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Silent Service Method

  • #1,621
  • May 23, 2009 3:33am May 23, 2009 3:33am
Quoting clockwork71
Let me jump in here:

There are 2 entries I like here: #1 and #2.

#1 is aggressive, and #2 is more conservative.

Pick your entry based upon your personality and risk tolerance.

Yes, you are right CW, I am an aggressive trader, that is why I personalise the entry.
  • #1,622
  • May 24, 2009 3:57pm May 24, 2009 3:57pm
Quoting femfam
Yes, you are right CW, I am an aggressive trader, that is why I personalise the entry.
I know I have stated this a few times before....but I feel it's important.

If you are like femfam, being aggressive suits your personality. Not everyone is like that though. Some of us are more conservative, and choose entry #2. There is no right or wrong method, just right or wrong for you.

There are plenty of people out there that will try to tell you the "right way". Most of them have no idea what they are talking about.

CW
  • #1,623
  • May 24, 2009 11:06pm May 24, 2009 11:06pm
Hey all I have an area of action that if you follow this little zone of 1.3951-21 you can see that price reacts in it just a possible point of entry if we get a bounce off it. With the current run it should com back to it and bounce right off it and climb. But we will see Ive noticed that the pound seems to trend really well on mondays and sometimes the euro stays with it
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  • #1,624
  • May 25, 2009 12:03am May 25, 2009 12:03am
Just be careful today since major banks are all closed (US & GB) so it's low volume day
  • #1,625
  • May 25, 2009 8:54am May 25, 2009 8:54am
Quoting kodflakes
Hey all I have an area of action that if you follow this little zone of 1.3951-21 you can see that price reacts in it just a possible point of entry if we get a bounce off it. With the current run it should com back to it and bounce right off it and climb. But we will see Ive noticed that the pound seems to trend really well on mondays and sometimes the euro stays with it

I agree with the next post - the banks are closed in the US today, so it can play havoc with the markets.

Also, are all these lines S/R lines? If so, zoom out - give your trades a chance to run.
  • #1,626
  • May 25, 2009 6:18pm May 25, 2009 6:18pm
I have been watching this one for a long time now.....patience is the key. This COULD be one of those trades that makes a good two months in one shot.
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  • #1,627
  • May 25, 2009 9:38pm May 25, 2009 9:38pm
Quoting clockwork71
I have been watching this one for a long time now.....patience is the key. This COULD be one of those trades that makes a good two months in one shot.
Yes been watching this one also. Theres also a big trendline close to where price is and dating back to november 2007. A break and retest of trendline and s/r area would be and ideal place for long. RR seems to be very good for the long by looking at the next s/r area combined with the weekly fib.
If trendline and s/r area holds, then a sell could lead to ~1.66-1.67 where the a supporting trendline is and an s/r area.
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  • #1,628
  • May 26, 2009 12:34am May 26, 2009 12:34am
traders mind
http://www.picbaran.com/files/lzfqbt2q2irmtux09ij4.jpg
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  • #1,629
  • May 26, 2009 2:25am May 26, 2009 2:25am
Quoting shahram261
traders mind
http://www.picbaran.com/files/lzfqbt2q2irmtux09ij4.jpg
i think the link is not working
here is the one working
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  • #1,630
  • May 26, 2009 2:46am May 26, 2009 2:46am
before i started this thread i was at break even level of my trading journey...
i was winning,losing but at the end i was always break even with my capital..
anyway now its been a month since I've modified my trading style through this thread...
may be its not such a brilliant result but seems like i had my first real step forward after all this time...when i look at my results i know what part of my trading style (i should let profitable ones run more)i should improve and study but again good start of being profitable..
-----------------
no. of Trades taken:11
Winning:8
Losing:3
win/loss rate:%73
Average win rate:% 0,66
Average losing rate:% 0,49
net profit:% 3,78

thanks to Clockwork and everyone here...

p.s:i know forex is not a get quick rich scheme but mine looks like never get rich until you become 90 years old..
  • #1,631
  • May 26, 2009 3:16am May 26, 2009 3:16am
i think no system works in forex but one:
you have to cheat Mr.market...........market moves up and down randomly and wipe out stops in both directions........then what to do?
yesterday i came to conclude that oil is dropping......so i shorted oil at 61.07 after several up and down.............but as soon as i entered the position oil went up and for yesterday never and never came back to my entry so i can come down the wrong bus.............
i made another plan...........to go long at 61.50 if price goes that high..........then what happened?
during asian session oil reached to 61.50 ( maybe high for today) just to trigger my long and came down right from that point..........
what i did was to close my long at 60.87 and go short again at 60.86 with bigger size than my long
this time market moved in my direction and i came out finally break even.

