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Silent Service Method

  • #581
  • Mar 18, 2009 11:03am Mar 18, 2009 11:03am
Got it, thanks. Post # 465 regarding trailing.
  • #582
  • Mar 18, 2009 11:26am Mar 18, 2009 11:26am
Hi CW,

Last night I was flipping through the stocks my filter spit out and ran across GEOY. It had a very nice 2-day Pin Bar at what looks like a pivot zone to me, and is in a slight uptrend. Only flaw I spotted was lower volume. It also had nice divergence on the weekly williams I use. What do you think about this set up (ignoring today's data if possible)? I'll be honest and say I bought it at the break of the first day of the 2-day PB. I am looking to take profits at 21.45. Is this too soon dol you think? I would greatly appreciate your thoughts on this. Cheers!
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  • #583
  • Mar 18, 2009 11:45am Mar 18, 2009 11:45am
Quoting johnnyonspot
Hi CW,

Last night I was flipping through the stocks my filter spit out and ran across GEOY....

I would be concerned about $20, if it goes through there, you're in business.
  • #584
  • Mar 18, 2009 11:49am Mar 18, 2009 11:49am
Clockwork, thanks a lot for this thread. I have been learning about price action, and after 5 years of failures, i have decided to learn the only true way i see to be successful. After forgoing trading this morning, i have read the entire thread, and have to say that it is very good. The input and answers from folks on here, and you, are great. I will post my chart, and would like to know if my S&R areas look to be correct.
Robert
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  • #585
  • Mar 18, 2009 12:25pm Mar 18, 2009 12:25pm
Quoting R Richards
Clockwork, thanks a lot for this thread. I have been learning about price action, and after 5 years of failures, i have decided to learn the only true way i see to be successful. After forgoing trading this morning, i have read the entire thread, and have to say that it is very good. The input and answers from folks on here, and you, are great. I will post my chart, and would like to know if my S&R areas look to be correct.
Robert

It looks like you might be missing a few. I agree with the ones you posted though....

The one you asked about - yes. It should be one. Take a look at the "stairs" price forms. Make a few lines and you will see it.

Remember, I tend to take trades based on 4 hour or daily charts. It can look a little busy on the weekly, but you will find your 4 hour trades will have 2,3,4, or 500 pips to run generally.

Welcome to the thread.
  • #586
  • Mar 18, 2009 12:26pm Mar 18, 2009 12:26pm
Quoting clockwork71
I would be concerned about $20, if it goes through there, you're in business.


Here is a quote from my log entry last night: "1st minor resistance at 20.00." It blew through that earlier this a.m.
  • #587
  • Edited 5:21pm Mar 18, 2009 1:50pm | Edited 5:21pm
Hey all,

Just thought I'd pass along an update. Starting Monday, March 23rd the CME will be launching Forex E Micro Futures at 1/10 the size of a standard contract (the same as trading a micro contract with a Forex broker).

Check it out: http://www.cmegroup.com/trading/fx/f...-e-micros.html

Might need a little time to build volume but if they take off, no more shifty bucket shop worries.
It's all about cautious - and highly educated - wagering on probabilities.
  • #588
  • Mar 18, 2009 3:10pm Mar 18, 2009 3:10pm
Hi Clockwork, enjoy the simplicity of the thread

On EJ, if 131 breaks and holds (thats the level that I'm using for resistance), I see the 138 area as the next major weekly PPZ. Does that seem kosher to you?
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  • #589
  • Mar 18, 2009 4:51pm Mar 18, 2009 4:51pm
Quoting Life of Pi_p
Hi Clockwork, enjoy the simplicity of the thread

On EJ, if 131 breaks and holds (thats the level that I'm using for resistance), I see the 138 area as the next major weekly PPZ. Does that seem kosher to you?

sure.
  • #590
  • Mar 18, 2009 4:52pm Mar 18, 2009 4:52pm
I have seen this, I am hoping this works out well.


Quoting Santana55
Hey all,

Just thought I'd pass along an update. Starting Monday, March 23rd the CME will be launching Forex E Micro Futures at 1/10 the size of a standard contract (the same as trading a micro contract with a Forex broker).

Check it out: CME Group - CME Group to Launch Forex E-Micro Contracts

Might need a little time to build volume but if they take off, no more shifty bucket shop worries.
  • #591
  • Mar 18, 2009 6:31pm Mar 18, 2009 6:31pm
Quoting Santana55
Hey all,

Just thought I'd pass along an update. Starting Monday, March 23rd the CME will be launching Forex E Micro Futures at 1/10 the size of a standard contract (the same as trading a micro contract with a Forex broker).

