Silent Service Method

I think you are looking for this one...

http://www.jingproject.com/

Regards!

Thats it Sharx thanks

Also here is a possible pennant that I get the picture may just fall off the table. E/Y is hitting a major area of resistance but the support is rising so just waiting for the confirmation. I am thinking that this one will run pretty well just because both the euro and the yen are also at a point where they should run, I cant tell which way yet, but the spring appears to be getting tight and ready to spring.

No worries, and to be honest....it's about the grand scheme of things. In fact....always think of the "grand scheme of things" when placing a trade.

Those are words to live and die by, my friend.

CW

Hi CW,
I just wanted to say thanks for bringing me back to my roots. Your thread has reminded me how
easy trading is (and should be).

For everyone else,
I highly recommend that you study CW's techniques. You are being given golden information here.
Briefly as to why I think trading does NOT need to be so complicated. About 10 years ago I was a
young engineer and doing well. I opened my commodities trading account with $5k (USD). I literally
paper traded for one year. Back then, paper trading was literal. There were no computer programs
to do it, it was all done by hand. I subscribed to a charting service which delivered a magazine once
per week with all open contracts for commodities. Each day I would update my chart with the
previous day's close information (OHLC -- Open, High, Low Close) and I would pencil in something
about volume if it caught my eye. Basically, you would only add the "new" price data for those contracts
that you were tracking. In most cases (about 90%), there was nothing to do -- just look at the chart
(the charts in the magazine were daily, weekly and monthly). When there was something to do, you
drew what you needed to on the chart. There were no fancy indicators, no moving averages, no oscillators,
nothing. You only had the basics: 1-2-3 (top or bottom), head and shoulders, channels, trends, flags and
pennants, and 50% retrace (of last major move -- the only Fib we cared about). Let me tell you, it only
took about 10 minutes a day with the charts and the Wall Street Journal or Investors Business Daily to
update your data. That's it. You only had price action to go by and make your trading decisions. If you
were lucky, you might have some seasonal data too . You really had to paper trade for a long time to be
good at it. There were no demo accounts, no "micro" or "mini" accounts. When you traded for real, it
was a live account. That is one reason why 85% went bust within a very short time. I don't think that
they had the patience to learn enough first. Most who got into commodities trading got into it by taking
a very simple course which painted a beautiful picture of how easy it was to trade. The picture was right,
however, they were not given enough tools to be successful so easily.

Now, what I see is that everyone has moved to Forex because it's so easy to trade. So much information,
so many "dummy" systems to trade for you. And to be honest, it's even easier to fail at it. Too many people
are looking for the easy way to get rich, they are not willing to invest in the proper knowledge so that they
actually end up with a useful skill set in the end. It's obvious by how many new traders blow their accounts
so quickly.

I also play poker very seriously. You don't want to sit at the table with me, I will take your money. There are
so many analagies to trading and poker but the most important one I can tell you is this:

It's more important to know what hands (trades) NOT to play than it is the ones to play (trade).

I can tell you that the best poker hands play themselves (pocket aces, etc.). They are very easy because
they are so strong. It's the same with trading. The best set ups and conditions make it easy to trade the
right way. It's those situations where you have doubts about what to do, when to enter a trade, how to
manage your position, etc. that are the oughest. Poker is the same. "When in doubt, sit out." In poker, there
are many hands which will look good but get you into more trouble than you realize. Trading also has these
types of trades -- they look like good trades but they have to be managed very carefully. I recommend looking
for the "A" trades as CW calls them. There are enough of them and they will make you enough money that you
should be happy without nearly so many headaches. Trading really can be that easy.

CW, great thread here, great advice. I will follow it and hopefully contribute to it in the near future. You are
100% correct, trading can give the type of freedom that most of us seek. However, there are no short cuts.
There is no fast way to get there. You are again trying to teach everyone that and I hope that they listen.

OK, thanks for reading, now I will offer you something. Here is "Reminiscenses Of A Stock Operator" for you to
download. I have read it about once per year myself. I bought a hard copy after my first reading and it is more
than worth it. If you like the download, I highly recommend buying it (that's my disclaimer).
http://rapidshare.com/files/24463509...k_Operator.pdf
Enjoy!

Good stuff, thanks!

Anyone catch the AUDUSD short...based on double top and rejection at .82....even though that level is not on my chart....it seemed to be an obvious rejection. 80 pips locked.....now waiting for something to happen.
Cheers
CanuckCT

Hi.

Observed this one and entered after this wonderul weekly pinbar which tested the area around 89.00. Waiting until this PB gets broken for 20 pips would have been a more conservative entry. If the price breaks the area at 86.0/87.0 and confirms it as support or continues down I would move my stop to BE.



stefx.

SharxHockey, thanks for a very interesting post! Looking forward to read more from you.

Thanks Sharx......for all the compliments. I highlighted the above quote because I cannot stress enough how much this statement can really save someone's bacon.

You guys need to read that one a day.

By the way - played hockey growing up, Junior A type club team affiliated with Chicago/D.C.

CW

Yes, I agree Diane....I am sure he has a lot to offer. Sounds like a lot of experience.

An update to the Nat Gas play.

Question: what is the exit strategy for this UNG trade? I am in the trade also.

There isn't one so much....it's a long term play for me. Also, keep in mind I have sold several options in this contract - so I am in a completely different trade than you.

CW

$15.50 was the first "hurdle". I would like to see $18 before it's all said and done......It comes down to whether or not you are willing to risk anything at this point. You could be at b/e by now I suppose.

I am in this trade from the 4HR pinbar, i entered at 8170

Personally I feel like we will get some profit taking and some resistance at 15.5-16 level where we are now. If we have a nice break tomorrow, 18 will be my more major resistance.

But I got in this trade a good few days after CW and my time frame for the trade is much shorter I should note. We had multiple confirming signals to go long around 14 area and I got in just under it Thursday I think right before it took off.

Thanks CW for pointing out the security ;-)

I'm still waiting on a couple other ETFs I've mentioned here before, markets being down by this much today was a good start for me =]

Yes ... I'm above BE. I was actually in this ETF before you mentioned it on advice from an investment newsletter. I bought more shares when you brought it to our attention.

I've never considered trading the stock market using charts until I discovered this thread.

Funny thing is that I am in this because of the following thought process:

Oil kept going up. I don't know why. There is no major demand story for it. Ok, well I can't afford getting into the oil futures market. So I looked at some of the oil ETF's, none of which excited me.

Other commods started to take off as well. So....I started looking at other markets, and low and behold: Nat Gas wasn't doing much. I thought I would watch it, just to see if it would follow. It then prints a pinbar. I got in.

CW

Yeah oil is beyond me at this point. My target for it was 65 and fine maybe a couple of points to overshoot, but 72, there's no demand for it.
I was reading around a few week ago and caught an interesting story. I think it was JP Morgan or Goldman who bought the new biggest oil tanker in production and they expect holding oil costs would pay off.
Go figure speculation, that's why fundamentals sometimes don't even make sense.

Anyone besides me catch this wonderful move on the EUR/JPY? Entered at 136.60 on break of small pinbar into zone and have move stops behind minor resistance.



The setup wasn't the best and I was down about a 100 pips for a few days but stuck in there and it shot in my direction yesterday and still going into today. Another reason I entered besides small PB was because price had stalled and did not go much of anywhere for a while and I saw this resistance zone and played off of that.

i was looking for it last night but it ran away on me while i wass sleeping.