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Silent Service Method

  • #3,281
  • Jul 17, 2009 3:37pm Jul 17, 2009 3:37pm
Quoting clockwork71
Take your time.....that's what the method, thread, and life is all about.

CW
CW, I want to take a minute to thank you again. Your trading philosophy really fits my existing beliefs about what is important in the world, and spending endless hours in front of my screen is really not my idea of freedom.

Before finding this thread, I was focused on only one pair, and when it wasn't giving good signals, I would just put on a trade anyway, trying to pull some profit. Needless to say I got the exact opposite results.

I did end up putting in one trade late last Friday, which wasn't the best set-up, but it didn't become a loss until Tuesday, no big deal. I also took an equally shitty set-up in Wednesday, which also lost.

I don't post these trades because I know they are D or E grade opportunities, but for some reason I still impulsively punt.

Though I am not proud of these mistakes, I still only took two trades over two weeks, and my net loss was a little over 1.5% ( I am risking 1% or less on most trades right now until I become more proficient, and demonstrate more self-control).

To me, this is progress. 12 weeks ago, I was probably taking 20 to 50 trades a week, and it will be a year since I looked at my first live price feed in August, and I can't help but think that the patience I'm learning today, will be an investment in my future.

I'm sure you wish we could all just become instantly profitable, but for me, consistently breaking even in under a year seems pretty respectable. And I know I will get better.

Thanks again.
  • #3,282
  • Jul 17, 2009 3:39pm Jul 17, 2009 3:39pm
Quoting stefx
Either as ikki mentioned via save/load template or with my attached scripts.....

Thanks stefx, these are perfect.
  • #3,283
  • Jul 17, 2009 3:48pm Jul 17, 2009 3:48pm
stefx,

I loaded the scripts into "indicators", nothings happening.

Are they experts, or something else. I am not very tech-savvy.


thx
  • #3,284
  • Jul 17, 2009 3:56pm Jul 17, 2009 3:56pm
I like the above Low. I think everyone who ever gets to be a break even or better trader has to go through a series of stages and I'm feeling similar to you now. I have made money 3 months in a row and this month looking ok but I know I need to concentrate on patience, waiting for the obvious trades.

I know it was discussed yesterday but there really hasn't been one quality set up on forex this week has there? Maybe just me. I took the gbpchf long which looked good to me at the time but got stopped out with that big down spike. It's still not going anywhere anyway. Other than that not much.

Does ibfx demo account cover any commodities or UK/US stocks? I have an account with igindex which is great for trading whatever you want but their charts are unusable.
  • #3,285
  • Jul 17, 2009 4:38pm Jul 17, 2009 4:38pm
[quote=hel13rock;2882853]I.

I took the gbpchf long which looked good to me at the time but got stopped out with that big down spike.

Hi Hel13rock
I think i'm at the same stage as you and Low. I"ve only been studying trading since last nov, and i wasted about 4 mnths on the lower time frames. Think i must have tried every scalping system out there, Make 1000 pips a week with this system, yeah right!!!
Since march, i've only been trying to learn PA, on this thread and J16.
Do you know what? I have actually begun to be profitable, albeit still on a demo acct.
I'm a slow learner, but with these 2 threads, i think any struggling trader, can turn it around, if they treat this stuff seriously, and are willing to put in the hours, months, years of learning.
My reason for the post, as you can see i love to type, was that I have only taken 3 trades this month, all at the beginning of the week:

Long GBP/ Chf @ 1.795 on pinbar with gd confluence.
I closed out too early, which is a recurring prob for me, but profit was 100 ish pips.
Short E/ Aud , again pinbar with confluence. Same story, panicked, closed out early, profit 150 ish pips.
Short E/Gbp, same, pinbar, confluence not as strong. Another panic with early close, Profit 16 pips.
As i am in uk, with ODL feed, just wondered who your broker is, as to me, these were gd signals, unless i've got it arse about tit, which is probably about right!!

Be interested to hear anyones thoughts.

Regards

p.s. i,ve just bought the book Pring on Price Patterns--- priceless!!
  • #3,286
  • Jul 17, 2009 4:42pm Jul 17, 2009 4:42pm
Hello,

I found one setup this week and the position is still open!
It is USDCAD short on 4h chart and I am courious how far it will go.
Currently it is on 457 Pips!
Anotherone I found this week was EurAud short it was stopped out after a run of ~170 Pips.
It is a pity that I am still on Demo.

All the best

Chris
Attached Image (click to enlarge)
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  • #3,287
  • Jul 17, 2009 7:21pm Jul 17, 2009 7:21pm
be em double u :-)
short? what do you think?! 30 euro seems to be a strong resistance...
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meine augen sind die sterne
  • #3,288
  • Jul 17, 2009 8:58pm Jul 17, 2009 8:58pm
Clockwork here the GS chart you wanted me to post at the end of the week ^_^ ...and this is what I think it did
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: GS_daily.png Size: 52 KB
  • #3,289
  • Jul 17, 2009 10:33pm Jul 17, 2009 10:33pm
Quoting aserbfx
be em double u :-)
short? what do you think?! 30 euro seems to be a strong resistance...
I might wait to see what Monday's close is like. It should tell it's story then I think.

Chris
  • #3,290
  • Jul 17, 2009 10:35pm Jul 17, 2009 10:35pm
Quoting split_unit
Clockwork here the GS chart you wanted me to post at the end of the week ^_^ ...and this is what I think it did

To be honest, one of the biggest concerns traders seem to have right now is the total lack of volume. Part of that is the fact that it's summer time, and a lot of the pros are on vacation, but movement without volume is rarely meaningful.

