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Silent Service Method

  • #1,541
  • May 18, 2009 11:24pm May 18, 2009 11:24pm
Well guys I jumped on one of these trades got a minimal amount of pips on one and due to some people stopping by I closed at the bottom of a 4 hr candle and with a little luck it turned out to be the bottom but hey a few beers and a few pips no arguments here
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  • #1,542
  • May 19, 2009 12:00am May 19, 2009 12:00am
CW
I read your blog and I have a simple question for you do you believe a trade works because it did and a trade fails because it did?
  • #1,543
  • May 19, 2009 6:14am May 19, 2009 6:14am
i noticed this setup on eurchf yesterday and put my buy limit at 1.5155 which was 11 pips higher than the setup bar (buob in this case)
But i got spiked at 1.5156 with my Oanda account and it's been in 40-50 pips loss since yesterday and now its going north and my trade is in +pips finally...
Addition to everything we work and study about forex to do abour best ,do we really have to handle this type of foolish issues?Their customer service told me to pull up their chart with min/max on it so i could see price hit that level..
But what these smart! guys don't get is that why on all other my forex feeds price was in between 1.5146-1.5147 at the same time while it hit 1.5156 (1 pips higher than my order..!)on Oanda...I am not saying they're hunting stops or anything but maybe its time to move on to an ecn broker for me...
i want to pay for my own mistakes not 3rd part issues...
by the way here is the trade that i took...i'm targeting far far up...(at least for now)
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  • #1,544
  • May 19, 2009 7:29am May 19, 2009 7:29am
GU now on my radar...
Cheers
CanuckCT
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  • #1,545
  • May 19, 2009 10:38am May 19, 2009 10:38am
Hi CW, must have been a server problem as I am here now.

Canuck, that trade looks SO tempting but the way GbpUsd has been rising recently be careful where you take profit as it is DEFO countertrend. (what I'm trying to say is don't step in front of a speeding train)

Hey, like I know what I'm talkin' about

Anyway, my interpretation of the Gbp Usd is that it's in a major uptrend at the moment and I'm going to wait for a pullback to the 1.5 area based on fibs and weekly s+r and buy after some significant PA telling me to do so.

Ok, I could make some money on the way down but I'm not 100% convinced it definitely will retrace that far and if it doesn't I'll wait for better setup.

Anybody agree with this?
  • #1,546
  • May 19, 2009 11:02am May 19, 2009 11:02am
hi everyone. since this is my first post i want to publicly thank Clockwork for turning my trading around. a new stealth-like patience is beginning to replace the trigger-finger attitude i started with, and last weeks profits (on the NZD/USD) were through the roof because of it. hats off to you, chris for helping so many of us.

heads up on the EUR/GBP: to me this chart presents an interesting dilemma- it appears to want to break down thru the red trendline--though it is too soon to tell before today's close--but it also could bounce up off the 50% Fib. which it has done 3 or 4 times so far. I'm finding that horizontal S/R (like ~.875 here) are usually stronger than diagonal trendlines. As you can see it is respecting the horiz 50% Fib area more than my red trendlines.

the fact that it's in a Wave 4 correction (i believe) is irrelevant on this thread, but possibly long-term bullish. corrections are unpredictable anyway. price action is what's tradeable.

Chart is from thinkorswim/Prophet charts, PST

good hunting everyone
mark
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  • #1,547
  • May 19, 2009 11:09am May 19, 2009 11:09am
Mark,

If it makes you feel any better, I'm long on the EUR/GBP from 0.8828. I might be in the trade a bit early, but I had a decent pinbar setup on the 4 hr candles so I got in. It's currently at 0.8782, but I still like this in the long-term because of strong support. Funny you mention the NZD/USD, I also had a great trade on that last week.

Welcome to the thread.
"60% of the time it works...every time"
  • #1,548
  • May 19, 2009 11:21am May 19, 2009 11:21am
Finally finished reading the entire thread. Great thread CW I look forward to reading more. I'm relatively new to Forex and like most other newbies, have been wandering around aimlessly in the abyss of Robots and Systems looking for something that was a good fit. After reading this thread I believe I've found it.

I do have a question for you all though, can someone point me in the direction of place to learn more about plotting support and resistance lines. I gotta tell you it's not as easy as I thought it was going to be. It seems everytime I look at a chart a new peak or trough jumps out and I draw another line and shade another area (Monet would be impressed) and eventually the screen looks like the blue screen of death!! I realize it gets easier over time and also becomes second nature but in the beggining it's a pain @ss!!!

Thanks again for everything.
Wayne
  • #1,549
  • May 19, 2009 11:29am May 19, 2009 11:29am
Try this

http://www.forexfactory.com/showpost...9&postcount=17

Quoting wayneft
Finally finished reading the entire thread. Great thread CW I look forward to reading more. I'm relatively new to Forex and like most other newbies, have been wandering around aimlessly in the abyss of Robots and Systems looking for something that was a good fit. After reading this thread I believe I've found it.

I do have a question for you all though, can someone point me in the direction of place to learn more about plotting support and resistance lines. I gotta tell you it's not as easy as I thought it was going to be. It seems everytime...
  • #1,550
  • May 19, 2009 1:14pm May 19, 2009 1:14pm
Quoting wayneft
Finally finished reading the entire thread....

