Silent Service Method

I don't see any BEOB's on either pair, on any time frame - Unless your talking about a couple of days ago? - care to post a picture?

Thanks,

VB,

Hey Clockwork, I am wondering if you can help me analyze this if it is a trade or not, on I have support at 56.00 and on the 4hr there is a BEOB showing a bounce, it is also off of a 61.8 fib drawn from the swign high to swing low on the daily. Does this trade have merrit? Thanks for your time.

Here is a picture for the NZD/USD:

http://i43.tinypic.com/2vigth5.gif

And here is one for the EUR/USD:

http://i42.tinypic.com/qpig07.gif

The BEOBs are just a bar back on the Daily underneat the Arrow. The NZD/USD seems pretty good to trade right now IMO and the Eur/Usd seems to be at the top of the consolidation box and near resistance as well...

I use IBFX charts by the way, so your bars may start/end at different times depending on the broker.

Let me know what you think!

Yep, yep looks good, sorry my fault, I was still on my early morning coffee looking at my charts, the N/U Daily bar is only just a BEOB on my feed, by just I mean it's covering yesterdays high by about 5 pips.

Btw I'm on the N/U @ 0.6020 and have been for about 3-4 days. The E/U looks like it's worthy of some attention from my perspective, if you take a look at the 4HR it looks to be forming a Shoulder Head Shoulder formation.

Cheers,

VB,

I was interested in this AUDUSD trade also. Is this a valid short?

Thanks for that one bud, lots of good graphs to review.

I have .60 as the area to watch.

So far daily is showing a large BEOB, but its at a very bad area. 93.5 to 95 looks strong support
4 hour maybe creating a bullish 4hour pin.

This one does like to oscilate between .60 and .55 and .50. It appeared the .60 would be significant resistance. Sold based on H4 pullback to the bluezone...those 2 H4 candles were a nice pinbar in a good area.
Cheers
CanuckCT

Here is the H8 chart. You know...a person could trade H8 charts and really limit their chart time.

How do you have an 8 hour chart through IBFX? I can only do 4hr and daily?????

Attach this indicator to your H4 chart. Then go to File, Open Offline and select the H8 chart. The H4 chart must remain open for this to work. Not sure if switching timeframes messes things up. But it's easy to reset.
Cheers
CanuckCT

that thing has to make a decision soon....you can't go up and down forever...

im waiting for short on gbpchf trend line or zone, either one....


also nice addition to Clockworks signature.... blog

Trouble is "i dig a johnny" doesn't have the same ring to it

Nice to see a few people with my bday here. I'll certainly raise a glass to you all on the day

Hi guys,
What do you think about this short trade?

Wow! This is good read! Thus, I'm subscribed.

Thanks to CW's words of wisdom!

Hi CW,

I wanted to talk about in trade management if I may. So much focus goes into deciding when to get into a trade, but the other side of the same coin is when to exit and that factor depends on how you manage an open position.

Chart is the audusd. i went short at the break of the large bearish englufing bar on the daily chart and the rejection of the long term weekly pivot zone around 0.77.

After entry price retraced heavily. This could easily cause someone short to panic and worry. first and foremost people should at least be aware of two things before they enter the trade. first they have to be comfortable and accept the risk that they take, and secondly they should have a stop placed around a logical price action area, not a arbitrary 40 or 50 pips stop.

so price broke the BEOB and then retraced into an area of confluence of support - the May 7 high and the 50/61% FIB retrace of the BEOB.

When I saw price retracing I highlighted this area of confluence 0.7615 as a point where price MAY stop rising. Until that point the trade was just underwater - not uncommon on day one of a trade from the daily chart.

My point being, that some people may have seen the set up, correctly interpreted price action and the probability of a bearish run, but either were stopped out early @ 40 or 50 pips, or decided when the position was against them to follow trading logic and cut losses early - only to see this pair turn back down.

some who don't trade larger PA bars such as this aussie BEOB and other set ups because the stops are large, need to reduce their size positioning. On the daily charts, such as the USDCAD short you took last month, the stop are wide, but the opportunity is good.

Trade what you see (i.e. PA) and not what you think (this thing is going against me, i better get out now and save my capital).

Risk your equity at your perill, but stick by your trading decisions and plan when you decide to put your money on the line.

Everyone wants instant gratification, and unless your gambling on the minute charts, you are likely to have to sit tight and let the trade play itself out. and as you say, sometimes you get stopped out - that's trading. no need to change your strategy, just refine your entries, look at what, if anything, you did wrong, and learn from your mistakes. don't make the same mistakes over and over.

what a ramble

Hey Onion (nice nick btw..)

Great Post...

"x" amount as a SL are indeed a proof of knowing just a little ...... In 15M 50 pips are a HUUUGE SL, in D1 the same 50 pips are a tiny SL...

I got the same trade at NZD/USD.... big correlation to AUD/USD..(Thanks to CW and this thread, helping me a lot to set correct S/R zones..), but I, personally (it's my method) enter in 15M or 30M...

What you described is nothing more than a really good way to play this BEOB... wait for it to retrace (1/3, 1/2... you choose) and put a pending order right there... that retrace that you saw would have triggered your order when price reached, let's say 50% of the BEOB, and just a light retracement after, sparing the coronaries.. ...

It's just an Idea... I must say that playing the break of the BEOB with the SL set to the other side of the S/R Zone was a great move too!

Just wandering...

Cheers!

HT

I decided to go ahead and take this AUDNZD trade before the weekend.

It looks good to me but I'm just getting started on the Silent Service method so it would be good to get some feedback from ClockWork.