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Silent Service Method

  • #1,061
  • Apr 12, 2009 10:57am Apr 12, 2009 10:57am
This is a potential set up that I noticed this morning. I am posting a couple of charts, and some ideas.
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  • #1,062
  • Apr 12, 2009 11:08am Apr 12, 2009 11:08am
Hi cw
great stuff thanks
  • #1,063
  • Apr 12, 2009 11:12am Apr 12, 2009 11:12am
Thanks CW for your sharing ... may i know what program you use to draw those arrows and rectangles? Thanks!
  • #1,064
  • Apr 12, 2009 11:56am Apr 12, 2009 11:56am
Thanks CW..keep them coming. As a result of your postings, I am now watching Ucad and UJ beside my always GU.
  • #1,065
  • Apr 12, 2009 4:57pm Apr 12, 2009 4:57pm
Quoting kenkoo
Thanks CW for your sharing ... may i know what program you use to draw those arrows and rectangles? Thanks!

It's a program called Jing. It's a free one from TechSmith, the same people that make Camtasia.
  • #1,066
  • Apr 12, 2009 11:26pm Apr 12, 2009 11:26pm
Hey Clockwork, looking back on this daily chart, just on price action alone ( fundamentals excluded ), would the pinbar on April 6th given a sell signal? It hit the 38.2 fib line right on the dot and 101.00 at the same time. Just curious, what would stop you from making this trade? I appreciate your time.
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  • #1,067
  • Apr 13, 2009 2:59am Apr 13, 2009 2:59am
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...
In defense of IB Chris, this reflects both your experience and where you came to them from ... as most peoples experience of most things does

I wouldn't use IB charting either (its rubbish) so for the last five years I have used Sierra Chart with IB. Initially I used Ninja Trader and then Zero Line Trader as order entry tools with IB but recently Sierra Chart has added chart based entry so I've dropped ZLT and am down to IB with Sierra Chart as the front end.

To be clear I am a futures trader who occasionally trade currencies but intend to increase the currencies portion of my activity. The rest of the time I trade Hang Seng on charts with bars in the sub-5 minute range.

Chris is right about the issue of currencies. Because IB treats your trade in a "raw" fashion a simple entry and exit will leave you with balances in other currencies. That is a bit of a pain although you can resolve it by choosing to close a trade with a non-unit amount and thus clean up the balances you've generated in your last 10 winning trades in one hit

I think the interesting thing in the near future at IB is the microfutures - I actually wonder how much of the retail forex business this will take over. I suspect a lot because you get a single market linked to the std currency futures and any manipulation is open and thus "honest" but its too early to tell yet.

I would go strongly against Chris on one thing --- DO NOT try out their demo. Not if you expect anything useful. The IB non-customer demo doesn't use the same data feeds we normally use and it is crud to say the least.

Personally I find IB fine but I'm mainly a futures trader and I did have to take a bit of time to figure out how to do the forex calculations to cancel out the balances I ended up with in yen, euro, and aud. I would suggest that if you consider them that you don't do it without using an alternative charting package - there are lots (ensign software is another good one) that use the IB feed.

Great thread by the way Chris. I'm at page 67 after about 3 days of off and on reading. Not sure I'll add the macd though - I think I'll stick with clean charts and a couple of mas (I can see the divergence with them too).
  • #1,068
  • Apr 13, 2009 7:37am Apr 13, 2009 7:37am
Quoting TraderJSS
Hey Clockwork, looking back on this daily chart, just on price action alone ( fundamentals excluded ), would the pinbar on April 6th given a sell signal? It hit the 38.2 fib line right on the dot and 101.00 at the same time. Just curious, what would stop you from making this trade? I appreciate your time.

