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Silent Service Method

  • #1,881
  • Jun 8, 2009 1:44pm Jun 8, 2009 1:44pm
Happy Birthday for last Saturday CW. I was in Gran Canaria so had a good birthday too .

I bought the GbpUsd today upon it breaking above 1.60 and staying there a while. Did anybody else catch this?

Incidentally, I know this is a non indicator thread but someone recently showed me an indicator called SHI_Channel which can be found on this forum which called the turn quite well.

I'm not sure if this would help or hinder a newbie who is struggling to get their heads round the ss method but I'll be keeping it on my charts a little longer and considering it as maybe another reason to take a trade?
  • #1,882
  • Jun 8, 2009 3:11pm Jun 8, 2009 3:11pm
Quoting Pupil
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!

Hello and welcome to the thread. I am glad you started reading that book. And do yourself a favor, read it at least once a year.....it helps with the idea of letting winners run, and shows how things have not changed in markets for at least 100 years.....

CW
  • #1,883
  • Jun 8, 2009 3:13pm Jun 8, 2009 3:13pm
Quoting hel13rock
Happy Birthday for last Saturday CW. I was in Gran Canaria so had a good birthday too .

I bought the GbpUsd today upon it breaking above 1.60 and staying there a while. Did anybody else catch this?

Incidentally, I know this is a non indicator thread but someone recently showed me an indicator called SHI_Channel which can be found on this forum which called the turn quite well.

I'm not sure if this would help or hinder a newbie who is struggling to get their heads round the ss method but I'll be keeping it on my charts a little longer and...
I personally do not know this indicator, but keep in mind that everything I write here can only help other things/systems/indicators/ that you find helpful.

It certainly could be another reason to get in, if you find it helpful.

Sounds like a lovely bday to me.

CW
  • #1,884
  • Jun 8, 2009 8:27pm Jun 8, 2009 8:27pm
Quoting hel13rock
Happy Birthday for last Saturday CW. I was in Gran Canaria so had a good birthday too .

I bought the GbpUsd today upon it breaking above 1.60 and staying there a while. Did anybody else catch this?

Incidentally, I know this is a non indicator thread but someone recently showed me an indicator called SHI_Channel which can be found on this forum which called the turn quite well.

I'm not sure if this would help or hinder a newbie who is struggling to get their heads round the ss method but I'll be keeping it on my charts a little longer and...
Hey there,

I have been looking at the G/U charts and cannot figure out why you bought on a break of 1.6000...if anything, I would buy on a break of 1.6102 which is the top of the previous daily pinbar.

Can you please explain your logic behind that move and possible post a chart?

Thanks!
  • #1,885
  • Jun 9, 2009 12:46am Jun 9, 2009 12:46am
The 1.6 level held as significant resistance for a few days before it broke through on the way up. It's obviously in an uptrend and this time it went straight through the 1.6 level and stayed above it for 2 4 hour bars before sailing on up. I bought it when it showed signs of staying above the 1.6 level but what interested me in the trade was the combination of a daily pin forming off of the bottom SHI_Channel AND the break and hold of the 1.6.

I'm sorry I can't post a chart right now as I'm on the wrong laptop but I'll try and post one in a few days time.

If you look back through the daily and 4 hour gbpusd charts you will see the PA that occured.

I suppose your method of waiting for it to break the pin of the previous day is valid but 1.6102 doesn't represent any significant resistance. The much more interesting question for me would be is it going to stay above 1.6?

The main thing to note is that although I wouldn't describe this as my most solid trade ever I did only have to put a stop loss just below 1.6 so risked maybe 30 pips and could potentially take a profit of 500-800 on the trade.
  • #1,886
  • Jun 9, 2009 6:46am Jun 9, 2009 6:46am
Hallo hel13rock....Nice trade on GBP/USD...i got in abit earlier on the Inside Bar @1.5960......close half my position after 250pips......

Clockwork71, Great Great thread you have here, i must.Be up and down threads and systems but never a Method and this stands out. I do not want to give my VERY BAD trading history since mid 2007 but to conclude guys...forget smaller timeframes. I have lost money and lots of it on smaller time frames.

Anything 4-hrs and above will work well.

Thanks and again Clockwork71 and guys on the thread
  • #1,887
  • Jun 9, 2009 9:53am Jun 9, 2009 9:53am
Little bit off topic, but what is PPZ?? Thanks in advance.

