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Silent Service Method

  • #3,101
  • Jul 13, 2009 3:41pm Jul 13, 2009 3:41pm
Quoting stefx
I perceived it same as you at the weekend and placed a sell stop below the pin bar. Two pinbars at a resistance level confluenced with a trendline and 61.8 fib. At the daily chart the to PBs are a double top. Enough for me to take but a chart is not always a WYSIWYG editor so let's see what I get.

Attachment

stefx.

I talked myself out of the trade.....wishing I hadn't.
  • #3,102
  • Jul 13, 2009 3:46pm Jul 13, 2009 3:46pm
Is this potential pin-bar good for a buy. With the trend and off a major pivot line?
Or is the market 'too sideways' for it to be of interest?
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 29 KB
Never did get the hang of flossing.
  • #3,103
  • Jul 13, 2009 4:20pm Jul 13, 2009 4:20pm
eurnzd: considering short @2.2055
Like the close below 2.213
Move to BE @2.19
TP @2.1605

PS: euraud similar setup, but not that clear.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurnzd_d.gif Size: 26 KB
Click to Enlarge Name: eurnzd_det.gif Size: 20 KB
Trading: the skill of avoiding trades
  • #3,104
  • Jul 13, 2009 4:28pm Jul 13, 2009 4:28pm
Quoting pipmuncher
If you experienced traders were in a similar position which four pairs would you trade that would offer the most diversity?
Thanks for any suggestions.
I am not an experienced trader, but I'll give you my 2 pips.

If you do as CW suggests at the beginning of the thread, and draw weekly SR zones on as many instruments as you have access to, you will instantly notice that price is nowhere near any of the zones on most of your charts. You will also notice that it is approaching a zone on some of them. Then all you need to do is watch these once they are in a zone, and look for PA to give you an entry.

Weekly SR quickly eliminates all of the things you shouldn't be trading, and I can usually scan through about 40-50 charts in just a few minutes, and scribble down the ones I want to watch on a piece of paper. After that it's just waiting.

It's amazing because something is always close to an opportunity, but most are not even worth paying attention to, so there is plenty of chances to find great trades, without trying to trade an instrument that is not giving obvious signals, because "it's one of four pairs that give a lot of diversity".

Also, you can take all the time you want to draw these zones, because even if you miss a great set-up, there is another on on the way sooner or later.

As a disclaimer, this thread has taken me from consistently losing, to consistently breaking even, so I am still doing stupid things that cost me money, but this is still an improvement.

Happy trading
  • #3,105
  • Jul 13, 2009 4:30pm Jul 13, 2009 4:30pm
Quoting Low
I am not an experienced trader, but I'll give you my 2 pips.

If you do as CW suggests at the beginning of the thread, and draw weekly SR zones on as many instruments as you have access to, you will instantly notice that price is nowhere near any of the zones on most of your charts. You will also notice that it is approaching a zone on some of them. Then all you need to do is watch these once they are in a zone, and look for PA to give you an entry.

Weekly SR quickly eliminates all of the things you shouldn't be trading, and I can usually scan...

Great post. I loved the ending!

CW
  • #3,106
  • Jul 13, 2009 4:31pm Jul 13, 2009 4:31pm
Quoting pipmuncher
Is this potential pin-bar good for a buy. With the trend and off a major pivot line?
Or is the market 'too sideways' for it to be of interest?

IF it breaks long, I would think it should continue to consolidate between the two lines. In fact - you could think of it as one thick area.

CW
  • #3,107
  • Jul 13, 2009 4:32pm Jul 13, 2009 4:32pm
Quoting VitaminBeer
Alright well I thought I would share what I think of the E/U

If I am even half right it will be good

I am anticipating a bearish movement outside of this right angled triangle top
It has failed to hold above the 1.4 area and it has touched the 50% retracement a few times and been rejected, there was previously a head and shoulder formation which is still yet to be completed (if it does)

So I will be waiting for some bearish PA on the 4 Hour chart from here on and wait and see what happens, this to me looks like a reversal point.

However, that...
The more conservative move would be to let it break down, wait for a pullback - then short it. I am not telling you what to do - just pointing out another way to play this pair.

CW
  • #3,108
  • Jul 13, 2009 6:18pm Jul 13, 2009 6:18pm
Any of you profitable guys (and girls) like the look of this EUR/GBP?

http://i26.tinypic.com/2uh4pk8.png

http://i31.tinypic.com/15d2qef.png
  • #3,109
  • Jul 13, 2009 6:47pm Jul 13, 2009 6:47pm
PS,

I am aware that a weekly candle doesn't mean jack on a Monday.
  • #3,110
  • Jul 13, 2009 7:47pm Jul 13, 2009 7:47pm
Quoting Low
Any of you profitable guys (and girls) like the look of this EUR/GBP?

http://i26.tinypic.com/2uh4pk8.png

http://i31.tinypic.com/15d2qef.png

The daily looks like it could go down. But the action leading up to it is a slow grind upwards. I am not a fan of these trades as it more often than not leads to consolidation in my experience.