Only guidance I can give is follow CW's strategy and look at mainly weekly timeframe for major areas. Major areas will be ones that get testedand retested again, or ones that get tested, broken, and retested and thats when support turns resistance or the other way around. These are usually the most important ares in horizontal S/R, then you can practice a bit using trendlines and see when they become important after they get tested multiple times and how they act in confluence to horizontal S/R levels.

http://www.babypips.com/school/suppo...esistance.html

that might help a little

I would recommend just opening many daily or weekly charts and start drawing them and for examples take a look at charts on this thread especially by CW and I believe NoMask since the ones they post are usually very clear for everyone to identify and follow
but as you said...practice makes it second nature so just keep on going andyou're on the right track
  • #1,551
  • May 19, 2009 2:16pm May 19, 2009 2:16pm
Here's a small entry I just took on AUDUSD, although a little late since I wasn't at my computer but I think it should work out ok.
The previous uptrend is still in-tact and we had a big resistance area on weekly at .7700 near which I exited my previous trade. However, we broke that resistance earlier today as the price shot up to .7760-70 and then retraced back close to .7700 to test it. After this the price went up gain and broke the highs of the day after which I entered at around .7780.
Based on weekly my 50% mark of the last swing sits at about .7920 and I feel the next big resistance will be right under .8000 as well so setting a target at about .7880 (might change based on future PA). setting stop loss under the previous res/current support of .7700 at .7680 giving a R/R of 1. It is not the perfect trade I would be looking for only because I feel this trend is coming to exhaustion but this final push should be sufficient.

Feel free to criticize any of my reasoning, I look forward to it.

Here's a few charts I was talking about.

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  • #1,552
  • May 19, 2009 4:49pm May 19, 2009 4:49pm
Quoting kodflakes
CW
I read your blog and I have a simple question for you do you believe a trade works because it did and a trade fails because it did?
Yeah pretty much. The "WHY" is for the weak - it doesn't matter WHY, it matters WHAT.

Even if you had a reason, does it change your account balance?

Just a thought.
  • #1,553
  • May 19, 2009 4:54pm May 19, 2009 4:54pm
Quoting nomask
i noticed this setup on eurchf yesterday and put my buy limit at 1.5155 which was 11 pips higher than the setup bar (buob in this case)
But i got spiked at 1.5156 with my Oanda account and it's been in 40-50 pips loss since yesterday and now its going north and my trade is in +pips finally...
Addition to everything we work and study about forex to do abour best ,do we really have to handle this type of foolish issues?Their customer service told me to pull up their chart with min/max on it so i could see price hit that level..
But what these smart!...
Ok, here's the thing: We are not playing in a centralized market.

This means that whoever there liquidity provider is, perhaps that price is higher, or lower. There is no law that says that all brokers have to be at the same price. In fact, they rarely are. There is normally at least a one or two pip difference.

If you are worried about that kind of thing, you need to be on a central exchange, like the currency futures. Part of the reason we play larger time frames, is that this doesn't matter as much.

However, Oanda is a dealing desk from what I understand.....so they could be doing something crappy.
  • #1,554
  • May 19, 2009 5:25pm May 19, 2009 5:25pm
Quoting wayneft

I do have a question for you all though, can someone point me in the direction of place to learn more about plotting support and resistance lines.
Try simplify it down by using a weekly line chart for graph (alt+3 shortcut in MT4) Just watch for peaks and troughs.

Ideally a peak that was broken and then a trough forms over that peak...
  • #1,555
  • May 19, 2009 8:01pm May 19, 2009 8:01pm
Quoting wayneft
Finally finished reading the entire thread....
Wayne,

I would advise you to get a demo account from GFT, mainly because they offer so many pairs. I am not a fan of the position sizing, (cannot trade less than 10,000 units) but I love the fact that so many pairs are available. This gives you a TON of charts to practice on.

Start plotting weekly S/R lines. Only the obvious ones. After plotting, zoom down to 4 hour and notice how price reacts to them. Do it until you can see them in your sleep.

I literally practiced every night for about 6 weeks doing this. (Dozens of pairs every night.) It was the best thing I ever did. I can just glance at a chart nowadays and see what it's trying to say. (In general.)

As a side note, start checking out ALL markets for practice. Stocks, futures, - it doesn't matter.

CW
  • #1,556
  • May 19, 2009 8:30pm May 19, 2009 8:30pm
Quoting clockwork71
Yeah pretty much. The "WHY" is for the weak - it doesn't matter WHY, it matters WHAT.

Even if you had a reason, does it change your account balance?

Just a thought.
was that the main idea of one of the blogs because that was all that came to mind
  • #1,557
  • Edited 9:22pm May 19, 2009 8:37pm | Edited 9:22pm
What do you think about this?
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  • #1,558
  • May 19, 2009 8:55pm May 19, 2009 8:55pm
Quoting kodflakes
Here is a possible setup getting ready on the GY weve got support that turned into resistance. Right now it is at the top of the resistanceand it may break through again but the current bull run looks to be weakening. So I am keeping an eye on it.
very good analysis. congratulations!
  • #1,559
  • May 20, 2009 3:52am May 20, 2009 3:52am
Hi All

Your comments on the following chart - do you concur with the zones I've drawn, the analysis I have included?

This Jing thing is cool! CW congrats on a great thread, thanks!

K
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  • #1,560
  • May 20, 2009 5:30am May 20, 2009 5:30am
I wonder if it's just me having a week with not a lot of focus or whether there really is not very many trades making themselves available...
Maybe it's too early in the week to tell yet
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