Silent Service Method | Page 38 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Silent room 2 replies

Silent Success of Patience 10 replies

My silent journal 4 replies

bo7a method... method for GBP/JPY 205 replies

Seeing Through the Silent Crash 4 replies

Attachments: Silent Service Method
Exit Attachments

Silent Service Method

  • #741
  • Mar 28, 2009 12:28am Mar 28, 2009 12:28am
Quoting clockwork71

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.

CW
This is absolutely true..

I have an old Marketiva account with just $5 and I started placing orders at very occasionally and casually at support and resistance. After about 8 months this account is at $36! I know if I struggle now build this up, it will vanish in no time!
My regular live account is just limping with all the attention.
"Put all your efforts in becoming effortless"
  • #742
  • Edited 3:01am Mar 28, 2009 1:18am | Edited 3:01am
Quoting clockwork71
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...
Hi Clockwork

I read your thread every day and I always take something away from it. It is a great help to be able to sit on someone else's shoulder (metaphorically) when you're trying to learn new practices. I find I start to doubt what I'm doing is right, but when I can see what someone more experienced is doing, I am reassured.

I'd post more except that most of you guys are in bed by the time I finish work.

Thanks for the thread and the generosity that comes with it.

Cheers
Jellybean
  • #743
  • Mar 28, 2009 7:21am Mar 28, 2009 7:21am
CW,

You've said where you move your stops to after a trade, and I believe you mentioned you let the stops get taken out to exit a trade. What about the E/J? Same plan here? Do you sometimes look for pin bars or something else off a lower level to exit? Thanks again.
  • #744
  • Mar 28, 2009 8:40am Mar 28, 2009 8:40am
Quoting hartnet
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??
As far as I am concerned, I am not worried about 4 hour s/r areas on this trade. It's in too important of an area. I will use them to place stops behind, but that's about it.
  • #745
  • Mar 28, 2009 8:43am Mar 28, 2009 8:43am
Quoting inflxshn
CW,

You've said where you move your stops to after a trade, and I believe you mentioned you let the stops get taken out to exit a trade. What about the E/J? Same plan here? Do you sometimes look for pin bars or something else off a lower level to exit? Thanks again.

I won't be looking too hard at lower time frames on this one. I have found that weekly pins....in general, tend to signal a serious move. (We will see.)
  • #746
  • Mar 28, 2009 9:47am Mar 28, 2009 9:47am
Quoting clockwork71
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...
Clockwork,
Thank you so much for this thread. This and James 16 are my two favorite threads. I enjoy all of your posts, but the last few covering the psychology of letting the plan work out and not panicking and staying detached when the trade is in drawdown are excellent. Thank you sir.
Take care,
Dave
  • #747
  • Mar 28, 2009 10:22am Mar 28, 2009 10:22am
Quoting CanuckCT
Was thinking that a move below 1.22 might make its way to 1.19. Anyone else watching USDCAD?
Cheers
CanuckCT
Yes... I'm still in... parked my SL on that 1.2525 line, already in profit...

Cheers!
Many share my views with me. But I don't share them with them...
  • #748
  • Mar 28, 2009 10:46am Mar 28, 2009 10:46am
Quoting clockwork71

Remember, confidence in yourtrading 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!


CW
I know you said it before... but to me this is the best definition of money management I've ever seen!!!

Cheers!
HT
Many share my views with me. But I don't share them with them...
  • #749
  • Mar 28, 2009 12:06pm Mar 28, 2009 12:06pm
Quoting clockwork71
As far as I am concerned, I am not worried about 4 hour s/r areas on this trade. It's in too important of an area. I will use them to place stops behind, but that's about it.
Actually I draw the SnR lines off the weekly as told by you but when i drop down to 4h, only those that can be seen on the chart.

Sorry about that.English is second language to me
  • #750
  • Mar 28, 2009 3:57pm Mar 28, 2009 3:57pm
Ahh I'm regretting not jumping on the EU/J with all of you...

Clockwork, do you know what I did wrong with the GBP/JPY trade? It seemed like a perfect trade setup where there was major resistance that was broken and then price came down to form a pinbar at the support level.
  • #751
  • Mar 28, 2009 4:20pm Mar 28, 2009 4:20pm
Quoting nebuman213
Ahh I'm regretting not jumping on the EU/J with all of you...

