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Silent Service Method

  • #3,661
  • Jul 22, 2009 3:37pm Jul 22, 2009 3:37pm
Quoting AnimalHungry
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...

I have struggled with this exact issue. The solution: Have more charts......stocks, options, forex, etc......

That way, you are still not tied to the monitor, and you have plenty of ideas for trades - allowing you to hopefully take the smarter ones.

Chris
  • #3,662
  • Jul 22, 2009 3:45pm Jul 22, 2009 3:45pm
Quoting clockwork71
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
Hi ya Chris..

Thanks for getting back to me on this

Adrian
  • #3,663
  • Jul 22, 2009 3:48pm Jul 22, 2009 3:48pm
Quoting aarangio
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
Thanks again, I will check these out.
  • #3,664
  • Jul 22, 2009 3:54pm Jul 22, 2009 3:54pm
Quoting clockwork71
I have struggled with this exact issue. The solution: Have more charts......stocks, options, forex, etc......

That way, you are still not tied to the monitor, and you have plenty of ideas for trades - allowing you to hopefully take the smarter ones.

Chris
I knew you were going to say that, and it makes sense. What's missing, however, from trading higher timeframes is the ability to turn a lower TF trade (with a bigger position size) into a longer term one. I imagine this might take some considerable finessing to do effectively (profitably) though. For those of us with 'real' jobs playing many different markets on the higher timeframes I think gives the best balance between the number of setups and quality of life. I'm sure this could be explained in terms of expectancy if you could be arsed.

Simon

P.S. welcome back fella! I was about to have some "Free Clockwork" t-shirts made up.
  • #3,665
  • Jul 22, 2009 4:11pm Jul 22, 2009 4:11pm
Looks like everyone is on the sidelines right now there was 3 new pages of posts while I was at work
  • #3,666
  • Jul 22, 2009 4:30pm Jul 22, 2009 4:30pm
Quoting AnimalHungry
I knew you were going to say that, and it makes sense. What's missing, however, from trading higher timeframes is the ability to turn a lower TF trade (with a bigger position size) into a longer term one. I imagine this might take some considerable finessing to do effectively (profitably) though. For those of us with 'real' jobs playing many different markets on the higher timeframes I think gives the best balance between the number of setups and quality of life. I'm sure this could be explained in terms of expectancy if you could be arsed.

Simon

P.S....




As far as expectancy, to be honest.....the only thing I expect is to be profitable every month. I try to keep it simple.
  • #3,667
  • Jul 22, 2009 5:00pm Jul 22, 2009 5:00pm
If anyone has gotten this message trying to use prorealtime, and found a fix, would you please PM me.

I have followed all recommendations, and it still won't work.

http://i25.tinypic.com/16abbqo.png
  • #3,668
  • Jul 22, 2009 5:05pm Jul 22, 2009 5:05pm
Speaking of expanding one's market play, and assuming you're open to my opinion:

I can relate to staring down the monitor at my trade like a deer in headlights, watching for a break that usually never came until it was too late (or too soon). It tells me that I'm attached to the outcome of the trade, which over time sabotages even my best judgement; so I've been there and continue to burn that out of my system.

Now this topic today tells me that having other vehicles or markets to trade doesn't mean I have to necessarily change that tendency, of being attached or whatnot - to swerve into the wall just as the finish line is seemingly reached. More markets/charts just provides more space to refine my powers of observation and let my instincts do what they're designed to do, while keeping "the scalper/warrior" satisfied or at least preoccupied.

So thanks for bringing this up b/c it's one of the most challenging issues in my own trading nowadays. It's refreshing for me to see this thread b/c I tend to hyper-focus at times and it's utterly exhausting; it has the potential to ruin your life. Just to be aware of it is the first step back towards the light.
  • #3,669
  • Jul 22, 2009 5:16pm Jul 22, 2009 5:16pm
Hey guys, I'm leaving for holiday tomorrow early in the morning.

Just before I head off to Cannes, I want to notify you of a nice GBPCAD long possibility. A lot of confluence indicators, as well as PA, S/R and Fib support in my view. Have a look!

Bye now,

Noloqy
The nail that sticks out gets hammered back in
  • #3,670
  • Jul 22, 2009 5:40pm Jul 22, 2009 5:40pm
Quoting Soca
Speaking of expanding one's market play, and assuming you're open to my opinion:

I can relate to staring down the monitor at my trade like a deer in headlights, watching for a break that usually never came until it was too late (or too soon). It tells me that I'm attached to the outcome of the trade, which over time sabotages even my best judgement; so I've been there and continue to burn that out of my system.

Now this topic today tells me that having other vehicles or markets to trade doesn't mean I have to necessarily change that tendency,...