If the volume was a little better, I would like the set up more......

Summer ranges. It happens.

CW
  • #3,291
  • Jul 17, 2009 10:37pm Jul 17, 2009 10:37pm
Quoting cyborg
Hello,

I found one setup this week and the position is still open!
It is USDCAD short on 4h chart and I am courious how far it will go.
Currently it is on 457 Pips!
Anotherone I found this week was EurAud short it was stopped out after a run of ~170 Pips.
It is a pity that I am still on Demo.

All the best

Chris
Great trade Chris!

I also like where you have placed the stop. A natural place to do it, above that pinbar on the 4 hour chart.

So what have we learned class? Trades that go with the trend tend to go farther, as seen here on his chart.

Damn fine trade. One of these every month will do wonders. You really show that you understand what it takes to make some real money. Congrats.

Chris
  • #3,292
  • Jul 17, 2009 10:38pm Jul 17, 2009 10:38pm
Quoting FXSurfer
Just want to say THANKS for the best methodology thread on the forum.

Have a great weekend people!
Brent
I want to thank everyone who has contributed. The success of this thread has really been a pleasant surprise. Hell, I was just going to do it for a week or two to kill some time!

Just goes to show: You never know.

Chris
  • #3,293
  • Jul 17, 2009 10:41pm Jul 17, 2009 10:41pm
Quoting Low
CW, I want to take a minute to thank you again. Your trading philosophy really fits my existing beliefs about what is important in the world, and spending endless hours in front of my screen is really not my idea of freedom.

Before finding this thread, I was focused on only one pair, and when it wasn't giving good signals, I would just put on a trade anyway, trying to pull some profit. Needless to say I got the exact opposite results.

I did end up putting in one trade late last Friday, which wasn't the best set-up, but it didn't become a loss...

For some people, it's a matter of learning the technical part, for others.....it's learning themselves. I have found in my experience that the latter have a harder time making it. It takes more work. But the funny thing is this: They tend to do better in trading, and life once they get it together.

I know this because I was one of the latter myself.

Hang in there Low, you aren't kidding.....that IS progress. I used to do 15 trades a day on average myself. Crazy when you think about it.

Chris
  • #3,294
  • Jul 17, 2009 10:42pm Jul 17, 2009 10:42pm
Quoting hel13rock
I like the above Low. I think everyone who ever gets to be a break even or better trader has to go through a series of stages and I'm feeling similar to you now. I have made money 3 months in a row and this month looking ok but I know I need to concentrate on patience, waiting for the obvious trades.

I know it was discussed yesterday but there really hasn't been one quality set up on forex this week has there? Maybe just me. I took the gbpchf long which looked good to me at the time but got stopped out with that big down spike. It's still not...
No, IBFX is forex only.
  • #3,295
  • Jul 17, 2009 10:54pm Jul 17, 2009 10:54pm
I am watching this one.....
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  • #3,296
  • Jul 18, 2009 1:28am Jul 18, 2009 1:28am
Quoting cyborg
Hello,

I found one setup this week and the position is still open!
It is USDCAD short on 4h chart and

I am courious how far it will go.

Currently it is on 457 Pips!
Anotherone I found this week was EurAud short it was stopped out after a run of ~170 Pips.
It is a pity that I am still on Demo.

All the best

Chris
Chris
You can look for it to test the June 2nd low around 1.078 ?

Keep in mind I’ve only been trading for about 3 months…

So just in case here is a few grains of salt…http://img.photobucket.com/albums/v1.../Food/salt.gif
  • #3,297
  • Jul 18, 2009 1:49am Jul 18, 2009 1:49am
The GBPNZD daily has been trading in a channel for the past 4 months.
Should be interesting when it breaks out..
Attached Image (click to enlarge)
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  • #3,298
  • Jul 18, 2009 3:00am Jul 18, 2009 3:00am
NZDJPY
Example of poor timing and sleeping at the helm.
I missed the bull pin, double bottom and double top on the daily: (asleep at the helm)
Impatient entry: (poor timing)

I went short when the daily posted a double top within a few pips.
Then posted lower highs.

Add to all that I’m still learning the fib retrace tool.

I’m reluctant to post my active trade charts because thus far the signals I have been using are not those CW uses. I keep missing those http://clicksmilies.com/s1106/fragen...smiley-013.gif

Then I thought…what the hey.. Why not..
Attached Image(s) (click to enlarge)
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  • #3,299
  • Jul 18, 2009 4:56am Jul 18, 2009 4:56am
Quoting SaepeExertus
Chris
You can look for it to test the June 2nd low around 1.078 ?

Keep in mind I’ve only been trading for about 3 months…

So just in case here is a few grains of salt…http://img.photobucket.com/albums/v1.../Food/salt.gif
I have no idea if it will go that low.....all you can do with a trade like that is trail your stops - just like he is dong.

CW
  • #3,300
  • Jul 18, 2009 4:58am Jul 18, 2009 4:58am
Quoting SaepeExertus
NZDJPY
Example of poor timing and sleeping at the helm.
I missed the bull pin, double bottom and double top on the daily: (asleep at the helm)
Impatient entry: (poor timing)

I went short when the daily posted a double top within a few pips.
Then posted lower highs.

Add to all that I’m still learning the fib retrace tool.

I’m reluctant to post my active trade charts because thus far the signals I have been using are not those CW uses. I keep missing those http://clicksmilies.com/s1106/fragen...smiley-013.gif

Then I thought…what...

Relax, post away - you are among friends here.

CW
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