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Silent Service Method

  • #1,121
  • Apr 16, 2009 5:55pm Apr 16, 2009 5:55pm
Here is an example of a pin bar on the dailies yesterday that I did not take, although tempted. It was on nzd/jpy, and similar set ups on other yen crosses.
There was a pin bar above resistance which could have initiated a long position. BUT i was hesitant because of the large previous bearish bar and the size of the pin was not that big in comparison to previous price action. The fact that I would have set a buy order above the high of the pin bar, meant it would not have been triggered. i was thinking about entering near the left eye though.
Looked at the chart today and saw that the pin failed and trade would have been stopped out.
Just wanted to share this set up, why i avoided it and how it played out.
obviously the initial set up was not great but I felt good to have confidently passed on this one and waited for a better set up.
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  • #1,122
  • Apr 16, 2009 7:57pm Apr 16, 2009 7:57pm
Quoting Dopped Onion
Here is an example of a pin bar on the dailies yesterday that I did not take, although tempted. It was on nzd/jpy, and similar set ups on other yen crosses.
There was a pin bar above resistance which could have initiated a long position. BUT i was hesitant because of the large previous bearish bar and the size of the pin was not that big in comparison to previous price action. The fact that I would have set a buy order above the high of the pin bar, meant it would not have been triggered. i was thinking about entering near the left eye though.
Looked...
Thank you for posting this, this is a great post. I believe in waiting for a break whenever possible of a bar. However, I also like the fact that there was a bearish pin previously, and you pointed that out.....perfect exercise in patience.
  • #1,123
  • Apr 16, 2009 8:58pm Apr 16, 2009 8:58pm
Does anyone see the 2 PBs on the EUR-JPY daily ? What would be your next move if at all? The thick orange lines are what I think the weekly S&R are located. I'm inclined to play this short IF it breaks below the PB with 126.24 where it could stop.

Thanks for the help,

HJ
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  • #1,124
  • Apr 16, 2009 9:51pm Apr 16, 2009 9:51pm
Quoting hjjohn1
Does anyone see the 2 PBs on the EUR-JPY daily ? What would be your next move if at all? The thick orange lines are what I think the weekly S&R are located. I'm inclined to play this short IF it breaks below the PB with 126.24 where it could stop.

Thanks for the help,

HJ
If both of those pins failed, it surely would be a weak sign......so if it did - a short isn't a bad idea.
  • #1,125
  • Apr 16, 2009 11:13pm Apr 16, 2009 11:13pm
I'm curious to know..

Since I've only ever looked at Forex charts, and having seen CW post charts on stocks also, I have been interested in looking at some stock charts.

I was wondering if anyone knew of a site that I could go to and open a demo account to look at stocks with? Just like MT4

Thanks,

VB,
  • #1,126
  • Apr 17, 2009 1:07am Apr 17, 2009 1:07am
Quoting clockwork71
Thank you for posting this, this is a great post. I believe in waiting for a break whenever possible of a bar. However, I also like the fact that there was a bearish pin previously, and you pointed that out.....perfect exercise in patience.
Thanks for your feedback Chris!
I am finding that perhaps a more important thing than looking for a trade, is looking for reasons not to take a trade.
We can safely say that most retail traders lose and these traders concentrate on looking for any reason to get into a trade, as opposed to reasons to stay on the sidelines.

also, i think that all too often there is a belief that I "don't want this thing to take off" without me, which causes people to get into trades because they can't take the flip side of not being involved in a set up that they believe will succeed.

So, letting go, and being comfortable with whatever happens to a trade that you decided to pass on (even if it skyrockets in your direction) is crucial and a big difference between pros and the rest.
  • #1,127
  • Apr 17, 2009 1:38am Apr 17, 2009 1:38am
we have a triangle on the dailies that is currently testing the downside jsut below 1.31. The 1.3050 area looks to be key.
A breakout of this triangle and then a retest and continuation may prove to a good set up to search for shorts, although 1.30 should prove to be good support. Any thoughts?
Thanks!
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  • #1,128
  • Apr 17, 2009 2:31am Apr 17, 2009 2:31am
hello, what do you guys think of NZDGBP? I've only got GBPNZD here but i think its about the same, just inverted
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  • #1,129
  • Apr 17, 2009 5:13am Apr 17, 2009 5:13am
Quoting nooblaster
hello, what do you guys think of NZDGBP? I've only got GBPNZD here but i think its about the same, just inverted
Nooblaster,
I also have GBP/NZD. My feed must be different as you see from my chart. I like the location of this bar with the PPZ and the 38%FIB. But the bar itself is nothing special for me (on my feed anyway). The break of the pinbar would run directly into another PPZ formed from all the bar highs prior. That might be something else to look at.

Josh
Attached Image
  • #1,130
  • Apr 17, 2009 5:28am Apr 17, 2009 5:28am
Quoting Jduester
Nooblaster,
I also have GBP/NZD. My feed must be different as you see from my chart. I like the location of this bar with the PPZ and the 38%FIB. But the bar itself is nothing special for me (on my feed anyway). The break of the pinbar would run directly into another PPZ formed from all the bar highs prior. That might be something else to look at.

