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Silent Service Method

  • #721
  • Mar 27, 2009 5:27am Mar 27, 2009 5:27am
Quoting volatilemonk
Broke above the pin bar, 30 pips up into round number resistance of 0.79 thus far. Nice paper profit, could exit partial here or take the 30 pips and move the stop loss to break-even.

I guess if this happened on daily bars, the profits would be much greater. Developing the patience to wait for the signal is the key for me...
Wow, look what it did.

Setting up for a possible short on a nice hourly pinbar into resistance? Still half an hour to go for this bar to complete though.


Enough pip watching for now. Time for dinner. Life goes on...

VM
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"Stay Sharp and Keep Learning!" - VM
  • #722
  • Mar 27, 2009 6:50am Mar 27, 2009 6:50am
I like your concept very much. I ussualy use Harami Pattern on Daily H4, H1 to trade, i wont not trade without this signal.

Every one know about chart, and may be most trader have learned how to read chart, but it does not means every one know how to read it. It is not a simple formular that you only need to learn by heart then you can do.

For me reading chart is watching the battle between buyer and seller, and at sometime, and somewhere you got a signal show you where the battle win ends (who will win this battle). God appear he will give you some signal, storm appear will give you some signal...and before market change its direction it give us some signal too..but that not means when those signal happen again god, or storm will come. And that make a different in reading chart.

You can say that every body can read chart in a idiot way. Instead of that shocking way, i think you do not know how to read chart that why you have come to such conclusion.

Anyway thank much for your sharing.






Clockwork[/quote]
  • #723
  • Mar 27, 2009 7:06am Mar 27, 2009 7:06am
Have a very nice short in progress on EJ...almost to 400 pips and stop at break-even.

Initially had my stop too tight and moved it wider....then removed my profit target....those are the only reasons I'm still in this trade.

So, what to do next.....

Do my points of interest make sense....I'm thinking 126, 122, 115.

It looks clear to 126. Others who are in this short....what is your exit strategy?

Thanks.....some good reading on this thread and a great approach to trading when your time is limited.....as it happens to be at the moment.

Cheers
CanuckCT
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  • #724
  • Mar 27, 2009 8:04am Mar 27, 2009 8:04am
Quoting uBERpIP
LOL.....yes....I guess I did "forget" to put the top line layer on that cake.

Just to make sure....are you saying that it should be an additional area, or replacing the current zone I marked as the top?

On a personal note.....I think I saw in a post you're from Columbus...if that's Columbus, Ohio....I'll have to take your advice under caution as I'm a Miami Hurricane....

That's funny, you were stuck in the City Center Mall lot. They just tore that down, and all the surrounding buildings to build a city park. (ala Central Park)

And yes, we have quite a few microbreweries here.....
  • #725
  • Mar 27, 2009 8:05am Mar 27, 2009 8:05am
Quoting TraderJSS
Hey Clockwork, great post. Just to make sure when you are talking about letting a trade run, this is only in reference to the trend trades we take correct? In a countertrend trade we like to take our profits and run at the first minor hurdle. Please correct me if Im wrong. Thanks
This is corrYou can only swim upstream for so long, so to speak
  • #726
  • Mar 27, 2009 8:08am Mar 27, 2009 8:08am
Quoting CanuckCT
Have a very nice short in progress on EJ...almost to 400 pips and stop at break-even.

Initially had my stop too tight and moved it wider....then removed my profit target....those are the only reasons I'm still in this trade.

So, what to do next.....

Do my points of interest make sense....I'm thinking 126, 122, 115.

It looks clear to 126. Others who are in this short....what is your exit strategy?

Thanks.....some good reading on this thread and a great approach to trading when your time is limited.....as it happens to be at the moment....
You see that little area of consolidation to the left of this candle? We want to get below that, once we do.....I will move stops just above that area. Once that happens, I will post a chart.

CW
  • #727
  • Mar 27, 2009 9:36am Mar 27, 2009 9:36am
I was looking at that same area for a stop....

The weekly chart (I never look at this timeframe...)....just above 131 would seem to be a good place for a stop. However, tempted to leave it open for the weekend at break-even....so gap up doesn't take me out.....50 to 100 pips was all my expectation was on the trade....so I've met that and then some.....so may as well play it longer term.....

I presume weekends don't interrupt your trades....

Cheers
CanuckCT

Quoting clockwork71
You see that little area of consolidation to the left of this candle? We want to get below that, once we do.....I will move stops just above that area. Once that happens, I will post a chart.

CW
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  • #728
  • Mar 27, 2009 9:41am Mar 27, 2009 9:41am
Quoting CanuckCT
I was looking at that same area for a stop....

The weekly chart (I never look at this timeframe...)....just above 131 would seem to be a good place for a stop. However, tempted to leave it open for the weekend at break-even....so gap up doesn't take me out.....50 to 100 pips was all my expectation was on the trade....so I've met that and then some.....so may as well play it longer term.....

I presume weekends don't interrupt your trades....

Cheers
CanuckCT
It's very rare that I let a weekend dictate anything. I tend to let them go over the weekend if at all possible.

Let's be honest, it would be easier to see bad news shock the market, than good....which would work in our favor. More than likely (although not guaranteed) if there's a shock, it will help us.
  • #729
  • Mar 27, 2009 9:49am Mar 27, 2009 9:49am
My thinking exactly...a good risk reward for me. I think....worst case is I get my 50 to 100 pips....as I will take at least 50 to 100 from this trade....best case is we catch a down week next week...and it runs quite a bit. If you look at the daily....ran up to that consolitation area from October....and did an about face. Interesting perspective.

