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Silent Service Method

  • #1,721
  • May 30, 2009 7:38pm May 30, 2009 7:38pm
Quoting Dropped Onion
How about this 2 day pin at a important weekly Pivot Zone.

  1. 2 day pin, nice shape, long nose, close below 95.50
  2. rejection of weekly PPZ around 96.00
  3. weekly charts has been moving down after 61% Retracement (3rd chart)
  4. weekly trend bearish

But we do have a shorter term PPZ with resistance around 94.50 that any shorts will invariably encounter.

Hi Dropped Onion I like your post I am very bearish on this pair, zoomin out on the weekly and monthly seems there isnt much to stop this from a nice plunge of which I am lookin to board the bus in the 96 area with a bit of retrace to start the week. Strong resistance above a simple and obvious head and shoulder pattern overhead seems all is in place.This month should be sweet all aboard.
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  • #1,722
  • May 30, 2009 9:41pm May 30, 2009 9:41pm
Brilliant thread Clockwork !! Support and resistance is all you need. And you've proven it over and over again.

One question though. How do you trade between these lines? Patterns? You may have mentioned it before, and apologies if you have. Then just point me to the post if so.
  • #1,723
  • May 30, 2009 9:46pm May 30, 2009 9:46pm
Quoting dimitrius
Brilliant thread Clockwork !! Support and resistance is all you need. And you've proven it over and over again.

One question though. How do you trade between these lines? Patterns? You may have mentioned it before, and apologies if you have. Then just point me to the post if so.
Dimitrius,
Clockwork looks for price action near the price pivot zones to enter trades. Examples would be bullish and bearish outside bars, pinbars, double bar high lower close, double bar low higher close and to a lesser extent inside bars. He outlines these earlier in the thread. Check it out, it will be time well spent. I hope this helps.
Take care,
Dave
  • #1,724
  • May 30, 2009 9:50pm May 30, 2009 9:50pm
Quoting davema
Dimitrius,
Clockwork looks for price action near the price pivot zones to enter trades. Examples would be bullish and bearish outside bars, pinbars, double bar high lower close, double bar low higher close and to a lesser extent inside bars. He outlines these earlier in the thread. Check it out, it will be time well spent. I hope this helps.
Take care,
Dave
Yes Dave, it helps. Thank you for that.
  • #1,725
  • May 30, 2009 10:54pm May 30, 2009 10:54pm
Quoting dimitrius
Brilliant thread Clockwork !! Support and resistance is all you need. And you've proven it over and over again.

One question though. How do you trade between these lines? Patterns? You may have mentioned it before, and apologies if you have. Then just point me to the post if so.
I DON'T trade between the lines. Period. It's what keeps me out of trouble.
  • #1,726
  • May 31, 2009 12:21am May 31, 2009 12:21am
Quoting dimitrius
Yes Dave, it helps. Thank you for that.
You're welcome. Anytime.
  • #1,727
  • May 31, 2009 9:36am May 31, 2009 9:36am
CW, with all the pending rate decisions and non farms coming out this week, any tips on money management for the daily charts? I see some oppurtunities using this method, but being a "newbie" just curious what your thoughts were? I know to stay out prior to these decisions, but on the Dailies should I adjust my stops prior to these announcements, say if I get in on Monday and an announcement is on Wednesday, etc?
  • #1,728
  • May 31, 2009 9:41am May 31, 2009 9:41am
Quoting drebin
CW, with all the pending rate decisions and non farms coming out this week, any tips on money management for the daily charts? I see some oppurtunities using this method, but being a "newbie" just curious what your thoughts were? I know to stay out prior to these decisions, but on the Dailies should I adjust my stops prior to these announcements, say if I get in on Monday and an announcement is on Wednesday, etc?
I am not sure exactly what it is you are asking, so I hope this answer helps -

I IGNORE FUNDAMENTALS AND ANNOUNCEMENTS. With two major exceptions: NFP and Interest Rate decisions. The only way I treat them differently is that I won't put on a trade within an hour or two of them. If I am already in a trade, then I ignore it. Let the trade do what it will do.
  • #1,729
  • May 31, 2009 9:49am May 31, 2009 9:49am
CW, question answered, thanks.

