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Silent Service Method

  • #1,801
  • Jun 3, 2009 1:46pm Jun 3, 2009 1:46pm
I had my stop to break even on this 4H GC trade and so got stopped out.

I wasn't so lucky on the live account. The daily IB I took long was stopped out for a 1R loss, but that's trading. And 1% is no biggie.

This was one I was prepared to let breathe a little because as Chris mentioned there was buy and hold potential. There may still be off this 1.75 level. So the risk to reward was perfectly acceptable to me.

I'd take the same trade again if it presented itself tomorrow.
  • #1,802
  • Jun 3, 2009 3:45pm Jun 3, 2009 3:45pm
Quoting TiaForex
I had my stop to break even on this 4H GC trade and so got stopped out.

I wasn't so lucky on the live account. The daily IB I took long was stopped out for a 1R loss, but that's trading. And 1% is no biggie.

This was one I was prepared to let breathe a little because as Chris mentioned there was buy and hold potential. There may still be off this 1.75 level. So the risk to reward was perfectly acceptable to me.

I'd take the same trade again if it presented itself tomorrow.
Glad to hear you were able to accept the risk and let go of the trade psychologically TF. I'm in, but in huge drawdown. Price got within 5 pips of my stop (1.7390 stop, 1.7395 low on my charts)...
Still liking this for a breakout at some point too.

Lots of PA setups to tempt us today... will have to be careful to look at location and space before taking any of these trades.

Josh
  • #1,803
  • Jun 3, 2009 4:21pm Jun 3, 2009 4:21pm
Quoting TiaForex
I had my stop to break even on this 4H GC trade and so got stopped out.

I wasn't so lucky on the live account. The daily IB I took long was stopped out for a 1R loss, but that's trading. And 1% is no biggie.

This was one I was prepared to let breathe a little because as Chris mentioned there was buy and hold potential. There may still be off this 1.75 level. So the risk to reward was perfectly acceptable to me.

I'd take the same trade again if it presented itself tomorrow.
Yeah....I got stopped out at b/e as well. I have to admit though....I got back in at 1.74 - on the "pinbar" (15 min) being broken. Like I said earlier - if I know I want in, I will do it on smaller time frames sometimes.

So far got 42 pips back.

CW
  • #1,804
  • Jun 3, 2009 4:25pm Jun 3, 2009 4:25pm
Quoting TiaForex
I had my stop to break even on this 4H GC trade and so got stopped out.

I wasn't so lucky on the live account. The daily IB I took long was stopped out for a 1R loss, but that's trading. And 1% is no biggie.

This was one I was prepared to let breathe a little because as Chris mentioned there was buy and hold potential. There may still be off this 1.75 level. So the risk to reward was perfectly acceptable to me.

I'd take the same trade again if it presented itself tomorrow.
Glad to hear you were able to accept the risk and let go of the trade psychologically TF. I'm in, but in huge drawdown. Price got within 5 pips of my stop (1.7390 stop, 1.7395 low on my charts)...
Still liking this for a breakout at some point too.

Lots of PA setups to tempt us today... will have to be careful to look at location and space before taking any of these trades.

Josh
  • #1,805
  • Jun 3, 2009 7:26pm Jun 3, 2009 7:26pm
Quoting clockwork71
Yeah....I got stopped out at b/e as well. I have to admit though....I got back in at 1.74 - on the "pinbar" (15 min) being broken. Like I said earlier - if I know I want in, I will do it on smaller time frames sometimes.

So far got 42 pips back.

CW
I'm gonna wait on that one, luckily i took half profit at 100pips.... its hard psychologically being up over 100pips and then getting nothing oh well... CHFJPY i took a trade off a 4hr pinbar (im at work atm so someone might be able to produce a chart for discussion... or not either way )
Grabbing the bull by the horns!
  • #1,806
  • Jun 3, 2009 10:08pm Jun 3, 2009 10:08pm
Quoting whitegoodman
I'm gonna wait on that one, luckily i took half profit at 100pips.... its hard psychologically being up over 100pips and then getting nothing oh well... CHFJPY i took a trade off a 4hr pinbar (im at work atm so someone might be able to produce a chart for discussion... or not either way )
I believe the pin few bars back was the one you were talking about =]

PS I wasn't so lucky with my trade earlier even though our entries were beautiful you did much better on that one nice job

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  • #1,807
  • Jun 3, 2009 10:45pm Jun 3, 2009 10:45pm
Quoting jonaslt
I believe the pin few bars back was the one you were talking about =]

PS I wasn't so lucky with my trade earlier even though our entries were beautiful you did much better on that one nice job

