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Silent Service Method

  • #2,641
  • Jul 3, 2009 5:47pm Jul 3, 2009 5:47pm
...,

Quoting clockwork71
Actually, yes. I take those trades at times. I have a method I call "Box Trading", that I haven't really mentioned here. It's for range-bound markets. (Which most are, most of the time....)

A little different approach than we have been talking about. I would put some things up on it, but I am still trying to get this thread cleaned up as it is. lol

CW
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #2,642
  • Jul 3, 2009 6:07pm Jul 3, 2009 6:07pm
Anyone agree , To short NZDJPY?
Attached Image (click to enlarge)
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  • #2,643
  • Jul 3, 2009 6:56pm Jul 3, 2009 6:56pm
Quoting clockwork71
Blog updated. I was messing around with Camtasia 6.....

CW
This is exactly what I was asking for in the PF webinar. Thanks Chris.

It also looks and sounds very cool.
  • #2,644
  • Jul 3, 2009 7:29pm Jul 3, 2009 7:29pm
Quoting clockwork71
Actually, yes. I take those trades at times. I have a method I call "Box Trading", that I haven't really mentioned here. It's for range-bound markets. (Which most are, most of the time....)

A little different approach than we have been talking about. I would put some things up on it, but I am still trying to get this thread cleaned up as it is. lol

CW
We would all really apreciate it if you would care to further illustrate this different approach regarding ranging conditions...Thanks for everything else.
  • #2,645
  • Jul 3, 2009 7:37pm Jul 3, 2009 7:37pm
Quoting tazzam72
Anyone agree , To short NZDJPY?
tazzam i took a quick glimpse at your chart, the way I would play it is that I would wait, and observe what happens at the 60 mark as its obiously a strong S/R zone. if it breaks below i would wait for it to test for resistance and then I would short the break of that candle/bar. If the 60 mark holds then I would wait for price action to follow if I get a sign ill go long. But shorting it at 60 is abit dangerous for me cause you would also be going against the trend (in that chart) I didnt see the back ground.

My 2 cents
  • #2,646
  • Jul 3, 2009 8:40pm Jul 3, 2009 8:40pm
Agree with split_unit on nzdjpy.

Although macds and any other momentum indicator show "divergence" in consolidation, that is all it is, divergence. The trend is still up and a nice consolidation is a great basis for a continuation move.

The best basis would be if that consolidation broke a little to the downside, taking any stops that were tightened up below it, and adding all the "short the breakout" group --- and then went up like a sky rocket

That's why its a good idea to wait for the break, evaluate if its solid, then sell the return if it doesn't look like a sucker break.
  • #2,647
  • Jul 3, 2009 11:55pm Jul 3, 2009 11:55pm
Quoting SaepeExertus
I had $800 credited to my account before hitting the sack. When I returned the fallowing morning I was looking at a $300 debit.
i hope the $800 wasnt your whole account size, if so you may need some help in the risk management dep't
Grabbing the bull by the horns!
  • #2,648
  • Jul 4, 2009 2:08am Jul 4, 2009 2:08am
i saw somebody criticizing this thread..
come on..!just try to be little honest and fair...
below is usdcad chart..
if we traded this pair the way Cw teaching here that would have been almost %35 gain by the end of only 3 trades for somebody who risks %2 each trade...
one direction
daily chart
3 trades in 2 months
and %34 gain...
if you've got anything better than this ,go ahead and make your own thread..I'm already happy with what i'm in here...
seriously what are you talking about...?
Attached Image (click to enlarge)
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  • #2,649
  • Edited 4:42am Jul 4, 2009 2:23am | Edited 4:42am
Quoting SkyzerFX
Hello, I'm new to this thread, read about first 7 pages. Just don't understand, why would anyone care about weekly chart?
I don't ask why other traders care about, I just see they do when price comes to PPZ. If I would ask "why" I would need crystal balls and as cobra says "If I have crystal balls I would sit down very carefully".
Quote
We are pretty much day traders here ...
We are traders here which successfully could give up day trading and the stress which comes along with it. If I maintain my trades once or twice a day it is not called day trading, it is called life.
Quote
Do you really like to see back to 1970-1980 when $1 USD was worth 4 Swiss Franks? And now it's almost 1 to 1? In the next 2-4 years Dollar will never return to these levels again unless we got another stock market crash, which is less likely.
Of course are there levels which price will not return again easy but luckily there more PPZs to trade from.
Quote
So far I not lost a trade in EURUSD that's all I trade.. Main Idea is to SHORT the DOLLAR, -simple as that! SHORT any POP and don't take SL just add more short, if USD pops for 1-2 days.. Cat is dead.
$10k Account NO SL 1LOT trade averaging down (1 lot) on support areas
no loses. Look at the Dollar right now $1.3987.....
You forget to mention "Let's demo trade" because on life you will be pi**ing your pants and where you don't have an SL the wet pants make you close the trade manually. The equity difference resulting from it is called psychological gap. I have a slight anticipation that your missing MM will humbly bring you back to a level where you will post again like "...a year ago I busted a 10k life account but the first week with your method I have good success....". Having no SL assumes you have the attitude of "being right" and what this means you will see when you have to find out after the market told you its lessons.