By the way I sold USD/CAD last night. Daily pin bar reacted to major monthly resistance level. We shall see.
  • #1,888
  • Jun 9, 2009 11:12am Jun 9, 2009 11:12am
Quoting drebin
Little bit off topic, but what is PPZ?? Thanks in advance.

By the way I sold USD/CAD last night. Daily pin bar reacted to major monthly resistance level. We shall see.
Not off topic at all. A PPZ stands for Price Pivot Zone, which is a significant area of support/resistance that price respects and which is formed by price flips i.e. bar lows meeting bat highs. For a great video intro to PPZs take a look at James16's PPZ video here: http://www.james16group.us/Guests/video/PIVOTZONES.wmv

and his other guest materials here: http://www.james16group.us/Guests/guestmaterial.html

If you haven't read this whole thread from start to finish then I highly recommend you doing so. There are some real gems in there.

Hope that helps!

Simon
  • #1,889
  • Jun 9, 2009 11:42am Jun 9, 2009 11:42am
Quoting Danku
Hallo hel13rock....Nice trade on GBP/USD...i got in abit earlier on the Inside Bar @1.5960......close half my position after 250pips......
Thanks Danku, nice when a plan comes together

Also glad it wasn't just me who took that trade, must be doing something right.

I've kept the trade open in full as I only trade minimum volume anyway and currently 350 pips up in just 24 or so hours. I seem to remember CW saying something about not taking half losses so why take half profits? Not that I go for a home run every time but I think this one has a bit further to run, I'd have been tempted to move the stop loss up and lock in some profits but not to close half.

Each to their own though. As CW has said before it's less about fear and greed and more about your comfort level.

H
  • #1,890
  • Jun 9, 2009 12:07pm Jun 9, 2009 12:07pm
This is my second trade following CW's methods and it is successful! I moved up my S/L from B/E to a little under some minor S/R I saw on the 4hr charts at 1.6225. I am not sure if that is a good move, but this is the most pips I have seen a trade of mine go in my favor...ever! So I wanted to lock in some profits to boost my confidence a little bit...

http://i42.tinypic.com/29yox1y.gif

After a few blown accounts, I finally decided it wasn't worth risking 50% of your account and get blown out so I only risked 8% here...I know it is still more then I should, but with the amount I am trading right now, I can't see myself risking 1 - 5% quite yet...I will get there soon little by little...its probably because I have been a huge gambler on poker and sports betting for the past 10 years!

How are you all that are in this trading planning on moving your S/L up?
  • #1,891
  • Jun 9, 2009 12:09pm Jun 9, 2009 12:09pm
Quoting hel13rock
Thanks Danku, nice when a plan comes together

Also glad it wasn't just me who took that trade, must be doing something right.

I've kept the trade open in full as I only trade minimum volume anyway and currently 350 pips up in just 24 or so hours. I seem to remember CW saying something about not taking half losses so why take half profits? Not that I go for a home run every time but I think this one has a bit further to run, I'd have been tempted to move the stop loss up and lock in some profits but not to close half.

Each to their own though....
Nice trade, I got in on a more conservative note but I am in there with ya! My TP i set at 1.6650...how are you planning to exit this one?
  • #1,892
  • Jun 9, 2009 12:56pm Jun 9, 2009 12:56pm
Quoting nebuman213
Nice trade, I got in on a more conservative note but I am in there with ya! My TP i set at 1.6650...how are you planning to exit this one?
I certainly wouldn't dissuade you from doing exactly what you're doing!

1.6200 or thereabouts is behind an area of minor interest on the 4 hour chart.

I'm thinking 1.70 is the next resistance we'll meet in a few days to a weeks time IF it carries on in that nice uptrend. I'm still at BE at the moment but if/when we breach 1.65 my stop loss will be not far behind that. I'll keep an eye on the 4hr chart though and if there is any sign of a falter in the trend I may well move the stop loss up very tight.

Very nice trade if it's your first of this size, makes the losses seem a little easier when you know you can pick up some good pips so easy sometimes
  • #1,893
  • Jun 9, 2009 1:44pm Jun 9, 2009 1:44pm
Quoting hel13rock
Thanks Danku, nice when a plan comes together
I've kept the trade open in full as I only trade minimum volume anyway and currently 350 pips up in just 24 or so hours. I seem to remember CW saying something about not taking half losses so why take half profits? Not that I go for a home run every time but I think this one has a bit further to run, I'd have been tempted to move the stop loss up and lock in some profits but not to close half.
H
Herein lies the conundrum. Trading is a mental exercise. Look at this situation, (I have been there myself several times.) You are up 350 pips or so, and you want to keep them. I understand - I have been there. I am still there sometimes.

