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Silent Service Method

  • #1,941
  • Jun 11, 2009 3:49pm Jun 11, 2009 3:49pm
Quoting clockwork71
Actually, this chart doesn't look too bad..... I like the blue area, if we get a short signal. (Price Action)

Somewhere on this thread is a link to Martin Pring's writings, it's great for price action......(Pinbars, Bullish Outside Bars, etc.)

CW

Hey CW, what is better or what do you recommend, Pring's "Introduction to Technical Analysis" or "Price Patterns" or should I go ahead and get both??

Any other books you recommend? I am probably leaning towards Reminisces of A Stock Operator as well. I know you mentioned that too. Thanks.
  • #1,942
  • Jun 11, 2009 4:09pm Jun 11, 2009 4:09pm
Quoting clockwork71
Here's the thing: DO NOT GET TOO EXCITED ABOUT FIB'S. They are basically like beauty, in the eye of the beholder. They are at best a secondary confirmation signal to take a trade.

Just like everything else in life, the more naked you are trading.....the better.

CW
Never a truer statement uttered......
Same Whore .... Different Dress
  • #1,943
  • Jun 11, 2009 4:32pm Jun 11, 2009 4:32pm
Quoting drebin
Hey CW, what is better or what do you recommend, Pring's "Introduction to Technical Analysis" or "Price Patterns" or should I go ahead and get both??

Any other books you recommend? I am probably leaning towards Reminisces of A Stock Operator as well. I know you mentioned that too. Thanks.
Trade Your Way to Financial Freedom by Van K Tharp.

Lots of stuff about money management, expectancy, position sizing, R:R that I hadn't found anywhere else. Nothing about PA though...

Josh
  • #1,944
  • Jun 11, 2009 5:48pm Jun 11, 2009 5:48pm
this is whats just o my computer for books atm, few more in physical form....
Attached Image
Grabbing the bull by the horns!
  • #1,945
  • Jun 11, 2009 5:49pm Jun 11, 2009 5:49pm
I took a short trade on USDCAD off the recent daily PB which was at a weekly S/R level and I thought was a decent spot to get into the short trend. I ended getting stopped out at BE because I moved my stop just before price hit the 1.10 level and the next day it retraced and stopped me out.

I find that I either (a) don't move to BE soon enough and get stopped out for a full loss (because I believe that my risk% is the cost of finding out if the setup works), or (b) move to BE too soon and get stopped out only for the trade to move into healthy profit.

I know there are a million ways to skin this cat, but I really like the notion of letting my trades run and not checking the charts every hour just to see what it's doing - but at the moment that isn''t translating into how I'm, managing my trades. So, I wondered if you have any general rules about when to move your stop up to reduce risk, or whether you just let trades play out all the time.

Secondly, I'd be very grateful if you could comment on my USDCAD trade and tell me how you would have managed the trade had you entered where I did on the break of the PB.

Cheers
Simon
Attached Image
  • #1,946
  • Jun 11, 2009 6:00pm Jun 11, 2009 6:00pm
Quoting drebin
Hey CW, what is better or what do you recommend, Pring's "Introduction to Technical Analysis" or "Price Patterns" or should I go ahead and get both??

Any other books you recommend? I am probably leaning towards Reminisces of A Stock Operator as well. I know you mentioned that too. Thanks.

Truthfully, I have only read "Price Patterns"..... and yes, Reminiscences is a great book. I also recommend Booker's Adventures of a Currency Trader. (A modern version of the Rem.)

I see that up the list a few posts, whitegoodman has opened up a bookstore. lol

CW
  • #1,947
  • Jun 11, 2009 6:02pm Jun 11, 2009 6:02pm
Quoting AnimalHungry
I took a short trade on USDCAD off the recent daily PB which was at a weekly S/R level and I thought was a decent spot to get into the short trend. I ended getting stopped out at BE because I moved my stop just before price hit the 1.10 level and the next day it retraced and stopped me out.

I find that I either (a) don't move to BE soon enough and get stopped out for a full loss (because I believe that my risk% is the cost of finding out if the setup works), or (b) move to BE too soon and get stopped out only for the trade to move into healthy...
Since it's with the trend, I would let it go to try and take out 1.08....the next "cluster" of bars. If it doesn't take it out - it's not a real move.
  • #1,948
  • Jun 11, 2009 6:04pm Jun 11, 2009 6:04pm
Quoting clockwork71
Truthfully, I have only read "Price Patterns"..... and yes, Reminiscences is a great book. I also recommend Booker's Adventures of a Currency Trader. (A modern version of the Rem.)

I see that up the list a few posts, whitegoodman has opened up a bookstore. lol

CW
haha well why not they are all free online... 4shared into google.

I have to agree Adventures of a Currency Trader is a modern day Reminiscences imo and ive read both... easily my favourite out of the lot.
Grabbing the bull by the horns!
  • #1,949
  • Jun 11, 2009 6:04pm Jun 11, 2009 6:04pm
Quoting Jduester
Trade Your Way to Financial Freedom by Van K Tharp.

Lots of stuff about money management, expectancy, position sizing, R:R that I hadn't found anywhere else. Nothing about PA though...

Josh
This is a book that often quoted. However, even if there is a lot of good info in there - I find it's also a little on the overkill side for me. I prefer simplicity.

I didn't fool around with "expectancy" and such things.....I was always a little more interested in trading. I have the book, but found it took too much thought. I don't like thinking about math, numbers, etc.

I'm simple like that.

I am not saying don't get this book - just don't let it distract you either.

CW
  • #1,950
  • Jun 11, 2009 6:15pm Jun 11, 2009 6:15pm
Quoting clockwork71
This is a book that often quoted. However, even if there is a lot of good info in there - I find it's also a little on the overkill side for me. I prefer simplicity.