So SkyzerFX if you have a method with suits you and makes profit for you then congrats and stick with your method but don't critisize others methods which you even did not fully unterstand yet.

stefx.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #2,650
  • Jul 4, 2009 3:02am Jul 4, 2009 3:02am
Quoting whitegoodman
i hope the $800 wasnt your whole account size, if so you may need some help in the risk management dep't
Not at all.
I opened a $3000 demo. Moved it to $3400. Now I’m down $300.
More important than that is the confidence level I have reached since I started fallowing CW plan.

Man does that sound strange or what..
Well I’m glad you finally asked for a clarification..

Before I came here every trade I placed was a winner. Unfortunately it never worked out that way. I had no clue as to why.
My confidence level was starting to waver.

After coming here (for what now ?couple weeks?) I knew those trades were very aggressive and needed close attention.
For me that is a huge huge difference.
Had I fallowed through with placing all stops according to plan the outcome would have been different.

Last and just as important to me is gaining the experience of placing trades you know are aggressive and seeing then turn against me and understanding why is a lesson that will last a life time.

I posted those results so other new traders taking time to read would get an idea trading in no man’s land can be a financial health hazard.

I’m risking 2%. That’s $60 x10=$600. I gave up $300 and change..that’s about 1%
I realize placing 10 trades is quiet aggressive as well.

That will straighten out as time passes and experience is gained.
As I see it there is no better time to learn than now….http://clicksmilies.com/s1106/sprach...smiley-026.gif
  • #2,651
  • Jul 4, 2009 4:32am Jul 4, 2009 4:32am
Quoting nomask
i saw somebody criticizing this thread..
come on..!just try to be little honest and fair...
below is usdcad chart..
if we traded this pair the way Cw teaching here that would have been almost %35 gain by the end of only 3 trades for somebody who risks %2 each trade...
one direction
daily chart
3 trades in 2 months
and %34 gain...
if you've got anything better than this ,go ahead and make your own thread..I'm already happy with what i'm in here...
seriously what are you talking about...?
If it was me I have apologized I was in denial about returns that are possible on a regular basis, while learning how to trade. Now I realise making any sort of positive % is the aim, then slowly try and increase that without overtrading or over optimizing, then add to the account when you see you are profitable.

CWs videos on J16 forum are some of the best on trading, very simple and clear. The weekly setup one will cut your time spent trying to figure out charts right down. I really like the CW's trading sideways market (box trading). As the market spends most of its time in this type of movement then you need to know how to trade in it. Will be reading this thread again from the start.
Economists have forecast 9 out of the last 5 recessions
  • #2,652
  • Jul 4, 2009 5:05am Jul 4, 2009 5:05am
Im in the process of moving from FXDD MT4 live account to OANDA, so I can access live trades from anywhere. The charting is not up to much though, so will probably use MT4, is thre a common broker used here for charting?
Economists have forecast 9 out of the last 5 recessions
  • #2,653
  • Jul 4, 2009 6:23am Jul 4, 2009 6:23am
Quoting markmm
Im in the process of moving from FXDD MT4 live account to OANDA, so I can access live trades from anywhere. The charting is not up to much though, so will probably use MT4, is thre a common broker used here for charting?