To clarify, if I open a trade on Monday, for example, just let it ride even thought there is a NFP announcement on Wednesday, correct? Using normal money management, etc.
  • #1,730
  • May 31, 2009 10:50am May 31, 2009 10:50am
I appologize if this question is redundant but - what do you mean when you say "I dont trade between the lines"? Thanks.
  • #1,731
  • May 31, 2009 10:53am May 31, 2009 10:53am
Quoting turk87
I appologize if this question is redundant but - what do you mean when you say "I dont trade between the lines"? Thanks.
He doesn't try to make trades when the price is not around areas of support and resistance because only then you get clearer indication of where the price wants to go
  • #1,732
  • May 31, 2009 12:50pm May 31, 2009 12:50pm
Quoting jonaslt
He doesn't try to make trades when the price is not around areas of support and resistance because only then you get clearer indication of where the price wants to go

I know it's hard for some people to believe, but it's not always necessary to be "in the market". I think that is what gets most people into trouble. A lot your results come from what trades you DONT take as much as the ones you do.
  • #1,733
  • May 31, 2009 1:13pm May 31, 2009 1:13pm
Quoting clockwork71
I know it's hard for some people to believe, but it's not always necessary to be "in the market". I think that is what gets most people into trouble. A lot your results come from what trades you DONT take as much as the ones you do.
I think a lot of the time it is trying to seize every opportunity. There are a lot of ways to make money in the market, many short term strategies, bounces, consolidation ranges, break outs... If you look at it from the big picture you could be in the market all the time, but that would only make sense if you are exceptionally good and can make money with all strategies at all different stages of the market. More often than not this is just an illusion and it far easier concentrating your energy and working on one or two strategies until you perfect those, and even then market evolves and you have to adapt your strategies so I doubt you will have time to manage so many of them personally.

The further I go on I try to focus on only a couple, one which my main focus is on is trading as CW does, and I have a very small account I can test new ideas with and keep my trigger finger happy, if you will, so I wouldn't do it with my larger account. It's an intermediate approach since I'm in the process of training my conscience and habits, and hopefully soon I will be able to focus just on my main account without messing around at all, but until then that's my best approach and it has really cut my equity losses since I play around with a couple of bucks on the side, if you have a similar problem where you NEED to trade this might help. See your losses amount on your minor account while you rack up your wins on the main one and then you can really compare your own results not just what people tell you. Personally, I'm one of those people who won't believe it until I see true results and steps taken to get there.

Sorry if I rambled on a little, hope it's at least a little constructive.

Jonas
  • #1,734
  • May 31, 2009 3:40pm May 31, 2009 3:40pm
How important is the anlysis of technical candlestick formations for your stystem? More specifically, do you only make a trade if a specific bullish or bearish candlestick pattern occurs? If so, could anyone recommend any reading on such patterns? thank you ^_^
  • #1,735
  • May 31, 2009 4:42pm May 31, 2009 4:42pm
I worked as a pro in the broking mkt, spot fx and later otc options.
your chart is your chart, you can only trade what you see.What the guy in nyk or chicago sees, is IRRELEVANT to what you see on your chart, if you are sitting in London, or Tokyo.
Chart formation will be different, chart signals will be different.
PA and SR is universal.
Trade your chart only, irrespective of what your best mate on this thread shows is on his chart, if he's in a different timezone.
Your PA, your charts, your money!!!!
Be lucky.http://www.forexfactory.com/images/icons/icon14.gif
  • #1,736
  • May 31, 2009 7:49pm May 31, 2009 7:49pm
Quoting golfer27
I worked as a pro in the broking mkt, spot fx and later otc options.
your chart is your chart, you can only trade what you see.What the guy in nyk or chicago...
I still say Yes and No to this.

True you must trade what you see.

False, the weaknesses of your software must set your timezone. If a majority of traders see one timezone then thats the best one to trade (because the PA at SR is valid for more people). My software lets me set my time zone and there is at least one EA that lets you do it for MT4. Maybe MT5 will do it natively.

To my thinking the best timezones are London or with your midnight set for the globex futures reopen. You will get more valid signals on daily and 4 hourly charts with these two than others. Of course it matters not at all on hourly charts (unless you have the misfortune to set your time zone to Adelaide.
  • #1,737
  • May 31, 2009 7:57pm May 31, 2009 7:57pm
Quoting kiwi_trader
unless you have the misfortune to set your time zone to Adelaide.
haha good old Adelaide, more commonly known as the land that time forgot
Grabbing the bull by the horns!
  • #1,738
  • May 31, 2009 8:12pm May 31, 2009 8:12pm
Quoting turk87
How important is the anlysis of technical candlestick formations for your stystem? More specifically, do you only make a trade if a specific bullish or bearish candlestick pattern occurs? If so, could anyone recommend any reading on such patterns? thank you ^_^

I have mentioned a few times in postings and the primer for reading, Martin Pring on Price Patterns.
  • #1,739
  • Jun 1, 2009 5:52am Jun 1, 2009 5:52am
Hi Chris,

Could you please comment on the way I have drawn up with S/R lines on the EURCAD chart? Do you see any more lines that would make sense to add to the chart to look for trades? Which of these lines do you think are more like zones?

Thanks for your answers,
Eklavya
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  • #1,740
  • Jun 1, 2009 7:03am Jun 1, 2009 7:03am
I wonder about your choice of lower support?

.
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