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Silent Service Method

  • #3,641
  • Jul 22, 2009 9:58am Jul 22, 2009 9:58am
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 love correlations, they are a major part of my system, the final confluence needed to trade.

Chris really got my mind fizzing on the correlation stuff initially.
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  • #3,642
  • Jul 22, 2009 10:34am Jul 22, 2009 10:34am
Quoting Jigsaw
I love correlations, they are a major part of my system, the final confluence needed to trade.

Chris really got my mind fizzing on the correlation stuff initially.

I agree that it helps....but as long as you never make it a sole reason, you'll be okay. It's a form of confluence.
  • #3,643
  • Jul 22, 2009 10:37am Jul 22, 2009 10:37am
you trade 5 min charts Jigsaw ??
  • #3,644
  • Jul 22, 2009 10:48am Jul 22, 2009 10:48am
hello,
I know this has been posted a few good times here,just can't seem to find it at the moment. Where can I find some decent charts for stocks?I think stockcharts.com was one of them...... Thanks.....Josh
  • #3,645
  • Jul 22, 2009 10:52am Jul 22, 2009 10:52am
Quoting jlmac27
hello,
I know this has been posted a few good times here,just can't seem to find it at the moment. Where can I find some decent charts for stocks?I think stockcharts.com was one of them...... Thanks.....Josh
Check out http://www.prorealtime.com great EOD-Charts for free for a lot of stocks.
  • #3,646
  • Jul 22, 2009 10:54am Jul 22, 2009 10:54am
Quoting Marco
Check out http://www.prorealtime.com great EOD-Charts for free for a lot of stocks.

Thank you Marco, I will check it out.
  • #3,647
  • Jul 22, 2009 10:59am Jul 22, 2009 10:59am
Thanks Josh and White, i'll work on these ideas
  • #3,648
  • Edited 11:01am Jul 22, 2009 10:59am | Edited 11:01am
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!
These zones are not places to trade off of, they are places to look for PA that would give a high probability trade. The PA itself will often determine the entry (depending on how conservative/aggressive you are), and the stop, which is usually put at the point at which your analysis is completely wrong. Then size your position so that the stop distance equals the percent of your account you are willing to risk.

Here is an example, though it's not 100% silent service, it shows how to wait for PA to give an entry signal, and where to place your stop.

This is an attempt to capture a bull-flag breakout pattern, and I am uncertain of it's reliability, so I may end up losing this one, but it's the NZD/USD.

http://i30.tinypic.com/idug4l.png

http://i28.tinypic.com/wcmrlv.png

So, as you can see, once the zone is identified, we look to PA to tell us what price wants to do, and the PA will usually define the rest of it for you.

hope this helps
  • #3,649
  • Jul 22, 2009 11:49am Jul 22, 2009 11:49am
I've tried now with a demo on broco and odl but each of them are showing just a couple of weekly bars or at a maximum I can get my chart filled to one half except forex instruments are having a lots of bars.

Even downloading from the history center does not resolve this.

This is an example for oil on odl. Lots of other charts have only half the bars as the oil below. What I am doing wrong or is there simply not more information available, but how can someone put weekly PPZs here ?

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stefx.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #3,650
  • Jul 22, 2009 11:57am Jul 22, 2009 11:57am
Hi ya Everyone,

I thought I might throw up another awesome site for videos on trading..don't know if anyone's like me but i tend to learn better off vid's..
If you get time check out all the Vid's and read the articles if possible....all good informative stuff..

http://www.yourtradingcoach.com/

http://www.yourtradingcoach.com/Table/Videos/

Sorry for the interruption to the thread but I think this fits in well with the strategies taught here..