Attachment
I only did 'better' cos psychologically im not there yet, im taking half profit always at 100pips... stops me getting as big of a win... hopefully ill get to the stage where im more comfortable letting the full amount ride, as CW says we dont take half losses, so why half profits...

a nice article to read perhaps: http://www.sfomag.com/article.aspx?ID=1354&issueID=c
Grabbing the bull by the horns!
  • #1,808
  • Jun 3, 2009 11:34pm Jun 3, 2009 11:34pm
Hello traders,


Looks like a nice formation on the daily charts,just hope the tsunami news will not take an effect.
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  • #1,809
  • Jun 3, 2009 11:41pm Jun 3, 2009 11:41pm
Quoting NikolasII
Hello traders,


Looks like a nice formation on the daily charts,just hope the tsunami news will not take an effect.
this is true a nice 2 day pin... im looking for buys around 1.40 personally..

also on a side note, candlestick patterns are soooo much easier to read for stocks as there are proper gaps between bars... makes the candlestick or bar patterns in forex a little more shades of grey IMO
Grabbing the bull by the horns!
  • #1,810
  • Jun 4, 2009 4:56am Jun 4, 2009 4:56am
on the Gbpchf it looks like we've broken the ascending triangle form and now price is testing of 1.7300 level acting as a support..I'd be feeling better to get in a long trade if we didn't have that bearish outside bar..
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  • #1,811
  • Jun 4, 2009 5:29am Jun 4, 2009 5:29am
sometimes fibonacci expansions can be as important as fibonacci retracements because so many traders who follow retracements also use expansion levels..below is a live example of how expansion levels sometimes should be considered as well..
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  • #1,812
  • Jun 4, 2009 10:28am Jun 4, 2009 10:28am
Friday is a Non-Farm Payroll day. Let me give you this great trading tip:

Trade sitting at the computer trying to make money for time well-spent with your kids. Or maybe that project you need to do? How about brushing up on some reading?

It is going to be 76 degrees and sunny here in Columbus tomorrow. It is also my son's last day at preschool this year. He has a picnic at 9:30 for the parents to come and hang out. I will be trading tomorrow......trading the trading I would normally do for something much more important, playing with my boys. It's a great way to avoid trouble on NFP days.

Just a thought.....

CW
  • #1,813
  • Jun 4, 2009 10:32am Jun 4, 2009 10:32am
Quoting whitegoodman
I only did 'better' cos psychologically im not there yet, im taking half profit always at 100pips... stops me getting as big of a win... hopefully ill get to the stage where im more comfortable letting the full amount ride, as CW says we dont take half losses, so why half profits...

a nice article to read perhaps: http://www.sfomag.com/article.aspx?ID=1354&issueID=c
Nice article WG.

As far as trade management goes I think it's something to be worked on a lot and the further we advance the entry matters so much less. I'm still trying a couple of different things myself that make sense to me like slowly adding to the position on dips and taking some off at lower TF rally tops. Of course this assumes that I can predict the lower TF movement within the larger trade that I take, which I can't, but that's why I'm still in the learning zone trying to grasp off of all this and using large TF as a guide.
  • #1,814
  • Jun 4, 2009 11:30am Jun 4, 2009 11:30am
I've just bashed through the whole thread and have been starting to demo CW's method. Thanks Chris for explaining everything here - I'm sure I speak for everyone when I say how grateful I am to you for taking the time.

The one thing I'm really keen to employ in my trading is to ensure that I manage trend trades differently from counter-trend trades. This presumes, of course, that I can correctly identify the trend . However, I frequently come across pairs that I can't see an obvious trend on, or that have a daily trend that is different to the weekly or monthly trend. Of course, I'm sure the answer is that if you can't see an obvious trend then ... there isn't an obvious trend. That said, I'm still learning so I thought I'd post some charts for a sanity check.

I've attached some examples below of the pairs that are troubling me the most: EURJPY, EURAUD, EURCAD and NZDUSD.

EURJPY: (in fact, AUDJPY and CHFJPY also look similar to EURJPY). If anything, I would say the long term trend is long (move up from 1999 to 2008), but the daily is short (fast move down from 2008).

EURAUD: the weekly looks as though it's ranging, but the daily trend looks to be down?

EURCAD: the whole weekly chart just looks like a mess. If I had to choose a direction for the trend I would say long given the climb from 2005, but I really have no idea.

NZDUSD: Like the EURCAD, I would probably say the trend is long, but the precipitous drop from the 2008 highs makes me think short

So, if you decide that there's no discernable long term trend would you look at the daily charts to see if there's a daily trend and then go with that?

Cheers
Simon
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  • #1,815
  • Jun 4, 2009 12:22pm Jun 4, 2009 12:22pm
Quoting AnimalHungry
I've just bashed through the whole thread and have been starting to demo CW's method. Thanks Chris for explaining everything here - I'm sure I speak for everyone when I say how grateful I am to you for taking the time.

