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Silent Service Method

  • #2,481
  • Jul 1, 2009 7:58am Jul 1, 2009 7:58am
Quoting AnimalHungry
Chris - if you were in this GBPCAD short trade off the daily, would you move to BE at the 0.90 level or would you just move your stop maybe behind the left eye? I ask because it looks like it's with the weekly trend which would mean that we might want to give it more room to breathe.

Cheers
Simon
Personally, I am more comfortable with taking a potential loss than the average person, so I would let it breathe if at all possible.
  • #2,482
  • Jul 1, 2009 8:02am Jul 1, 2009 8:02am
Quoting jicjoc
I was just talking to a friend of mine who runs a hedge fund.
He was saying how 60 minute rsi on gold is so accurate.
And how support/resistance is like tossing a coin.
It couldnt be profitable...

What is going on?
Does anyone trade PPZ's like on here?

Most of these guys have no idea about technical analysis, but that's a good thing. Most traders, (including "Professionals") either buy or sell at a round number.....which is why those S/R areas exist. They lack imagination, and have no clue about what a chart says.

Also, as a side note - many of the pros are drug addicts, alcoholics, and divorced. (Read into it what you will.)

Anyone who was paying attention to the markets last year know how smart these people are. Meltdown caused by so many not paying attention, and taking tips and following their buddies.

I will stick to being profitable - let them talk about random RSI settings if they would like.

CW
  • #2,483
  • Jul 1, 2009 8:15am Jul 1, 2009 8:15am
Quoting clockwork71
Also, as a side note - many of the pros are drug addicts, alcoholics, and divorced...
Wheew, am I happy that I just need to be consistent and not a pro if it's necessary to be a drug addicted and divorced alcoholic.

stefx.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #2,484
  • Jul 1, 2009 9:00am Jul 1, 2009 9:00am
Did people take profit?
Im letting it run. 50 pips away from my stop now...
  • #2,485
  • Edited 9:23am Jul 1, 2009 9:12am | Edited 9:23am
Quoting clockwork71
I am currently watching this pair: (NZD/USD)
hi CW...isnt that .6700 level better to watch on nzdusd???
Attached Image (click to enlarge)
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  • #2,486
  • Jul 1, 2009 9:23am Jul 1, 2009 9:23am
earlier in this thread i mentioned about best use of 4 hr timeframe for me...
I got this pinbar at 1.6600 level on gbpusd which required for about 400 pips to place my sl..
Since i needed very large stop loss i would like to see some retracement and another price action on lower timeframe which is 4hr in this case to confirm my trade and also give me a better stop loss...
here are the charts...
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  • #2,487
  • Jul 1, 2009 9:33am Jul 1, 2009 9:33am
Quoting clockwork71
Take a look at this monthly AUD/USD chart. I know it seems extreme, but this is where the real money is made. Fortunes. Literally.

Let's get those brains nice and stretched out. I want to see your comments on this chart....
FWIW, here's my take on the AUD/USD. When you have a fast move up like we've had here I never know whether that indicates we're "due for a retrace" or whether you shouldn't bet against such a stong trend up?

A question: price was respecting the fib levels on the way down to the low in 2001. How does that work, since you couldn't draw a fib in yet because on the way down you hadn't hit the low yet?

Simon
Attached Image (click to enlarge)
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  • #2,488
  • Jul 1, 2009 9:38am Jul 1, 2009 9:38am
Got taken out of the GBP/CAD short by trailing stop for +60.

I forgot the TS' was set by default.

Some profit is better than none I guess.

I did want to let it run though.
  • #2,489
  • Jul 1, 2009 9:51am Jul 1, 2009 9:51am
Quoting Low
Got taken out of the GBP/CAD short by trailing stop for +60.

I forgot the TS' was set by default.

Some profit is better than none I guess.

I did want to let it run though.

Did u mean, you shorted GBP/CAD?
-happyTrading-myFx.
  • #2,490
  • Jul 1, 2009 10:04am Jul 1, 2009 10:04am
Quoting myfx
Did u mean, you shorted GBP/CAD?
Ye, I shorted at 1.9122, and another position at 1.9106.

I did the math wrong and actually got about 110 pips on both positions, this however was less than my original stoploss, making my R:R less than 1:1.

