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Silent Service Method

  • #3,621
  • Jul 22, 2009 7:26am Jul 22, 2009 7:26am
Quoting clockwork71
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
Chris
I was going to do just that… I’m still addicted to impatient
I’m working on it…
  • #3,622
  • Jul 22, 2009 7:32am Jul 22, 2009 7:32am
Quoting SaepeExertus
Chris
I was going to do just that… I’m still addicted to impatient
I’m working on it…

I have said this before, and will always believe this:

If you have more instruments to trade, you are more likely to take better set ups. One of the best things I ever did for my forex trading was to start trading stocks and options. It gave me so many more charts to look at, so I wasn't "forcing" the trade anymore......


Just some thoughts.

CW
  • #3,623
  • Jul 22, 2009 7:36am Jul 22, 2009 7:36am
Quoting clockwork71
I have said this before, and will always believe this:

If you have more instruments to trade, you are more likely to take better set ups. One of the best things I ever did for my forex trading was to start trading stocks and options. It gave me so many more charts to look at, so I wasn't "forcing" the trade anymore......


Just some thoughts.

CW
amen to this... now that I have stocks open to me (dont quite know options and commodities well enough to be comfortable to trade) ive been ridiculously picky... and funnily enough Ive been more profitable with my FX account

more instruments open to you also means your not worrying about being away from your computer missing a nice FX trade, as there is always literally one that you can find the next day... look how many stocks etc there are
Grabbing the bull by the horns!
  • #3,624
  • Jul 22, 2009 7:45am Jul 22, 2009 7:45am
USDCHF
Another interesting setup trying to form
That's as far down as I could go with my stop
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf_h4.gif Size: 20 KB
  • #3,625
  • Jul 22, 2009 7:47am Jul 22, 2009 7:47am
Quoting clockwork71
I have said this before, and will always believe this:

If you have more instruments to trade, you are more likely to take better set ups. One of the best things I ever did for my forex trading was to start trading stocks and options. It gave me so many more charts to look at, so I wasn't "forcing" the trade anymore......


Just some thoughts.

CW
I may do just that...
Thank you
  • #3,626
  • Jul 22, 2009 7:49am Jul 22, 2009 7:49am
Hi WG - quick (possibly daft) question: I see you're looking to play a break short off a PB and hanging man. I've never played a hanging man before, but it looks like more of a bullish signal than a bearish one - price tried to move lower but met support and failed so closed higher. So with the bearish PB before it doesn't that just show indecision? So price could go either up or down?

Cheers
Simon

Quoting whitegoodman
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
  • #3,627
  • Jul 22, 2009 7:54am Jul 22, 2009 7:54am
Quoting AnimalHungry
Hi WG - quick (possibly daft) question: I see you're looking to play a break short off a PB and hanging man. I've never played a hanging man before, but it looks like more of a bullish signal than a bearish one - price tried to move lower but met support and failed so closed higher. So with the bearish PB before it doesn't that just show indecision? So price could go either up or down?

Cheers
Simon
it looks bullish yes but infact can mean a bearish signal. Ive never personally traded one by itself but more of a confirmation of a outside bar or pin bar..

The rationale behind it from memory reading Nisons candlestick book, that it shows that price shows the desire to move down, if it the top isnt broken it is confirmed as a bearish signal. You also have to take note that hanging mans only take place at swing highs, so a bullish pin bar can be infact bearish if at the top of a swing high and isnt broken by the following bar.


heres a link for those unfamilar with candlestick terminology http://stockcharts.com/school/doku.p...estick_pattern_
Grabbing the bull by the horns!
  • #3,628
  • Jul 22, 2009 8:02am Jul 22, 2009 8:02am
Quoting whitegoodman
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
As with EVERYTHING else, I would strongly recommend opening a [free] demo account with IB... That way you can practice learning the platform, which can be complex if you aren't used to institutional platforms. OR place your order for 1 share. There is no sense screwing up with real money imo.
If you were just kidding about the PM and you do know what you're doing, then sorry for the rant. And happy trading!

Josh
  • #3,629
  • Jul 22, 2009 8:06am Jul 22, 2009 8:06am
Quoting Jduester
As with EVERYTHING else, I would strongly recommend opening a [free] demo account with IB... That way you can practice learning the platform, which can be complex if you aren't used to institutional platforms. OR place your order for 1 share. There is no sense screwing up with real money imo.
If you were just kidding about the PM and you do know what you're doing, then sorry for the rant. And happy trading!