The one thing I'm really keen to employ in my trading is to ensure that I manage trend trades differently from counter-trend trades. This presumes, of course, that I can correctly identify the trend . However, I frequently come across pairs that I can't see an obvious trend on, or that have a daily trend that is different to...
Hey Simon,

This is something I had an issue with and all those "Hey a five year old could see the trend!" posts never used to help me. I mean, were we talking about the 4h trend, the daily, the weekly or the monthly?

My view now is that trend is a judgement call. We had that great slice down in most pairs last year with huge yen and dollar strengthening. And now we see to be making those moves back some. So is this a retrace before heading further down or are we turning over? I think it's up to you. There is no clear or right answer. My inclination is to think that because we hit so many all time lows that we are on our way up again but there will be retraces along the way.

I think it is also relevant to the timeframe you're trading. If it's a daily trade zoom out a daily chart. Then it becomes clearer what the prevalent 'force' is.

Chris probably had more to say on this, but I just wanted to share my experience as someone who got hung up on this for a while. Just like trade selection, there is no "right" answer that you're not seeing. Hope that helps a little.
  • #1,816
  • Jun 4, 2009 12:51pm Jun 4, 2009 12:51pm
Quoting TiaForex
Hey Simon,

This is something I had an issue with and all those "Hey a five year old could see the trend!" posts never used to help me. I mean, were we talking about the 4h trend, the daily, the weekly or the monthly?

My view now is that trend is a judgement call. We had that great slice down in most pairs last year with huge yen and dollar strengthening. And now we see to be making those moves back some. So is this a retrace before heading further down or are we turning over? I think it's up to you. There is no clear or right answer. My inclination...
Quote
This is something I had an issue with and all those "Hey a five year old could see the trend!" posts never used to help me. I mean, were we talking about the 4h trend, the daily, the weekly or the monthly?
To be honest, that really cleared it up for me a great deal. If price starts in the lower left hand corner and goes to the upper right hand corner the trend is up.

It is all relative to your time frame. If the 4hr trend is up and you are trading the 4hr and you want to trade with the trend you take longs.
You also have a secular trend, long term trend, short term trend. (Pring on Price Patterns goes over this pretty well calls them Primary, Intermediate, and short term trends).
I'm always learning something new about trends, it's simple and complex at the same time. I guess it is one of those things you can make it as easy or as hard as you want it to be.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #1,817
  • Jun 4, 2009 12:59pm Jun 4, 2009 12:59pm
Quoting LasVahGoose
To be honest, that really cleared it up for me a great deal. If price starts in the lower left hand corner and goes to the upper right hand corner the trend is up.

It is all relative to your time frame. If the 4hr trend is up and you are trading the 4hr and you want to trade with the trend you take longs.
You also have a secular trend, long term trend, short term trend. (Pring on Price Patterns goes over this pretty well calls them Primary, Intermediate, and short term trends).
I'm always learning something new about trends, it's simple and complex...


LVG,
You Finally found the book huh?Pretty good read?I have been searching for a pdf,with no success.Thinking on buying it though.Would you recommend it?
  • #1,818
  • Jun 4, 2009 1:07pm Jun 4, 2009 1:07pm
Quoting jlmac27
LVG,
You Finally found the book huh?Pretty good read?I have been searching for a pdf,with no success.Thinking on buying it though.Would you recommend it?
You can always pick up a used copy and Pring also has a YouTube channel and goes over technicals in videos.

The book is probably better for someone just learn about TA, but even an experienced person can pick up a nugget here or there. Book is a little dry to read, but I'm glad I picked it up.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #1,819
  • Jun 4, 2009 3:05pm Jun 4, 2009 3:05pm
Quoting LasVahGoose
You can always pick up a used copy and Pring also has a YouTube channel and goes over technicals in videos.

The book is probably better for someone just learn about TA, but even an experienced person can pick up a nugget here or there. Book is a little dry to read, but I'm glad I picked it up.
Pring has a good number of books out, and lot of them go over some of the same concepts...most of the stuff he presents isn't anything new really, he just does a good job consolidating it all to one lengthy explanation. Someone posted a site here before 4shared.com that you can usually find some books on. As for myself, I printed out 3 of his books from there as well as some others so it's a nice resource is you want to do some reading.
  • #1,820
  • Jun 4, 2009 3:14pm Jun 4, 2009 3:14pm
Try this....

http://www.scribd.com/doc/14822773/M...rtTerm-Traders

Quoting jlmac27
LVG,
You Finally found the book huh?Pretty good read?I have been searching for a pdf,with no success.Thinking on buying it though.Would you recommend it?
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