Before going to bed I moved the stops to BE, but forgot about the TSL.
  • #2,491
  • Jul 1, 2009 10:11am Jul 1, 2009 10:11am
Quoting Low
Ye, I shorted at 1.9122, and another position at 1.9106.

I did the math wrong and actually got about 110 pips on both positions, this however was less than my original stoploss, making my R:R less than 1:1.

Before going to bed I moved the stops to BE, but forgot about the TSL.

it happens man.....just have to move on......same story happened to me yesterday.....
-happyTrading-myFx.
  • #2,492
  • Jul 1, 2009 10:48am Jul 1, 2009 10:48am
EURUSD penetrated sr 1.41 to1.4167.
If it can close and consolidate above?
Next sr 1.43
Attached Image
  • #2,493
  • Jul 1, 2009 10:56am Jul 1, 2009 10:56am
Quoting SaepeExertus
EURUSD penetrated sr 1.41 to1.4167.
If it can close and consolidate above?
Next sr 1.43
Careful.
Big push up needed yet before it has broken through.
Looks like a nice 4 hour bearish pin...
  • #2,494
  • Jul 1, 2009 10:58am Jul 1, 2009 10:58am
Quoting Low
Got taken out of the GBP/CAD short by trailing stop for +60.

I forgot the TS' was set by default.

Some profit is better than none I guess.

I did want to let it run though.
i too started to use Oanda's TS when it was implemented live.. however i found that i'm better off and more profitable w/o it.
  • #2,495
  • Jul 1, 2009 11:02am Jul 1, 2009 11:02am
GBPCAD on H4 closed below sr at 1.9.
If it can consolidate below?
Next sr on my chart is 1.865
Attached Image
  • #2,496
  • Jul 1, 2009 11:08am Jul 1, 2009 11:08am
Quoting jicjoc
Careful.
Big push up needed yet before it has broken through.
Looks like a nice 4 hour bearish pin...
That’s ok. It was a very aggressive position.
I know CW frowns on this kind of action. Stops are working.
  • #2,497
  • Jul 1, 2009 12:35pm Jul 1, 2009 12:35pm
Quoting clockwork71
Take a look at this monthly AUD/USD chart. I know it seems extreme, but this is where the real money is made. Fortunes. Literally.
On the daily price is consolidating around 0.8. I would be looking for signals to go long if it stays above and if it breaks below 0.8 I would look for shorts.

Maybe we can expect a big move after this consolidation up to 0.85 or down to 0.73 again...

Quote
Let's get those brains nice and stretched out. I want to see your comments on this chart....

This is fun. Good education
Attached Image (click to enlarge)
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  • #2,498
  • Jul 1, 2009 12:38pm Jul 1, 2009 12:38pm
FREE Market Hours Monitor

This is a very very nice FREE Forex monitor.
I leave the always on top box unchecked.
It stays in your tool tray. Just click on it and it comes to front.
Click again or click anywhere on chart and it returns to tool tray.

In this picture the #13 shows that only the New York session is trading.

http://www.brothersoft.com/forex-mar...oad-49430.html
Attached Image
  • #2,499
  • Jul 1, 2009 12:56pm Jul 1, 2009 12:56pm
Read about this somewhere on this thread and i have been wondering what it is? I have tried to get information details to understand it better but no luck.Could someone please care to elaborate more on the 2-DAY PIN as i totally confused.

Thanks.
  • #2,500
  • Edited Jul 2, 2009 1:11am Jul 1, 2009 1:14pm | Edited Jul 2, 2009 1:11am
Quoting Danku
Read about this somewhere on this thread and i have been wondering what it is? I have tried to get information details to understand it better but no luck.Could someone please care to elaborate more on the 2-DAY PIN as i totally confused.
Thanks.
A 2 bar pin bar means that the open of the first bar and the close of the second bar are close together and aligned near the high or the low of the bars. You simply merge two bars, remove the close of the first and the open of the second, take the highest high and the lowest low and if this one resulting bar is a pinbar it is a 2 bar pinbar. It can occur on other timeframes too, not only the daily.

Attached Image


stefx.
10 x 100 = 100 x 10, stefx, retired scalper.
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