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Silent Service Method

  • #1,201
  • Apr 23, 2009 2:03pm Apr 23, 2009 2:03pm
Quoting clockwork71
To be honest, I haven't moved my stop yet.....I wanna see 1.22 first.
I was short near the left eye of the daily pin and just closed the trade. I can see it has more downward potential, but I just wanted to lock in a decent profit.
I guess it is what you are comfortable with in terms of exiting, although at the same time its good to maximize profits when in a good trade.

i have never entered a trade with partial positions at the initial entry. How much of an advantage do you think it provides i.e. being able to close half your position at a set target and let the other half run? or do you prefer to just take one full position?
  • #1,202
  • Apr 23, 2009 2:18pm Apr 23, 2009 2:18pm
Quoting Dopped Onion
I was short near the left eye of the daily pin and just closed the trade. I can see it has more downward potential, but I just wanted to lock in a decent profit.
I guess it is what you are comfortable with in terms of exiting, although at the same time its good to maximize profits when in a good trade.

i have never entered a trade with partial positions at the initial entry. How much of an advantage do you think it provides i.e. being able to close half your position at a set target and let the other half run? or do you prefer to just take one...
I used to take partial profits, but I had a thought one day: "Do I take partial losses?"

The math doesn't work out.

As far as exits, you are correct, it comes down to what you are comfortable with.

CW
  • #1,203
  • Apr 23, 2009 2:19pm Apr 23, 2009 2:19pm
I have started writing the system into a booklet form, it's going to take a while though, as I want it to be something worthwhile.

CW
  • #1,204
  • Apr 23, 2009 2:31pm Apr 23, 2009 2:31pm
Quoting clockwork71
I have started writing the system into a booklet form, it's going to take a while though, as I want it to be something worthwhile.

CW
thats a great news..looking forward to it
  • #1,205
  • Apr 23, 2009 3:23pm Apr 23, 2009 3:23pm
Quoting clockwork71
I have started writing the system into a booklet form, it's going to take a while though, as I want it to be something worthwhile.

CW
Thanks for your continued contribution to the thread!
  • #1,206
  • Apr 23, 2009 6:15pm Apr 23, 2009 6:15pm
Quoting clockwork71
I used to take partial profits, but I had a thought one day: "Do I take partial losses?"

The math doesn't work out.

As far as exits, you are correct, it comes down to what you are comfortable with.

CW
What you thought makes a lot of sense. I'm convinced now!
The nail that sticks out gets hammered back in
  • #1,207
  • Apr 24, 2009 12:59am Apr 24, 2009 12:59am
Quoting clockwork71
I have started writing the system into a booklet form, it's going to take a while though, as I want it to be something worthwhile.

CW
Just a curious statement that is really a question. A video is worth a thousand words.
  • #1,208
  • Apr 24, 2009 2:53am Apr 24, 2009 2:53am
Quoting clockwork71
I used to take partial profits, but I had a thought one day: "Do I take partial losses?"

The math doesn't work out.

As far as exits, you are correct, it comes down to what you are comfortable with.

CW
This a real interesting side point about psychological suitability. I did hundreds of backtested price action trades, worked out which exit strategy made the most money and then started playing it.

But if it's not in your psychological comfort zone you're going to screw it up.

If your testing shows that being like mbqb11 and taking tons of small losses followed by one huge winner makes you the most money, that's all well and good, but how are you going to feel in the head after loss number 12?

Or are you someone who like to win, so you have a high win rate but low RR. Which is most comfortable for you psychologically? Because that's the one that's going to pay off, not the one that gives you a few more pips over 200 trades.

I know James16 takes partial profit so that he doesn't feel too bad about his high win rate low RR strategy. It allows him to catch a big move if it happens. But he goes months and months and months without a daily and weekly price action forex loss, so perhaps the way he see it is as "two full positions", one where he takes full profit at first target, and another more speculative one where he gets to break even and looks for runners.

There are so many ways to skin a cat in this game, and I've discovered that it's really important to find what works for you.

I have a friend who does very well in a hedge fund in London (yes, he still does well, even this year) and his entire strategy is based around one or two mammoth trades a year. He loses on the rest. I know, right? Astonishing. I could never ever do that, no matter what spreadsheet you threw in front of me to show me it worked. Likeweise the J16 chart thread is full of people trying to be raczekfx and failing because that guy does what suits his psych, and no one else's. Just like ryanmcd did when he dropped in a while ago, watching 5 min charts all week without taking a trade.

Anyway, thanks for allowing me the space to express that. We now return you to the sanity of clockwork71 who has no doubt by now called security....
  • #1,209
  • Apr 24, 2009 4:08am Apr 24, 2009 4:08am
Quoting nomask
here is eurusd forming a pinbar might be an early bullish sign on weekly which i guess will be supporting short trades on usdcad..
i'd like to hear any idea about eurusd trading plans for the next week
Hi Nomask,
this a point I will follow with some interest..

