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Silent Service Method

  • #1,781
  • Jun 2, 2009 5:08pm Jun 2, 2009 5:08pm
2 previous post have interesting points of view. I thank them to share with us.
Also, it would be important to know what does clockwork71 think...
  • #1,782
  • Jun 2, 2009 5:16pm Jun 2, 2009 5:16pm
Quoting femfam
Here is my take on the gbp/chf trade:

At one point earlier in this thread, I mentioned that I sometimes will enter on a smaller time frame than the 4 hour chart. (If, and only if I know I want in.)

At the break of this triangle, I was waiting. I finally got that signal this morning on the hourly chart. (pinbar) I know the hourly chart in and of itself isn't as reliable, but the break of the triangle and the 1.75 area is. I just used that hourly pinbar as the confirmation.
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  • #1,783
  • Jun 2, 2009 5:16pm Jun 2, 2009 5:16pm
May I ask your opinion about usdchf?
Although most prefer to trade this classic pattern after a retracement, last BEOB (I know, not at the end of uptrend) could stress the selling pressure...
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Trading: the skill of avoiding trades
  • #1,784
  • Jun 2, 2009 5:19pm Jun 2, 2009 5:19pm
Quoting eswap0
May I ask your opinion about usdchf?
Although most prefer to trade this classic pattern after a retracement, last BEOB (I know, not at the end of uptrend) could stress the selling pressure...
I do like that bearish outside bar mainly because it breaks below a pinbar. However, I also know it's common knowledge the Swiss National Bank is presently intervening in the markets to weaken the Franc. I never go against a central bank.

When I went long GBP/CHF....I am working with the SNB, which is always safer.
  • #1,785
  • Jun 2, 2009 5:22pm Jun 2, 2009 5:22pm
Quoting clockwork71
I never go against a central bank.
Need some help to?

Thanks!
Trading: the skill of avoiding trades
  • #1,786
  • Jun 2, 2009 5:22pm Jun 2, 2009 5:22pm
Quoting dengzhi
looking for a bounce? isn't a bounce a successful pinbar trade?
just curious how did you know to stay out of this trade? (i took it and got burned)
i thought this looked like a good daily pinbar, space on the left, room to run too.
the major thing was that it was definitely against the trend..
but it seems a lot of J16 style pinbars are just that.. picking tops and bottoms (looking for pinbars that show a reversal in price in a short period of time- 24hours)

edit: well J16 style pinbars are just picking top and bottoms in the short term, we should...
Actually, had I taken that trade, I would still be in it. I would set my stop at LEAST 10 pips below that pinbar. I would also probably put it behind a round number as well. (00 or 50)

SO to be honest - if I were in it.....I would still be. In fact, I might after all, if it break higher. But the truth is, it's ALWAYS easier to go with the trend, and that drop was pretty violent, so we will see.

CW
  • #1,787
  • Jun 2, 2009 5:25pm Jun 2, 2009 5:25pm
Quoting TiaForex
My Alpari feed gave me this on 4H and as I have just started to demo this timeframe I took it. There's also a nice 1H BUOB off the 1.75 level for those that watch that TF.

Looks to me like a nice breakout and pullback trade and one I am looking to hold as clockwork already stated. When it makes new highs I'll think about moving my stop.

Was this the kind of thing you would have looked for too Chris?
Yes, exactly. With a little luck, it will run hard enough to add to the position as well. (But that's a whole other type of trading.)

In a nutshell, I like to add when I can.....but smaller positions than the first. (That way draw downs don't kill the original.)

Example: If you are long 1 lot and up 100 pips.....I would maybe add in increments of .1 lots ($1) so if you get stopped out, in theory it's still not going to hurt much at all.

If I get a trade like this, I will start talking about this type of trade - they don't come along all that often unfortunately.

CW
  • #1,788
  • Jun 2, 2009 7:32pm Jun 2, 2009 7:32pm
Quoting clockwork71
At one point earlier in this thread, I mentioned that I sometimes will enter on a smaller time frame than the 4 hour chart. (If, and only if I know I want in.)

At the break of this triangle, I was waiting. I finally got that signal this morning on the hourly chart. (pinbar) I know the hourly chart in and of itself isn't as reliable, but the break of the triangle and the 1.75 area is. I just used that hourly pinbar as the confirmation.
I am in this GBPCHF trade .... my first Silent Service trade!
I understand the target is around 2.0. What is a reasonable initial SL? I'm thinking 1.74 for a SL. It's below today's hourly pin bar. Any opinions?
Enter Signature
  • #1,789
  • Jun 2, 2009 7:54pm Jun 2, 2009 7:54pm
Quoting SquareRoot
I am in this GBPCHF trade .... my first Silent Service trade!
I understand the target is around 2.0. What is a reasonable initial SL? I'm thinking 1.74 for a SL. It's below today's hourly pin bar. Any opinions?
My stop will be 1.7390 if we break yesterday's high...
  • #1,790
  • Edited 8:54pm Jun 2, 2009 8:16pm | Edited 8:54pm
I'm still demoing 4H so I also took this on my live daily account. I put my stop on the other side of today's daily inside bar which had a nice pin-ish look about it and put my entry above the high of yesterday's bar. I play inside bars rarely and only at these critical levels.

