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Silent Service Method

  • #1,861
  • Jun 8, 2009 5:19am Jun 8, 2009 5:19am
Thanks for your comments.
I agree: difficult when you lose, difficult when you win
Still a lot to learn...
Thanks!

Quoting nomask
Although i made...
Trading: the skill of avoiding trades
  • #1,862
  • Jun 8, 2009 7:01am Jun 8, 2009 7:01am
Did anyone else get on this?

I'm short this pair - based from weekly pin bar at the 50% retracement and it actually went quite close to the 61.8%

E/U and G/U seem to be setting up similar trades they look much alike
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: audusddaily.gif Size: 17 KB
  • #1,863
  • Jun 8, 2009 7:02am Jun 8, 2009 7:02am
i appreciate your effort at educating us.keep up the good work. u re a priceless gem...more years to u.congrats
  • #1,864
  • Jun 8, 2009 7:05am Jun 8, 2009 7:05am
Quoting VitaminBeer
Did anyone else get on this?

I'm short this pair - based from weekly pin bar at the 50% retracement and it actually went quite close to the 61.8%

E/U and G/U seem to be setting up similar trades they look much alike

I shorted the 4 hour pinbar on USDCAD myself....1.12 area. Small stop, figured was worth a "peek"
  • #1,865
  • Jun 8, 2009 7:08am Jun 8, 2009 7:08am
Quoting clockwork71
I shorted the 4 hour pinbar on USDCAD myself....1.12 area. Small stop, figured was worth a "peek"
Could you please post a chart

I want to see what it looks like on your chart, thanks

Oh.. btw happy birthday, I'm sure everyone has given you a bash by now
  • #1,866
  • Jun 8, 2009 7:12am Jun 8, 2009 7:12am
Quoting clockwork71
I shorted the 4 hour pinbar on USDCAD myself....1.12 area. Small stop, figured was worth a "peek"
Do you think my analysis on the A/U is correct in your opinion? I've been baffling myself a lot latley with what could be right or wrong.

I have found to be questioning myself after the trade is triggered say 'just above the .80 area' and then I get a reverse signal for a buy below the .80 area, I am not quiet sure how to deal with this problem, it seems like a lot of mixed signals and it's crucial to taking the right ones. I know it should be 'obvious' and in your face kinda thing.
  • #1,867
  • Jun 8, 2009 8:15am Jun 8, 2009 8:15am
Quoting VitaminBeer
Could you please post a chart

I want to see what it looks like on your chart, thanks

Oh.. btw happy birthday, I'm sure everyone has given you a bash by now
Here are the 4 possible options for what the 4 hour charts could look like. I'm guessing CW took the first one, the one that closed at 7:00am CT.

Josh
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDCAD 060809 4hr1.GIF Size: 36 KB
Click to Enlarge Name: USDCAD 060809 4hr2.GIF Size: 37 KB
Click to Enlarge Name: USDCAD 060809 4hr3.GIF Size: 38 KB
Click to Enlarge Name: USDCAD 060809 4hr4.GIF Size: 35 KB
  • #1,868
  • Jun 8, 2009 8:17am Jun 8, 2009 8:17am
I noticed the weekly pins on the AUD/USD, GBP/USD and a slightly weaker pin on EUR/USD. CW, how do you play these? Do you look at the daily and still wait on a breakout of resistance then pullback? Or do you use confluence (fibs, etc.) and jump in after a 10-20 pip move to confirm the move and get in? How do you play these weekly pins? I liked them but the risk/reward for me was a little steep. Using the top of pin as stop loss would of been a pretty big number.

Vitamin Beer: I have the same issues. Looking at the charts last night I had some "analysis paralisys". CW any tips there?

thanks.
  • #1,869
  • Jun 8, 2009 9:23am Jun 8, 2009 9:23am
Quoting VitaminBeer
Did anyone else get on this?

I'm short this pair - based from weekly pin bar at the 50% retracement and it actually went quite close to the 61.8%

E/U and G/U seem to be setting up similar trades they look much alike
Hi VB

I'm short both aussie and cable right now. Both based on the weekly setups. Currently free trade on aussie and 50pip SL on the cable.

Didn't take the euro though as thought it was a poor third choice and didn't want to get too long of US$

Hoping to hold both for a few days and see some good moves, although this is where my trading falls down.

Tony
  • #1,870
  • Jun 8, 2009 9:24am Jun 8, 2009 9:24am
Quoting VitaminBeer
Do you think my analysis on the A/U is correct in your opinion? I've been baffling myself a lot latley with what could be right or wrong.