Check it out: http://www.cmegroup.com/trading/fx/f...-e-micros.html

Might need a little time to build volume but if they take off, no more shifty bucket shop worries.
hey, i tried to send you a pm about this. will you send me one first? hope you dont mind if i have a few questions about it. i dont know much about futures, but i want to learn more. thx.
  • #592
  • Mar 18, 2009 9:35pm Mar 18, 2009 9:35pm
CW,

Maybe you already answered this. Do you add to or subtract from trades as they go along say, when they cross a minor zone and trace back? Scale in/out, that sort of thing?

Thanks again.

Side note: My trading is going much, much, MUCH better already.
  • #593
  • Mar 19, 2009 2:23am Mar 19, 2009 2:23am
There is a major S/R line around 0.8500 level, IMO, price hit that zone twice yesterday and then an evening star has formed on H4. What do you think about a Short entry at 0.8415 with stoploss at 0.8520 and TP is at 0.7800?
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  • #594
  • Mar 19, 2009 3:26am Mar 19, 2009 3:26am
Hi Chris

I suppose this is a question about momentum.

I entered long on Eur/Chf on a break of 1.5300. This level was a clear ppz on the weekly. The price retraced (on the 4H) back to the ppz and I entered on a break of the previous high.

Price has now been meandering about for the last couple of days and I've been a few pips up and currently a few pips down but price seems to be going nowhere.

My questions are
1. Do you think it was viable trade according to your criteria
2. Even if you don't; what would you do in a similar situation. Sit it out and trust your original judgement or bail out for a few pips loss because of the lack of momentum.
  • #595
  • Mar 19, 2009 3:00pm Mar 19, 2009 3:00pm
Quoting inflxshn
CW,

Maybe you already answered this. Do you add to or subtract from trades as they go along say, when they cross a minor zone and trace back? Scale in/out, that sort of thing?

Thanks again.

Side note: My trading is going much, much, MUCH better already.
No , I don't scale at all. I am either all in, or all out.
  • #596
  • Mar 19, 2009 3:02pm Mar 19, 2009 3:02pm
Quoting Blackeagle
There is a major S/R line around 0.8500 level, IMO, price hit that zone twice yesterday and then an evening star has formed on H4. What do you think about a Short entry at 0.8415 with stoploss at 0.8520 and TP is at 0.7800?

From a glance, it seems reasonable.
  • #597
  • Mar 19, 2009 7:03pm Mar 19, 2009 7:03pm
I have a few questions, I am hoping you can take the time to answer them - it would be greatly appreciated. Below are 2 charts of the USDJPY.

I am assuming that minor s&r are drawn on the Daily's but the Major s&r are drawn from the weekly/monthly. Assuming I am correct the charts below show the Major s&r (Purple) and the minor (Gray).

What I am wondering is if we broke through the Major support @ 96.xx and then followed through the Minor support @ 94.50 would you consider the current bars in the blue circle as respecting the minor support? Also would you take a trade if PA confirmed that 94.50 is significant resistance now? OR would you wait for a pull back to 96.xx and then PA to confirm a strong resistance and thus short the pair?

Thanks for the input...
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  • #598
  • Mar 19, 2009 7:09pm Mar 19, 2009 7:09pm
Quoting bgin2end
I have a few questions, I am hoping you can take the time to answer them - it would be greatly appreciated. Below are 2 charts of the USDJPY.

I am assuming that minor s&r are drawn on the Daily's but the Major s&r are drawn from the weekly/monthly....

You could take that as an area to trade off of, I would just give it a little less "weight" as a trade. I personally prefer to wait myself. Also, this is against the major trend.
  • #599
  • Mar 19, 2009 7:14pm Mar 19, 2009 7:14pm
Quoting clockwork71
You could take that as an area to trade off of, I would just give it a little less "weight" as a trade. I personally prefer to wait myself. Also, this is against the major trend.
Thank you for your prompt reply...

This thread has done wonders for me being able to see "trade-able" areas.
  • #600
  • Mar 19, 2009 7:18pm Mar 19, 2009 7:18pm
I went long the SLV ETF. It's an exchange traded fund revolving around Silver. Basically, it's the poor man's way to trade Silver futures.

Below is a chart, and my thoughts as I got in.....

CW
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