Silent Service Method | Page 46 | 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

  • #901
  • Apr 2, 2009 7:26pm Apr 2, 2009 7:26pm
Dollar/Yen is coming, just saw it tick above 100. For those familiar with William O'Neil, it's looks just like a "Cup with handles" pattern. I don't trade that pattern with currencies, but it's spot on.

It's been resistant to the whole weak yen pattern that's been emerging lately (with all the other yen crosses), but looks like it's finally starting to cave.

Once again CW, thx for the thread, it's a good one, and I hope you don't stop dispensing all of your words of wisdom.
  • #902
  • Apr 2, 2009 7:52pm Apr 2, 2009 7:52pm
Quoting slyng1
Dollar/Yen is coming, just saw it tick above 100. For those familiar with William O'Neil, it's looks just like a "Cup with handles" pattern. I don't trade that pattern with currencies, but it's spot on.

It's been resistant to the whole weak yen pattern that's been emerging lately (with all the other yen crosses), but looks like it's finally starting to cave.

Once again CW, thx for the thread, it's a good one, and I hope you don't stop dispensing all of your words of wisdom.

I certainly hope you didn't buy this pair right away. It still has to hold to prove itself. Will it? Maybe....

But tomorrow is NFP Friday, and those numbers are going to be horrible. How will the markets react? I suspect the number is worse than most people think. However, all we can do is wait.

I typically do not trade on Fridays anyways....and especially NFP Friday. I like to see what the outcome is. There is always another trade. If you are smart, you stay out of the way until the dust settles.

CW
  • #903
  • Apr 2, 2009 8:22pm Apr 2, 2009 8:22pm
Quoting clockwork71
I certainly hope you didn't buy this pair right away. It still has to hold to prove itself. Will it? Maybe....

But tomorrow is NFP Friday, and those numbers are going to be horrible. How will the markets react? I suspect the number is worse than most people think. However, all we can do is wait.

I typically do not trade on Fridays anyways....and especially NFP Friday. I like to see what the outcome is. There is always another trade. If you are smart, you stay out of the way until the dust settles.

CW
I generally agree with staying out of the way in front of NFP. I actually am amazed with how well stocks/bonds held up with the ADP report that came out today (for those unfamiliar, ADP stands for Automatic Data Processing, the largest processor of payroll data - each month they release their tally of jobs that they've added/subtracted from their payroll processing software). That report showed over 700,000 jobs were lost this **month** in the states.

In any case, yes, the report should be horrific - one of the worst on record - but my take is that only a number like over a million jobs lost would spook this market.

All that being said - you're right, no new position is warranted at this point but i've been long off and on since the mid-97s so i was just noting that this pair was about to break a crucial level.

Cheers!
  • #904
  • Apr 2, 2009 9:38pm Apr 2, 2009 9:38pm
Hi CW

after i read you thread and trade demo of the last 3 weeks , I made hundreds of pips , just in the last 2 days I made over 600 pips buying GJ and sell UC , once i look at a chart now i can see where the markert is going and when it may reverse like a pro , looks like after over 3 years of trying and blow 4 live accounts i start to understand forex . i did risk 3 % , I made over 11 trades so far wins 10 wins and 1 loss . So thank you again .
  • #905
  • Edited 9:55pm Apr 2, 2009 9:44pm | Edited 9:55pm
Quoting tazzam72
Hi CW

after i read you thread and trade demo of the last 3 weeks , I made hundreds of pips , just in the last 2 days I made over 600 pips buying GJ and sell UC , once i look at a chart now i can see where the markert is going and when it may reverse like a pro , looks like after over 3 years of trying and blow 4 live accounts i start to understand forex . i did risk 3 % , I made over 11 trades so far wins 10 wins and 1 loss . So thank you again .
im getting similar results aswell, however im still risking only 1% until i get more comfortable... then ill risk 2%..