Sometimes you can watch a 70 pip gain evaporate overnight. (Or, in extreme times, 5 minutes.) But once you land a 400 pip gain - it will change your outlook for good. I promise.

That doesn't mean that I don't still have those old fears sometimes. Fear of giving up profits is a tough one.

The next time you are ahead 50 pips, and get stopped out.....just remember it's a numbers game. Also, there are trades like the one you are in now.

Great job.

CW
  • #1,894
  • Jun 9, 2009 1:53pm Jun 9, 2009 1:53pm
[quote=AnimalHungry;2790915]Not off topic at all. A PPZ stands for Price Pivot Zone, which is a significant area of support/resistance that price respects and which is formed by price flips i.e. bar lows meeting bat highs. For a great video intro to PPZs take a look at James16's PPZ video here: http://www.james16group.us/Guests/video/PIVOTZONES.wmv

and his other guest materials here: http://www.james16group.us/Guests/guestmaterial.html

If you haven't read this whole thread from start to finish then I highly recommend you doing so. There are some real gems in there.

Hope that helps!


Yes, thanks so much, I really appreciate it.

I am reading the last posts every day on here and I am taking notes otherwise. I am currently on page 39. This is a great thread and CW is the man.
  • #1,895
  • Jun 9, 2009 2:27pm Jun 9, 2009 2:27pm
[quote=drebin;2791278]
Quoting AnimalHungry
Not off topic at all. A PPZ stands for Price Pivot Zone, which is a significant area of support/resistance that price respects and which is formed by price flips i.e. bar lows meeting bat highs. For a great video intro to PPZs take a look at James16's PPZ video here: http://www.james16group.us/Guests/video/PIVOTZONES.wmv

and his other guest materials here: http://www.james16group.us/Guests/guestmaterial.html

If you haven't read this whole thread from start to finish then I highly recommend you...

Thanks for the compliment. None of the free videos are mine over there.....otherwise, there would be nothing left to pay for!



CW
  • #1,896
  • Jun 9, 2009 6:31pm Jun 9, 2009 6:31pm
I don't know if this one will work out, but I got another bullish sign today. The main lesson here is this:

I have seen many people on the forums talk about if a trade doesn't move quick enough, they get out. Remember, the market doesn't care if you have been in this trade 5 minutes, or 5 weeks.

It can be a simple matter of "Not yet", instead of "No". Give your trades time, they deserve it.

CW

I will update this as it goes along.
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  • #1,897
  • Jun 9, 2009 6:40pm Jun 9, 2009 6:40pm
very true. for instance my recent long of USD-JPY opened at 94.8 came home to roost yesterday for a good 350 pips after 18 Days. Yes 18 Days! and when it moved it moved quickly.

Quoting clockwork71
I don't know if this one will work out, but I got another bullish sign today. The main lesson here is this:

I have seen many people on the forums talk about if a trade doesn't move quick enough, they get out. Remember, the market doesn't care if you have been in this trade 5 minutes, or 5 weeks.

It can be a simple matter of "Not yet", instead of "No". Give your trades time, they deserve it.

CW

I will update this as it goes along.
Its all in the mind.
  • #1,898
  • Jun 9, 2009 8:47pm Jun 9, 2009 8:47pm
great pic CW its funny how congress worries about MLB taking roids but never has it been brought up when its in our food
  • #1,899
  • Jun 9, 2009 9:09pm Jun 9, 2009 9:09pm
Quoting kodflakes
great pic CW its funny how congress worries about MLB taking roids but never has it been brought up when its in our food
White Goodman eats a lot of chicken

White Goodman talks in the third person
Grabbing the bull by the horns!
  • #1,900
  • Jun 10, 2009 3:46am Jun 10, 2009 3:46am
Whitegoodman, Just looked through your journal and your stats. You seem to have some very large losses and a huge succession of small wins. Also I notice you jump around between the time frames loads.

Would it be worth just sticking to the advice on this thread and seeing how it goes? This is not a personal criticism, at the end of the day you trade how you want to trade. It's just that my account looked something like yours at one stage but doesn't anymore, enough said...
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