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Silent Service Method

  • #2,061
  • Jun 18, 2009 5:18pm Jun 18, 2009 5:18pm
Quoting Dropped Onion
Hi CW,

any interest in the daily pin on eur/gbp.

 

  1. in direction of trend
  2. long nose
  3. bounce off PPZ around 0.86

but it is at a swing low. any thoughts? thanks!

I love the shape, but like you said....it's at the bottom of a recent move. This pinbar would be a GREAT place to put your stop behind if you were already in the move.

I will probably pass on this one to be honest.

CW
  • #2,062
  • Jun 18, 2009 5:21pm Jun 18, 2009 5:21pm
Quoting Clode
Hi all,

two great setups..
beautiful pins in the direction of the trend..

Gbp/Chf is also reacting from an important support..

Clode
I actually prefer the GBP/CHF. The Swiss National Bank are intervening to weaken their currency. (Not speculation - they have announced it.)

They are more or less worried about Franc strength vs. the Euro.....but this should translate to other currencies as well.

CW
  • #2,063
  • Jun 18, 2009 5:22pm Jun 18, 2009 5:22pm
Quoting jonaslt
Sorry guys I've been a little out of my head lately, but weren't we looking at this EURJPY area a week or so ago waiting for a test of the broken trendline?

Someone update me what's going on but I'm seeing some potential here on the daily.
Attachment
I am more interested in the horizontal support at 135 than that line there.....

CW
  • #2,064
  • Jun 18, 2009 5:23pm Jun 18, 2009 5:23pm
Quoting Dropped Onion
Hi Nomask. The charts look good for a long. The 96.50 area has been an area of support and resistance since March 2008.
Here's another take on this pair as well.....lol
Attached Image (click to enlarge)
Click to Enlarge Name: jpy.png Size: 51 KB
  • #2,065
  • Jun 18, 2009 5:24pm Jun 18, 2009 5:24pm
exactly the reason, i closed my long for 70 pips

Quoting clockwork71
Here's another take on this pair as well.....lol
Its all in the mind.
  • #2,066
  • Jun 18, 2009 5:48pm Jun 18, 2009 5:48pm
Quoting Clode
Hi all,

two great setups..
beautiful pins in the direction of the trend..

Gbp/Chf is also reacting from an important support..

Clode

I actually just took a pending order 15 pips above the pin bar on the GBP/CHF. Reacted nicely off 23 fib weekly level. Against the overall trend. Waiting for confirmation. Expecting some trouble at 1.7900 level after that looking for take profit at 1.8135; right before weekly upward channel resistance area. Risking around 1%.

Also, no one is talking about the pin on the EUR/CAD (6/17). It reacted to 23% fib weekly level. My sell stop hit and now I am in (15 pip confirm). Expecting trouble a little early here, but if price breaks 1.5680 I would expect a run to 1.5600. Risking a little less than 1%. Price is with bearish trend (since January). Slight overbar on 4 hr a little ways back and innerbar on daily.

Just my rookie thoughts. Just went live June 1st.

CW: any advice/tips here? Thanks.
  • #2,067
  • Jun 18, 2009 5:51pm Jun 18, 2009 5:51pm
Quoting drebin
I actually just took a pending order 15 pips above the pin bar on the GBP/CHF. Reacted nicely off 23 fib weekly level. Against the overall trend. Waiting for confirmation. Expecting some trouble at 1.7900 level after that looking for take profit at 1.8135; right before weekly upward channel resistance area. Risking around 1%.

Also, no one is talking about the pin on the EUR/CAD (6/17). It reacted to 23% fib weekly level. My sell stop hit and now I am in (15 pip confirm). Expecting trouble a little early here, but if price breaks 1.5680 I would...
We talked about it in my webinar last night. We concluded that there was a nice thick zone to fight through. Not overly excited about that pin. You are talking the 4 hour one from last night I assume???? (Sorry, answering on my phone.)

