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Silent Service Method

  • #681
  • Mar 25, 2009 9:58am Mar 25, 2009 9:58am
Quoting bill5145
Hey CW,
Damn good thread. Been reading it off and on for four days. First practice trade was Euro short for a Monday morning cool 100 + pips !!!
I am in the same profession(painting and drywall), but my body tells me everyday how important trading is !

The Trade:...
Congrats on the trade, that's great!
  • #682
  • Mar 25, 2009 10:07am Mar 25, 2009 10:07am
Quoting clockwork71
Congrats on the trade, that's great!
hey Chris,

Just wondering...

Did you go for any of the setups available on the daily today, any short on a yen cross?

Regards,
Ghous.
I believe . . .
  • #683
  • Mar 25, 2009 10:56am Mar 25, 2009 10:56am
Quoting bill5145
Hey CW,

but my body tells me everyday how important trading is !
Serious drywalling is not for the faint of heart for sure.. did all the grunt work and assisted a friend Pro drywaller doing my 1100 s.f. basement, about 85 sheets, ceiling & walls in a 50 year old house where everything was a challenge, (I think my friend actually liked that aspect) after about 3 days (3 or 4 hrs a day) I was ready to go back to my real job... I hurt.... was pretty cool to learn how a real professional does it though... When someone is really good at it it is definetly an Art form.

Maybe that artistic side of being a drywaller helps make them good traders?? humm..
  • #684
  • Mar 25, 2009 12:35pm Mar 25, 2009 12:35pm
Quoting ghous
hey Chris,

Just wondering...

Did you go for any of the setups available on the daily today, any short on a yen cross?

Regards,
Ghous.
I posted three charts on the EUR/JPY short.....which I will be in until we hit 135.25 (loss), or several hundred pips below entry.
  • #685
  • Mar 25, 2009 12:52pm Mar 25, 2009 12:52pm
Quoting clockwork71
I posted three charts on the EUR/JPY short.....which I will be in until we hit 135.25 (loss), or several hundred pips below entry.
I was just abt sure you would go for it...

Best of luck

Regards,
Ghous.
I believe . . .
  • #686
  • Mar 25, 2009 3:40pm Mar 25, 2009 3:40pm
CW,


On the J16 thread raczekfx said something that got me thinking. Sometimes he hedges his positions instead of using a SL. He then gets out of the opposite position when his trade takes off. This way you can see if the trade initiates as you intended without any risk.

What do you think about this strategy?
It's all about cautious - and highly educated - wagering on probabilities.
  • #687
  • Mar 25, 2009 4:13pm Mar 25, 2009 4:13pm
Quoting Santana55
CW,


On the J16 thread raczekfx said something that got me thinking. Sometimes he hedges his positions instead of using a SL. He then gets out of the opposite position when his trade takes off. This way you can see if the trade initiates as you intended without any risk.

What do you think about this strategy?

less profits as well i would suspect
  • #688
  • Mar 25, 2009 5:45pm Mar 25, 2009 5:45pm
Hi Clockwork,

May I ask for some clarifications?

1) Can you talk more at length on your placement of stop losses?
2) Do you ever average trades to get a better price?
3) Can you talk more at length on how you know when your trade is wrong?
4) Can you talk more at length on reentering stopped-out trades?
5) And can you speak about when do you stop trading a pair because of stopouts and when do you start trading it again?
6) Can you speak about how you determine position sizing?


Thanks so much, and sorry for any bother at all,

Lenoxer
  • #689
  • Mar 25, 2009 6:23pm Mar 25, 2009 6:23pm
Ive actually taken a long on the EURJPY from around 131.20 with a stop at 130.65... From my chart I saw a pin bar off a weekly support line with another resistance line at 135.00 which if its shows signs of not going through i will close position and commence a short...

the main reason for going long was that im just going with the trend...

thoughts on this? from anyone, not necessarily CW?

(I would post chart but I'm at work-hence no charts)
Grabbing the bull by the horns!
  • #690
  • Mar 25, 2009 6:59pm Mar 25, 2009 6:59pm
If I would have traded I think I would have gone short as well... I made a note yesterday when the price was at 132.55 that I expected EURJPY to go down. This was due to a pinbar I spotted iirc. Pinbars or other indications to go short also showed on other -JPY pairs, which somewhat confirmed my belief in the strength of the Yen.
If you take the Fib from a very old high (July 2008) till a more recent low (Jan 2009) you'll get that 134 is the 38 level. In my opinion another reason to be cautious.

