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Silent Service Method

  • #2,581
  • Jul 2, 2009 11:32pm Jul 2, 2009 11:32pm
CW have I got these pin patterns correct?
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  • #2,582
  • Jul 3, 2009 12:18am Jul 3, 2009 12:18am
Quoting Jduester
Drebin,
This isn't meant to offend you. Just a tip that someone gave me and I want to pass on.
This is an awesome freakin' post.
  • #2,583
  • Jul 3, 2009 2:33am Jul 3, 2009 2:33am
Hi Traders,

AUD/USD starting to show the sign.......it is testing 0.8000......i am glued to that pair......
-happyTrading-myFx.
  • #2,584
  • Jul 3, 2009 3:09am Jul 3, 2009 3:09am
http://i44.tinypic.com/j93ul5.png
  • #2,585
  • Jul 3, 2009 4:18am Jul 3, 2009 4:18am
How you guys trade on Fridays? You guys let it run? or close the trade (Whether possitive or negative) at the end of the day?

I don't really enter into any new position on Friday.........but today i have a running trade with negative pips (unfortunatly), wandering what to do especially with this method......

-happyTrading-
-happyTrading-myFx.
  • #2,586
  • Jul 3, 2009 4:45am Jul 3, 2009 4:45am
Quoting Low
http://i44.tinypic.com/j93ul5.png
1.6428?
I dont have that line.
Does it seem of any significance?
Would you place a trade off it?
  • #2,587
  • Jul 3, 2009 4:49am Jul 3, 2009 4:49am
Quoting SaepeExertus
CW have I got these pin patterns correct?
That all just looks a mess to me. Personally I would much rather use candlestick charts. Try it out, you may like the difference. I suppose it's a personal thing.
  • #2,588
  • Jul 3, 2009 4:53am Jul 3, 2009 4:53am
Quoting myfx
How you guys trade on Fridays? You guys let it run? or close the trade (Whether possitive or negative) at the end of the day?

I don't really enter into any new position on Friday.........but today i have a running trade with negative pips (unfortunatly), wandering what to do especially with this method......

-happyTrading-
Let it run, I've had trades that have been open for weeks. One important note to watch though is the swap. If you're trading a pair that has a negative swap and it's not doing much you can run up a big bill your trade may not ultimately cover if it does go down.

If you're trading within your means (ie sensible position size as we discussed the other day) then you should be fine but worth mentioning.
  • #2,589
  • Jul 3, 2009 4:58am Jul 3, 2009 4:58am
Nzdusd -
Sold at top red line. Closed at bottom red line.

Pending buy order at green line that was missed by a fraction of a pip. If it had been caught, it would be up 1% by now.
Ah well... 4.1% locked in so far this week, with GU up 250pips and EG in profit also, not included in that.

I've seen a strange strange thing this week.
GU goes down then holds. EU goes down like a stone. And still EG goes down.

All cause EG was at 0.86. PPZ's are king. BEOBs, pins are like Moving averages or any other kind of indicator. They are after the fact and only tell you where price was.

Anyway, thats off topic and not relevant.

I never thought id be saying this but i think its time to move on.
Thanks Chris for all your help...
John
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  • #2,590
  • Jul 3, 2009 5:01am Jul 3, 2009 5:01am
CW, this may sound a stupid question as I've been trading this method for a few months now but I've been rejigging my s/r lines.

I know that I am looking for areas of major s/r on the weekly chart but am I better off only using levels that have caused complete trend reversals or are swing high and lows within a trend valid points too?

The first way would give me less zones but better trades and the second way would get me into less reliable trades but more of them which wouldn't necessarily be bad as risk/reward would kick in.

I think I may have just answered my own question, maybe you can give me some much needed clarity?
  • #2,591
  • Jul 3, 2009 5:12am Jul 3, 2009 5:12am
Quoting jicjoc
I've seen a strange strange thing this week.
GU goes down then holds. EU goes down like a stone. And still EG goes down.

All cause EG was at 0.86. PPZ's are king. BEOBs, pins are like Moving averages or any other kind of indicator. They are after the fact and only tell you where price was.
Erm, if gbpusd goes down less than eurusd then I would expect eurgbp to go down. Think about it...

A pin or any other PA is just that, price ACTION, it tells you where the price was but also where price (or rather the herd of traders trading it) didn't want to go.

