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Silent Service Method

  • #2,981
  • Jul 10, 2009 11:21am Jul 10, 2009 11:21am
Quoting tac
I see people using both bar and candle patterns here. I have studied both from Pring and Nison. I find for this method maybe candles would be more visually informative (I know they show the same data but candles emphasise the open/close range). Given that we are just looking for prices reaction at the level, rather than "A pin bar which has its close inside the previous bar...".

I suppose its what you are use to using at the end of the day.

Truthfully, I can switch between the two - back and forth. I think once you trade long enough....it doesn't really matter.

CW
  • #2,982
  • Jul 10, 2009 11:58am Jul 10, 2009 11:58am
EURGBP
There is an interesting formation on daily support at .8500
On the H4 there is an engulfing bar taking in the previous 3 bars..
Attached Images
  • #2,983
  • Jul 10, 2009 11:59am Jul 10, 2009 11:59am
hi cw:

any insight what's going on with AIG today?
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  • #2,984
  • Jul 10, 2009 12:24pm Jul 10, 2009 12:24pm
Quoting billye
hi cw:

any insight what's going on with AIG today?

News driven drama. Something about pay bonuses coming up.
  • #2,985
  • Jul 10, 2009 12:36pm Jul 10, 2009 12:36pm
Quoting clockwork71
News driven drama. Something about pay bonuses coming up.
see...
I remember bonus and bank profit news in Q1 was what pushed finan. sector up then brought up overall market...

em...
  • #2,986
  • Jul 10, 2009 1:01pm Jul 10, 2009 1:01pm
Quoting billye
see...
I remember bonus and bank profit news in Q1 was what pushed finan. sector up then brought up overall market...

em...
My future tax dollars at work......
  • #2,987
  • Jul 10, 2009 1:02pm Jul 10, 2009 1:02pm
double-post.
  • #2,988
  • Jul 10, 2009 1:31pm Jul 10, 2009 1:31pm
Fibonacci Retracement

If you like you can display the price at each level.
1: open Fib properties.
2: Click on Fibo levels
3: Under Description and on each level
Type _%$ as indicated in picture.
that’s it.
Attached Image
  • #2,989
  • Jul 10, 2009 3:38pm Jul 10, 2009 3:38pm
Eurcad short not looking quite as good now. Audcad interesting too though. I'm not sure the PA is quite clear enough on either of these to be confident enough to take a trade. I might take one of them but not both.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurcad short.gif Size: 32 KB
Click to Enlarge Name: audcad long.gif Size: 29 KB
  • #2,990
  • Jul 10, 2009 3:44pm Jul 10, 2009 3:44pm
Quoting SaepeExertus
Fibonacci Retracement

If you like you can display the price at each level.
1: open Fib properties.
2: Click on Fibo levels
3: Under Description and on each level
Type _%$ as indicated in picture.
that’s it.
That's very clever. Thanks for the info.
  • #2,991
  • Jul 10, 2009 3:45pm Jul 10, 2009 3:45pm
My gbpchf long got triggered today too and still looks like a good trade. Glad I got a better price though.

Anyone else got any interesting trades on?
  • #2,992
  • Jul 10, 2009 4:06pm Jul 10, 2009 4:06pm
Quoting hel13rock
My gbpchf long got triggered today too and still looks like a good trade. Glad I got a better price though.

Anyone else got any interesting trades on?
As a general rule, I don't take on new positions on Friday. However, I am still short MSFT and PM.

I took profits on HPQ.
  • #2,993
  • Jul 10, 2009 4:08pm Jul 10, 2009 4:08pm
Has anybody had any experience with a company called bet on markets at http://www.betonmarkets.com ?

You can place bets with a number of different parameters.

I have an account I set up with them ages ago and forgot about. It's got some money in there that they gave me as a sign up bonus (don't know if they still do it?)

Just having a look around, I placed a bet that eurgbp would be below 0.86 in 7 days time. It cost me £5.89 to win £10 if I'm right. I believe I can cash in the bet during that time if goes in my direction.

Am I right in thinking that this is a simplified version of options trading?

Does this have any benefits to me as a spot forex trader, for hedging maybe?