Adrian
  • #3,651
  • Jul 22, 2009 12:09pm Jul 22, 2009 12:09pm
Quoting drebin
Thanks Adrian! I will check that out...
Hi ya Drebin,

Not sure if you've downloaded MT4 from FXPro already but if you haven't it is definetely worth downloading this one as well as it has a load of different currencies and indicies charts available just like ODL..

https://www.fxpro.com/

Adrian
  • #3,652
  • Jul 22, 2009 1:13pm Jul 22, 2009 1:13pm
MEOH stop hit

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  • #3,653
  • Jul 22, 2009 1:25pm Jul 22, 2009 1:25pm
Thought I would post this lin to something I wrote a long time ago. I had forgotten all about this until I ran across it last night....

http://www.forexfactory.com/showthread.php?t=39408
  • #3,654
  • Jul 22, 2009 1:37pm Jul 22, 2009 1:37pm
Forex Trader?

Inserted Video


The lesson is that it's not a gain until you lock in profits.
  • #3,655
  • Jul 22, 2009 1:41pm Jul 22, 2009 1:41pm
Quoting clockwork71
Forex Trader?
10 x 100 = 100 x 10, stefx, retired scalper.
  • #3,656
  • Jul 22, 2009 1:46pm Jul 22, 2009 1:46pm
Quoting clockwork71
Thought I would post this lin to something I wrote a long time ago. I had forgotten all about this until I ran across it last night....

http://www.forexfactory.com/showthread.php?t=39408

Hi ya CW..

thanks for this link..just wondering do you still do number 8:-

8) Only a few things actually are reliable. Moving averages are indicators of trend. But not everyone is using the 15, 20, or even the 600. Trend lines however, are obvious, and everyone has them drawn on their charts.

as i notice not many of your charts or many other people seem to be drawing them on there charts..Aren't they very useful on the longer TF's meaning the PA is the boss?

Thanks,
Adrian
  • #3,657
  • Jul 22, 2009 2:35pm Jul 22, 2009 2:35pm
Quoting whitegoodman
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...
Thanks for the explanation WG. I might look into ready Nison's book. Many have mentioned it.

Simon
  • #3,658
  • Jul 22, 2009 2:55pm Jul 22, 2009 2:55pm
Quoting clockwork71
Thought I would post this lin to something I wrote a long time ago. I had forgotten all about this until I ran across it last night....

http://www.forexfactory.com/showthread.php?t=39408
Chris - I totally agree with all the things you say. Playing devil's advocate for a minute though, watching the higher timeframes limits the number of decent setups available and thereby limits your profit potential. The reason most people play the lower TFs is to get more entry signals (appreciating that you have to be more careful with lower TFs because there is more noise) in order to increase profit. The flip side of this is that, as you point out, you're tied to your monitor. Of course, some might argue that they don't mind being tied to a PC if they're making significant returns.

I guess where I'm going with this is that if you have the skill and the time to trade the lower TFs then your profit potential could be that much greater. This is especially important for those trying to grow an account.

This has been kicked around a fair amount in the J16 chart thread, so I'll leave it there - with the caveat that I personally like the idea of having a life (from someone who struggles to have a life outside of work LOL).

Simon
  • #3,659
  • Jul 22, 2009 3:30pm Jul 22, 2009 3:30pm
Quoting cheelu
MEOH stop hit

to hear that.
Hope your MM was right so you're still alive.
BTW, can you share which filters are you using with your stockfetcher to select your stocks: classical candlestiks patterns, volume aditional filter?
Thanks!
Trading: the skill of avoiding trades
  • #3,660
  • Jul 22, 2009 3:35pm Jul 22, 2009 3:35pm
Quoting aarangio
Hi ya CW..

thanks for this link..just wondering do you still do number 8:-

8) Only a few things actually are reliable. Moving averages are indicators of trend. But not everyone is using the 15, 20, or even the 600. Trend lines however, are obvious, and everyone has them drawn on their charts.

as i notice not many of your charts or many other people seem to be drawing them on there charts..Aren't they very useful on the longer TF's meaning the PA is the boss?

Thanks,
Adrian
Well.....yes......but let me put it this way:

A trend line on the weekly chart is great at defining a trend. Horizontal lines are trend lines as well......

So yes, they matter......on higher time frames.

Chris
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