Silent Service Method | Page 62 | 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

  • #1,221
  • Apr 25, 2009 6:40am Apr 25, 2009 6:40am
Quoting nomask
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

I agree with this post. It's really about major, or at least more major "like" areas to take a trade off of. The original post made the comment of a pinbar being off of a "minor" area. That sentence was key in my opinion.

I know it would have worked out, and that's great. But if it didn't: You would think "It's no surprise, because it was actually a minor zone I took that trade off of. It wasn't a grade A trade."

Just a thought. Patience.....that's what will get you ahead.

CW
  • #1,222
  • Apr 25, 2009 9:24am Apr 25, 2009 9:24am
Quoting clockwork71
I agree with this post. It's really about major, or at least more major "like" areas to take a trade off of. The original post made the comment of a pinbar being off of a "minor" area. That sentence was key in my opinion.

I know it would have worked out, and that's great. But if it didn't: You would think "It's no surprise, because it was actually a minor zone I took that trade off of. It wasn't a grade A trade."

Just a thought. Patience.....that's what will get you ahead.

CW
Thanks, Nomask and CW. Good points. My problem now, too, is knowing when the pin bars are really off major areas, when those areas are so wide. Sometimes it seems like there is a pin bar there, and then it goes further into the area and forms another. Is there a way to decide whether or not to take the first pinbar that forms?

VM
"Stay Sharp and Keep Learning!" - VM
  • #1,223
  • Apr 25, 2009 10:25am Apr 25, 2009 10:25am
Quoting volatilemonk
Thanks, Nomask and CW. Good points. My problem now, too, is knowing when the pin bars are really off major areas, when those areas are so wide. Sometimes it seems like there is a pin bar there, and then it goes further into the area and forms another. Is there a way to decide whether or not to take the first pinbar that forms?

VM
you can watch the video about pinbars at james16 website under guest materials...i found them very useful
  • #1,224
  • Apr 25, 2009 10:43am Apr 25, 2009 10:43am
i posted this one earlier but for some reason it didnt go through...resending it now....

....and its not only taking trades in those zone, it also must be `worthy` to risk money....i remember cw mentioning about it earlier in this thread...i think this one below can be an example of it...
we had big BEOB in action zone but next trouble zone was not far enough to risk money...i mean it would require about 100 pips sl but 90-120 pips possible target when considering previous zone...
so we should pass it...

p.s:sorry if i`m causing a lot of mess here
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-04-25_1830_001.png Size: 74 KB
  • #1,225
  • Apr 25, 2009 11:08am Apr 25, 2009 11:08am
Quoting nomask
i posted this one earlier but for some reason it didnt go through...resending it now....

....and its not only taking trades in those zone, it also must be `worthy` to risk money....i remember cw mentioning about it earlier in this thread...i think this one below can be an example of it...
we had big BEOB in action zone but next trouble zone was not far enough to risk money...i mean it would require about 100 pips sl but 90-120 pips possible target when considering previous zone...
so we should pass it...

p.s:sorry if i`m causing a lot of mess...
Correct. I don't really have a hard and fast rule about risk vs. reward, but there is common sense to it. I would never risk 200 pips to gain 50, for example. I might risk 200 to gain 200, it would just depend on the particular set up. But the larger ratio, the better obviously. It really comes down to identifying the areas that actually matter, and only taking trades that can work out.

To be honest, as long as a trade is with the trend overall.....the risk/reward ratio is almost always on your side.

CW
  • #1,226
  • Apr 25, 2009 7:11pm Apr 25, 2009 7:11pm
Quoting clockwork71
Correct. I don't really have a hard and fast rule about risk vs. reward, but there is common sense to it. I would never risk 200 pips to gain 50, for example. I might risk 200 to gain 200, it would just depend on the particular set up. But the larger ratio, the better obviously. It really comes down to identifying the areas that actually matter, and only taking trades that can work out.

To be honest, as long as a trade is with the trend overall.....the risk/reward ratio is almost always on your side.