thanks to CW, not to self go read james 16, well skim through it atleast
Grabbing the bull by the horns!
  • #906
  • Apr 2, 2009 10:28pm Apr 2, 2009 10:28pm
guys,
slow down. Its not a race to see who can be a millionaire first..
No offence is intended here toward your good results. Just remember to keep the emo in check. I found that after some of my best trades that I would make some of my most stupid misstakes. step back & take a breather. enjoy it yes.. but dont start assuming you know whats happening next..
we all know what happens we we assume....
good to see all here benefitting from Chris's wisdome.
Jeff
  • #907
  • Apr 2, 2009 10:42pm Apr 2, 2009 10:42pm
Hello,
I'm one of the no brainers, and I really don't know and don't care how the big boys trade. I just want to tell you that each one of us feels comfortable with a different methodology. I could never wait for a weekly bar or even a daily bar to give me some kind of confirmation to enter a trade and then put a stop loss a mile away. I just don't feel comfortable with this approach, even if the methodology is sound. I'm a day trader, and I don't get tired to look at the screen all day long, if I want to, and I enjoy every bit of it. It seems that going down to the 15 minute chart to see some action is nosense, but if you know what you're doing, you'll be very profitable without taking big risks. I trade the 1 and 5 minute timeframes, and I could go as high as a 15 minute chart to enter a trade or get confirmation, and I always know what my target is. I don't let the market eat my profits with trailing stops. I'm attaching a 15 and a 5 minute chart just to show something different that has always worked for me.
Going back to the first few posts, every market and and every timeframe pays respect to support and resistance, not the "static" support and resistance everyone is used to, but a "dinamic" support/resistance.
The attached 15 minute EURJPG chart is ruled by points that go back to last June.
The monthly EURJPG chart is still ruled by a point that goes back to March 1990.

Peace to all

===========


Hi Guys
While watching the eur/gbp I can't help reflecting on how different traders will react to the current pa.
9170 is clearly an area of big interest to traders. Right now The James Boys will be looking for a break above the potential daily pin (or 4H bullish engulfing candle) while the 'No-Brainers' and 'bouncers will be looking for a move back down. The No Brainers will currently be about 50 pips in profit whlle The James Boys will be sitting and waiting.
You may have to go to the 15min chart (shock horror) to see the action in close up
The No Brainers will have risked very little , probably ten pips max, while the James Boys, should they enter, will have to risk about 100 pips.
No Brainers say they are successful because they trade like the Big Boys and although they take more losers their losses are very small but there gains can be very big. Is that really how the Big- Boys trade?
What is my point? There isn't one really. Just putting my ramblings on record. Sorry I can't attach a chart-too stupid.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURJPG 15 minute SUN origin.jpg Size: 106 KB
Click to Enlarge Name: gbpusd 5 minute .jpg Size: 94 KB
  • #908
  • Apr 2, 2009 10:59pm Apr 2, 2009 10:59pm
Quoting alexpio
Hello,
I'm one of the no brainers, and I really don't know and don't care how the big boys trade. I just want to tell you that each one of us feels comfortable with a different methodology. I could never wait for a weekly bar or even a daily bar to give me some kind of confirmation to enter a trade and then put a stop loss a mile away. I just don't feel comfortable with this approach, even if the methodology is sound. I'm a day trader, and I don't get tired to look at the screen all day long, if I want to, and I enjoy every bit of it. It seems that...
Uh...thanks?
  • #909
  • Apr 3, 2009 12:03am Apr 3, 2009 12:03am
i hope he isnt offended by anything here.. that would be bad..
he is obviously a great trader & is learning us some of his skills.. awesome I cant wait to here what he says next.
  • #910
  • Apr 3, 2009 12:05am Apr 3, 2009 12:05am
Quoting alexpio
Hello,
I'm one of the no brainers, and I really don't know and don't care how the big boys trade.
What is my point? There isn't one really. Just putting my ramblings on record. Sorry I can't attach a chart-too stupid.
Thanks for your very good post. You have cleared few of my doubts.
First post of yours?!..
"Put all your efforts in becoming effortless"
  • #911
  • Apr 3, 2009 12:10am Apr 3, 2009 12:10am
Hey Clockwork, I know tomorrow is NFP day, and I personally will be waiting until next week to take any more trades, however, lets just say there were no major news events scheduled tomorrow. What do you think about the Outside bar on the Aud/Usd 4hr close to .7250, and the Outside bar on the Eur/Jpy at 135, right off the 38.2 fib line. Would these be valid setups if news wasnt a factor? Appreciate the input.
  • #912
  • Apr 3, 2009 12:12am Apr 3, 2009 12:12am
Alexpio simply said ... he trades differently than the ideas put forth on this thread. He simply said... even if the methods on this thread are sound, he is uncomfortable with them and prefers his own method.
Ok.
  • #913
  • Apr 3, 2009 12:19am Apr 3, 2009 12:19am
Quoting Lou
Alexpio simply said ... he trades differently than the ideas put forth on this thread. He simply said... even if the methods on this thread are sound, he is uncomfortable with them and prefers his own method.
Ok.
Agreed. A bit confused about why it was posted to be honest. Anyway, back to the thread action I have gbp/jpy hitting a zone as well as aud/usd for me.

