Silent Service Method | Page 41 | 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

  • #801
  • Mar 30, 2009 1:08pm Mar 30, 2009 1:08pm
Hi Chris
As you know (if you've got a photographic memeory) I was watching IBM cos of the weekly pin-bar.
Well, it gapped down on opening and then retraced (almost to the pip) to fill the gap before meandering down.
My question is; do you trade gaps such as these? - I know some folk trade gaps but are they high percentage trades?
Many thanks
  • #802
  • Mar 30, 2009 1:45pm Mar 30, 2009 1:45pm
Entered at 133.48 on 26th....rejection at 134.50...and after the retrace....timed entry on M1 and M2 timeframe. Initially has stop a bit tight and moved it to 134 is the only reason I was still in the trade when I got up Friday.
Cheers
CanuckCT


Quoting advfntrader
590pips - thats not the weekly you entered on then ?
Attached Image
  • #803
  • Mar 30, 2009 2:24pm Mar 30, 2009 2:24pm
Quoting Scot Pippin'
Thanks so much Clockwork for putting your time into this thread. I'm still demoing right now but down the road when I am ready to expand to trading stocks, commodities...would you recommend IB?

I check the FXPRO demo occasionally, they have 30 or so equities. But since they don't offer a mini account for FOREX I most likely won't consider them for some time.

I like Interactive a lot. It's not so hot for forex, but everything else it's about as cheap as it gets.
  • #804
  • Mar 30, 2009 2:26pm Mar 30, 2009 2:26pm
Quoting R Richards
I have so much to learn about managing a trade. I kinda pumped the pooch on this trade. I ended up with 55 pips, out of over 500 possible. Next trade maybe i'll do better.

Managing the trade is 90% of the battle in my opinion. Don't worry, you'll get it.
  • #805
  • Mar 30, 2009 2:28pm Mar 30, 2009 2:28pm
Quoting daveadamsbds
Hi Chris
As you know (if you've got a photographic memeory) I was watching IBM cos of the weekly pin-bar.
Well, it gapped down on opening and then retraced (almost to the pip) to fill the gap before meandering down.
My question is; do you trade gaps such as these? - I know some folk trade gaps but are they high percentage trades?
Many thanks
I don't do a lot of gap trading to be honest. However, I am short this stock....that reminds me, I need to see how it did today.
  • #806
  • Mar 30, 2009 2:46pm Mar 30, 2009 2:46pm
Quoting clockwork71
I like Interactive a lot. It's not so hot for forex, but everything else it's about as cheap as it gets.

How do you key in on major S&R levels in the futures market when contracts expire every month.

For example, does a major S&R level on a March contract chart transfer over to a April chart?
  • #807
  • Mar 30, 2009 2:59pm Mar 30, 2009 2:59pm
Quoting BWise
How do you key in on major S&R levels in the futures market when contracts expire every month.

For example, does a major S&R level on a March contract chart transfer over to a April chart?
i trade futures on much smaller timr frames....on the rare occasion i trade them
  • #808
  • Mar 30, 2009 5:06pm Mar 30, 2009 5:06pm
Hey Clockwork, Im assuming most traders have been stopped out on the Eur/Jpy trade. Looking at the price action, it fell to around 126 ish and is in the process of creating a pretty large size pin bar on the Daily charts. Now just getting out of a very profitable trade, do we take this as a countertrend signal back up to 131 possibly a retest of 135 again, or do we just walk away and watch? I appreciate your input. Other traders as well, feel free to respond, thanks for the help.
  • #809
  • Mar 30, 2009 5:24pm Mar 30, 2009 5:24pm
Quoting TraderJSS
Hey Clockwork, Im assuming most traders have been stopped out on the Eur/Jpy trade. Looking at the price action, it fell to around 126 ish and is in the process of creating a pretty large size pin bar on the Daily charts. Now just getting out of a very profitable trade, do we take this as a countertrend signal back up to 131 possibly a retest of 135 again, or do we just walk away and watch? I appreciate your input. Other traders as well, feel free to respond, thanks for the help.
I was also in the EJ trade off the weekly pin and got some of my position stopped out just recently. The way I see it this is not good enough to enter long:
1. first resistance you'll hit will be 130 if not a little under which was the last range, if it passes that then aim might be 135
2. trend of the moment is still down after getting rejected off an important area

if anything I might wait for a rise to 130-131 and see if it will look like it wants to go down some more.

personally I don't trust this rally before asian open since markets are closed, seems like it rose a bit too quick for the volume. i actually moved up my S/L a little but it still got taken out. however I am still in a AU short after a weekly pin as well and that seems a little more stable and staying in range

let me know if I missed something
  • #810
  • Mar 30, 2009 5:52pm Mar 30, 2009 5:52pm
Thanks for the response, This is why I was a little hesitant on the trade as well. You make some very valid points, the risk to reward is very off here if 131 holds and the price falls again, it would be better to hold off wait to see the price work itself out.