Josh
Totally agree.

Although the bar's fine on your IBFX feed and is off the 61.8 fib and is with the overall trend, the space would be worth worrying, the ppz Josh mentioned certainly pulls down the caliber of this trade,

Not to say it was untradable but managing it exactly how you should would be the real challenge.

Regards,
Ghous.
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I believe . . .
  • #1,131
  • Apr 17, 2009 3:33pm Apr 17, 2009 3:33pm
Quoting Dopped Onion
Thanks for your feedback Chris!
I am finding that perhaps a more important thing than looking for a trade, is looking for reasons not to take a trade.
We can safely say that most retail traders lose and these traders concentrate on looking for any reason to get into a trade, as opposed to reasons to stay on the sidelines.

also, i think that all too often there is a belief that I "don't want this thing to take off" without me, which causes people to get into trades because they can't take the flip side of not being involved in a set up that...

True, this is another great post. There is a lot more wisdom in this post than you know. Also, you could put that you need to be able to let go even when in a trade....that's the next step in my experience. It truly doesn't matter as much these days. It makes trading a lot easier now.

When you get past the hang ups, it's easy.

Any idiot can read a chart......even me.

CW
  • #1,132
  • Apr 17, 2009 3:34pm Apr 17, 2009 3:34pm
Quoting Dopped Onion
we have a triangle on the dailies that is currently testing the downside jsut below 1.31. The 1.3050 area looks to be key.
A breakout of this triangle and then a retest and continuation may prove to a good set up to search for shorts, although 1.30 should prove to be good support. Any thoughts?
Thanks!

That's pretty much how I saw it...nothing really got me in today though.
  • #1,133
  • Apr 17, 2009 3:36pm Apr 17, 2009 3:36pm
Quoting VitaminBeer
I'm curious to know..

Since I've only ever looked at Forex charts, and having seen CW post charts on stocks also, I have been interested in looking at some stock charts.

I was wondering if anyone knew of a site that I could go to and open a demo account to look at stocks with? Just like MT4

Thanks,

VB,

Some of the shadier MT4 brokers allow trading "CFD's" which track the stock prices......North Finance, Delta, and a few others out there do it.....

NF was a great demo account for me
  • #1,134
  • Apr 17, 2009 3:38pm Apr 17, 2009 3:38pm
Quoting ghous
Totally agree.

Although the bar's fine on your IBFX feed and is off the 61.8 fib and is with the overall trend, the space would be worth worrying, the ppz Josh mentioned certainly pulls down the caliber of this trade,

Not to say it was untradable but managing it exactly how you should would be the real challenge.

Regards,
Ghous.
Yep - you have a wall right under it....that's my first concern.
  • #1,135
  • Apr 17, 2009 3:46pm Apr 17, 2009 3:46pm
This is how the chart ended up Friday afternoon. I haven't moved my stops at all, nor will I until we get through $4, and decisively.
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  • #1,136
  • Apr 17, 2009 6:11pm Apr 17, 2009 6:11pm
anyone here trade w/ or know anything about oanda? thx.
http://www.forexfactory.com/showthread.php?t=164052
  • #1,137
  • Apr 17, 2009 6:52pm Apr 17, 2009 6:52pm
Quoting dkmb92
anyone here trade w/ or know anything about oanda? thx.
http://www.forexfactory.com/showthread.php?t=164052

Neither this thread or the James16 thread are the correct place to ask this question. (I saw you posted the same exact post there as well.)

There is a forum area for brokers, why not ask there?
  • #1,138
  • Apr 17, 2009 7:51pm Apr 17, 2009 7:51pm
Hey man cool thread you got going here- I have read almost 60 pages in 2 days

absolutely love it! You have my vouch.

PS- lol I dont have any so cant vouch for you, but its due on me
Its all in the mind.
  • #1,139
  • Apr 17, 2009 8:05pm Apr 17, 2009 8:05pm
Hi ClockWork

Will you short UJ on open of next week trading? We have evening star in weekly tf off a major SnR line. Here is the chart.

Attached Image (click to enlarge)
Click to Enlarge Name: uj.gif Size: 22 KB


I am following UJ and UCAD based on your previous posts. I am learning your strategy step by step. I can't thank you enough for this thread. Of course, I'll vouch for you once I am able to do so
  • #1,140
  • Apr 17, 2009 9:03pm Apr 17, 2009 9:03pm
Quoting hartnet
Hi ClockWork

Will you short UJ on open of next week trading? We have evening star in weekly tf off a major SnR line. Here is the chart.

Attachment

I am following UJ and UCAD based on your previous posts. I am learning your strategy step by step. I can't thank you enough for this thread. Of course, I'll vouch for you once I am able to do so
I don't take trades based on the opening typically. If I was to short it - it would be based off of a smaller time frame, that coincides with this chart. (If that made sense...)
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