Quick question on adding in Chris. I don't want to pre-empt it if you'd rather talk about it when you've got an example trade running, but what criteria do you use to add in? Just normal price action setups that you would have considered anyway? Or on retraces to fib/SR levels?

The position sizing explanation for adding in was really clear. Thanks.
  • #1,791
  • Jun 2, 2009 9:38pm Jun 2, 2009 9:38pm
Quoting TiaForex
I'm still demoing 4H so I also took this on my live daily account. I put my stop on the other side of today's daily inside bar which had a nice pin-ish look about it and put my entry above the high of yesterday's bar. I play inside bars rarely and only at these critical levels.

Quick question on adding in Chris. I don't want to pre-empt it if you'd rather talk about it when you've got an example trade running, but what criteria do you use to add in? Just normal price action setups that you would have considered anyway? Or on retraces to fib/SR...
Yes, I add only when there is a separate reason (new trade) to get involved in. I only keep the size smaller so it doesn't overtake my original trade, thus making a winner a loser.
  • #1,792
  • Edited Jun 3, 2009 5:35am Jun 2, 2009 11:25pm | Edited Jun 3, 2009 5:35am
Quoting clockwork71
Yes, I add only when there is a separate reason (new trade) to get involved in. I only keep the size smaller so it doesn't overtake my original trade, thus making a winner a loser.
basically only add if you would have taken the trade if their was no prior position


EURJPY trade... short setup? i have a zone, a doji on the daily and a buob on the 4hr... thoughts?
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Grabbing the bull by the horns!
  • #1,793
  • Jun 3, 2009 6:09am Jun 3, 2009 6:09am
Dunno, but this is my view - I could well be wrong though


Quoting whitegoodman
basically only add if you would have taken the trade if their was no prior position


EURJPY trade... short setup? i have a zone, a doji on the daily and a buob on the 4hr... thoughts?
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  • #1,794
  • Jun 3, 2009 6:33am Jun 3, 2009 6:33am
Quoting VitaminBeer
Dunno, but this is my view - I could well be wrong though
gee some charts are so subjective with zones...especially when u look on weekly's to like 1990ish...

do you put more weight a zones that are based on price areas of S+R within the past 1-2years?
Grabbing the bull by the horns!
  • #1,795
  • Jun 3, 2009 7:57am Jun 3, 2009 7:57am
Quoting VitaminBeer
Dunno, but this is my view - I could well be wrong though
I agree with you, infact i'm in with target 134.50...
  • #1,796
  • Jun 3, 2009 11:14am Jun 3, 2009 11:14am
Anyone long USDcad? Im long from near 1.08, as high as 1.0840!
  • #1,797
  • Jun 3, 2009 11:45am Jun 3, 2009 11:45am
Quoting jack.canadia
Anyone long USDcad? Im long from near 1.08, as high as 1.0840!
i`ve been long since the daily pinbar broken..it was a rush entry and to me not a good entry but also glad it turned up north...
  • #1,798
  • Jun 3, 2009 12:21pm Jun 3, 2009 12:21pm
Here is a trade I'v entered based on a rejection at 1.77. My target is 1.7465...and I'm there in the time it's taken me to post this message...between a number of phone calls and lunch.

Stop at breakeven.....and it should be interesting to see how it reacts to 1.74...1.75 range.

I'm posting weekly and H4 charts. I could easily see a weekly pinbar in progress....if we get a drop of a few hundred pips from here...and it would be in a great location re support which is now resistance.

I still think the trend is down on this pair and the current move up is simply a retrace to resistance and then a move back down.

I may lock some pips soon...as I may be totally out to lunch on this....but that is what I'm seeing on the chart.

Cheers
CanuckCT
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  • #1,799
  • Jun 3, 2009 12:42pm Jun 3, 2009 12:42pm
Quoting nomask
i`ve been long since the daily pinbar broken..it was a rush entry and to me not a good entry but also glad it turned up north...
The thing with bullish pin bars at the end of the bear rally is that there may be a test of the lows again, at least the probability is higher .. And judging by the base she formed at 1.08, somebody had some large orders being filled there until it popped.

Find the trade on a higher TF, and enter on a smaller one .. like 5 minute. That way you can work with a small stop rather than a large one.
  • #1,800
  • Jun 3, 2009 1:16pm Jun 3, 2009 1:16pm
This may be a bit premature, as we are still mid week, but is anyone else watching the Aussie? Would a close under 80 then a break back under that bar be a possible sell signal?
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