I didn't fool around with "expectancy" and such things.....I was always a little more interested in trading. I have the book, but found it took too much thought. I don't like thinking about math, numbers, etc.

I'm simple like that.

I am not saying don't get this book - just don't let it distract you either.

CW
Good points CW. I sometimes get caught up in 'past results' instead of focusing more on 'future results'... we can analyze our past trades and try to maximize returns all we want, but at the end of the day, it's the future trades we take that will affect our account balance...K.I.S.S.

Everything we NEED to trade, including money management stuff is already posted in this thread and/or the James16 Chart Thread.

Josh
  • #1,951
  • Jun 11, 2009 6:31pm Jun 11, 2009 6:31pm
Quoting clockwork71
This is a book that often quoted. However, even if there is a lot of good info in there - I find it's also a little on the overkill side for me. I prefer simplicity.

I didn't fool around with "expectancy" and such things.....I was always a little more interested in trading. I have the book, but found it took too much thought. I don't like thinking about math, numbers, etc.

I'm simple like that.

I am not saying don't get this book - just don't let it distract you either.

CW
I totally agree Chris. Trade Your Way to Financial Freedom is really about the process of how to create an effective trading system. Although it's undoubtedly well written, and there's stuff in there I haven't read elsewhere, I found that because I already have a system of sorts (i.e. technical analysis using S/R and price action) most of my 'system' if you could call it that is already in place. If you've never heard of money management then this book is a great place to start, but I think most of us here subscribe to the low %R school of thought in that respect. This is only my opinion, but I would probably put this book down the reading list somewhat and focus on the Pring books first.

For easy reading, the Market Wizard books and Remiscences of a Stock Operator are throughly enjoyable.

Simon
  • #1,952
  • Jun 11, 2009 6:33pm Jun 11, 2009 6:33pm
Quoting clockwork71
Since it's with the trend, I would let it go to try and take out 1.08....the next "cluster" of bars. If it doesn't take it out - it's not a real move.
Thanks for the speedy response! So are you saying you'd wait until you get a daily close under the 1.08 level (and effectively ignore the 1.10 level) before you'd move to BE because it's with the trend?

Simon
  • #1,953
  • Jun 11, 2009 6:57pm Jun 11, 2009 6:57pm
Here's something I've been following for a few weeks now (DXD)

Very nice daily pinbar in a very nice confluence area, however no big rise in volume, also it still looks like it's in a downtrend so I will try to look for more confirmation in the upcoming days of more slowdown or start of greater support. Something to keep track of I believe though as these levels are a bit over extended in my mind.

Daily
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Weekly (we still see a big downtrend, but also lower TL resistance)
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  • #1,954
  • Jun 11, 2009 7:27pm Jun 11, 2009 7:27pm
Quoting clockwork71
Truthfully, I have only read "Price Patterns"..... and yes, Reminiscences is a great book. I also recommend Booker's Adventures of a Currency Trader. (A modern version of the Rem.)

I see that up the list a few posts, whitegoodman has opened up a bookstore. lol

CW

Thanks guys for all the book recommendations! I think I'll go with Price Patterns and Reminiscences to start with. Then go from there. I've never really "read" about the art of trading or psychology (except for this thread! and other sites,etc.); every little bit helps.

Goodman---thanks for the bookstore I'll definitely tap that resource!
  • #1,955
  • Jun 11, 2009 7:33pm Jun 11, 2009 7:33pm
Quoting AnimalHungry
Thanks for the speedy response! So are you saying you'd wait until you get a daily close under the 1.08 level (and effectively ignore the 1.10 level) before you'd move to BE because it's with the trend?

Simon

AnimalHungry: I got in the same trade. I am still in it and have not moved my stop at all. I am risking about .7% of my account, so if I lose, I lose. Waiting for break of 1.1 level. Targeting the 1.08 level. Obviously if it breaks that, look out world. I am looking for profit of about 1.3%. We shall see. Price is having a tough time with the 1.1 level and a minor support on the dailies too. But it is with the overall trend and a mini bearish descending triangle has formed.

Not that I would even trust me on this, but once it breaks 1.1 I was thinking of moving stop to high of candle prior to the break or thereabouts.

What do you think CW about Animal Hungry's question? thanks.
  • #1,956
  • Jun 11, 2009 9:17pm Jun 11, 2009 9:17pm
Quoting AnimalHungry
Thanks for the speedy response! So are you saying you'd wait until you get a daily close under the 1.08 level (and effectively ignore the 1.10 level) before you'd move to BE because it's with the trend?

Simon
Once it broke through, I would move to b/e, it doesn't necessarily have to close over it. (Just how I do it.)

CW
  • #1,957
  • Jun 11, 2009 9:28pm Jun 11, 2009 9:28pm
Quoting whitegoodman
this is whats just o my computer for books atm, few more in physical form....
i have "Fooled by Randomness", it was a good read. i would recommend it to all. it's not really about trading specifically but it might change your perspective on how you view a lot of things in life
  • #1,958
  • Jun 12, 2009 3:47pm Jun 12, 2009 3:47pm
Big move on USD/CAD today out of nowhere. Surprised me a bit. Price having a serious battle with 1.1 level.....
  • #1,959
  • Jun 12, 2009 4:29pm Jun 12, 2009 4:29pm
Quoting drebin
Big move on USD/CAD today out of nowhere. Surprised me a bit. Price having a serious battle with 1.1 level.....
I think some of that is oil-related. A noisy day in general.
  • #1,960
  • Jun 12, 2009 9:01pm Jun 12, 2009 9:01pm
Quoting clockwork71
I think some of that is oil-related. A noisy day in general.
what open trades you got open atm chris?

you just sidelining it waiting for an A+ atm?
Grabbing the bull by the horns!
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