When you get home please post your graphs. I'm really curious what PA you are referring to
The nail that sticks out gets hammered back in
  • #691
  • Mar 25, 2009 7:11pm Mar 25, 2009 7:11pm
I thought I saw this too, on the 4 hourly chart. Not really nice pins but several tails extending down and then closing back right on support at about 131.50. I still have to get used to these big stop loss points at the other end of the pin. It's fine when paper-trading but when it comes to real money.... the psychology is hard to deal with. I have to learn to put in the trade in paper, set the stop loss, and then go for a run. Then maybe one day I can do it with real money too.

VM

Quoting whitegoodman
Ive actually taken a long on the EURJPY from around 131.20 with a stop at 130.65... From my chart I saw a pin bar off a weekly support line with another resistance line at 135.00 which if its shows signs of not going through i will close position and commence a short...

the main reason for going long was that im just going with the trend...

thoughts on this? from anyone, not necessarily CW?

(I would post chart but I'm at work-hence no charts)
Attached Image (click to enlarge)
Click to Enlarge Name: untitled.PNG Size: 40 KB
"Stay Sharp and Keep Learning!" - VM
  • #692
  • Mar 25, 2009 7:23pm Mar 25, 2009 7:23pm
I know CW and many of you are Short on EUR/JPY...but I saw a great set up to go LONG on GBP/JPY that I am currently in on...Look at the charts below. I entered long after the H4 bar wicked 141.00

C/W...do you think this is an adequate signal even though it is controversial to your EUR/JPY Short? My stop is placed below 140.00

http://i42.tinypic.com/oi6bnb.gif

Entry at 142.03 based on this H4 chart with stop below 140.00

http://i41.tinypic.com/15fg2fp.gif
  • #693
  • Mar 25, 2009 7:27pm Mar 25, 2009 7:27pm
I am in on the trade Demo only, this is the tough part about learning support and resistance levels, Clockwork which is tons more experienced and more knowledgeable than I, is short due to the price failing to bust through 135. It looks like the trade is working well so far. I on the other hand have a support line at 131 which the price fell too and then immediately printed an outside bar or 8hr pin bar ( either one ) the trade is +100 or so right now, but which way is the right way, Im still learning so I could care less if I win the trade, I just want to know if I am looking at this wrong. CW? Any thoughts even though you are short on this one.

Quoting whitegoodman
Ive actually taken a long on the EURJPY from around 131.20 with a stop at 130.65... From my chart I saw a pin bar off a weekly support line with another resistance line at 135.00 which if its shows signs of not going through i will close position and commence a short...

the main reason for going long was that im just going with the trend...

thoughts on this? from anyone, not necessarily CW?

(I would post chart but I'm at work-hence no charts)
  • #694
  • Mar 25, 2009 7:57pm Mar 25, 2009 7:57pm
Quoting TraderJSS
I am in on the trade Demo only, this is the tough part about learning support and resistance levels, Clockwork which is tons more experienced and more knowledgeable than I, is short due to the price failing to bust through 135. It looks like the trade is working well so far. I on the other hand have a support line at 131 which the price fell too and then immediately printed an outside bar or 8hr pin bar ( either one ) the trade is +100 or so right now, but which way is the right way, Im still learning so I could care less if I win the trade, I just...
I see nothing wrong with your thoughts.....I am in a different trade altogether than you. I am looking for the larger move overall. I could be wrong, and I am alright with that.
  • #695
  • Mar 25, 2009 7:58pm Mar 25, 2009 7:58pm
Quoting nebuman213
I know CW and many of you are Short on EUR/JPY...but I saw a great set up to go LONG on GBP/JPY that I am currently in on...Look at the charts below. I entered long after the H4 bar wicked 141.00

C/W...do you think this is an adequate signal even though it is controversial to your EUR/JPY Short? My stop is placed below 140.00

http://i42.tinypic.com/oi6bnb.gif

Entry at 142.03 based on this H4 chart with stop below 140.00

http://i41.tinypic.com/15fg2fp.gif
I have no issue with this trade at all. As long as you are aware of the areas you need to pay attention to....you should be fine.
  • #696
  • Mar 25, 2009 8:01pm Mar 25, 2009 8:01pm
Quoting Lenoxer
Hi Clockwork,

May I ask for some clarifications?

