? I trade stocks form time to time and I'm wondering if this is something to consider.

Thanks.
  • #530
  • Mar 15, 2009 7:16pm Mar 15, 2009 7:16pm
Quoting Siam
Hi,

Just a quick question about your stock trades. Do you use level 2 for more confirmation? I trade stocks form time to time and I'm wondering if this is something to consider.

Thanks.
I don't to be honest.
  • #531
  • Mar 15, 2009 10:06pm Mar 15, 2009 10:06pm
Quoting Siam
Hi,

Just a quick question about your stock trades. Do you use level 2 for more confirmation? I trade stocks form time to time and I'm wondering if this is something to consider.

Thanks.
Level II is worse than a waste of time, it is a tool the ECNs/market makers can manipulate to paint whatever picture they want you to see regarding the "weight" of buyers vs sellers. They do not have to show all the shares up for sale at the lowest ask, nor all the shares asking to be bought at the highest bid. So, they can "overweight" one side, or "underweight" one side to present exactly the OPPOSITE of what is really happening. And I say "overweight", because they have been known to put up for sale a large amount of shares to make it seem like "Selling" is happening, only to quickly remove them once they start to be bought! IMHO, Level II is nothing more than a tool enabling the ECNs/Market Makers to deceive anyone depending on it for making trading decisions.
  • #532
  • Mar 15, 2009 10:52pm Mar 15, 2009 10:52pm
Quoting clockwork71
I almost never take weekly trades.
why dont you take wkly trades/pa signals?
  • #533
  • Mar 16, 2009 3:24am Mar 16, 2009 3:24am
Hi Clockwork

Thanks hugely for this thread. I've read it twice and doing my best to practise spotting the S/R zones and pinbars as you advise.

I'm setting up layouts etc. in MT4 and see that many of your charts have MACD & Volume on them. Do these play a part of your method? Should I add them to my MT4 layouts?

Cheers
Jellybean
  • #534
  • Mar 16, 2009 4:17am Mar 16, 2009 4:17am
Quoting Jellybean
Hi Clockwork

Thanks hugely for this thread. I've read it twice and doing my best to practise spotting the S/R zones and pinbars as you advise.

I'm setting up layouts etc. in MT4 and see that many of your charts have MACD & Volume on them. Do these play a part of your method? Should I add them to my MT4 layouts?

Cheers
Jellybean
hummm..

Jelly...Most of CW's charts are naked... PA+S/R...

IMO, you can ignore volume on Forex retail brokers.... nothing to do with volume as a measure of interest on stock market...

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #535
  • Mar 16, 2009 4:49am Mar 16, 2009 4:49am
Quoting Jellybean
I'm setting up layouts etc. in MT4 and see that many of your charts have MACD & Volume on them. Do these play a part of your method? Should I add them to my MT4 layouts?

Cheers
Jellybean
Volume is irrelevant on FX charts, as it is a decentralised market, so there is no single exchange where all transactions are taking place. In the stock market however, it can prove useful as all traffic goes through a single exchange, such as NYSE.

MACD used on its own can be a killer in a strong trend, but used with s/r and confirming price action, it can be a useful tool to add extra weight to a setup in the form of divergence. Chart example below of usd/cad with price making a triple top, whereas MACD is showing divergence.

Best,
Chris
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  • #536
  • Mar 16, 2009 1:24pm Mar 16, 2009 1:24pm
HT & Chris

Thanks for your comments on FOREX volume.

I know there can be no actual volume measure of FOREX because it's so distributed, but I'm fairly sure my broker's volume is really a tick count - the assumption being that the number of ticks is related to the total volume. It's probably questionable, but I wondered if Clockwork used it.

I note your point that Clockwork's charts are naked. I'll start that way, at least.

Cheers
Jellybean
  • #537
  • Mar 16, 2009 3:58pm Mar 16, 2009 3:58pm
Quoting dkmb92
why dont you take wkly trades/pa signals?
I don't know, maybe it's a throwback to when I didn't think it was possible to get rich quick enough trading larger time frames?

A lot of the time what I will do is look for a pinbar within the weekly pinbar. (example.) It's a show of weakness none the less.

CW
  • #538
  • Mar 16, 2009 4:00pm Mar 16, 2009 4:00pm
Quoting Jellybean
Hi Clockwork

Thanks hugely for this thread. I've read it twice and doing my best to practise spotting the S/R zones and pinbars as you advise.

I'm setting up layouts etc. in MT4 and see that many of your charts have MACD & Volume on them. Do these play a part of your method? Should I add them to my MT4 layouts?

Cheers
Jellybean
I only use volume on stocks. Volume in forex is a myth, because there is no central exchange to measure how many trades are being placed. DO NOT TRUST VOLUME IN FOREX!

However, you can use it in a place like the NASDAQ.

As far as MACD, I use it to spot divergence, which if you google that term...you should get about a billion hits. (I use divergence as a confirmation to price action, not a sole reason to take a trade.)

CW
  • #539
  • Mar 16, 2009 4:01pm Mar 16, 2009 4:01pm
Quoting Chris P
Volume is irrelevant on FX charts, as it is a decentralised market, so there is no single exchange where all transactions are taking place. In the stock market however, it can prove useful as all traffic goes through a single exchange, such as NYSE.

MACD used on its own can be a killer in a strong trend, but used with s/r and confirming price action, it can be a useful tool to add extra weight to a setup in the form of divergence. Chart example below of usd/cad with price making a triple top, whereas MACD is showing divergence.

Best,
Chris

Perfect example.
  • #540
  • Mar 16, 2009 4:04pm Mar 16, 2009 4:04pm
Quoting Jellybean
HT & Chris

Thanks for your comments on FOREX volume.

I know there can be no actual volume measure of FOREX because it's so distributed, but I'm fairly sure my broker's volume is really a tick count - the assumption being that the number of ticks is related to the total volume. It's probably questionable, but I wondered if Clockwork used it.

I note your point that Clockwork's charts are naked. I'll start that way, at least.

Cheers
Jellybean
You will find that having as little on the chart as possible makes it clearer in the end. If you think about it, how did you come to put indicators on your charts? You took losses, and were trying to "figure out" trading.

You put another indicator on, and it's supposed to keep you "safe" from a loss. The funny thing is....indicators are merely mental crutches.

I use two indicators as confirmation only.The MACD for divergence, and the Fib retrace. Why? Because everyone else pays attention to them.

CW
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