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Silent Service Method

  • #3,021
  • Jul 11, 2009 8:26am Jul 11, 2009 8:26am
Quoting SaepeExertus
EURCAD
The daily has an engulfing bar that engulfs 6 previous bars.

On my chart the closing bar is a bullish pin.
My weekly chart is up.
My position would be long.

ps: I have been trading for about 3 months and while my confidence level has improved quiet a bit this is just my observation. http://clicksmilies.com/s1106/fragen...smiley-013.gif

Also I have only 2 months of data on this and several other pairs.
For reasons unknown to me??
I agree, it didn't look so good by the close.
  • #3,022
  • Jul 11, 2009 8:32am Jul 11, 2009 8:32am
Quoting SaepeExertus
hel13rock

AUDCAD
The daily has closed above long term support.
I see 2 inside bars?.
The weekly is up.
I see no PA according to CW’s method.

I do not know how to interpret the 4 hour. There is a bear pin fallowed by an engulfing bar that engulfs the previous 2 bars within 2 pips.

Long? http://clicksmilies.com/s1106/fragen...smiley-013.gif
Again with this pair I have only a couple months data??
We obviously have different brokers as I have a pin from the 90 level which corresponds with a trendline albeit not too strong.

Also gold is holding and oil is falling.
  • #3,023
  • Jul 11, 2009 8:34am Jul 11, 2009 8:34am
Quoting SaepeExertus
hel13rock

I’ve been meaning to ask you.
Do you use the background grid in your charts as a tool?
No, I just prefer it on there. I think it helps me focus on the size of the candles better but it's not a conscious decision to have it on there, it's just the way I'm used to and I don't like it not being there.
  • #3,024
  • Jul 11, 2009 9:51am Jul 11, 2009 9:51am
Hey Chris,

Let me ask you something. I watched the latest video and it's another great one. I have the round number indicator that mbqb11 uses. Big round numbers, so for UJ it'd be 90, 95, 100, 105 etc. The lines/zones I plot on these charts often line up at exactly the same levels (just like the UJ in your video). Which is kindof what you'd expect in terms of orderflow. So, the question is, can you see a disadvantage in just using the big round numbers to look for price action. Doesn't that make things that little bit simpler?

I know. Many ways to skin a cat in forex. Just curious if you could see a disdvantage to it. The only one I can think of is that practising zones repeatedly needs to be done if you want to get good at other instruments. Which is why I still do it.
  • #3,025
  • Jul 11, 2009 10:19am Jul 11, 2009 10:19am
Quoting TiaForex
Hey Chris,

Let me ask you something. I watched the latest video and it's another great one. I have the round number indicator that mbqb11 uses. Big round numbers, so for UJ it'd be 90, 95, 100, 105 etc. The lines/zones I plot on these charts often line up at exactly the same levels (just like the UJ in your video). Which is kindof what you'd expect in terms of orderflow. So, the question is, can you see a disadvantage in just using the big round numbers to look for price action. Doesn't that make things that little bit simpler?

I know. Many ways...
Almost. There are times where I see other round numbers. If you look at USD.JPY you will see 88 and 91 seem to matter. BOJ maybe?

But in general, yes.....90% of the time it would work.
  • #3,026
  • Jul 11, 2009 10:27am Jul 11, 2009 10:27am
Another question...

When you did your weeks of plotting lines, did you just find a broker with 60 forex pairs or did you do stocks and futures as well.

One thing that is in my mind is to find a nice demo broker that does this, plot the lines on things I never trade then forget about it for a couple of months. Come back and see what would have happened.

I remember you mentioning a broker that carries all these exotics but I think it may have vanished in the PF clearout. Was it Broco?

My problem is confidence. I can see PPZs, plot em fairly easily, and have (barring a blip) been profitable. But I still feel unconfident and uncertain which results in my hesitating to pull the trigger. So I am really looking to do this for my mind and psych, if that makes any sense.
  • #3,027
  • Jul 11, 2009 10:47am Jul 11, 2009 10:47am
Hey Tiaforex,

I've been there I used to see PPZ everywhere. Look this is my Chart in AUD/USD. Sometimes the Round Number match with the levels other not.
And in the second chart you can see how the PA flips in those areas. Minibox, Break though resistence and becomes support.
When I have doubt if that level is a major PPZ or not. I down to lower timeframes and I see how the PA reacts in those areas. That could help you a lot.

IMHO.

tc,


Quoting TiaForex
Hey Chris,

Let me ask you something. I watched the latest video and it's another great one. I have the round number indicator that mbqb11 uses. Big round numbers, so for UJ it'd be 90, 95, 100, 105 etc. The lines/zones I plot on .................
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #3,028
  • Jul 11, 2009 10:55am Jul 11, 2009 10:55am
Quoting TiaForex
Another question...

When you did your weeks of plotting lines, did you just find a broker with 60 forex pairs or did you do stocks and futures as well.

One thing that is in my mind is to find a nice demo broker that does this, plot the lines on things I never trade then forget about it for a couple of months. Come back and see what would have happened.

I remember you mentioning a broker that carries all these exotics but I think it may have vanished in the PF clearout. Was it Broco?

My problem is confidence. I can see PPZs, plot em fairly...

The one I used was GFT. They have a ton of pairs. There is one called something like Gruppo 11 out of Italy that used to have a ton too. I don't know if they are still around.

I also used EVERY chart I could get. Corn, GBP/USD, IBM....whatever....

CW
  • #3,029
  • Jul 11, 2009 1:38pm Jul 11, 2009 1:38pm
I've just (in the last few weeks) gone through my s/r lines on all my charts. I'm happy enough with them now.