Of course you are right to say it's old information but it works in conjunction with ppz's because it shows you where price tried to go but couldn't and usually (not always) signifies a reversal of market direction. The ppz gives you the reason why (pyschology, hedgers, central bank intervention (like eurchf the other day) or whatever else) and the pin or other PA gives you confirmation of the ppz holding or otherwise.
  • #2,592
  • Jul 3, 2009 5:19am Jul 3, 2009 5:19am
Quoting hel13rock
Let it run, I've had trades that have been open for weeks. One important note to watch though is the swap. If you're trading a pair that has a negative swap and it's not doing much you can run up a big bill your trade may not ultimately cover if it does go down.

If you're trading within your means (ie sensible position size as we discussed the other day) then you should be fine but worth mentioning.

Thank you Man....your insight always appreciated....yes, i already set SL....i am going to let it run....hope it will end up with some good +pips...

-happyTrading-
-happyTrading-myFx.
  • #2,593
  • Jul 3, 2009 5:28am Jul 3, 2009 5:28am
Quoting myfx
Thank you Man....your insight always appreciated....yes, i already set SL....i am going to let it run....hope it will end up with some good +pips...

-happyTrading-
So do I! What are you trading?
  • #2,594
  • Jul 3, 2009 5:44am Jul 3, 2009 5:44am
Quoting hel13rock
So do I! What are you trading?

I am shorting AUD/USD......as CW pointed out 0.8000 seems to be strong s/r level.
-happyTrading-myFx.
  • #2,595
  • Jul 3, 2009 5:45am Jul 3, 2009 5:45am
Quoting SaepeExertus
CW have I got these pin patterns correct?
This is a pretty good chart of the PA available to us. (There was a problem with the '2 bar bull pin' - the first bar must open near the top and close near the open of the second bar...)

However, I must say that I don't use most of these on a regular basis. I generally only use a regular pinbar (rarely combining bars), BEOB/BUOB, and double inside bars (where you have an inside bar followed by a bar inside of that).

Another interesting note - many of your two-bar high/low patterns are also 2-bar pinbars... take a look.

Anyway, if you fix that 2 bar bull pin chart (green dot), then the chart as a whole is a great tool!

Josh
  • #2,596
  • Jul 3, 2009 5:50am Jul 3, 2009 5:50am
Quoting myfx
I am shorting AUD/USD......as CW pointed out 0.8000 seems to be strong s/r level.
Looks ok on the 4 hr but go to the daily chart, zoom it out a couple and draw an upwards trendline along the bottom of the candles/bars. That's what you're trading against.

My point is I'd want to see more confirmation of the start of the downtrend. It doesn't mean I think you're wrong, just premature. That trendline isn't that strong either but it's definitely in an uptrend and 0.8000 is going to either reverse the trend or it isn't but nothing at the moment is telling me either way.
  • #2,597
  • Jul 3, 2009 5:59am Jul 3, 2009 5:59am
Quoting hel13rock
Looks ok on the 4 hr but go to the daily chart, zoom it out a couple and draw an upwards trendline along the bottom of the candles/bars. That's what you're trading against.

My point is I'd want to see more confirmation of the start of the downtrend. It doesn't mean I think you're wrong, just premature. That trendline isn't that strong either but it's definitely in an uptrend and 0.8000 is going to either reverse the trend or it isn't but nothing at the moment is telling me either way.

Thank you man....I guess, i overlooked Daily chart....thanks
-happyTrading-myFx.
  • #2,598
  • Jul 3, 2009 6:03am Jul 3, 2009 6:03am
Quoting myfx
Thank you man....I guess, i overlooked Daily chart....thanks
No worries, don't worry about it too much at the moment but don't have your stop loss much above 0.8000. It'll either go your way and break below that trendline or it'll stop you out for not too much and you'll have had a VERY GOOD LEARNING EXPERIENCE. (if not such a good trading one)
  • #2,599
  • Jul 3, 2009 6:08am Jul 3, 2009 6:08am
Eurostock50
Interesting moment arround 2350, which is a PPZ and neckline.

Waiting for a retracement if it breakes down.
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Trading: the skill of avoiding trades
  • #2,600
  • Jul 3, 2009 6:10am Jul 3, 2009 6:10am
Quoting hel13rock
No worries, don't worry about it too much at the moment but don't have your stop loss much above 0.8000. It'll either go your way and break below that trendline or it'll stop you out for not too much and you'll have had a VERY GOOD LEARNING EXPERIENCE. (if not such a good trading one)

thanks for reminding me Man........yep,...i am still learning this method.....these good experiences
-happyTrading-myFx.
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