CW
  • #2,068
  • Jun 18, 2009 5:56pm Jun 18, 2009 5:56pm
Quoting nomask
Usdjpy...i'll take this long if that two-day pinbar gets broken by 20 pips or so..
yea im gonna pass on this one too, 2day pinbar looks nice, but there is not much room to run.. going into consolidation zone
  • #2,069
  • Jun 18, 2009 6:07pm Jun 18, 2009 6:07pm
Love the blog entry Chris, my thoughts on the subject exactly. Even if you go wrong here or there, you'll at least keep going in the general direction you want, if you have some sort of a plan. Thankfully I've been pretty lucky with this in my life even when I took some questionable steps to the side; but you learn from all your mistakes so it's a learning process at the same time.

Glad your construction business is giving you some work and keeping you busy,

Jonas
  • #2,070
  • Jun 18, 2009 6:27pm Jun 18, 2009 6:27pm
Quoting clockwork71
We talked about it in my webinar last night. We concluded that there was a nice thick zone to fight through. Not overly excited about that pin. You are talking the 4 hour one from last night I assume???? (Sorry, answering on my phone.)

CW
Yes I am talking about that one. There is some mish mash there. I wish I saw that webinar. Was that on James16 Group's website?

Anyways, I see what your saying based on weekly s/r levels. Are you talking about that middle area of 1.5650 in addition to the other areas? I do see multiple touches on weekly/monthly there that I missed. Looks like I need to do a better job analyzing s/r levels prior to getting in (to double check my previous work).

With that said, I am sticking to my guns, a trade isn't done until it hits my stop loss.
  • #2,071
  • Jun 18, 2009 7:51pm Jun 18, 2009 7:51pm
Yes, it was in the J16 groups private chat room.

And I agree 110% - stick to your guns - it's not a horrible trade, just not an A+ one.....

That's what your stops are for, you are correct.

CW

Quoting drebin
Yes I am talking about that one. There is some mish mash there. I wish I saw that webinar. Was that on James16 Group's website?

Anyways, I see what your saying based on weekly s/r levels. Are you talking about that middle area of 1.5650 in addition to the other areas? I do see multiple touches on weekly/monthly there that I missed. Looks like I need to do a better job analyzing s/r levels prior to getting in (to double check my previous work).

With that said, I am sticking to my guns, a trade isn't done until it hits my stop loss.
  • #2,072
  • Jun 18, 2009 8:36pm Jun 18, 2009 8:36pm
Another trade I took....

Sino Land, a real estate company in Hong Kong. All exchanges are the same. This stuff works wherever.
Attached Image (click to enlarge)
Click to Enlarge Name: 83sehk.png Size: 133 KB
  • #2,073
  • Jun 18, 2009 9:50pm Jun 18, 2009 9:50pm
Quoting clockwork71
Another trade I took....

Sino Land, a real estate company in Hong Kong. All exchanges are the same. This stuff works wherever.

whats your target area? $15 and up? you think you may get some minor resistance just above $13 where it has previously gapped?
Grabbing the bull by the horns!
  • #2,074
  • Jun 19, 2009 12:12am Jun 19, 2009 12:12am
Hi Cw

Here is my thinking after listening to your blog. I was thinking about all the people that are in Big Brother and other reality shows. I can't say I'm sure about their goals but I guess they all want to become famous. Only a very few of them reach their goal and that's the people that are the best at what they are doing in one or the other way. They do something that they are very good at.

Same thing in trading. A lot of people try but only a few of them reach their goals and it is those people that are doing it very good. I think it's the same thing in many other areas in life too like in sports or buisiness. The people that are the best at what they are doing are those that practice a lot and don't give up. Instead they are always trying to improve themselves. Maybe it's the big and small failures from everybody that becomes the noice...

Sorry, I have a hard time expressing myself in english but I hope you get at least somethig about my point. (If there are any...)

Diane
  • #2,075
  • Jun 19, 2009 6:12am Jun 19, 2009 6:12am
Quoting whitegoodman
whats your target area? $15 and up? you think you may get some minor resistance just above $13 where it has previously gapped?
That would be the first hurdle, yes. (13)

I am going to trail it, and see where it ends up. The moves in this market tend to be slower, and the minimum shares traded is 2,000 so a move of $2 can really matter.

I moved my stop to b/e and am letting it ride now.