Clockwork, do you know what I did wrong with the GBP/JPY trade? It seemed like a perfect trade setup where there was major resistance that was broken and then price came down to form a pinbar at the support level.
I don't know. Can you post a chart and tell me exactly what you did?
  • #752
  • Mar 28, 2009 4:45pm Mar 28, 2009 4:45pm
Quoting nebuman213
Ahh I'm regretting not jumping on the EU/J with all of you...
Why? How is it too late? Gosh, it looks on the weekly chart like it could fall from 131.00 down to 113.00. Isnt that like 1700 pips?
Pips are like cabbage, the green ones are the tastiest!
  • #753
  • Mar 28, 2009 5:32pm Mar 28, 2009 5:32pm
I'm in E/J on March 25th after the break of the 4H Pinn that formed the day before.

I got a little nervous when price kept going up and up, but I set my stop @ 135.25.

I will add to this short with a clean break of 129. Looking to move my stops into profit when price reaches/breaks 126 and 122. Eventually looking to get to 112 (a man can dream can't he?).

Clockwork - I know you let the market take you out of a trade (let it hit your stop), but what are your parameters for moving your stop into profit? How do you determine where to put them and how fast to move them there. I am in +220 pips and want to lock some of that in but I too want to let this trade run. Any suggestions?

Thanks for this great thread.
  • #754
  • Mar 28, 2009 6:46pm Mar 28, 2009 6:46pm
Quoting bgin2end
I'm in E/J on March 25th after the break of the 4H Pinn that formed the day before.

I got a little nervous when price kept going up and up, but I set my stop @ 135.25....
If you go back, there is a series of charts showing how I move stops behind "areas" on the 4 hour.
  • #755
  • Mar 28, 2009 11:11pm Mar 28, 2009 11:11pm
I am posting this set of charts in hopes of explaining my exit strategy for a TREND TRADE. This is only used when trading with the overall trend defined on the weekly chart.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audone.png Size: 47 KB
Click to Enlarge Name: audtwo.png Size: 57 KB
  • #756
  • Mar 28, 2009 11:56pm Mar 28, 2009 11:56pm
Hey Chris,

The 0.66 seems to be a strong area to become in support (the blue are). Confluence with fib 61.8 and the most important in montly chart looks like a PPZ.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: aud-usd.gif Size: 21 KB
Click to Enlarge Name: aud-usdm.gif Size: 38 KB
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #757
  • Mar 29, 2009 12:14am Mar 29, 2009 12:14am
Hey Chris, What do you think about this pair?
This has good chance to run.
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy.gif Size: 17 KB
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #758
  • Mar 29, 2009 12:31am Mar 29, 2009 12:31am
Just learning your system
  • #759
  • Mar 29, 2009 1:24am Mar 29, 2009 1:24am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hi, CW, I am trying to understand better about the zone, here, you said 131-135 as a major area of resistance. this seems a huge amount of distance, probabily I couldn't get used to this big area, a little bit scary to me. now, you are short upon the H4 Pin near the top of the "area"; what if there is a bullish pin as well near the bottom of this area afterwards, would you have exited the short position and take a reverse trade? as an area of resistance could also serve as support if I am correct.

Based on the way you described drawing weekly S/R lines, what is the reason you didn't choose 134, instead of 135?

Lastly, it seems 131-135 could be a good guideline to trade weekly chart, what makes you think it is suitable to be used in H4 tf which requires higher precision.

I asked these question for better understanding how you identify the S/R zones and how you trade with accordingly. thank you

Quoting clockwork71
If you want this "method" to work for you.....you really need to adjust your thinking. I know that fear and greed are very difficult to control when we trade, but it really is the battle you are fighting.

In the trade above, I chose to enter based on a signal after the fact. I don't usually advise this, however this situation is very clear cut to me. 131-135 is a major area of resistance. If it breaks to the upside, we are going a lot higher.

If I am wrong on this trade, it will be worth it. Think of it as "paying for...
  • #760
  • Edited 7:56am Mar 29, 2009 3:49am | Edited 7:56am
Quoting nebuman213
Ahh I'm regretting not jumping on the EU/J with all of you...

Clockwork, do you know what I did wrong with the GBP/JPY trade? It seemed like a perfect trade setup where there was major resistance that was broken and then price came down to form a pinbar at the support level.
Hi nebuman,

When I initially looked at the daily chart you posted, I noticed the 2 daily bars (see attachment). It's not exactly a BEOB, but those two bars together form a pretty decent pinbar if you ask me. Maybe this could have been an indication to at least stay out of the trade you saw on the shorter term charts. At this moment if we look at the weekly GBPJPY we also see a pinbar, implying a strengthening JPY this week.

Almost similar to the EURJPY, the GBPJPY was at a long term Fib level, namely the 23 at a rate of 140.

I hope these comments help give you some insights or a possible explaination on why the market went against you.
Attached Image (click to enlarge)
Click to Enlarge Name: pic.JPG Size: 68 KB
The nail that sticks out gets hammered back in
27 traders viewing now