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Silent Service Method

  • #981
  • Apr 7, 2009 4:23am Apr 7, 2009 4:23am
Quoting Life of Pi_p
The problem with floor trader pivots in forex is that each broker will have different pivots due to different closing times, thus different pivots. It might be a different story if there was a standardized time that the brokers used to close their day.
Does that matter so much with Monthly levels? Surely the difference would be minimal?
  • #982
  • Apr 7, 2009 4:37am Apr 7, 2009 4:37am
Quoting hel13rock
Hi all,

I wonder if anyone would like to summarise their exit strategy for this style of trading?

I seem to be getting better at entering trades using weekly s+r and candlestick patterns but sometimes feel tempted to exit positions early when more could have been made of the trade.

A few pages ago CW mentioned adding to a trade. The chart posted showed a number of areas where the price retraced upwards against the trend. A weaker stomached trader might have closed this trade on the first pullback.

What strategies do you have for determining...
i've posted my own exit strategy here before..i like to combine fib expansions and support/res levels
1. http://www.forexfactory.com/showpost...&postcount=700
2. http://www.forexfactory.com/showpost...&postcount=830
for the current ej trade..i've been watching it couple days and i know its doing good for ppl shorted .but i'll be looking to go long if it makes nice p.a in the yellow area..
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eurjpy_4hr.JPG Size: 124 KB
  • #983
  • Apr 7, 2009 4:39am Apr 7, 2009 4:39am
Quoting hel13rock
Does that matter so much with Monthly levels? Surely the difference would be minimal?
Sorry, didn't see that you had posted about monthly pivots. It doesn't matter then regarding closing times. In the end I don't think pivots are much of anything. They're like anything else...sometimes they work, sometimes they don't. The best tools we have are S/R and price action and they're not perfect themselves.
  • #984
  • Apr 7, 2009 4:44am Apr 7, 2009 4:44am
Thanks nomask,

I have read the entire thread and remember seeing your posts now, I'll make sure to review them.

At the moment I've got a take profit at 130.5 expected in the next few days and I'm keen to see what happens as it approaches that lower trendline. Fibonnaci 61.8 lines up nicely with the 130.5 level which has acted as s/r in the past.

Looking at the this chart, and as it is a counter trend trade I am happy to leave the tp in place in the expectation that it should pin down to that level. Obviously any adverse PA before that target is reached will lead me to review the situation.

Am I getting this somewhere near right?

Thanks for your help.
  • #985
  • Apr 7, 2009 4:48am Apr 7, 2009 4:48am
Quoting Life of Pi_p
They're like anything else...sometimes they work, sometimes they don't. The best tools we have are S/R and price action and they're not perfect themselves.
True, I think following this thread and possibly certain others a beginning trader can get up to speed pretty quickly.

Thanks have to go to the more experienced traders who spend their time helping others. Where would the majority of us be without them?
  • #986
  • Edited 5:10am Apr 7, 2009 4:57am | Edited 5:10am
Quoting hel13rock
Thanks nomask,

I have read the entire thread and remember seeing your posts now, I'll make sure to review them.

At the moment I've got a take profit at 130.5 expected in the next few days and I'm keen to see what happens as it approaches that lower trendline. Fibonnaci 61.8 lines up nicely with the 130.5 level which has acted as s/r in the past.

Looking at the this chart, and as it is a counter trend trade I am happy to leave the tp in place in the expectation that it should pin down to that level. Obviously any adverse PA before that target...
i don't want to confuse you with your trading but this is how i would do as an exit plan..
1.As you can see no clear pullback for a downward movement on 4hr or daily chart...
2.when i drop down to 1hr i can see something that i can use to shoot my fib expansions..Look at where the 3rd expansion is..
3.i can either set that 3rd expansion as a tp or watch it when price gets in that area...around 131

p.s:so in general i agree with you
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  • #987
  • Apr 7, 2009 5:08am Apr 7, 2009 5:08am
I think we're talking the same language but as it's countertrend I'm looking for where it's going to retrace to surely? I thought fib expansions are the other way after a retracement and trend continuation?

Semantics maybe, nothing more .

I've got 130.5 as my ppz on the weekly chart but I'm only drawing lines at the moment as zones create problems for me. I think I can see 131 as a better level to watch as it would be the start of the zone if I was to draw one.

I think I'll leave the tp as it is but watch the 131 level very closely.