Yes and no. I would have been concerned about 99. (Take a look, you can see where a line should go. I think of this as one big area.....waiting to prove itself.
  • #1,069
  • Apr 13, 2009 10:00am Apr 13, 2009 10:00am
Quoting clockwork71
Yes, everyone on the planet is watching this one. So when it moves in either direction, it should be a nice move overall. This pair tends to do this a lot.....then moves rapidly. We will see....I have had this chart up with the same triangle drawn out on it for ages now, and it's getting to the critical area where if it doesn't break - the move will be small at best.
Lol, good to know I'm doing something right then
  • #1,070
  • Apr 13, 2009 1:43pm Apr 13, 2009 1:43pm
Any thoughts on a possible long set up on the eur/nzd?
Longer trend is bullish.
We have just reached good support on the weekly
The daily chart (day not complete) is forming a BUOB.
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  • #1,071
  • Apr 13, 2009 1:48pm Apr 13, 2009 1:48pm
Quoting kodflakes
In my opinion which can be quite wrong or risky but once bulls cant hold price or break price doesn't that give you indication of direction? However looking at it now can you see a direction or signs of the reversal I talked about last night?
As per CW's trading plan, and waiting for PA to confirm S/R, I don't think we received any definitive set up (pin bar, BEOB) to trigger this trade short and it has since broke higher
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  • #1,072
  • Apr 13, 2009 2:03pm Apr 13, 2009 2:03pm
NZD/USD making another assault on important resistance area and psychological round number @ 0.60. In your view CW, does the fact that this area was already recently tested make it less likely to continue to hold. in other words, if we see another bearish pin bar around .60 would you be less inclined to get involved due to recent test of this level possibly weakening the resistance, or just take it as a valid trade set up. obviously shape of pin and other factors would be taken into consideration.
Thanks!
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  • #1,073
  • Apr 13, 2009 2:10pm Apr 13, 2009 2:10pm
Hope I am not posting too many charts. This seems a good example, on the gbp/usd, where we are getting a daily BUOB that is occurring under strong resistance @ 1.50 and so it seems best to pass on any potential long trade set up at this point? Interested to hear your input CW.
Thanks!
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  • #1,074
  • Apr 13, 2009 3:07pm Apr 13, 2009 3:07pm
Quoting Dopped Onion
As per CW's trading plan, and waiting for PA to confirm S/R, I don't think we received any definitive set up (pin bar, BEOB) to trigger this trade short and it has since broke higher
The fact that the AUD has broke above this 7250 area, which would have been a triple top, is very bullish. In fact, I went long after it held above for a few hours.

I am actually in at 7271.

I am willing to take a chance on letting this one run - if I am wrong, it will show me, and it will be a short for several hundred pips.
  • #1,075
  • Apr 13, 2009 3:08pm Apr 13, 2009 3:08pm
Quoting Dopped Onion
NZD/USD making another assault on important resistance area and psychological round number @ 0.60. In your view CW, does the fact that this area was already recently tested make it less likely to continue to hold. in other words, if we see another bearish pin bar around .60 would you be less inclined to get involved due to recent test of this level possibly weakening the resistance, or just take it as a valid trade set up. obviously shape of pin and other factors would be taken into consideration.
Thanks!
If we were to form another pin, it would be a double pin.....which would be a good sell signal.
  • #1,076
  • Apr 13, 2009 3:11pm Apr 13, 2009 3:11pm
I agree with you onion I closed my long just a little bit a go as you can see on the highlighted trade below.

Quoting Dopped Onion
Hope I am not posting too many charts. This seems a good example, on the gbp/usd, where we are getting a daily BUOB that is occurring under strong resistance @ 1.50 and so it seems best to pass on any potential long trade set up at this point? Interested to hear your input CW.
Thanks!
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  • #1,077
  • Apr 13, 2009 3:11pm Apr 13, 2009 3:11pm
Quoting Dopped Onion
Hope I am not posting too many charts. This seems a good example, on the gbp/usd, where we are getting a daily BUOB that is occurring under strong resistance @ 1.50 and so it seems best to pass on any potential long trade set up at this point? Interested to hear your input CW.
Thanks!

EXACTLY.

There is an order to how I look at a trade:

#1 - Location. Is it near or at a zone? Or better yet in this case.......are we heading into an area?

#2 - Type of bar.

#3 - Confluence. Is it at a fib level? etc, etc.

This trade violates rule #1 to begin with. It's possible that you are risking 100 pips to gain 15. (an example in this type of trading....)

CW
  • #1,078
  • Apr 13, 2009 3:19pm Apr 13, 2009 3:19pm
Quoting clockwork71
EXACTLY.

There is an order to how I look at a trade:

#1 - Location. Is it near or at a zone? Or better yet in this case.......are we heading into an area?

#2 - Type of bar.

#3 - Confluence. Is it at a fib level? etc, etc.

This trade violates rule #1 to begin with. It's possible that you are risking 100 pips to gain 15. (an example in this type of trading....)

CW
Thanks for the feedback Clockwork
  • #1,079
  • Apr 13, 2009 3:22pm Apr 13, 2009 3:22pm
Quoting clockwork71
The fact that the AUD has broke above this 7250 area, which would have been a triple top, is very bullish. In fact, I went long after it held above for a few hours.

I am actually in at 7271.

I am willing to take a chance on letting this one run - if I am wrong, it will show me, and it will be a short for several hundred pips.
just to confirm (and learn), you went long based on the sustained break of the 7250 area without PA (pin, buob, inside bar) confirmation? obviously your confirmation was the fact that it held this level for a few hours, but was there a specific price pattern you liked? Thanks!
  • #1,080
  • Apr 13, 2009 3:26pm Apr 13, 2009 3:26pm
Quoting Dopped Onion
just to confirm (and learn), you went long based on the sustained break of the 7250 area without PA (pin, buob, inside bar) confirmation? obviously your confirmation was the fact that it held this level for a few hours, but was there a specific price pattern you liked? Thanks!
The following chart is what I saw.....
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