CW
CW and Nomask, Thank you for your replies. Much appreciated.
"Stay Sharp and Keep Learning!" - VM
  • #1,227
  • Apr 26, 2009 7:37am Apr 26, 2009 7:37am
Corn futures.....
Attached Image (click to enlarge)
Click to Enlarge Name: cornjuly.png Size: 136 KB
  • #1,228
  • Apr 26, 2009 12:24pm Apr 26, 2009 12:24pm
Hey Chris,

With futures and stocks does it bother you less where the close and open are in relation to the previous bar? I notice that pin gaped down and that the close didn't come within the previous bar. When I look at futures charts I see a lot of bars like this and the traditional forex pinbar isn't too evident.

Curious as to your thoughts.

Thanks,

Aaron
  • #1,229
  • Apr 26, 2009 12:41pm Apr 26, 2009 12:41pm
Quoting TiaForex
Hey Chris,

With futures and stocks does it bother you less where the close and open are in relation to the previous bar? I notice that pin gaped down and that the close didn't come within the previous bar. When I look at futures charts I see a lot of bars like this and the traditional forex pinbar isn't too evident.

Curious as to your thoughts.

Thanks,

Aaron
I don't worry as much about such things, no. The main reason is they aren't as liquid as Forex. (Meaning that you are more likely to skip a tick than in currencies.)

Besides, the longer I trade, the more I understand it's the "spirit" of the bar at the right place that makes it a decent trade or not.
  • #1,230
  • Apr 26, 2009 12:52pm Apr 26, 2009 12:52pm
Thanks for the quick reply Chris.
  • #1,231
  • Edited 3:12am Apr 27, 2009 1:02am | Edited 3:12am
Hi Chris,

Would you mind explaining what your plan for the USDCAD short is? Are you at BE or still carrying the complete risk on this trade?

Also, how do you plan to trail this trade if at all?

Thanks,
Eklavya
  • #1,232
  • Edited 3:39am Apr 27, 2009 2:49am | Edited 3:39am
the chart below is not only a chart..
there is a fascinating story behind that...
let me show you sometimes how different a chart can be read...
as you see this is a tryjpy pair..turkish and japanese yen..
i live in turkey and in the summer of 2008 i witnessed that buying japanese yen loan with really low interest rate (almost 3 times cheaper than turkish yen) has become very popular that started by a turkish bank which is almost only bank specialized on forex in turkey(they're the only bank with forex brokerage service)..
almost all other banks followed and sold their customers jpy for mortgage or even simple car payments..
People started being convinced by bank tellers and real estaters that for the past 10 years there had no serious move happened in jpy and how smart investment that could be if they use jpy for their loan..
at that time i got interested in tryjpy currency pair too..but with only one difference not for buying but for selling..
because in this case "the herd" you should follow is not the "people" its the "bank"...
Banks were shorting this pair and making everybody long by selling jpy loan..this gotta be telling us something..
i wanted to trade this pair but my broker didn't provide that currency pair and i didn't bother changing the broker...but i helped some of my friends not to buy jpy loan..(they're so grateful now,although they sometimes made fun of my forex interest)
true example of a victim (translated from a turkish newspaper):
"""when i saw i was going to pay only 880try instead of 1120try if i had used jpy loan i got so excited and bought jpy loan for 45.000 try..it was the only first month that i could pay 880...following months were like 1103,1203,1375,1391,.....""""

i don't follow fundamentals but real life...

p.s....probably i didn't mention about the contract between banks and customers..the contract had a condition (you know little tiny conditions nobody reads) like if the currency goes against the bank it cannot be lower than the initial rate on the contract..(one way ticket)
Attached Image (click to enlarge)
Click to Enlarge Name: loan.png Size: 58 KB
  • #1,233
  • Apr 27, 2009 11:53am Apr 27, 2009 11:53am
Quoting Eklavya
Hi Chris,

Would you mind explaining what your plan for the USDCAD short is? Are you at BE or still carrying the complete risk on this trade?

Also, how do you plan to trail this trade if at all?