I just followed the instructions to the letter and any level that has been significant on a number of occasions in the past is included. I always put the line at the nearest round number which is never far away even though it doesn't always incorporate all of the historic PA at that level.

I'm aware of the fact that these lines aren't always going to hold exactly but I just can't get my head around zones and end up with something more akin to Dali. (Salvador Dali, surrealist painter)

I don't want to post loads of charts but I've done two in case it helps anyone.

There are some areas that are a bit congested and would be difficult to trade but I'm only interested in the very best signals so would probably just not take the trades if in doubt.
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  • #3,030
  • Jul 11, 2009 1:40pm Jul 11, 2009 1:40pm
Some really good pyscho babble here http://www.forex.uz/download/001-Emo...radingBook.pdf

You may find it useful and may not.
  • #3,031
  • Jul 11, 2009 1:51pm Jul 11, 2009 1:51pm
Someone might find this helpful.

It really needs fleshing out with the actual explanation of what is support and resistance and exactly what candlestick or bar patterns to look for (although I know someone posted a good looking chart of PA recently).

I know all the details so don't need to go over them for me but I appreciate that anybody else reading that would call it half a plan.

Also it is for daily candles as I am only really using them at the moment due to the hours I keep.

I find that having a printed copy of this with me helps with discipline and to focus my mind when I am checking the charts.
Attached File(s)
File Type: xml Trade Plan.xml   8 KB | 764 downloads
  • #3,032
  • Jul 11, 2009 1:54pm Jul 11, 2009 1:54pm
Quoting TiaForex
Hey Chris,

Let me ask you something. I watched the latest video and it's another great one. I have the round number indicator that mbqb11 uses. Big round numbers, so for UJ it'd be 90, 95, 100, 105 etc. The lines/zones I plot on these charts often line up at exactly the same levels (just like the UJ in your video). Which is kindof what you'd expect in terms of orderflow. So, the question is, can you see a disadvantage in just using the big round numbers to look for price action. Doesn't that make things that little bit simpler?

I know. Many...
I have that setup on my charts also, the grid indicator which shows a horizontal line every n pips (Ive set it to 500 pips). I also worried that I would be skipping S/R lines using this method, however if you do a quick scan of the chart you could remove/add any obvious ones.
I hear and I forget. I see and I remember. I do and I understand.
  • #3,033
  • Jul 11, 2009 5:19pm Jul 11, 2009 5:19pm
Quoting hel13rock
Someone might find this helpful.

It really needs fleshing out with the actual explanation of what is support and resistance and exactly what candlestick or bar patterns to look for (although I know someone posted a good looking chart of PA recently).

I know all the details so don't need to go over them for me but I appreciate that anybody else reading that would call it half a plan.

Also it is for daily candles as I am only really using them at the moment due to the hours I keep.

I find that having a printed copy of this with me helps with...
Thanks for this hel13rock. I read it and its great. The key is in simplicity and thats just how you wrote it. Good job.
  • #3,034
  • Jul 11, 2009 5:44pm Jul 11, 2009 5:44pm
An interesting chart that caught my eye. Any comments would be welcome.
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  • #3,035
  • Jul 11, 2009 7:41pm Jul 11, 2009 7:41pm
Hey very good

1) Never check the trades intraday. Only ever check the charts once per day as near as possible to the end of the daily candle.


Does this go for trades that are currently open or for entries?




VB,
  • #3,036
  • Jul 11, 2009 7:45pm Jul 11, 2009 7:45pm
I wasn't sure how relevant this would be to this method, but assuming your following with the S/R and you spot a price pattern you could act on it in accordance with the price pattern.

For a long time I tried to find something like this, and it wasn't until I bought Pring on Price Patterns that I actually found this, I took the liberty of scanning it so that I don't have to go back to the book all the time.

Cheers,

VB,
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  • #3,037
  • Jul 11, 2009 7:48pm Jul 11, 2009 7:48pm
Quoting VitaminBeer
Hey very good

1) Never check the trades intraday. Only ever check the charts once per day as near as possible to the end of the daily candle.


Does this go for trades that are currently open or for entries?




VB,
I didnt understand you, If your talking about the chart I posted then yeah you can enter, this is the current price of that stock. But I wouldnt enter just yet. That was a weekly chart so...''if'' I were to enter I would wait for that bar to break to the upside and I would go long above it.
  • #3,038
  • Jul 11, 2009 7:50pm Jul 11, 2009 7:50pm
Quoting VitaminBeer
I wasn't sure how relevant this would be to this method, but assuming your following with the S/R and you spot a price pattern you could act on it in accordance with the price pattern.

For a long time I tried to find something like this, and it wasn't until I bought Pring on Price Patterns that I actually found this, I took the liberty of scanning it so that I don't have to go back to the book all the time.

Cheers,

VB,
Nice
  • #3,039
  • Jul 11, 2009 8:06pm Jul 11, 2009 8:06pm
it's 3 am sunday morning and i am looking for setups

what about adidas? fib retracement, support, round number, ...
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meine augen sind die sterne
  • #3,040
  • Jul 11, 2009 8:22pm Jul 11, 2009 8:22pm
Quoting split_unit
I didnt understand you, If your talking about the chart I posted then yeah you can enter, this is the current price of that stock. But I wouldnt enter just yet. That was a weekly chart so...''if'' I were to enter I would wait for that bar to break to the upside and I would go long above it.
So sorry mate, my question was directed to hel13rock
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