I have found to be questioning myself after the trade is triggered say 'just above the .80 area' and then I get a reverse signal for a buy below the .80 area, I am not quiet sure how to deal with this problem, it seems like a lot of mixed signals and it's crucial to taking the right ones. I know it should be 'obvious' and in your face kinda thing.
Seriously - when in doubt, stay out.
  • #1,871
  • Jun 8, 2009 9:25am Jun 8, 2009 9:25am
Quoting drebin
I noticed the weekly pins on the AUD/USD, GBP/USD and a slightly weaker pin on EUR/USD. CW, how do you play these? Do you look at the daily and still wait on a breakout of resistance then pullback? Or do you use confluence (fibs, etc.) and jump in after a 10-20 pip move to confirm the move and get in?...

Here's something to think about: 500 pips at 1 cent a pip is only $5.

Your answer lies in that phrase.
  • #1,872
  • Jun 8, 2009 9:28am Jun 8, 2009 9:28am
Quoting Jduester
Here are the 4 possible options for what the 4 hour charts could look like. I'm guessing CW took the first one, the one that closed at 7:00am CT.

Josh

Yes, chart #1 is correct.

I am not too excited about it, but you lose sometimes, that's life.
  • #1,873
  • Jun 8, 2009 9:55am Jun 8, 2009 9:55am
Alright, here is some of the things that run through my head when I look at this chart, this happens for most pairs and it makes my eyes twitch...
I have not had the joy of reading Martin Pring on Price Patterns yet, I will be getting it in a couple of weeks.

I'm not sure there is a answer for this, but when is a signal ruled out? Which is more powerful than the other (Of course the one going with the trend) but what if it's a good decent shot of being a counter trend, like it is now, with the weekly being a pin bar sitting at the 50% and all.

These are some of the problems I have been facing and have not been able to work them out. Hopefully some light can be shed on this.

Cheers,

VB,
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  • #1,874
  • Jun 8, 2009 10:00am Jun 8, 2009 10:00am
Quoting drebin
Vitamin Beer: I have the same issues. Looking at the charts last night I had some "analysis paralisys". CW any tips there?

thanks.
Analysis Paralysis, that's the word best described for it

Hope this can be worked out,

Cheers,
  • #1,875
  • Jun 8, 2009 10:10am Jun 8, 2009 10:10am
More confusion
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  • #1,876
  • Edited 1:34pm Jun 8, 2009 11:55am | Edited 1:34pm
Hey VitaminBeer,
I hope this could help you. Always zoom out the charts.
There was a rally uptrend due a optimism in the world economy. Then in Dialy bars appears a huge BEOB. Investors are booking some gains from the market's three-month rally as concerns linger about the economy. So they started to sell.
Now there's a pause in all the markets,so It's better waiting for signals or a great PA that indicates where to go.
IMHO.
Attached Image(s) (click to enlarge)
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #1,877
  • Jun 8, 2009 2:17pm Jun 8, 2009 2:17pm
Always, always, always zoom out on the charts, period.

If it isn't obvious, it's alright. You are not going to catch every move, and that's life. I know this isn't the simple solution you wanted, but trust me - it's about zooming way out, the farther, the better.

You could try plotting monthly areas, and trading only daily candles/bar. (It produces fewer signal;s, but even better quality in my opinion.

CW
  • #1,878
  • Jun 8, 2009 2:22pm Jun 8, 2009 2:22pm
Quoting clockwork71
Always, always, always zoom out on the charts, period.

If it isn't obvious, it's alright. You are not going to catch every move, and that's life. I know this isn't the simple solution you wanted, but trust me - it's about zooming way out, the farther, the better.

You could try plotting monthly areas, and trading only daily candles/bar. (It produces fewer signal;s, but even better quality in my opinion.

CW
actually i`ve been thinking that lately...monthly areas and daily candles work a lot better than weekly and 4 hr combination...my only losing trades are on 4hr timeframes...i found dailies a lot more reliable and more profitable..it is just what fits to my trading style better..thats all...
  • #1,879
  • Jun 8, 2009 2:32pm Jun 8, 2009 2:32pm
Quoting nomask
actually i`ve been thinking that lately...monthly areas and daily candles work a lot better than weekly and 4 hr combination...my only losing trades are on 4hr timeframes...i found dailies a lot more reliable and more profitable..it is just what fits to my trading style better..thats all...

Exactly. It's what fits you, and that's the key.
  • #1,880
  • Jun 8, 2009 3:25pm Jun 8, 2009 3:25pm
Hello, folks. I've just gone through the entire thread and am working on going through it a second time. The information available has been invaluable, Clockwork, and I am deeply grateful for the time you've put into the thread. I am also halfway through Reminisces of a Stock Operator upon your recommendation and must admit it has been a most excellent read. I look forward to learning more from everyone here. Good day to you all!
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