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Silent Service Method

  • #621
  • Mar 20, 2009 10:07am Mar 20, 2009 10:07am
Quoting clockwork71
its the same set up i am watching.....
Thanks.
  • #622
  • Mar 20, 2009 10:12am Mar 20, 2009 10:12am
Quoting clockwork71
its the same set up i am watching.....
Actually to further review, if the trade is to trigger, I have my stop set @ 131.30 (tops of the highs on the daily) and my initial target @ 126 - and then the follow through @ 122 and eventually, hopefully, 115?

Just trying to think out loud and get your opinion, thanks so much again.
  • #623
  • Mar 20, 2009 10:20am Mar 20, 2009 10:20am
Quote
No , I don't scale at all. I am either all in, or all out.

clockwork71,
wow... , all in or all out? u play poker too?
  • #624
  • Mar 20, 2009 10:48am Mar 20, 2009 10:48am
Quoting bgin2end
Actually to further review, if the trade is to trigger, I have my stop set @ 131.30 (tops of the highs on the daily) and my initial target @ 126 - and then the follow through @ 122 and eventually, hopefully, 115?

Just trying to think out loud and get your opinion, thanks so much again.

I will short it if I get a set up, and exit when it knocks me out.....wherever that ends up being. The thing is, once I am in the trade the only thing left to do is to manage it.....I don't control the market. Not yet at least.
  • #625
  • Mar 20, 2009 10:52am Mar 20, 2009 10:52am
I almost forgot this... this should've been my 1st post.


after several "glances", i deem this thread as a definite must-read for everyone. Lots of basics, advices, nuts & bolts during the first few posts.. I particularly like the non-forex charts/posts as it's the USP (unique selling proposition) component of this thread.

excellent clockwork71
  • #626
  • Mar 20, 2009 10:54am Mar 20, 2009 10:54am
Quote
Warning: This thread contains dangerously high levels of atomic truthiness and radioactive wisdomite. Anyone foolhardy enough to diligently incorporate these high-velocity elements into their weak fragile trading system risks becoming...........profitable.

opie999,
LOL at this...

clockwork is frank & that's particularly helpful in this business
  • #627
  • Mar 20, 2009 12:21pm Mar 20, 2009 12:21pm
Clockwork,

Regarding your definition of a good pin bar does its open and close have to be within the body (open and close) of the previous bar or just within the previous bar and not specifically within its body?
It's all about cautious - and highly educated - wagering on probabilities.
  • #628
  • Mar 20, 2009 12:39pm Mar 20, 2009 12:39pm
Quoting Santana55
Clockwork,

Regarding your definition of a good pin bar does its open and close have to be within the body (open and close) of the previous bar or just within the previous bar and not specifically within its body?

the bar itself is good enough
  • #629
  • Mar 20, 2009 1:07pm Mar 20, 2009 1:07pm
http://www.marketfolly.com/2008/11/d...f-trading.html

If you don't know who Dennis Gartman is, I would encourage you to read everything he says. Twice.

Here is a site that has his 16 rules of trading. I want you to read #14 every time you enter a trade. It is the biggest secret to making money trading.
  • #630
  • Mar 20, 2009 1:21pm Mar 20, 2009 1:21pm
Nice divergence in Dow indicating a nice move up....
Attached Image (click to enlarge)
Click to Enlarge Name: DJI.jpg Size: 240 KB
It's all about cautious - and highly educated - wagering on probabilities.
  • #631
  • Mar 20, 2009 1:31pm Mar 20, 2009 1:31pm
Clockwork, once again, this is an excellent thread, thank you so much for your time.

You had mentioned that trading FOREX is only part of the final game. A trader should learn to trade stocks, bonds, or whatever else as well.

Is this so you can stay conservative (trading at only the best locations, with the correct price action), by checking across hundreds of FOREX pairs, stocks, bonds, indexes, etc.?
  • #632
  • Mar 20, 2009 4:36pm Mar 20, 2009 4:36pm
Quoting Santana55
Nice divergence in Dow indicating a nice move up....

Divergence is something that only adds to a possible trade, without Price Action, I don't trust it.

However, it is there.....
  • #633
  • Mar 20, 2009 4:38pm Mar 20, 2009 4:38pm
Quoting unlv_tj
Clockwork, once again, this is an excellent thread, thank you so much for your time.

You had mentioned that trading FOREX is only part of the final game. A trader should learn to trade stocks, bonds, or whatever else as well.

Is this so you can stay conservative (trading at only the best locations, with the correct price action), by checking across hundreds of FOREX pairs, stocks, bonds, indexes, etc.?
00

Once you get to know and understand price action and technical analysis, all charts are the same. So when you get to this point, YES......this is a HUGE advantage of having several different "arenas" to trade in.

I find that if I don't have a forex trade, I normally have at least one good stock trade, etc....