1) Can you talk more at length on your placement of stop losses?
2) Do you ever average trades to get a better price?
3) Can you talk more at length on how you know when your trade is wrong?
4) Can you talk more at length on reentering stopped-out trades?
5) And can you speak about when do you stop trading a pair because of stopouts and when do you start trading it again?...
1- Yes, and I will put more charts up soon, I promise. This is what makes me a little different than a lot of others, I actually have an idea of exits. It's also the most important part.

2- I NEVER AVERAGE IN. THERE IS NO EXCEPTION TO THIS RULE.

3- Easy, a trade is wrong when it hits my stop loss, period.

4- I don't reenter stop trades, so there is nothing to talk about. Each trade is it's own thing.....based on it's own signal. Trade one doesn't jive with trade two....different species in my opinion.

5- I don't stop trading a pair because of stop outs.

6- I only risk 1% of my account if I get stopped out. So take 1% of your account, and divide by the needed amount of pips. (Each person risks different amounts, 1 is good for me.)

CW
  • #697
  • Mar 25, 2009 8:40pm Mar 25, 2009 8:40pm
Hi,

Some interesting action on Intel yesterday. It got smacked straight down again off a major R level There's stong support at the 14.50 area . If this breaks hard I'm looking to go in on this . Sorry can't post a chart.
  • #698
  • Mar 25, 2009 10:01pm Mar 25, 2009 10:01pm
Quoting clockwork71
I see nothing wrong with your thoughts.....I am in a different trade altogether than you. I am looking for the larger move overall. I could be wrong, and I am alright with that.
i see what your saying, but by my reckoning it could be a large overall move if it breaks through or hits resistance at 135.00, either way im thinking a large move... my moeny is on it keeping range bound with a short... we shall soon see...
Grabbing the bull by the horns!
  • #699
  • Mar 26, 2009 2:43am Mar 26, 2009 2:43am
Quoting Noloqy
If I would have traded I think I would have gone short as well... I made a note yesterday when the price was at 132.55 that I expected EURJPY to go down. This was due to a pinbar I spotted iirc. Pinbars or other indications to go short also showed on other -JPY pairs, which somewhat confirmed my belief in the strength of the Yen.
If you take the Fib from a very old high (July 2008) till a more recent low (Jan 2009) you'll get that 134 is the 38 level. In my opinion another reason to be cautious.

When you get home please post your graphs. I'm really...
I share the same view too,i guess wat distorted the whole setup was the Japanese export that reach all time low.
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #700
  • Mar 26, 2009 3:12am Mar 26, 2009 3:12am
thanks again to cw for great help..
as a contribution to this thread i'd like to show you guys my "ideal and perfect trade setup"..

In order to become a perfect trade,trade itself needs to get attention as much as possible by any type of traders around the world..
i mean if there is a trade and this trade can be played in the same direction by p.a traders,swing,breakout or fibo traders(fundies can be added too)..than this trade most likely becomes a "perfect trade"..
by saying perfect..i'm also saying that the return is perfect..
but as everybody knows ,unfortunately this type of trades doesn't happen all the time..so the key is "patience"
here is the "perfect" game..
1.on the weekly chart great looking bar just touched ;
for fibo traders "61.8" fib retracement which is the strongest
for p.a traders 1.48-1.45 resistance area
2.on the daily chart another great but this time its a pin bar formed..
so what happened here..
a price action short trade formed as price broke that pin bar to downside
(but fibo traders not in yet)
p.a traders caused the nice big bearish bar right after the pin bar
3.on the 4 hr chart at 61.8 fib ret of last swing great looking pin.bar getting attention fib traders too..everybody getting ready to short..and when price broke this bar to downside..now more bears in the game
4.with that nice bearish bar now even the most conservative traders shorted this pair.
5.for exit part..i put fib expansion (but i prefer mouteki style,i don't drag the third dot to the point c..i just leave it)
by putting fib exp..now i know where most fib traders will exit
but also i got ppz down there..i also know where p.a traders may exit
and finally when i got that double bottom with convincing enough bullish bars in the zone..its time to close the trade..
so even if you entered this trade after number 4 ,risk was 200 pips but reward is 1500 pips..7.5X reward/risk
But you want to know how long this single trade lasted..46 days...!
this is the point where trading becomes boring
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: daily.JPG Size: 139 KB
Click to Enlarge Name: 4hr.JPG Size: 129 KB
Click to Enlarge Name: exit.JPG Size: 143 KB
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