I was trading M1 and M2....with success...taking 10 to 100 pip trades, whatever was available....so this is a far from that as I can be and will be a nice complement for when I can't focus on the smaller timeframes.

Cheers
CanuckCT



Quoting clockwork71
It's very rare that I let a weekend dictate anything. I tend to let them go over the weekend if at all possible.

Let's be honest, it would be easier to see bad news shock the market, than good....which would work in our favor. More than likely (although not guaranteed) if there's a shock, it will help us.
  • #730
  • Mar 27, 2009 2:41pm Mar 27, 2009 2:41pm
On the Eur/Jpy short.....waiting to break through 129. If we get through there, this could be a great run in my opinion.

CW
  • #731
  • Mar 27, 2009 3:21pm Mar 27, 2009 3:21pm
Yes, it'll be good! And we'll see 126 next.... I'm short this pair too. Also nice pin bar on the weekly chart.
  • #732
  • Mar 27, 2009 4:30pm Mar 27, 2009 4:30pm
A profitable daily pin bar in soybeans with confluence at 61 fibo targeting the 900 level.
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It's all about cautious - and highly educated - wagering on probabilities.
  • #733
  • Mar 27, 2009 4:37pm Mar 27, 2009 4:37pm
chris, would you add some to the position now that we have a very beautiful weekly pin on eurjpy?
  • #734
  • Mar 27, 2009 6:13pm Mar 27, 2009 6:13pm
Quoting Santana55
A profitable daily pin bar in soybeans with confluence at 61 fibo targeting the 900 level.
Classic set up.
  • #735
  • Mar 27, 2009 6:14pm Mar 27, 2009 6:14pm
Quoting bjelakrez
chris, would you add some to the position now that we have a very beautiful weekly pin on eurjpy?

Not yet. I was thinking about it later on down the road. But I would not add that much, maybe 10% of the original position, so it wouldn't be too dangerous....I might address this later.....I rarely do this, but I know where I would. If I do, I will post a chart.
  • #736
  • Mar 27, 2009 7:56pm Mar 27, 2009 7:56pm
Quoting clockwork71
On the Eur/Jpy short.....waiting to break through 129. If we get through there, this could be a great run in my opinion.

CW
Hi clockwork71,
I followed your call on the Daily pinbar on EJ, i was tempted to enter on the next day, but I hesitate because of the usual requirement for confirmation, i.e the right eye. Then, I watched as price keep on going up but as I have strong belief in your judgement, I thought of putting in a sell order at 133.00 with stoploss at 135.00 (as per your analysis). Again, I hesitated. I now regretted it as price went up only as far as 133.69 before selling off very fast. So, I missed the boat.

Looking at it now with a similar pinbar in the weekly timeframe, I am faced with either to enter on the opening of next week market or should I put an order to sell say at 132.00? And did you enter on close of that daily pinbar three days ago?

I will very much appreciate your view.
  • #737
  • Mar 27, 2009 8:20pm Mar 27, 2009 8:20pm
This is a handful of charts I posted over at the James16 thread earlier today. It's the EUR/JPY trade that I am in at the moment.
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  • #738
  • Mar 27, 2009 8:25pm Mar 27, 2009 8:25pm
Quoting hartnet
Hi clockwork71,
I followed your call on the Daily pinbar on EJ, i was tempted to enter on the next day, but I hesitate because of the usual requirement for confirmation, i.e the right eye. Then, I watched as price keep on going up but as I have strong belief in your judgement, I thought of putting in a sell order at 133.00 with stoploss at 135.00 (as per your analysis). Again, I hesitated. I now regretted it as price went up only as far as 133.69 before selling off very fast. So, I missed the boat.

Looking at it now with a similar pinbar in the...
Actually, I entered a little late on a 4 hour pinbar before that. I am short from 132.77 i this trade - giving me 252 pips at the moment. (My broker closes at 4 pm EST, so it could be a little off.)

If I were to go short off the weekly pinbar, I would wait until we are 10-15 pips short of it. I wouldn't enter right away.

You did miss the beginning of the move, but it's alright - the trade should still work in your favor, albeit at a smaller per pip value.

CW

Remember, confidence in your trading is the key. Be able to walk away from the trade and let it do it's thing....that way you won't be there to screw it up!

I still have that little devil on my shoulder saying "Take your 250 pips!" - but I know better. As soon as I do - it will drop another 500....

CW
  • #739
  • Mar 27, 2009 8:31pm Mar 27, 2009 8:31pm
Funny, I just noticed we are over 100,000 views. I didn't think it would be that interesting. I had a small fear that people would be bored with the way I trade. I know it's not exciting, but I don't need more excitement in my life....I have two small boys!

It's funny actually, I have a friend that doesn't understand how I can say something like, "Oh dear, looks like I am down 80 pips at the moment, oh well.....let's go get a beer." - and then leave the house without closing the trade.

It's because I have learned not to place too much emphasis on trading. Like all things in life - it's about balance. Funny thing is the less I care.....the better I get at this.

I actually had an 11% trade not too long back. I didn't even check it for three days during that time period. I had no idea where it was, that's what my stops were for. (I have to say that I had 50 pips locked in though....)

I was pleasantly surprised to see that EUR dropped hard, a few days later when I got around to checking in on it.

CW
  • #740
  • Mar 27, 2009 10:54pm Mar 27, 2009 10:54pm
Hi ClockWork71,

looking at EJ again, these lines can be seen at the H4 chart:
135.00
133.00
131.00
126.00
121.00

in H1 chart, price has found resistance at 131.00 and the last candle was bearish. i might as well just enter on market open next week

so..the next target would be 126.00 and then 121.00??
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