Iam also in the AU trade, if it can get past the .6800 area, we maybe in for the ride. Hopefully.

Quoting jonaslt
I was also in the EJ trade off the weekly pin and got some of my position stopped out just recently. The way I see it this is not good enough to enter long:
1. first resistance you'll hit will be 130 if not a little under which was the last range, if it passes that then aim might be 135
2. trend of the moment is still down after getting rejected off an important area

if anything I might wait for a rise to 130-131 and see if it will look like it wants to go down some more.

personally I don't trust this rally before asian open since markets are...
  • #811
  • Mar 30, 2009 5:59pm Mar 30, 2009 5:59pm
Quoting TraderJSS
Thanks for the response, This is why I was a little hesitant on the trade as well. You make some very valid points, the risk to reward is very off here if 131 holds and the price falls again, it would be better to hold off wait to see the price work itself out.

Iam also in the AU trade, if it can get past the .6800 area, we maybe in for the ride. Hopefully.

I think we'll need some force if we try to get to .6600
I see some resistance at .6750 too, while weak, we still need a push to break that so for now I think we sit on our hands until asian, maybe even london.

I will post a chart for another pair in a bit, I'm looking for something in a few hours that might be developing. Sorry reading a book that someone here posted I think, interesting stuff.
  • #812
  • Mar 30, 2009 6:02pm Mar 30, 2009 6:02pm
im still in my eurjpy short SL is around 131, though ive already taken half off the table...

short audcad and audusd...

lets see how this plays out
Grabbing the bull by the horns!
  • #813
  • Mar 30, 2009 6:26pm Mar 30, 2009 6:26pm
Someone asked if I would take a trade in the other direction. Sometimes I will, but as a general rule, no. I think this drop told us something about this pair.(And the markets as well.) We could go up from here, but I still want to see it break through 135 and pullback before I get too excited about going long.

For those of you that took this trade and held on, I hope this has been an eye-opening experience for you. The first time I held on to one for a few handles, was the turning point for me. I remember thinking before that trade, "Oh, well getting 200 pips is nice and all, but that's for the big boys....we take the scraps." What a load of shit that statement was.

As an update, my stop was taken out. I am now flat. Oddly enough, after a win like this, I tend to be a little hesitant about jumping into random trades again. I just got 4.3% return on one trade. Think about that. I probably put a total of about 5 minutes thought into this trade as well.....that's it. That's all it took.

Also someone will point out how I could have had 550 pips or so. This is true, if I were a friggin' psychic. The point is this: I also could have been stopped out for break even, taken the original 200 pips, or pissed myself and taken a small loss. I had conviction, and held onto it. Could it have gone against me? You bet, but like I told you at the beginning of this trade, I am paying for information. Truthfully, if I hadn't gone to work today, I probably would not have moved my stop up, and would still be in this trade. You have to let these things work for you when it makes sense.

Will this pair melt down 500 pips tomorrow? Maybe, but I am not in it anymore. My concern goes towards finding another great set up. If you can get one of these a month, you will without a doubt become one of the great traders. I find that there is normally one out there every month, if you pay attention, and don't get distracted by all the damn noise. Always remember that. I only needed this pair to move 422 pips for this return, not too much really if you think about it.

Also, I just bought some cushion on my next few trades before I "go negative".....each win like this buys a lot of mistakes.

CW
  • #814
  • Mar 30, 2009 6:27pm Mar 30, 2009 6:27pm
I don't know if any of you trade or even have USDTRY at your brokers, but here's some food for thought of the last few days of PA

On the daily we may have a bearish pinbar developing that would send us into last week's range. This would also be a jerk test of the 1.7100 res and if so we might see some downward movement. Let me know what you guys are thinking seeing.
This isn't my main aim with this pair since I am mainly holding a position for interest. TRY pays out 10-11%/day depending on broker at the moment, so playing this with S/R levels and trend lines gives you a bit of an advantage. Just be aware overall trend of the pair is up so all shorts are counter trend long term.