Thanks again for your invaluable help.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy2.GIF Size: 37 KB
  • #988
  • Apr 7, 2009 5:21am Apr 7, 2009 5:21am
Quoting hel13rock
I think we're talking the same language but as it's countertrend I'm looking for where it's going to retrace to surely? I thought fib expansions are the other way after a retracement and trend continuation?

Semantics maybe, nothing more .

I've got 130.5 as my ppz on the weekly chart but I'm only drawing lines at the moment as zones create problems for me. I think I can see 131 as a better level to watch as it would be the start of the zone if I was to draw one.

I think I'll leave the tp as it is but watch the 131 level very closely.

Thanks...
you're welcome
..hope cw doesn't mind me throwing those charts and causing mess here..
but my point is these expansions used by so many traders..
look at the chart below...
when i saw price at that first mark,i thought i was going to add some position because i expected price to move back to first exp..
and it did..look at the second mark..perfect perfect candle,situation to add more lot and move your stop loss..
and also third mark..again beautiful opportunity to make some killing in one direction and one trade..
good luck all..
Attached Image (click to enlarge)
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  • #989
  • Apr 7, 2009 5:46am Apr 7, 2009 5:46am
Quoting hel13rock
Also I have a question about monthly pivot points.

CW, what is your opinion of pivot points? I notice you do not use them but you do watch MACD "because a lot of other people do", creating that self fulfilling prophecy aspect.

I have attached a chart from today. I am short EURJPY after yesterdays PA around the 1.37 level. I am not sure if those trendlines are helping or hindering but they seem to be working for now.

Getting back to the point, it could be argued that the 1.37 level in conjunction with the monthly R1 level makes for a stronger...
Pivot points are typically used in futures pits. To be honest, they have nothing to do with Forex, and I never understood why people give them weight at all. I used them for a while, but didn't find them overly useful to be honest.
  • #990
  • Apr 7, 2009 8:48am Apr 7, 2009 8:48am
Quoting nomask
you're welcome
..hope cw doesn't mind me throwing those charts and causing mess here..
but my point is these expansions used by so many traders..
look at the chart below...
when i saw price at that first mark,i thought i was going to add some position because i expected price to move back to first exp..
and it did..look at the second mark..perfect perfect candle,situation to add more lot and move your stop loss..
and also third mark..again beautiful opportunity to make some killing in one direction and one trade..
good luck all..
Nice trade nomask,
that's the direction I'm slowly heading in. At this point I'm working more on my discipline so I can stay in a trade for longer periods with a level head. It's so much easier just to take profits and run with them, but the real profits come if you stay and work the positions over time.

Nice to see such by the book examples...
  • #991
  • Apr 7, 2009 9:14am Apr 7, 2009 9:14am
Is anyone eyeing these two trades? Any thoughts are welcome.

Eur/Gbp - is right at .90 support level

Chf/jpy - broke through 87.00 and retraced hit 87.00 again and is now in the process of creating a pinbar, showing signs of using this level as support. It maybe a long signal
  • #992
  • Apr 7, 2009 10:29am Apr 7, 2009 10:29am
Quoting TraderJSS
Is anyone eyeing these two trades? Any thoughts are welcome.

Eur/Gbp - is right at .90 support level

Chf/jpy - broke through 87.00 and retraced hit 87.00 again and is now in the process of creating a pinbar, showing signs of using this level as support. It maybe a long signal
EG looks interesting, my bias would be short since the H&S hasn't reached target yet so if it breaks might be a good idea to look short and it might stay in that range for consolidation as it has in the past. This is just a min or two looks sorry gotta run to class, will chime in later if I get a couple minutes.
  • #993
  • Apr 7, 2009 11:28am Apr 7, 2009 11:28am
hi chris. who do you prefer trading fx w/: ib or ibfx? what are the pros & cons of both? which one has better spreads/swaps? which do you think/feel your money/capital is safest w/? which of all brokers do you think/feel is the safest to keep a big balance w/? what do you think of citifx now offering fdic? i would greatly appreciate your input. safety of funds is my main concern in choosing a broker. thanku.
  • #994
  • Apr 7, 2009 12:40pm Apr 7, 2009 12:40pm
Quoting dkmb92
hi chris. who do you prefer trading fx w/: ib or ibfx? what are the pros & cons of both? which one has better spreads/swaps? which do you think/feel your money/capital is safest w/? which of all brokers do you think/feel is the safest to keep a big balance w/? what do you think of citifx now offering fdic? i would greatly appreciate your input. safety of funds is my main concern in choosing a broker. thanku.

