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Silent Service Method

  • #3,601
  • Edited 2:13am Jul 22, 2009 2:12am | Edited 2:13am
Quoting Danku
Nanook438, i am not sure why you would even want to play a PB of the 1-hr unless it is in the direction of the trade....
Danku-
Thanks for the input It was a total moment of insanity on my part!
The initial trade was stopped out at a 2 pip profit (BE+2). The second one is still bobbing up and down.
Thankfully it is all demo.
  • #3,602
  • Jul 22, 2009 2:16am Jul 22, 2009 2:16am
Quoting clockwork71
I like the fact we are (beta), VHS is never gonna catch on!



Please tell me most of you are old enough to know what I am talking about....

Beta -yep. 4 track anyone?
  • #3,603
  • Jul 22, 2009 2:19am Jul 22, 2009 2:19am
BTW- Glad you are back CW!
  • #3,604
  • Jul 22, 2009 3:11am Jul 22, 2009 3:11am
Quoting lowmach
Hi-

i was actually looking to short that h4 pin bar(the one at your green entry line). it looked like a double top at a significant level (133) and it had divergence at the candle close(Friday evening). Market opened this week and engulfed it with a bullish bar. so no sell for me obviously...

What price action prompted your entry? Just trying to learn here.

Thanks
-low
Hey low
My apologies for taking so long to reply. For some strange reason I didn’t think it would be possible???

I will answer your question. But you MUST understand this. I’m like a 500 pound loose cannon on the deck of a submarine. You do realize, any loose cannon under any circumstances can cause sever damage. (in this case financial stress to say the least)

Your mission here is to fully understand CW’s method of trading the forex and implementing his strategy to the letter. It will greatly benefit you.

Answer:
If you go back a couple pages you will see I too was short. When I saw it had wiped out the bear pin. I went back and re drew the fibo. There with the previous double bottom at 56.89 and what I considered support at the 50% level at 59.89
I closed my short and went long.

Before going to bed I raised my stop just below BE and put on TS. That’s it.

Low, this was a very very aggressive trade and professional traders will strongly strongly advise new traders like myself against such.

In sumary: lets just say I got lucky..
Professional traders will advise against using luck as part of any trading strategy….

My trading experience…about 3 months.

Fallow CW’s method.. It works…
And avoid any loose cannons

Good pips to you low
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  • #3,605
  • Jul 22, 2009 3:12am Jul 22, 2009 3:12am
Hello I am a mere observer who has been reading your post from the beginning

CW if you wants to be president has my support

thanks to this post I have recovered all my money


Thanks.
  • #3,606
  • Jul 22, 2009 3:33am Jul 22, 2009 3:33am
In response to a few recent posts about trading based on correlation and accidental hedging:
I don't use any other charts to tell me what the chart in question is telling me. If I want to trade USD/CAD based on a great setup, I do not first go and make sure oil is also in line. Similarly, I don't think much about going long USD on one pair and short it on another...
Each pair's price is measuring RELATIVE strength of one currency to another IMO. It is not measuring one currencies' strength against all others...

I expect some differing opinions on this, but this is how I trade and it seems to work... simpler is usually better. Simply don't trade unless price hits the weekly PPZ. If it does, then look for a good PA to get me in.

For those that do pay close attention to correlation - Does it keep you out of trades if say oil and usd/cad are not lining up with signals as you would like, or is correlation used more as a confirmation/confluence?

Josh
  • #3,607
  • Jul 22, 2009 3:42am Jul 22, 2009 3:42am
Good to see you and your thread back Chris,

All the best

Ghous.
I believe . . .
  • #3,608
  • Jul 22, 2009 4:10am Jul 22, 2009 4:10am
usdjpy moved to BE now, as I would never hold the short trade above 93.80.
Trading: the skill of avoiding trades
  • #3,609
  • Edited 6:16am Jul 22, 2009 4:27am | Edited 6:16am
Quoting Jduester
In response to a few recent posts about trading based on correlation and accidental hedging:
I don't use any other charts to tell me what the chart in question is telling me....
I agree Josh, I would not base anything on correlations anymore. In the past few months we have seen a lot of correlations lost, even if only temporarily.

