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Silent Service Method

  • #2,261
  • Jun 24, 2009 11:34am Jun 24, 2009 11:34am
Considering a short on silver (mini) below FIB 38
Any opinions?
Thanks!
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Trading: the skill of avoiding trades
  • #2,262
  • Jun 24, 2009 11:35am Jun 24, 2009 11:35am
CW,

Any thoughts on managing an intervention trade?LOL.

I played the GBP/CHF 4H pin, not expecting this kind of action. It's up about 500 pips.
  • #2,263
  • Jun 24, 2009 11:41am Jun 24, 2009 11:41am
ooops!
Didn't have time to set the trade (by 1 minute)
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Trading: the skill of avoiding trades
  • #2,264
  • Jun 24, 2009 12:00pm Jun 24, 2009 12:00pm
Silver and Gold are both trending down nicely at the moment, keep an eye on gold as it's retraced a bit today, could be a good time to get in?

I missed the boat a little with this GbpAud trade. I've got two positions open already but figure it's worth another. I think that could well retrace a bit further on the next 4h candle to click this trade in, if not I will just have to wave it goodbye
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  • #2,265
  • Jun 24, 2009 12:06pm Jun 24, 2009 12:06pm
What not to do.
Got in short in cl-mini at the first PB.
My Sl was tight at the top of PB.
Got stopped out and saw how it started to go down and down and down.
Should have set my SL above Fib 61.80, or avoid the trade if I couldn't aford the risk.
Always time to learn.
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Trading: the skill of avoiding trades
  • #2,266
  • Jun 24, 2009 12:06pm Jun 24, 2009 12:06pm
Quoting Low
CW,
Any thoughts on managing an intervention trade?LOL.
I played the GBP/CHF 4H pin, not expecting this kind of action. It's up about 500 pips.
I removed my buy stop again as I found reasons why not to take this one . Well done Low .

stefx.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #2,267
  • Jun 24, 2009 12:11pm Jun 24, 2009 12:11pm
Quoting hel13rock
Silver and Gold are both trending down nicely at the moment, keep an eye on gold as it's retraced a bit today, could be a good time to get in?

I
Isn't to late for gold in daily?
Shall wait for the weekly PB...
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Trading: the skill of avoiding trades
  • #2,268
  • Jun 24, 2009 12:15pm Jun 24, 2009 12:15pm
Maybe, depends on your view of it. I'm in already for 0.02 from 955 so not going to extend myself for more just in case but 4h doesn't look too bad.
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  • #2,269
  • Jun 24, 2009 12:30pm Jun 24, 2009 12:30pm
Here is a good area of S/R if we didnt have the FOMC coming up I would be long right now on the Euro
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  • #2,270
  • Jun 24, 2009 12:31pm Jun 24, 2009 12:31pm
The interesting thing about gold is that there aren't any significant horizontal s/r levels between 965 and 865 so if you're following the silent service method to the letter there's no trade! That trendline looks a bit flimsy on it's own and there's not really any fibs or pivot points or anything that would help you.

The only thing that would suggest a short to me is the pinbar off that trendline and the fact that I'm short already and have a feeling it'll go to 865 before too long.
  • #2,271
  • Jun 24, 2009 12:35pm Jun 24, 2009 12:35pm
Quoting kodflakes
Here is a good area of S/R if we didnt have the FOMC coming up I would be long right now on the Euro
That could well work out your way but that s/r line you're looking at is only on the 4h chart and as such is a minor area of s/r. My nearest s/r levels are 1.41 and 1.37.

Remember the first couple of posts of this thread, only use s/r from the weekly chart.
  • #2,272
  • Jun 24, 2009 12:38pm Jun 24, 2009 12:38pm
Quoting hel13rock
The interesting thing about gold is that there aren't any significant horizontal s/r levels between 965 and 865 .....

Here's my chart:



http://i40.tinypic.com/21bvhjr.jpg
  • #2,273
  • Jun 24, 2009 12:48pm Jun 24, 2009 12:48pm
Hmm, you are right. I think 930 might cover more s/r than 913 but yes there is another level, especially after the last few days PA.

It still won't deter me from holding the trades I've got, gold is well overpriced at the moment and my position sizes in relation to my account will see me through anything untoward.
  • #2,274
  • Jun 24, 2009 12:51pm Jun 24, 2009 12:51pm
Quoting hel13rock
gold is well overpriced .....
Ain't that the truth. Besides, a weekly pin, on an Wednesday doesn't mean that much.
  • #2,275
  • Jun 24, 2009 12:57pm Jun 24, 2009 12:57pm
Considering euraud.
Strong weekly TL
Just sitting on a PPZ, could be rejected bu FIB 68
Started to make higher highs and higher lows.
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Trading: the skill of avoiding trades
  • #2,276
  • Edited 2:48pm Jun 24, 2009 2:24pm | Edited 2:48pm
5 years german bond completed a nice retracement to a powerfull PPZ + neckline after S-H-S.
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Trading: the skill of avoiding trades
  • #2,277
  • Jun 24, 2009 4:22pm Jun 24, 2009 4:22pm
For our foreign friends:

http://news.yahoo.com/s/ap/20090624/...d_cup_us_spain
  • #2,278
  • Jun 24, 2009 4:25pm Jun 24, 2009 4:25pm
Quoting Low
CW,

Any thoughts on managing an intervention trade?LOL.

I played the GBP/CHF 4H pin, not expecting this kind of action. It's up about 500 pips.

Great question. To be honest, this is what I do:

IF I happen to see it do this, the only thing you can do is move the stops up behind ".0000" numbers as they get cleared. When moves like this happen - it's kind of hard to play it wisely. So if you are still in it, tuck it in behind a round number......

It's about the only thing you can do when they are ripping apart S/R levels like that.

CW
  • #2,279
  • Jun 24, 2009 4:28pm Jun 24, 2009 4:28pm
Quoting ikki
Chris, Did you wait PA, or was a blind entry?

Thanks

Yes, kind of. I KNEW I wanted in at the 1.50 level or so. I think I used a 15 minute pinbar. Maybe 5.....

I know it's not the way I normally trade - but when CB's start stepping in, I get in behind them.

My stop was at 1.4980, so there was never that big of a risk to this trade.

CW
  • #2,280
  • Jun 24, 2009 4:40pm Jun 24, 2009 4:40pm
Quoting clockwork71
So if you are still in it, tuck it in behind a round number......

It's about the only thing you can do when they are ripping apart S/R levels like that.

CW
Thanks CW, consider it "tucked" at 1.7890. Sure do wish it had been the real account....
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