Silent Service Method | Page 162 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Silent room 2 replies

Silent Success of Patience 10 replies

My silent journal 4 replies

bo7a method... method for GBP/JPY 205 replies

Seeing Through the Silent Crash 4 replies

Attachments: Silent Service Method
Exit Attachments

Silent Service Method

  • #3,221
  • Jul 15, 2009 1:31pm Jul 15, 2009 1:31pm
Quoting hel13rock
I like that... There are only a few people who expose their trading to public view. Most notably whitegoodman, his posts make sense and he is honest. I might look into putting my trading account online. It's a big step as it forces you to practice what you preach but if you are talking rubbish online you'll soon be exposed.
I don't preach something, just write down what I do, good or bad. It supports my analysis when I am required to write down reasons why I think of trading a particular instrument.

Its also a place for me to summarise with something like:

For me to remember:
THIS METHOD TELLS EXACTLY WHY THE STOP IS WHERE IT IS SO THERE IS ABSOLUTELY NO REASON TO INCREASE THE LOSS
CHANGING THE ORIGINAL PLAN AND INCREASING THE LOSS WILL BRING ME IN A BAD POSITION FOR MANAGING OTHERWISE GOOD FOLLOWING TRADES

stefx.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #3,222
  • Jul 15, 2009 1:38pm Jul 15, 2009 1:38pm
Quoting hel13rock
Well done anyone who took the eurcad short. I left it as it looked a bit messy but hindsight makes me wrong! It's always a good thing to be wrong as you can learn so much from it!
Got a handful pips, lets see maybe it can bring two hands full .

Don't worry, a trade you didn't take is at least one you surely don't need to recover from.

stefx.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #3,223
  • Jul 15, 2009 2:02pm Jul 15, 2009 2:02pm
Hello Traders,

Hope you all are having some good pips.....I was not able to post in this thread for last few days. FF people had to solve the issue.

I made some good pips with USD/CAD....now watching USD/JPY...any thought on this pair?

-happyTrading-
-happyTrading-myFx.
  • #3,224
  • Jul 15, 2009 2:20pm Jul 15, 2009 2:20pm
Quoting myfx
....now watching USD/JPY...any thought on this pair?

-happyTrading-
I'm watching this one too. hoping for a nice rejection of 94.50. We'll see if she gives us an opportunity.
  • #3,225
  • Jul 15, 2009 2:27pm Jul 15, 2009 2:27pm
Quoting Low
I'm watching this one too. hoping for a nice rejection of 94.50. We'll see if she gives us an opportunity.
I guess, it may go up and test 95 level.......
-happyTrading-myFx.
  • #3,226
  • Jul 15, 2009 2:59pm Jul 15, 2009 2:59pm
I sampled a quick graph showing my vision of time and I clearly can separate time from timing although there is no timing without time and no time without timing. I don't know if and how I can put a picture to the blog comment, so I placed it here.

I agree with chris that time is not important but timing all the more because the timing points are set by patience, fear and greed.

Attached Image (click to enlarge)
Click to Enlarge Name: time.png Size: 14 KB


stefx.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #3,227
  • Jul 15, 2009 3:03pm Jul 15, 2009 3:03pm
I personally agree with the answer of "It seems undecided". That isn't to say you couldn't go long for a small short gain. It's also not to say that a short wouldn't work later either. I just see some indecision here.....which always makes me a bit leery.

However, today's action showed a bit more support.

To be honest, I am not overly positive on the direction of this chart - which means it's not worth bothering with! In my opinion - it's probably a scalp at best. Not my style. It's about knowing what you are looking for.

CW
Attached Image (click to enlarge)
Click to Enlarge Name: leapquiz2.png Size: 75 KB
  • #3,228
  • Jul 15, 2009 3:05pm Jul 15, 2009 3:05pm
Quoting stefx
I sampled a quick graph showing my vision of time and I clearly can separate time from timing although there is no timing without time and no time without timing. I don't know if and how I can put a picture to the blog comment, so I placed it here.

I agree with chris that time is not important but timing all the more because the timing points are set by patience, fear and greed.

Attachment

stefx.

Thank you for getting it!

Timing means a lot in my opinion. However, I can't really tell you that time itself means anything.
  • #3,229
  • Jul 15, 2009 3:20pm Jul 15, 2009 3:20pm
Just something I am looking at, at the moment. And it seems kinda interesting...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2009-07-16_0015.png Size: 57 KB
Click to Enlarge Name: 2009-07-16_0006.png Size: 56 KB
  • #3,230
  • Jul 15, 2009 4:00pm Jul 15, 2009 4:00pm
Hey CW: Quick newbie question here:

a) Recently, there has been a pretty significant correlation between the US Markets and currencies, now I am assuming, pretty obviously this is always the case (I think even EUR/USD moves like 80% with the Dow? or something like that) wouldn't it make sense to use a DOW chart as maybe a secondary indicator?

For example, I took a recent position in the GBP/USD, mostly because of the pin bar and 23% fib, but it was counter to the overall long term trend, I had a thought though..."if the market will be up tomorrow; it will due to huge earnings by Goldman, this trade should work..." Do you ever have thoughts like that and do you use them to decide to get in or out of trades? Of course, I set a take profit in this case, due to counter trend movement, but I gained a solid .7% which I'm ok with.

b) Also, in regards to trend, do you stick to the overall trend (years and years ago) or do you look more recently (within a few months, etc.)?

Thanks, as always.
  • #3,231
  • Jul 15, 2009 5:30pm Jul 15, 2009 5:30pm
Quoting drebin
Hey CW:...
I don't use other markets specifically, but it is in the back of my head I suppose.