I have even seen the euro and swissy moving in the same direction!
If it's too good to be true, it probably is.
  • #3,610
  • Jul 22, 2009 5:13am Jul 22, 2009 5:13am
This is a demo trade I took yesterday on BTU. Hanging man and a gap to close.

Should be noted that 35.00 is a daily PPZ (not weekly).

Entry - 33.90
Stop - 35.35
Move to B/E at 0.5R. Full TP at 2R (31.00). Still in it.

Notice we fell yesterday on higher volume too...

Still looking at the setups for today...

Josh
Attached Image
  • #3,611
  • Jul 22, 2009 6:20am Jul 22, 2009 6:20am
Quoting Jduester
In response to a few recent posts about trading based on correlation and accidental hedging:
I don't use any other charts to tell me what the chart in question is telling me....

Exactly. I use it as confluence more than anything else.....

USD/JPY - S&P500
EUR/JPY - Stocks worldwide
USD/NOK, USD/CAD - Oil
AUD/USD - Gold

CW
  • #3,612
  • Jul 22, 2009 6:22am Jul 22, 2009 6:22am
Quoting Acer
Hello I am a mere observer who has been reading your post from the beginning

CW if you wants to be president has my support

thanks to this post I have recovered all my money


Thanks.

Being President sounds like a lot of work. Congrats on getting you money back though!
  • #3,613
  • Jul 22, 2009 6:35am Jul 22, 2009 6:35am
Quoting Jduester
In response to a few recent posts about trading based on correlation and accidental hedging:
I don't use any other charts to tell me what the chart in question is telling me....
Jduester
What is a PPZ ??
  • #3,614
  • Jul 22, 2009 6:44am Jul 22, 2009 6:44am
Quoting SaepeExertus
Jduester
What is a PPZ ??

It's what Jim calls a S/R area.
  • #3,615
  • Edited 7:12am Jul 22, 2009 6:57am | Edited 7:12am
Ok here is some trades that I will be looking for tonight... give me your feedback on what you think.

Ideally I will be looking at either OMN or LM based on potential RR and how the chart looks to me.

(PS. hopefully if we get the proper action tonight, I'll be placing my first trade tonight on Interactive Brokers. Would someone be able to PM so i'm sure ive putting in my order correctly?

Here's the charts....

1st - OMN
2nd - LM
3rd - GEF
4th - MEOH
5th - ROK
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Grabbing the bull by the horns!
  • #3,616
  • Jul 22, 2009 7:04am Jul 22, 2009 7:04am
Would you look at this slug fest going on here….between the bulls and the bears….
I don’t have a clue as to the winner but I believe the winner of this battle is going to have a wild ride.

As you can see I have a long. If I’m wrong I will be short quick..
Yea I know .I ….know
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  • #3,617
  • Jul 22, 2009 7:16am Jul 22, 2009 7:16am
Quoting SaepeExertus
Would you look at this slug fest going on here….between the bulls and the bears….
I don’t have a clue as to the winner but I believe the winner of this battle is going to have a wild ride.

As you can see I have a long. If I’m wrong I will be short quick..
Yea I know .I ….know

This is a perfect example of a chart that you want to "sit back and wait". Trading is not a race to see who gets there first, it's about being correct in your decisions for more than your mistakes.

Let the market show you where it's going.....then float down river.....

Chris
  • #3,618
  • Jul 22, 2009 7:17am Jul 22, 2009 7:17am
Quoting SaepeExertus
Would you look at this slug fest going on here….between the bulls and the bears….
I don’t have a clue as to the winner but I believe the winner of this battle is going to have a wild ride.

As you can see I have a long. If I’m wrong I will be short quick..
Yea I know .I ….know
It's a messy chart. Aussie$ is even worse and hemmed in by s/r on both sides.
If it's too good to be true, it probably is.
  • #3,619
  • Jul 22, 2009 7:21am Jul 22, 2009 7:21am
Quoting SimonK
It's a messy chart. Aussie$ is even worse and hemmed in by s/r on both sides.

This is why the coming move (in general) should be violent and sharp - the way I like them.
  • #3,620
  • Jul 22, 2009 7:23am Jul 22, 2009 7:23am
EURNZD Interesting
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