i am just trying to say predictions do not work at this market...it is very intelligent and willing to beat you...........market knows what we think and is here to rob our money,,,,,,,,,,,,,
i found so far 2 secret of not letting your money goes away
1- do not use leverage....max 1:2 not 1:200
2-be patient for right time,,,,,,,,,,dont get upset for loosing big moves
  • #1,632
  • May 26, 2009 3:43am May 26, 2009 3:43am
Quoting shahram261
i think no system works in forex but one:
you have to cheat Mr.market...........market moves up and down randomly and wipe out stops in both directions........then what to do?
yesterday i came to conclude that oil is dropping......so i shorted oil at 61.07 after several up and down.............but as soon as i entered the position oil went up and for yesterday never and never came back to my entry so i can come down the wrong bus.............
i made another plan...........to go long at 61.50 if price goes that high..........then what happened?
during...
no offense but to be honest you shouldn't be trading like this if you following this thread..
  • #1,633
  • May 26, 2009 3:54am May 26, 2009 3:54am
Quoting nomask
before i started this thread i was at break even level of my trading journey...
i was winning,losing but at the end i was always break even with my capital..
anyway now its been a month since I've modified my trading style through this thread...
may be its not such a brilliant result but seems like i had my first real step forward after all this time...when i look at my results i know what part of my trading style (i should let profitable ones run more)i should improve and study but again good start of being profitable..
-----------------
no. of...
Hey well done mate

I have done okay since starting this thread, I think I am loosing my nerve over the last week and a half so far now, I can't seem to focus and get my entrys right and when I think I have it right they are the opposite... I think I just need to step back and have a breather

All the best,

VB,
  • #1,634
  • May 26, 2009 4:06am May 26, 2009 4:06am
Quoting VitaminBeer
Hey well done mate

I have done okay since starting this thread, I think I am loosing my nerve over the last week and a half so far now, I can't seem to focus and get my entrys right and when I think I have it right they are the opposite... I think I just need to step back and have a breather

All the best,

VB,
thanks a lot..more you feel comfortable better you'll be doing...i know that..i'll be posting one of my winning and losing trades soon...
  • #1,635
  • May 26, 2009 4:32am May 26, 2009 4:32am
Alright,

Well here is just 1 of my bloopers for the week so far

I tried to long on what would have looked much like a 8 hour pin bar, and then it reversed on me.

Question I face myself with now, is since my order has been stopped out - should I reconsider placing an order to go short, considering now that it has even exceeded the two previous bars.

Mind you, this happened on most pairs that I was watching, E/U. N/U. G/J etc.

Cheers,

VB,
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  • #1,636
  • May 26, 2009 5:24am May 26, 2009 5:24am
Quoting VitaminBeer
Alright,

Well here is just 1 of my bloopers for the week so far

I tried to long on what would have looked much like a 8 hour pin bar, and then it reversed on me.

Question I face myself with now, is since my order has been stopped out - should I reconsider placing an order to go short, considering now that it has even exceeded the two previous bars.

Mind you, this happened on most pairs that I was watching, E/U. N/U. G/J etc.

Cheers,

VB,
here is what i think about it...
so i would do nothing with this pair yet but only sit and watch
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  • #1,637
  • May 26, 2009 6:15am May 26, 2009 6:15am
gbpchf is too good for me to pass up a short...

confluence of trend lines, S+R, hanging man/doji few days back which has not been broken above... lets see how it goes aye
Grabbing the bull by the horns!
  • #1,638
  • May 26, 2009 8:13am May 26, 2009 8:13am
Quoting nomask
before i started this thread i was at break even level of my trading journey...
i was winning,losing but at the end i was always break even with my capital..
anyway now its been a month since I've modified my trading style through this thread...
may be its not such a brilliant result but seems like i had my first real step forward after all this time...when i look at my results i know what part of my trading style (i should let profitable ones run more)i should improve and study but again good start of being profitable..
-----------------
no. of...
Congrats!

Actually, for an exercise......take $500 and compound it by 4% a month for ten years - it turns into 50k.

Try it again with $2000. $5000. $10,000.

And then finally, try it with what you plan on opening an account with, and try it again with that balance....PLUS adding $2000 a year. (Or any other number.)

You will be surprised at what just a little steady adding can do to your account. (Both in returns AND deposits.)

It adds up, and fast.

CW
  • #1,639
  • May 26, 2009 12:02pm May 26, 2009 12:02pm
Not sure if this was pointed out, but the euro is resisted against an old daily gap. The similar is seen in the pound as well.
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  • #1,640
  • May 26, 2009 3:57pm May 26, 2009 3:57pm
Hi CW,

if you have time or the inclination could you post a brief chart of your recent cable trade with a couple of reasons you took a long position? Looked like a breakout of the 1.5350 highs and move above important weekly Pivot Zone. Thanks!


i have been getting into more counter trend trades over the last month or so. some worked some did not. I feel it is important to place more emphasis and conviction on trend trades (age old truism) as you have that natural flow of order in your direction helping out.
I know you have a set target on counter trend trades and let trend trades run. I just need to focus on taking more trend trades. Is there a rough percentage you could say that you trade counter vs trend trades (e.g. 65% with trend, 35% against trend)? For instance, I like the cable long trade. breakout in the direction of the trend. just place order, sit back and watch the thing take off (if only that happened every time). There was also a nice 4 hour pin bar on the nsdusd earlier today, off good support and in the direction of the trend.

For me, psychologically it is easier to trade counter trend, as purely on a surface level, what goes up must come down and visa versa. many traders are not successful and are counter trend traders by nature. picking tops and bottoms. why is it harder to believe that something will keep going up (or down) than reverse? i think the single biggest change a losing trader can make is to zoom out and to only take the trade in the direction of the trend with stops wide enough to let you trades work out.

Thanks for your time CW.
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