Generally speaking, I would say IBFX.
  • #2,654
  • Jul 4, 2009 6:32am Jul 4, 2009 6:32am
Quoting clockwork71
Generally speaking, I would say IBFX.
Ok thanks CW.
Economists have forecast 9 out of the last 5 recessions
  • #2,655
  • Jul 4, 2009 9:46am Jul 4, 2009 9:46am
Heres a chart to ponder:

A UK Stock - CSR, that I will look into Monday

First chart is zoomed out showing major areas that ive outlined.

Second chart, notice the past 2 days providing pin bars/hanging mans, with the last one on significantly more volume... also notice that the above zone is a nice round number, 400.
Attached Image(s) (click to enlarge)
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Grabbing the bull by the horns!
  • #2,656
  • Jul 4, 2009 10:24am Jul 4, 2009 10:24am
Quoting whitegoodman
Heres a chart to ponder:

A UK Stock - CSR, that I will look into Monday

First chart is zoomed out showing major areas that ive outlined.

Second chart, notice the past 2 days providing pin bars/hanging mans, with the last one on significantly more volume... also notice that the above zone is a nice round number, 400.

Good signs out exhaustion. Good eye on that chart. Hope it makes you a ton!
  • #2,657
  • Jul 4, 2009 10:51am Jul 4, 2009 10:51am
I know most of you don't do options.....but here's my take on the HPQ weekly chart that was posted earlier.

I am thinking of selling one of those two prices - probably the $40 Aug. calls. I get to keep the premium of $80 per contract if the price stays below $40.80 a share. If not, you can always get out. Also, you can get out before the expiration for a profit or loss.

I will probably sell 5 contracts. Remember: 80% of options expire worthless. This is why I tend to write options, not buy them.
Attached Image(s) (click to enlarge)
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  • #2,658
  • Jul 4, 2009 11:12am Jul 4, 2009 11:12am
I see the logic in trading lots of instruments not just forex pairs. If you want more potential setups then this is the way to do it, the only other way is move down to lower TF which is not an option for me due to work. I guess the more instruments the better, wondering though if there more capital required to get a live account for stocks etc?
Economists have forecast 9 out of the last 5 recessions
  • #2,659
  • Jul 4, 2009 11:44am Jul 4, 2009 11:44am
Quoting markmm
I see the logic in trading lots of instruments not just forex pairs. If you want more potential setups then this is the way to do it, the only other way is move down to lower TF which is not an option for me due to work. I guess the more instruments the better, wondering though if there more capital required to get a live account for stocks etc?
Typically, it does take a little more to trade stocks, but in the end - I believe it's worth it. I started with forex, and then moved on. But you are correct - the more instruments to trade, the more likely you are going ot find the best set ups.

CW
  • #2,660
  • Jul 4, 2009 2:10pm Jul 4, 2009 2:10pm
I'm just reading yet another forex book, I never stop, even though most of them are pure rubbish there is the odd one that holds a nugget of wisdom that stands out for me. Also I forget stuff, reading more books brings that knowledge back to me one more time and as time goes on more of it sticks. Before long I'll know about as much as I need to know but for the moment I'll keep trading this method, racking up the gains and reading a bit more to round off my education.

My point is about leverage. There are a few newer traders read this thread so if you want to know about leverage here's my take...

Forget it... completely... No really...

Leverage doesn't mean a damn thing. My broker offers 500:1 leverage and that is what my account is set at. A lot of people will shout out that that is crazy but consider this... I trade 0.01 which is the minimum lot size. That is equal to 7 British Pence per pip on GbpUsd and nearer 10p on EurGbp. Some pairs a nearer 6p and a few a bit less.

So, it doesn't matter what leverage I am using, all that determines is the amount of margin I need to open a position of a certain size. As I am using 7p a tick my 200 pip stop loss leaves me open to a 14 pound loss if I get stopped out. Given that my ideal is to only risk 1% of my account on any one trade I would need an account of 1400 pounds to risk that 0.01 position.

Leverage only really matters if you want to open a position way beyond 1% of your risk capital in any one trade. If your margin level is an issue before you open a trade you are trading too big an amount!

My advice is to use the largest leverage size on offer to you but work out how much you would need to risk PER PIP on whatever stop loss you use to keep your total risk below 1% of your account per trade.

I hope this helps someone who has read about leverage but who is not quite sure how to use it yet... The answer is don't!
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