Thanks,
Eklavya

Then same way I always do - putting stops behind 4 hour "clusters". Attached chart shows where I am at....
Attached Image (click to enlarge)
Click to Enlarge Name: caddy.png Size: 48 KB
  • #1,234
  • Apr 27, 2009 11:56am Apr 27, 2009 11:56am
Quoting nomask
the chart below is not only a chart..
there is a fascinating story behind that...
let me show you sometimes how different a chart can be read...
as you see this is a tryjpy pair..turkish and japanese yen..
i live in turkey and in the summer of 2008 i witnessed that buying japanese yen loan with really low interest rate (almost 3 times cheaper than turkish yen) has become very popular that started by a turkish bank which is almost only bank specialized on forex in turkey(they're the only bank with forex brokerage service)..
almost all other banks...
Wow. That's absolutely horrible.

I hear that there was similar things going on in Eastern Europe for people taking out loans in CHF for mortgages, etc.
  • #1,235
  • Apr 28, 2009 4:22am Apr 28, 2009 4:22am
Hi CW, just finished reading the thread and I thank you so much for the time you have put in and the invaluable knowledge you have shared with us.

I trade using PA, trendlines, s/r zones, and fibs, and it's similar to what you have presented but this thread has also given me new things to think about and has helped improve my tradingskills. Also the psychological information that you've shared is great and I hope to be a contributor to this thread.

I read that you rarely trade IB's. I trade them among the other PA bars and I hope you don't mind me posting theese charts about how I trade IB's (if you do I'll remove them). The first Cable chart shows (the red arrow) an IB after the retest of the trendline. More importantly I like the IB's to be I4B (they have the narrowest range of the past 4 bars as well as being an inside bar to the previous bar). This trade also had a nice confluence with the 38% fib.

Another nice I4B setup is an aggressive trade like the the one we had a few days back on UJ. This one occured at the end of a triangle and could be played on either side of the IB. A break to the downside or upside is equal in this case since it either holds or breaks the lower major trendline. And as long as there's enough room to move after the break to either side I'll take this aggressive entry.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Cable I4B.jpg Size: 147 KB
Click to Enlarge Name: UJ I4B.jpg Size: 142 KB
  • #1,236
  • Apr 28, 2009 5:50am Apr 28, 2009 5:50am
Setup as per chart. Bar closes around NY open so should be intersting, it could be a PB by then
Attached Image (click to enlarge)
Click to Enlarge Name: NZDJPY_28-april.jpg Size: 119 KB
  • #1,237
  • Apr 28, 2009 7:33am Apr 28, 2009 7:33am
NowAndLater
http://www.forexfactory.com/images/icons/icon1.gif Potential trade setup NZDJPY
Setup as per chart. Bar closes around NY open so should be intersting, it could be a PB by then

Nice post
I,m always very careful with trend-lines though. Look at my chart
Attached Image (click to enlarge)
Click to Enlarge Name: nzdjpy.gif Size: 30 KB
  • #1,238
  • Apr 28, 2009 8:08am Apr 28, 2009 8:08am
here is my usdcad trade update...i just moved my sl behind that beautiful shape pinbar...
and i also entered gbpusd long...i'll post charts...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2009-04-28_1115.png Size: 70 KB
Click to Enlarge Name: 2009-04-28_1553_001.png Size: 70 KB
  • #1,239
  • Apr 28, 2009 8:20am Apr 28, 2009 8:20am
Quoting nomask
here is my usdcad trade update...i just moved my sl behind that beautiful shape pinbar...
and i also entered gbpusd long...i'll post charts...
In same trade Nomask. My stop is still at B/E. Now USD/CAD - GO DOWN

Josh
  • #1,240
  • Edited 12:00pm Apr 28, 2009 8:45am | Edited 12:00pm
Quoting Jduester
In same trade Nomask. My stop is still at B/E. Now USD/CAD - GO DOWN

Josh
to be honest....if it doesnt care that pinbar and if it breaks it up then i don't think this pair will pay out well for short trades unless testing and turning back off the 1.23 level ...
21 traders viewing now