It makes being patient much easier.
  • #634
  • Mar 20, 2009 5:03pm Mar 20, 2009 5:03pm
Quoting bgin2end
Actually to further review, if the trade is to trigger, I have my stop set @ 131.30 (tops of the highs on the daily) and my initial target @ 126 - and then the follow through @ 122 and eventually, hopefully, 115?

Just trying to think out loud and get your opinion, thanks so much again.
My idea is that it would be safer to have your stop depending on the setup bar. Imagine that the setup bar is coming from 132, then I would have my stop above that level.
But CW can tell it better than anybody... Just my 2 cents.

Enjoy your weekend ppl
  • #635
  • Mar 20, 2009 6:13pm Mar 20, 2009 6:13pm
Quoting clockwork71
00

Once you get to know and understand price action and technical analysis, all charts are the same. So when you get to this point, YES......this is a HUGE advantage of having several different "arenas" to trade in.

I find that if I don't have a forex trade, I normally have at least one good stock trade, etc....

It makes being patient much easier.
Thank you clockwork, I really do appreciate all the work you, and the many other experienced traders put in to this forum. I really hope you are able to learn even 1/10th as much as we are able to learn from you.

I would love to do this full time for myself. I am in a unique situation. I have enough cashed saved up, to if I could make 20% a year, I could live nicely in my quiet small home town and get out of this job I cannot stand any longer (computer programmer). So I actually have the account size, and backing, and situation to do this for a living. The question is, do I have what it takes.

I don't know yet. But I do know that it appears that if you trade this many different vehicles (FOREX, Stocks, Futures, Bonds, ect.), and you only trade 4 hours and up (maybe even only daily and up), taking only the best trades, there are enough opportunities to make 20% in a year.

And that is exciting. I would love to never have to go below the 4H chart to make a living.
  • #636
  • Mar 20, 2009 7:30pm Mar 20, 2009 7:30pm
Quoting unlv_tj
Thank you clockwork, I really do appreciate all the work you, and the many other experienced traders put in to this forum....
I don't know your situation beyond what you tell me, but I would highly recommend that you "scale into trading" like I was saying earlier. If you truly have that much saved up, it would be a disaster if you blew up. I know you hate your job, but don't be in a huge hurry to leave just yet.

Perhaps if you take your time, (I have no reason to think you won't.) you can get to the point where only 12% a year is necessary to make a living. I know 8% doesn't seem like that much, but the less you need - the less pressure it would put on you.

One of the absolute killers in this game is that lack of patience most of us have. (In fact, the false prophets out there take advantage of that very trait. Promising riches in short order, they lure us into this forex thing.)

If you have that kind of financial backing, it's certainly a possibility. It just comes down to being smart about it is all. I have faith in you, because to have that much put away takes discipline. In fact, I would say that you already have the hardest part taken care of, self-control.

That's at least half the battle.

CW
  • #637
  • Mar 20, 2009 7:31pm Mar 20, 2009 7:31pm
If I don't answer your messages tonight, I am making some videos - which always takes at least twice as long as they should.....

  • #638
  • Mar 20, 2009 8:11pm Mar 20, 2009 8:11pm
One more thing before I run.....

Sometimes the charts show their hand well ahead of the move. This series of charts all relate to the Dow Jones Industrial Average 30. Look at these charts and see how sometimes this is pretty obvious.

If these things break short, I will be in many of them. There's a good chance a lot of people are going to be angry next week. I won't be one of them.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: indu.png Size: 88 KB
Click to Enlarge Name: BAC.png Size: 85 KB
Click to Enlarge Name: disney.png Size: 83 KB
Click to Enlarge Name: GE.png Size: 76 KB
Click to Enlarge Name: jpm.png Size: 97 KB
  • #639
  • Mar 20, 2009 8:23pm Mar 20, 2009 8:23pm
Quoting clockwork71
One more thing before I run.....

Sometimes the charts show their hand well ahead of the move. This series of charts all relate to the Dow Jones Industrial Average 30. Look at these charts and see how sometimes this is pretty obvious.

If these things break short, I will be in many of them. There's a good chance a lot of people are going to be angry next week. I won't be one of them.
XLF is also in a similiar position to BAC. I have a feeling CNBC won't be a happy place to be next week.
  • #640
  • Mar 20, 2009 8:37pm Mar 20, 2009 8:37pm
Quoting johnnyonspot
I was just thinking about this last night and concluded that there is no reason not to simply keep trading demo... and trading demo... and trading demo until the kitty is built up enough to allow gains to be worthwhile when one does go live. Trying to build the few thousand dollar account up to $1M is, it seems to me, a sure recipe for over trading, i.e., losses.
Find a broker that will allow you to trade cents on the dollar. Micro or
Units(Oanda)

That way you get the feel of trading with your own hard earned real money. And if you mess up, it will hopefully be an educational cost and not an account killer.
As you do better, more confidence, add to your trading size.
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