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Silent Service Method

  • #1,741
  • Jun 1, 2009 7:17am Jun 1, 2009 7:17am
Quoting kiwi_trader
I wonder about your choice of lower support?

.
Thanks Kiwi for the feedback...I think the S/R regions in the lower are more visible on the zoomed out daily timeframe..

Another mistake I made was I did not draw out the lines at round numbers...
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  • #1,742
  • Edited 7:56am Jun 1, 2009 7:40am | Edited 7:56am
as i've posted earlier i'm currently long on this pair and moved my stop to break even point after hitting .65 level..thinking that if we can break through .66-67 level with no trouble than my final target might be somewhere .72-.73 level...
we'll see how it plays out...
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  • #1,743
  • Jun 1, 2009 7:42am Jun 1, 2009 7:42am
Quoting drebin
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.
Yes, except NFP is always on the first Friday of the month.
  • #1,744
  • Jun 1, 2009 7:44am Jun 1, 2009 7:44am
Quoting Eklavya
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
I might add 1.47
  • #1,745
  • Jun 1, 2009 7:45am Jun 1, 2009 7:45am
Quoting nomask
as i've posted earlier i'm currently long on this pair and moved my stop to break even point after hitting .65 level..thinking that if we can break through .66-67 level with no trouble than my final target might be somewhere .72-.73 level...
we'll see how it plays out...

nice trade!
  • #1,746
  • Jun 1, 2009 8:12am Jun 1, 2009 8:12am
I'm happy that i followed Cw's rules about mixed p.a signals that saved me at least %2 of my capital one was this trade other was gbpusd...sometimes we should count our "no trade decisions" as our profits
Market is frustrating but it treats me well when I'm more frustrating than the market..
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  • #1,747
  • Jun 1, 2009 8:45am Jun 1, 2009 8:45am
looks interesting enough to watch..
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  • #1,748
  • Jun 1, 2009 8:52am Jun 1, 2009 8:52am
good free stuff to learn at http://www.learningmarkets.com
......
Support and resistance levels are not exact price points, they are price ranges. A good friend of mine has a great analogy for support and resistance levels. He says when you draw a support or resistance level on your chart imagine you are drawing it on with a big fat crayon, not a fine-point pen. That way you won't fool yourself into believing you have identified the exact price at which a stock is going to turn around and start moving in the opposite direction.


Also remember: Support and resistance are not infallible. Bad earnings announcements, economic events and other factors can shake a stock and dislodge it from a support or resistance level. But they give you an identifiable range in which the stock is likely to trade, giving you good insight into good entry points, exit points and expected price movements.


It’s also important to note that support and resistance (and all technical analysis tools, for that matter) are useful during virtually any period of time. You can use support and resistance during a six-month trend, or even during multi-year trends. In the video for this section we show an illustration of this principle.
http://www.learningmarkets.com/index...ce-part-2.html

p.s:i'd recommend that you guys watch their daily forex analysis..they're pretty nice..
  • #1,749
  • Jun 1, 2009 9:13am Jun 1, 2009 9:13am
I HIGHLY recommend John and Wade's videos. A great place to learn general knowledge on several markets. A great place to start on options, stocks, etc.

There forex videos are really good as well.

CW


Quoting nomask
good free stuff to learn at http://www.learningmarkets.com
......
[font=Verdana]Support and resistance levels are not exact price points, they are price ranges. A good friend of mine has a great analogy for support and resistance levels. He says when you draw a support or resistance level on your chart imagine you are drawing it on with a big fat crayon, not a fine-point pen. That way you won't fool yourself into believing you have identified the exact price at which a stock is going to turn around and start moving in the...
  • #1,750
  • Jun 1, 2009 9:14am Jun 1, 2009 9:14am
Attached is my chart, sorry it sucks - it's the Interactive Broker's charts.....great broker, horrible charts.
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  • #1,751
  • Jun 1, 2009 11:56am Jun 1, 2009 11:56am
Hi clockwork71 ,
Is it time to take this long?
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  • #1,752
  • Jun 1, 2009 12:16pm Jun 1, 2009 12:16pm
Quoting dolphin
Hi clockwork71 ,
Is it time to take this long?

Based on what?
  • #1,753
  • Jun 1, 2009 1:33pm Jun 1, 2009 1:33pm
Thats great keep it silent

Regards
{Promotion Removed}
  • #1,754
  • Jun 1, 2009 1:50pm Jun 1, 2009 1:50pm
GBP/CHF has broken 1.75.....now it's time to see if we get a bit of a pullback, and some Price Action.

This is a trade that I will be taking for more long-term, if it pans out that is.
  • #1,755
  • Jun 1, 2009 2:21pm Jun 1, 2009 2:21pm
How will you look at USD/CAD if it makes a daily pin off of 1.0800 level? Thanks.
  • #1,756
  • Jun 1, 2009 2:43pm Jun 1, 2009 2:43pm
Quoting clockwork71
Attached is my chart, sorry it sucks - it's the Interactive Broker's charts.....great broker, horrible charts.
Very nice trade CW, good to see theory at work.
  • #1,757
  • Jun 1, 2009 2:59pm Jun 1, 2009 2:59pm
I made this chart back on March 18 after reading this thread and using the knowledge gained where the Vertical red line is and have not touched it since then.

http://i40.tinypic.com/2n8a0q1.gif

Its almost like a fortune teller! And now we can see a beautiful pin bar forming at my lowest line of support/confluence. I can't wait to see what happens next!
  • #1,758
  • Jun 1, 2009 3:01pm Jun 1, 2009 3:01pm
Looks to me sweet as sugar, but I would like to see it close above 1.0900.

Quoting nebuman213
I made this chart back on March 18 after reading this thread and using the knowledge gained where the Vertical red line is and have not touched it since then.

Its almost like a fortune teller! And now we can see a beautiful pin bar forming at my lowest line of support/confluence. I can't wait to see what happens next!
  • #1,759
  • Jun 1, 2009 3:07pm Jun 1, 2009 3:07pm
It might be a little premature to call the usd/cad pair.
Additionally, under this method at what price level would the support line be drawn for this pair?
  • #1,760
  • Jun 1, 2009 3:11pm Jun 1, 2009 3:11pm
Oh boy USDcad is starting to look fresh for longs. Im waiting for the daily candle close (00:00) before thinking of making a move.
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