CW
  • #3,111
  • Jul 13, 2009 7:54pm Jul 13, 2009 7:54pm
It seems the bulls and the bears are on vacation...but am sure one of em will be back soon. I'd rather wait then guess who gonna be back first.

Am bored...maybe I should go on a vacation too. Or start playing MGS4 since i have been saving it for a boring day like this one ^_^
  • #3,112
  • Jul 13, 2009 7:56pm Jul 13, 2009 7:56pm
Quoting split_unit
It seems the bulls and the bears are on vacation...but am sure one of em will be back soon. I'd rather wait then guess who gonna be back first.

Am bored...maybe I should go on a vacation too. Or start playing MGS4 since i have been saving it for a boring day like this one ^_^

Or Call Of Duty 4 like I have been doing between videos today!

CW
  • #3,113
  • Jul 13, 2009 7:57pm Jul 13, 2009 7:57pm
I want to thank all of you who have emailed me about my next step. I am recording and looking into it right now.

I have been overwhelmed by the response. I've only been flamed once, and that was basically a Brit taking the piss......

CW
  • #3,114
  • Jul 13, 2009 8:00pm Jul 13, 2009 8:00pm
I didn't really trade today. I was busy recording videos on S/R, etc.

However, I did see what happened in NY. Stock market goes up, there is normally follow through. This is the main reason I started trading in Asia as well.

I cannot always catch the move in the U.S., but it gives me a big enough heads up on what could happen in Hong Kong. There are a million ways to do this, and this is only one of them.

We had strength all around today at the NYSE, so I figure the Hang Seng should go up as well. Currently the futures are pointing that way.....now I look through charts and find a good stock to buy tonight.

CW
  • #3,115
  • Jul 13, 2009 8:09pm Jul 13, 2009 8:09pm
Quoting clockwork71
I want to thank all of you who have emailed me about my next step. I am recording and looking into it right now.

I have been overwhelmed by the response. I've only been flamed once, and that was basically a Brit taking the piss......

CW
in the uk we like to call it irony but we sometimes forget that our colonial cousins don't always share our sense of humour .
  • #3,116
  • Jul 13, 2009 8:10pm Jul 13, 2009 8:10pm
Quoting PeterFM
in the uk we like to call it irony but we sometimes forget that our colonial cousins don't always share our sense of humour .

Shouldn't those two fingers be facing the other way? lol
  • #3,117
  • Jul 13, 2009 8:15pm Jul 13, 2009 8:15pm
Quoting clockwork71
I didn't really trade today. I was busy recording videos on S/R, etc.

However, I did see what happened in NY. Stock market goes up, there is normally follow through. This is the main reason I started trading in Asia as well.

I cannot always catch the move in the U.S., but it gives me a big enough heads up on what could happen in Hong Kong. There are a million ways to do this, and this is only one of them.

We had strength all around today at the NYSE, so I figure the Hang Seng should go up as well. Currently the futures are pointing...
CW how do you pick stocks that you want to analyze is there a specific criteria that you follow like do you check what moved the most in terms of price percentage or volume percentage? or do do you check a specific site or something? I am asking this cause I guess its not that easy picking stocks out of Hong Kong .(at least not for me)

I am asking this since am not very familiar with picking stocks outside my own region...
  • #3,118
  • Jul 13, 2009 8:16pm Jul 13, 2009 8:16pm
Quoting clockwork71
Or Call Of Duty 4 like I have been doing between videos today!

CW
You have to give me your username so I can whip your ass on multiplayer....
  • #3,119
  • Jul 13, 2009 8:17pm Jul 13, 2009 8:17pm
Quoting clockwork71
Shouldn't those two fingers be facing the other way? lol
Not to someone as respected as you
  • #3,120
  • Jul 13, 2009 8:59pm Jul 13, 2009 8:59pm
Quoting split_unit
CW how do you pick stocks that you want to analyze is there a specific criteria that you follow like do you check what moved the most in terms of price percentage or volume percentage? or do do you check a specific site or something? I am asking this cause I guess its not that easy picking stocks out of Hong Kong .(at least not for me)

I am asking this since am not very familiar with picking stocks outside my own region...

Simple, I just stick to the major index. I float through 40-odd charts, and leave it at that.....

I have no idea what I am trading most of the time to be honest. lol
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