Interactive Brokers is total crap when it comes to Forex. I can't even begin to list the issues.

I have never used Citi or DB so I can't tell you either way. IBFX has never given me any problems.
  • #995
  • Apr 7, 2009 1:11pm Apr 7, 2009 1:11pm
Hi CW - do you think it may be feasible to move stops on kiwi trade to just above the .5800 level that has acted as a shorter term S/R, or does this position in your opinion need more room to breathe. Just interested to hear your thoughts. Thanks!
Attached Image
  • #996
  • Apr 7, 2009 3:01pm Apr 7, 2009 3:01pm
Quoting Dopped Onion
Hi CW - do you think it may be feasible to move stops on kiwi trade to just above the .5800 level that has acted as a shorter term S/R, or does this position in your opinion need more room to breathe. Just interested to hear your thoughts. Thanks!
How much do you believe in the move? I can see the thinking, but to be honest.....I am only at break even at this moment. (well.....+2 pips to cover swap for 2 days.....)

What are you comfortable with? THAT IS THE QUESTION.
  • #997
  • Apr 7, 2009 3:18pm Apr 7, 2009 3:18pm
Quoting clockwork71
How much do you believe in the move? I can see the thinking, but to be honest.....I am only at break even at this moment. (well.....+2 pips to cover swap for 2 days.....)

What are you comfortable with? THAT IS THE QUESTION.
Cool. Thanks for your reply. Let's see how this one plays out. Thanks again for this great thread and the wealth of information. It has brought a lot of clarity as to how I view charts.
  • #998
  • Apr 7, 2009 6:27pm Apr 7, 2009 6:27pm
Quoting clockwork71
Interactive Brokers is total crap when it comes to Forex. I can't even begin to list the issues. I have never used Citi or DB so I can't tell you either way. IBFX has never given me any problems.
may i please ask what is it about ib that makes them total crap? i have not used them, but on the surface they seem like a big capitalized firm that i might feel secure to keep my money w/. they advertise on bloomberg that they have low spreads, but since ive never used/demo'd them then i dont know, & that is why i am asking. as far as my trading style goes, i am in acct building mode & will only be taking the 3-5 daily/wkly "a" trades per month. it will take a 1-2+ yrs to get it to where i want it before i ever w/d any profits for earnings. & even when i do get it to that point i may never change my trading style. so my biggest concern is safety of funds. i would hate to do all this work & then see it go up in smoke. thanku.
  • #999
  • Apr 7, 2009 6:33pm Apr 7, 2009 6:33pm
Quoting dkmb92
may i please ask what is it about ib that makes them total crap? i have not used them, but on the surface they seem like a big capitalized firm that i might feel secure to keep my money w/. they advertise on bloomberg that they have low spreads, but since ive never used/demo'd them then i dont know, & that is why i am asking. as far as my trading style goes, i am in acct building mode & will only be taking the 3-5 daily/wkly "a" trades per month. it will take a 1-2+ yrs to get it to where i want it before i ever w/d any profits for earnings. &...
Your funds are safe. It's the platform that's horrible for forex. If you are used to Metatrader 4, it's quite cumbersome. For example: If you close out a position, depending on which way in the trade you go....it doesn't necessarily convert your currency back into USD. You need to do it manually. I know it offers interesting posibilites as far as hanging on waiting for exchange rates to go your way......but it's too much damn work if you ask me.

I would HIGHLY recommend you try out there demo first. It's a professional workstation with amatuer charting. It's great once you get used to it, but the commission is $2.50 each turn, no matter the size.....so if you are trading less than a full lot, it's expensive to use for Forex.

CW
  • #1,000
  • Apr 7, 2009 6:41pm Apr 7, 2009 6:41pm
Quoting clockwork71
Your funds are safe. It's the platform that's horrible for forex. If you are used to Metatrader 4, it's quite cumbersome. For example: If you close out a position, depending on which way in the trade you go....it doesn't necessarily convert your currency back into USD. You need to do it manually. I know it offers interesting posibilites as far as hanging on waiting for exchange rates to go your way......but it's too much damn work if you ask me. I would HIGHLY recommend you try out there demo first. It's a professional workstation with amatuer charting....
i will demo them, thx for sharing. no matter what broker i chose to trade w/, i will still chart w/ mt4. i have been following the ibfx & fxpro feeds. which feeds do you follow? have you checked out the lfx's at lite-forex?
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