I'm sitting on the sidelines unless I see an amazing setup though until after nfp friday.
  • #914
  • Apr 3, 2009 12:21am Apr 3, 2009 12:21am
Quoting Lou
Alexpio simply said ... he trades differently than the ideas put forth on this thread. He simply said... even if the methods on this thread are sound, he is uncomfortable with them and prefers his own method.
Ok.
I'm perfectly ok with different ideas & trading methods. Thats how we find our own way. It read to me, & I may have be quick to assume here, but it read to me as he was saying that waiting for conformation or anything other than playing touches/bounces were less than smart.

sorry if i read it wrong. thats text for you...
  • #915
  • Apr 3, 2009 1:57am Apr 3, 2009 1:57am
CW - what do you find the hardest part about trading?
  • #916
  • Apr 3, 2009 6:14am Apr 3, 2009 6:14am
Quoting TraderJSS
Hey Clockwork, I know tomorrow is NFP day, and I personally will be waiting until next week to take any more trades, however, lets just say there were no major news events scheduled tomorrow. What do you think about the Outside bar on the Aud/Usd 4hr close to .7250, and the Outside bar on the Eur/Jpy at 135, right off the 38.2 fib line. Would these be valid setups if news wasnt a factor? Appreciate the input.
Here's a chart with my observation.
Attached Image (click to enlarge)
Click to Enlarge Name: audoutside.png Size: 43 KB
  • #917
  • Apr 3, 2009 6:18am Apr 3, 2009 6:18am
Quoting Lou
Alexpio simply said ... he trades differently than the ideas put forth on this thread. He simply said... even if the methods on this thread are sound, he is uncomfortable with them and prefers his own method.
Ok.

I guess the only real issue I have with that post is that too many of these threads end up with every newbie trader in the place throwing up examples of their "system" - thus cluttering up the thread.

I actually like the "No Brainer" system. In fact, it's more similar to what I do than he realizes. He focuses on the amount of pips. I focus on the return. That is typical as to the experience of the trader. (That's not a knock, just seems to be true.)

However, please refrain from posting random posts about random systems please. It only serves to confuse some of our newer members.
  • #918
  • Apr 3, 2009 6:23am Apr 3, 2009 6:23am
Quoting Dopped Onion
CW - what do you find the hardest part about trading?

I think that's a difficult question, and here's why:

When we start out, the fear of "pulling the trigger" might be the biggest problem. After a few trades it might be letting a trade go. What I am getting at is that it changes as you evolve.

As you learn to trade, you will find different hurdles appear at different times. My biggest hurdle right now is funding. For example, if I had $250k to trade with, it would be my job. (If I chose for it to be.) I could make a living doing it, with little issues. Until then, I can only build this account. Over and over.

Here's a question: What is your biggest hurdle? If you don't mind sharing, I bet there's a great lesson in it for your fellow traders.
  • #919
  • Apr 3, 2009 10:46am Apr 3, 2009 10:46am
Ok I think I understand, the outside bar is a decent signal, however, there is support set at right around .7050 - .7100, so it may not drop any further on a short position. Well know we have a different kind of setup, because there is support at .7050 - .7100 and resistance at .7200 - .7250, creating a tight range. This is why we are going to wait until the market explains to us where to go by a breakout type movement. Am I thinking right or no? Thanks for the help

Quoting clockwork71
Here's a chart with my observation.
  • #920
  • Apr 3, 2009 10:48am Apr 3, 2009 10:48am
Quoting TraderJSS
Ok I think I understand, the outside bar is a decent signal, however, there is support set at right around .7050 - .7100, so it may not drop any further on a short position. Well know we have a different kind of setup, because there is support at .7050 - .7100 and resistance at .7200 - .7250, creating a tight range. This is why we are going to wait until the market explains to us where to go by a breakout type movement. Am I thinking right or no? Thanks for the help
Yes, and in fact....charts like this show the value of a larger time frame chart. There's more room on a weekly chart for example....
8 traders viewing now