CW
  • #2,076
  • Jun 19, 2009 6:16am Jun 19, 2009 6:16am
Quoting Diane
Hi Cw

Here is my thinking after listening to your blog. I was thinking about all the people that are in Big Brother and other reality shows. I can't say I'm sure about their goals but I guess they all want to become famous. Only a very few of them reach their goal and that's the people that are the best at what they are doing in one or the other way. They do something that they are very good at.

Same thing in trading. A lot of people try but only a few of them reach their goals and it is those people that are doing it very good. I think it's the...

Yes I agree. Also, being foreign I am sure you know what I mean when I say Americans tend to focus on "noise" and things that don't truly matter. There are too many people that on the highway will cut you off in traffic. To gain what? 2 minutes on their trip? What was the risk? Death in a car accident. It's a "Me! Me! Me!" mentality. Not focusing on the bigger world around you.

An entire generation of my countrymen focus on reality shows, the kind of car you drive, etc.....but don't realize it's not hard to get what you want - if you are willing to work for it. AND....you don't get there by taking short cuts.

Your English is fine....for a Viking!
  • #2,077
  • Jun 19, 2009 7:16am Jun 19, 2009 7:16am
Quoting clockwork71
Funny how less stressful it is. Think of it like looking at the city below from the top of the Empire State Building. There is a lot of traffic coming and going.....but up there - it's a lot easier to see what is really going on. When you are at street level (5 minute chart) everything seems like total chaos.
Hi CW.
Good compared, I like this one.

Yesterday my CADJPY got stopped out. It was the only trade within 6 business days. It also was the trade with the highest profit I took ever. I had numerous trades wich had more floating profit than this but may be now I slowly get a clue how to find out when a trade could be over and put the stop reasonable. In this trade the break through 84.50 was not really confirmed and I did not see much reason for further down so I put the stop to 85.00 which was the next round number and a bit above the 38.2 fib and decided to get 230 pips or more.
Attached Image (click to enlarge)
Click to Enlarge Name: CADJPY.gif Size: 23 KB

It seems that the second blue CWZ (ClockWork Zone) could hold again. Maybe an entry with a DBHLC when the bar is broken down, we see.

stefx.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #2,078
  • Jun 19, 2009 7:54am Jun 19, 2009 7:54am
Quoting stefx
Hi CW.
Good compared, I like this one.

Yesterday my CADJPY got stopped out. It was the only trade within 6 business days. It also was the trade with the highest profit I took ever. I had numerous trades wich had more floating profit than this but may be now I slowly get a clue how to find out when a trade could be over and put the stop reasonable. In this trade the break through 84.50 was not really confirmed and I did not see much reason for further down so I put the stop to 85.00 which was the next round number and a bit above the 38.2 fib...

Damn good trade stefx.
  • #2,079
  • Jun 19, 2009 8:48am Jun 19, 2009 8:48am
What a day today.

Long GU
Short UJ

Could be 2%

Im thinking ive found my comfort zone.
Find a daily box and trade the extremes from 4hour.
Ive seen pins / Outside bars fail too often to have faith in them.
Price reacts to pivot zone and may or may not create a pattern.
Even if it creates a pattern you call a pin, that pin can still fail.

The pivot is the key, not the pattern.
If the pivot is good -trade it. If you get a pattern too, nice. If not - no big deal...
  • #2,080
  • Jun 19, 2009 9:21am Jun 19, 2009 9:21am
Quoting jicjoc
What a day today.

Long GU
Short UJ

Could be 2%

Im thinking ive found my comfort zone.
Find a daily box and trade the extremes from 4hour.
Ive seen pins / Outside bars fail too often to have faith in them.
Price reacts to pivot zone and may or may not create a pattern.
Even if it creates a pattern you call a pin, that pin can still fail.

The pivot is the key, not the pattern.
If the pivot is good -trade it. If you get a pattern too, nice. If not - no big deal...

That is a lot to assume from one day.

The pattern isn't the reason to take the trade - it's the confirmation. Perhaps you misunderstood what I was getting at. The pattern being a confirmation is why I will take pinbars that aren't "perfect" while many others will ignore the "close" ones. I look for the meaning, not the exact pip/tick value is the major difference.

CW
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