Attached Image (click to enlarge)
Click to Enlarge Name: usdtry daily.gif Size: 19 KB


Attached Image (click to enlarge)
Click to Enlarge Name: usdtry 4hr.gif Size: 20 KB
  • #815
  • Mar 30, 2009 6:32pm Mar 30, 2009 6:32pm
As march comes to a close, I think this is a perfect example of how trading can be. This is a rough idea of how my month went:

I am up about 6%. That's a damn good month. I had 2 wins, 2 losses. We all know about that EUR/JPY trade, but I also had a EUR/USD short that went well. But think about this:

Most of my profits came from that one great trade. I am finding this is the norm every month for me. Here's a question: Could you only take 4 trades in a month? Most traders can't, and I think that has a lot to do with why so many don't do so well. Just a thought.

CW
  • #816
  • Mar 30, 2009 6:33pm Mar 30, 2009 6:33pm
Quoting jonaslt
I don't know if any of you trade or even have USDTRY at your brokers, but here's some food for thought of the last few days of PA

On the daily we may have a bearish pinbar developing that would send us into last week's range. This would also be a jerk test of the 1.7100 res and if so we might see some downward movement. Let me know what you guys are thinking seeing.
This isn't my main aim with this pair since I am mainly holding a position for interest. TRY pays out 10-11%/day depending on broker at the moment, so playing this with S/R levels and...
Sadly, my broker is too smart to offer that pair.
  • #817
  • Mar 30, 2009 7:25pm Mar 30, 2009 7:25pm
Quoting clockwork71
Sadly, my broker is too smart to offer that pair.
Emerging markets do pay for the risk and volatility tied into them but S&R levels are the same everywhere, it's just that extra interest reduces my risk over time, sort of.

I like the way you trade though, makes sense in my mind and been moving towards this idea more and more even though I'm running 4 different models/strategies if you will at the moment. Although I've found all of them to be profitable last 3 months, this one makes most sense with my discretionary style of S&R + trendlines + fib or two and the basics I've been learning ever since I started with trading they've always seem to be in the back of my head. Funnily, many strategies can be explained using combos of the basics applied here.
  • #818
  • Mar 30, 2009 8:22pm Mar 30, 2009 8:22pm
Quoting clockwork71
As march comes to a close, I think this is a perfect example of how trading can be. This is a rough idea of how my month went:

I am up about 6%. That's a damn good month. I had 2 wins, 2 losses. We all know about that EUR/JPY trade, but I also had a EUR/USD short that went well. But think about this:

Most of my profits came from that one great trade. I am finding this is the norm every month for me. Here's a question: Could you only take 4 trades in a month? Most traders can't, and I think that has a lot to do with why so many don't do so well....

CW, which other trades did you take this month? (especially the ones that failed) just want to take a look at the recent failed levels. By the way ny reason you didn't take the AUDUSD short recently, was it because you had a position up already?

Thanks,

Jonas
  • #819
  • Mar 30, 2009 8:27pm Mar 30, 2009 8:27pm
CW - thank you for your contribution to the education of anyone willing to learn. There are so many systems available that people want to use in order to take the human element out of trading. Many are attracted to trading systems as it removes - or so they think - the ability to think for themselves. What you have laid out in these many pages is a time proven process of patient trade execution based on a high probability set up and intelligent in-trade management.

Simplicity is key. You are a wonderful teacher and have engaged many imaginations through your prudent moves and ability to stay focused long enough to see what you need to see, pull the trigger and take a step back.

Thanks for sharing!
  • #820
  • Mar 30, 2009 9:00pm Mar 30, 2009 9:00pm
Quoting jonaslt
CW, which other trades did you take this month? (especially the ones that failed) just want to take a look at the recent failed levels. By the way ny reason you didn't take the AUDUSD short recently, was it because you had a position up already?

Thanks,

Jonas
I am answering this via mobile PC, so I don't have the charts at the moment. I didn't take the AUD.USD short because there was support shortly under, and I was going to work. I figured that the profit I had locked in should be reason enough to be happy.

Like the saying goes "Bulls make money, Bears make money, Pigs get slaughtered." Plus, the market isn't my life, so I don't worry too much about it.

CW
37 traders viewing now