As far as how far back I look, it's normally on the weekly chart. I look at the length of the trend I am playing to decide if it's a trade I can let run, or want to take my profits relatively soon...

CW
  • #3,232
  • Jul 15, 2009 9:03pm Jul 15, 2009 9:03pm
Quoting hel13rock
I have to say this is one of my fav songs ever, call me twisted...
good song, I used that to get a PB on deads yesterday
Grabbing the bull by the horns!
  • #3,233
  • Jul 15, 2009 10:13pm Jul 15, 2009 10:13pm
CW
In the pic I have here I have one old TL that got broke and the new one that may or may not get broken. Now the candle hasn't closed yet but lets say this was the close. Would you look at this an area to go long or would you wait for the bounce off of the S/R line (which is at 1.4075 which is why you cant see it) or would you wait for a bounce off of the trend line?
Attached Image (click to enlarge)
Click to Enlarge Name: euro.png Size: 54 KB
  • #3,234
  • Jul 15, 2009 10:18pm Jul 15, 2009 10:18pm
Quoting kodflakes
CW
In the pic I have here I have one old TL that got broke and the new one that may or may not get broken. Now the candle hasn't closed yet but lets say this was the close. Would you look at this an area to go long or would you wait for the bounce off of the S/R line (which is at 1.4075 which is why you cant see it) or would you wait for a bounce off of the trend line?

Honestly, that chart is too messy for me to bother with. (Not your chart itself - all the minor areas that are so close to each other.) In general, I tend to prefer horizontal S/R over trend lines.

That's a great example of a pair that doesn't know what it wants at the moment.

CW
  • #3,235
  • Jul 15, 2009 11:15pm Jul 15, 2009 11:15pm
Well is this one better? I finally had one hit when I was at the computer!
Attached Image (click to enlarge)
Click to Enlarge Name: euro.png Size: 64 KB
  • #3,236
  • Jul 15, 2009 11:37pm Jul 15, 2009 11:37pm
Quoting kodflakes
Well is this one better? I finally had one hit when I was at the computer!

Much, much, much cleaner and obvious! This is exactly what you want to see. Nice chart, nice trade.

CW
  • #3,237
  • Edited 1:46am Jul 16, 2009 1:34am | Edited 1:46am
Quoting kodflakes
Well is this one better? I finally had one hit when I was at the computer!
Hi kodflakes, who is your feed with if you don't mind me asking?

I use Alpari UK for my live account and my candles are nothing much the same, which is normal given all the different ending times for candles.

However I have noticed a lot of people posting charts of what would be described as the 'perfect' entry and yet I look at mine and would have missed it right off the bat, simply because it does not look anything like it should. I'm starting to wonder if there is a more 'universal' broker that people would use more, or should I say, a universal time, such as New York open. From what I know Alpari is GMT +1.

I also noticed, the line you have is not at 75, it's 75.81 or something, now I know the general idea is to round the numbers off to 00's or 50's, but to me if the line was at 75 I'd have been thinking it's passed it without any effort what so ever and now it would be looking at a retracement/support off the 75. - if that makes sense? The subject of the S/R still throws me off, especially 80 pips difference, this is something I struggle with a lot to get the lines on my chart right before I can consider looking for setups, it might take me damn nearly all week of fiddling with it until I feel it is right, the whole thing with the zones just blows me away.... a rigid line looks fine, price is either on top of it or underneath it, I can't make it any clearer to myself.


VB,
  • #3,238
  • Jul 16, 2009 7:48am Jul 16, 2009 7:48am
I know a lot of people like to use GMT brokers. I happen to know IBFX is. I am sure there are plenty of others.

As far as zones are concerned, Take a look at any of your lines. You will see that sometimes bars may break 50 pips above your line. Therefore, your zone is 50 pips thick. Another thing that might help you is typically, although not always, bars won't close above that original line. You are looking for bars to form price patterns in this "area", not the line.

I know it's kind of odd for it to not be precise, but it's the way it actually works. I cannot tell you how many times I got stopped out because I placed a stop too tight. (i.e. right at my line.)

CW


Quoting VitaminBeer
Hi kodflakes, who is your feed with if you don't mind me asking?

I use Alpari UK for my live account and my candles are nothing much the same, which is normal given all the different ending times for candles.

However I have noticed a lot of people posting charts of what would be described as the 'perfect' entry and yet I look at mine and would have missed it right off the bat, simply because it does not look anything like it should. I'm starting to wonder if there is a more 'universal' broker that people would use more, or should I say, a universal...
  • #3,239
  • Jul 16, 2009 8:13am Jul 16, 2009 8:13am
Quoting clockwork71
You are looking for bars to form price patterns in this "area", not the line.
CW
I think that's what I needed to hear. It's cleared a lot for me.

In having listened to what you have said, on the G/J daily chart I have plotted a Head and Shoulder formation, and it appears the neckline is actually a S/R zone at the 155.00 area. (So looking for price pattern in 'that' area, would fit well I think), it's looking juicy for a short to me, if the daily is the primary trend you follow then it looks like a good reversal point, however the weekly might say something else... so not too sure.

Thanks CW
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 21 KB
  • #3,240
  • Jul 16, 2009 8:48am Jul 16, 2009 8:48am
Only thing I'm thinking about this one, is the S/R seems a bit far away
Attached Image(s) (click to enlarge)
Click to Enlarge Name: ej.gif Size: 22 KB
Click to Enlarge Name: ej4hr.gif Size: 23 KB
6 traders viewing now