Some nice Fib confluence in the area too..

By the way I find very hard to trade the euro in this period..

Cw, about the booklet.. great !!
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  • #1,210
  • Apr 24, 2009 4:49am Apr 24, 2009 4:49am
Quoting Clode
Hi Nomask,
this a point I will follow with some interest..

Some nice Fib confluence in the area too..

By the way I find very hard to trade the euro in this period..

Cw, about the booklet.. great !!
yeah but i think the reason is that its about to make a big decision
here is my very long term analysis of eurusd...
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  • #1,211
  • Apr 24, 2009 4:59am Apr 24, 2009 4:59am
and if we try to correlate two opposite pair like usdcad and eurusd...
if we assume that the late break of triangle on usdcad is true (that means short) then we should have something opposite on eurusd (long)...
this can be the scenario...
time will tell us
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  • #1,212
  • Apr 24, 2009 5:24am Apr 24, 2009 5:24am
Thank you Nomask,

your charts are very clear and your analysis really interesting..
  • #1,213
  • Apr 24, 2009 8:34am Apr 24, 2009 8:34am
i moved my sl to breakeven at 1.2315...ultimate target is 1.08 if i don't get clear opposite sign(at least i have a target )..until then i'll be moving my sl behind ppz's on 4hr..
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  • #1,214
  • Apr 24, 2009 10:19am Apr 24, 2009 10:19am
Quoting nomask
i moved my sl to breakeven at 1.2315...ultimate target is 1.08 if i don't get clear opposite sign(at least i have a target )..until then i'll be moving my sl behind ppz's on 4hr..
BINGO. This is EXACTLY the kind of trading that I do. Once you get a good "runner", you will never look back, trust me on this.

If we can now get through 1.20 - look out below.
  • #1,215
  • Apr 24, 2009 10:49am Apr 24, 2009 10:49am
Quoting clockwork71
BINGO. This is EXACTLY the kind of trading that I do. Once you get a good "runner", you will never look back, trust me on this.

If we can now get through 1.20 - look out below.
so many things in my mind became a lot more clearer after this thread....
thanks again for sharing such eye opening trading style of you...
  • #1,216
  • Apr 24, 2009 4:30pm Apr 24, 2009 4:30pm
Quoting TiaForex
This a real interesting side point about psychological suitability. I did hundreds of backtested price action trades, worked out which exit strategy made the most money and then started playing it.

But if it's not in your psychological comfort zone you're going to screw it up.

If your testing shows that being like mbqb11 and taking tons of small losses followed by one huge winner makes you the most money, that's all well and good, but how are you going to feel in the head after loss number 12?

Or are you someone who like to win, so you...
I like this post Tia. This sentence below pretty much sums up a critical component of many aspect of trading

"But if it's not in your psychological comfort zone you're going to screw it up"

It's good to know this from the outset of every potential trade
  • #1,217
  • Apr 24, 2009 7:05pm Apr 24, 2009 7:05pm
Quoting Lou
Just a curious statement that is really a question. A video is worth a thousand words.
Would be a ton easier, but no place to post it.
  • #1,218
  • Apr 24, 2009 7:10pm Apr 24, 2009 7:10pm
Quoting nomask
yeah but i think the reason is that its about to make a big decision
here is my very long term analysis of eurusd...
I have to admit.....I kinda got lazy on the Euro lately......but 1.24 is OBVIOUSLY a serious area. Great chart.
  • #1,219
  • Apr 24, 2009 7:10pm Apr 24, 2009 7:10pm
Hi to all you guys who have been making excellent posts and to CW, thanks for starting this thread. I have a couple of charts to post and am wondering if I am seeing this right?

First is a daily chart of AUDUSD showing AUD currently battling to get through a previous resistance level. The highs of the previous high have already been breached. Is there any significance in this?

Zooming into the 4 hourly chart, there are several pin bars that could have been traded successfully at levels of support / resistance. The 2nd arrow from the left, shows a nice pin bar that is sitting right on minor support and also coincides with a breach of a downtrend line. The last arrow on the right has not been breached to the upside yet but may be the most important one of the lot. Any thoughts would be most welcome!

Thanks.

VM
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"Stay Sharp and Keep Learning!" - VM
  • #1,220
  • Apr 25, 2009 4:21am Apr 25, 2009 4:21am
Quoting volatilemonk
Hi to all you guys who have been making excellent posts and to CW, thanks for starting this thread. I have a couple of charts to post and am wondering if I am seeing this right?

First is a daily chart of AUDUSD showing AUD currently battling to get through a previous resistance level. The highs of the previous high have already been breached. Is there any significance in this?

Zooming into the 4 hourly chart, there are several pin bars that could have been traded successfully at levels of support / resistance. The 2nd arrow from the left, shows...
but i think cw's point is taking trades sort of telling us like "i am here,obvious and ready to move"...
here is what i think
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