No doubt. Trading can cost so much more than money. Hell, money is the least of it. It costs time. Family. Sanity. Marriages. Hair.
  • #3,671
  • Jul 22, 2009 5:46pm Jul 22, 2009 5:46pm
Chris when you look at the non forex markets is it only daily and up? Or are there any that you look at on 4H?

Thanks

Aaron
  • #3,672
  • Jul 22, 2009 5:47pm Jul 22, 2009 5:47pm
Quoting clockwork71
No doubt. Trading can cost so much more than money. Hell, money is the least of it. It costs time. Family. Sanity. Marriages. Hair.
I hear you on that Chris,This rereading of the thread is helping me become aware of that, and helping me learn to balance it out.Really helping my learning process.To much.....is "To much" sometimes.Let it flow, don't force it.
  • #3,673
  • Jul 22, 2009 6:17pm Jul 22, 2009 6:17pm
Quoting ajhill
White, been meaning to ask, do you use the Top Movers or have you written your own scans?

TonyH
No i havent written my own scans, I generally just look for pin bars in the major exchanges (hanging mans/hammers and inverted hammers/gravestones)
Grabbing the bull by the horns!
  • #3,674
  • Jul 22, 2009 6:27pm Jul 22, 2009 6:27pm
Quoting whitegoodman
No i havent written my own scans, I generally just look for pin bars in the major exchanges (hanging mans/hammers and inverted hammers/gravestones)

This is exactly what's great about using various markets. If you like one particular set up - that's all you need if you are trading a lot of markets. I actually use several types of entries, but there are some I like more than others......

With that being said - there are always set ups it seems.

It just comes down to how I read the charts.......
  • #3,675
  • Jul 22, 2009 7:32pm Jul 22, 2009 7:32pm
Quoting clockwork71
It's what Jim calls a S/R area.
Roger..this and post 3639
Thank you
  • #3,676
  • Jul 22, 2009 7:36pm Jul 22, 2009 7:36pm
EURNZD Stopped Out

Excellent example when a bull pin needs conformation.
Lesson learned:
Waiting for a close above R would have prevented this loss.
Attached Image (click to enlarge)
Click to Enlarge Name: eurnzd_h4_stop_out.gif Size: 21 KB
  • #3,677
  • Jul 22, 2009 7:38pm Jul 22, 2009 7:38pm
Quoting SaepeExertus
Roger..this and post 3639
Thank you
Yes but was it roger who put the enchilada in the tank?
  • #3,678
  • Jul 22, 2009 7:41pm Jul 22, 2009 7:41pm
There seems to be a lot of indecision in the yen pairs today even though most of them were very tempting to short.

Has anybody got any ideas as to what's going on? I'm thinking lots of volatility in oil is affecting it but other than that I'm stuck. If you really want a prediction from me I'm saying short yen pairs (not all of them at once) but tricky to call which screams stay out!
  • #3,679
  • Jul 22, 2009 8:39pm Jul 22, 2009 8:39pm
Quoting hel13rock
There seems to be a lot of indecision in the yen pairs today even though most of them were very tempting to short.

Has anybody got any ideas as to what's going on? I'm thinking lots of volatility in oil is affecting it but other than that I'm stuck. If you really want a prediction from me I'm saying short yen pairs (not all of them at once) but tricky to call which screams stay out!
Man, I sold Eur/Jpy about two days ago and it really has been a battle between buyers and sellers. I really really am confident about a selloff though and here is why:

a) recent pinish type bar on daily
b) 3rd trend line bounce on daily
c) fib confluence: bounce off 38% level
d) overall trend is bearish
e) markets should start falling again

Take this for what it's worth: I am a new live trader. Any other perceptions about this position are more than welcome.

As far as why, not sure, but as CW says it is the what not the why that matters. Fundamentally speaking, maybe the street does not know what to make of the mixed earning reports or Bernanke's recent comments. I think once the reactive folks get out, the real money will show what is going out there and will be significantly bearish.

But, who knows really, I could be completely wrong.
Just measuring probabilities is all!

hel13rock: what do you think? I know your bearish, like me.
  • #3,680
  • Jul 22, 2009 8:39pm Jul 22, 2009 8:39pm
Quoting hel13rock
There seems to be a lot of indecision in the yen pairs today even though most of them were very tempting to short.

Has anybody got any ideas as to what's going on? I'm thinking lots of volatility in oil is affecting it but other than that I'm stuck. If you really want a prediction from me I'm saying short yen pairs (not all of them at once) but tricky to call which screams stay out!

You can add the NZD and AUD over the last few days as well. It's as if most traders have no idea what to do. If it's not too clear - I would stay out.
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