I'd be interested if anybody had any informed opinion or information about this company or this type of trading/betting on forex/indicies/whatever.
  • #2,994
  • Jul 10, 2009 4:13pm Jul 10, 2009 4:13pm
Quoting clockwork71
As a general rule, I don't take on new positions on Friday. However, I am still short MSFT and PM.

I took profits on HPQ.
Hi CW, I took the audcad trade as it looks good for a few hundred pips. Fibonacci and fundamentals backs it up.

I've been only taking trades near to the candle close of the daily recently as I have a tendency to meddle with trades if I look intraday. My new golden rule is to only check the charts once a day and to only enter trades as near as possible to the end of the daily candle.

I thought with the longer term trades the weekend wouldn't make too much difference? I suppose a lot of shorter term traders closing positions for the weekend would skew the Friday candle to give misleading signals?
  • #2,995
  • Jul 10, 2009 4:20pm Jul 10, 2009 4:20pm
Quoting hel13rock
Hi CW, I took the audcad trade as it looks good for a few hundred pips. Fibonacci and fundamentals backs it up.

I've been only taking trades near to the candle close of the daily recently as I have a tendency to meddle with trades if I look intraday. My new golden rule is to only check the charts once a day and to only enter trades as near as possible to the end of the daily candle.

I thought with the longer term trades the weekend wouldn't make too much difference? I suppose a lot of shorter term traders closing positions for the weekend would...
Yeah, you are correct. I will take positions on pairs or stocks if it's at a prime spot....(AAA+ type set up.) But to be honest, I think not taking new trades is more of a throw back to when I traded shorter time frames.

I guess that's about it to be honest.


CW
  • #2,996
  • Jul 10, 2009 4:21pm Jul 10, 2009 4:21pm
Quoting hel13rock
Has anybody had any experience with a company called bet on markets at http://www.betonmarkets.com ?

You can place bets with a number of different parameters.

I have an account I set up with them ages ago and forgot about. It's got some money in there that they gave me as a sign up bonus (don't know if they still do it?)

Just having a look around, I placed a bet that eurgbp would be below 0.86 in 7 days time. It cost me £5.89 to win £10 if I'm right. I believe I can cash in the bet during that time if goes in my direction.

Am...

Don't know it to be honest. I would guess it's some kind of binary option? The only options I know about are the ones for FX @ ISE.
  • #2,997
  • Jul 10, 2009 4:30pm Jul 10, 2009 4:30pm
Quoting clockwork71
Don't know it to be honest. I would guess it's some kind of binary option? The only options I know about are the ones for FX @ ISE.
I think that's the terminology actually.

You can bet on whatever you like though and they will give you a price for it, so eurgbp to be below 0.9 would probably cost you £9 to win £10 and for it to be above 0.9 would only cost you £1 to win £10 if you were right.

So basically they are just working out the odds and presenting it to you in a format that isn't immediately obvious that they're giving you terrible odds on your bet.

If I am right and you can close your bet early to realise a profit, in other words sell the bet back to them earlier than the expiry then it could be not a bad idea to use these. I think eurgbp is definitely going to trade lower than 0.86 at some stage during the next week which would mean I might be able to close the bet I paid £5.89 for at £8 or £9 giving me a £2 or £3 profit for minimal risk.

I'm intrigued but not totally sold.
  • #2,998
  • Jul 10, 2009 4:46pm Jul 10, 2009 4:46pm
I must be doing something right....I did not take a single trade this whole week.
  • #2,999
  • Jul 10, 2009 4:52pm Jul 10, 2009 4:52pm
Forex Factory have added a great feature where you can add to your favorites/bookmarks a link to the latest post of a thread (i.e. dynamic bookmark). Its at the top of the page (see below). Good for keeping abreast of long threads.
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Click to Enlarge Name: 2009-07-10_2250.png Size: 35 KB
I hear and I forget. I see and I remember. I do and I understand.
  • #3,000
  • Jul 10, 2009 4:56pm Jul 10, 2009 4:56pm
Quoting Low
I must be doing something right....I did not take a single trade this whole week.
Sorry to break it to you but you're going to actually have to open a trade to make any money

I commend your patience though. Less is definitely more. Something I am just beginning to learn.
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