Josh
well im pretty sure how to place the trade properly, im just double checking as its my first live one on the platform hopefully.
Grabbing the bull by the horns!
  • #3,630
  • Jul 22, 2009 8:14am Jul 22, 2009 8:14am
Good picks white. I took the MEOH trade yesterday after the break of the pin. But then it retraced back. Hopefully it will go down today since yahoo finance forecasts a week open today overall in the market.

I particularly like OMN and will be watching for it.

Quoting whitegoodman
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
  • #3,631
  • Jul 22, 2009 8:16am Jul 22, 2009 8:16am
Quoting whitegoodman
well im pretty sure how to place the trade properly, im just double checking as its my first live one on the platform hopefully.
Going back to my days with trading for a managed futures fund, anytime we traded a new contract/spread or a new platform/company, the first trade was always for the smallest order possible. Some of those platforms were far from user-friendly. IB is simple enough that for the simple order types, you should be fine. Keep your 'trades' window open so you can immediately see what action you took...Can't hurt to open a demo if you plan to use OCO and other more complex order types or plan to use the booktrader.

Sorry for off topic CW.

Josh
  • #3,632
  • Jul 22, 2009 8:22am Jul 22, 2009 8:22am
Hi Chris. Nice thread, very helpful indeed!

Could you elaborate on the idea of S/R "zone"? As a newbie, my mind is so stubbornly confined to a single horizontal line.... How should we deal with the idea of “zone” when we try to place an order or set our stop/profit target?



Many thanks!
  • #3,633
  • Jul 22, 2009 8:30am Jul 22, 2009 8:30am
Quoting aarangio
Hi ya Drebin,

I think this is what your looking for:-
http://www.odlmarkets.com/

Adrian

Thanks Adrian! I will check that out...
  • #3,634
  • Jul 22, 2009 8:38am Jul 22, 2009 8:38am
It is sure a daunting task trying to find good stocks to trade. There are so many that it will take six months to look through them all, and then to decide which ones would be the good ones to look at all the time. WHEW! i am tired just writing this. LOL A scanner would be nice.
  • #3,635
  • Jul 22, 2009 8:40am Jul 22, 2009 8:40am
Quoting LanceTrader
Hi Chris. Nice thread, very helpful indeed!

Could you elaborate on the idea of S/R "zone"? As a newbie, my mind is so stubbornly confined to a single horizontal line.... How should we deal with the idea of “zone” when we try to place an order or set our stop/profit target?



Many thanks!
Hi LanceTrader.................from the question you asked, i take it you are new here...............just like i did and i am still doing.............go through the whole Thread....everything that you need is here........Sorry but you gotta learn everything otherwise you might miss something with shortcuts.

Cheers
  • #3,636
  • Jul 22, 2009 8:41am Jul 22, 2009 8:41am
Quoting R Richards
It is sure a daunting task trying to find good stocks to trade. There are so many that it will take six months to look through them all, and then to decide which ones would be the good ones to look at all the time. WHEW! i am tired just writing this. LOL A scanner would be nice.
First filter I use - 1million shares/day. Cuts a huge amount of them... Then you can cut stocks that are outside a good price range... under a $ value and over a $ value....

Josh
  • #3,637
  • Jul 22, 2009 8:47am Jul 22, 2009 8:47am
Quoting Jduester
First filter I use - 1million shares/day. Cuts a huge amount of them... Then you can cut stocks that are outside a good price range... under a $ value and over a $ value....

Josh
yeh generally try and look at the top couple of hundred in an exchange as these are most liquid and traded... then it may take 2 hours or so to quickly sift through them ALL. Some are really easy to dscard cos they have no semblence of respecting technical analysis (generally the commodities in Australia atleast). Then you will narrow down to maby 50 or so that you will add a few and lose a few to your watchlist over time.

'Prorealtime' has a scanner for PA patterns which I find useful aswell.
Grabbing the bull by the horns!
  • #3,638
  • Jul 22, 2009 9:11am Jul 22, 2009 9:11am
Quoting whitegoodman
......

'Prorealtime' has a scanner for PA patterns which I find useful aswell.
White, been meaning to ask, do you use the Top Movers or have you written your own scans?

TonyH
  • #3,639
  • Jul 22, 2009 9:34am Jul 22, 2009 9:34am
Thought about trading stocks, too. Would love to but I'm just to scared of those gaps that sometimes occur. I feel much better when I know my risk...
  • #3,640
  • Jul 22, 2009 9:41am Jul 22, 2009 9:41am
Quoting SaepeExertus
I may do just that...
Thank you

Please do. Trust me, it will make a huge difference.
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