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Silent Service Method

  • #3,681
  • Jul 22, 2009 8:48pm Jul 22, 2009 8:48pm
EURUSD

When I first saw this pa I thought the bears were in control. Then I noticed the bulls had higher lows…. I saw support at 1.417 I went long. Then stopped out.



Reenter when I saw I had been stopped out with a bull pin.. I have no decent stop cover.
With this level of volatility I don’t think I will be here much longer.

Lesson I learned:
Do not enter a range war until the winner has been established.
Attached Image(s) (click to enlarge)
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  • #3,682
  • Jul 22, 2009 8:50pm Jul 22, 2009 8:50pm
Quoting clockwork71
If it's not too clear - I would stay out.
Best advise for the moment - its hard but knowing that some profitable breakouts should be on their way soon helps ...
  • #3,683
  • Jul 22, 2009 8:52pm Jul 22, 2009 8:52pm
Quoting pipmyride
Best advise for the moment - its hard but knowing that some profitable breakouts should be on their way soon helps ...

This is true - but remember this: When they break it will be obvious. At that point in time it's just a matter of having wide enough stops.

Remember, if you are risking say 2% on a trade.....and you get 10% return, it won't matter if it's 500 pips, or 100 that get you there!
  • #3,684
  • Jul 22, 2009 9:10pm Jul 22, 2009 9:10pm
Triangulation [trahy-ang-gyuh-ley-shuhhttp://cache.lexico.com/dictionary/g...una/thinsp.pngn]

–noun Surveying, Navigation. 1. a technique for establishing the distance between any two points, or the relative position of two or more points, by using such points as vertices of a triangle or series of triangles, such that each triangle has a side of known or measurable length (base or base line) that permits the size of the angles of the triangle and the length of its other two sides to be established by observations taken either upon or from the two ends of the base line.

2. the triangles thus formed and measured.

Why am I posting this? How does it relate to trading? Think about something for a moment: NZD and AUD tend to move in very similar fashion. They are both commodity currencies, and are #1 trading partners with each other. So, how can we use this to our advantage?

Simple. Let's say you have very similar setups in the NZD/USD and the AUD/USD pair to go long. (This happens quite a bit actually.) Try looking at the AUD/NZD to reference relative strength. If the AUD/NZD is going up it means that the AUD is stronger than the NZD. Think about that.

The order of strength in this case:

 

  1. AUD
  2. NZD
  3. USD

So buy AUD/USD - it should go farther. If you are looking at the other way, to go short and buy USD.....just reverse the process.

EUR/GBP works great too. (For EUR/USD and GBP/USD)

It's a form of confluence, not a sole reason to take a trade. Like I said, it should go farther, and each pip counts in the long run guys.

Chris

  • #3,685
  • Jul 22, 2009 9:21pm Jul 22, 2009 9:21pm
A trade I just got in.

Small risk, huge reward.
Attached Image (click to enlarge)
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  • #3,686
  • Jul 22, 2009 10:12pm Jul 22, 2009 10:12pm
Quoting clockwork71
A trade I just got in.

Small risk, huge reward.
didnt want to wait for retest of $6.50 or the gap?
Grabbing the bull by the horns!
  • #3,687
  • Jul 22, 2009 10:19pm Jul 22, 2009 10:19pm
http://stockcharts.com/h-sc/ui?s=CNR...d=p55143124368
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  • #3,688
  • Jul 22, 2009 10:22pm Jul 22, 2009 10:22pm
Quoting whitegoodman
didnt want to wait for retest of $6.50 or the gap?

No, I put stops well below.....the main reason it the Hang Seng is up over 400 pts right away - it was more of a judgement call. This is why only bought 4,000 shares.
  • #3,689
  • Jul 22, 2009 10:22pm Jul 22, 2009 10:22pm
Quoting cheelu
http://stockcharts.com/h-sc/ui?s=CNR...d=p55143124368

Really nice looking chart.
  • #3,690
  • Jul 22, 2009 10:26pm Jul 22, 2009 10:26pm
Quoting clockwork71
Really nice looking chart.
its funny how all mine and Cheelu's stock charts look good for a short....

must mean its going to go up ha
Grabbing the bull by the horns!
  • #3,691
  • Jul 22, 2009 10:27pm Jul 22, 2009 10:27pm
took this trade today .the gap concerns me. but the shape and location convinced me. hopefully it can punch thru.
Attached Image (click to enlarge)
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  • #3,692
  • Jul 22, 2009 10:27pm Jul 22, 2009 10:27pm
Is HK $ about 13 cents USD?
  • #3,693
  • Jul 22, 2009 10:30pm Jul 22, 2009 10:30pm
Quoting whitegoodman
its funny how all mine and Cheelu's stock charts look good for a short....

must mean its going to go up ha
  • #3,694
  • Jul 22, 2009 11:36pm Jul 22, 2009 11:36pm
Quoting Im4age
Is HK $ about 13 cents USD?

Its pegged to roughly 7.75 HKD = 1 USD
  • #3,695
  • Jul 23, 2009 12:06am Jul 23, 2009 12:06am
usdjpy: out at BE after 2 days in.
Trading: the skill of avoiding trades
  • #3,696
  • Jul 23, 2009 12:19am Jul 23, 2009 12:19am
Quoting drebin
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....
I'm with you but mindful of the post below this by CW, if it's unclear stay out.
  • #3,697
  • Jul 23, 2009 12:46am Jul 23, 2009 12:46am
Quoting SaepeExertus
Excellent example when a bull pin needs conformation.
My two pips if you don't mind.

The body of this pinbar is to large for me so this one tells me some kind of indecision and not a pullback to change direction. I personally don't like pinbars which are aligned around the same levels as the previous bars. If you wait a break of this pinbar as I normally do also then the next PPZ is not far which would bring the trade in trouble again.

Attached Image (click to enlarge)
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stefx.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #3,698
  • Edited 2:34am Jul 23, 2009 2:32am | Edited 2:34am
Quoting eswap0
usdjpy: out at BE after 2 days in.
I got stopped out too. Though I moved my SL to what appeared to be resistance, and closed for +36 pips....after 2 days.
  • #3,699
  • Jul 23, 2009 2:53am Jul 23, 2009 2:53am
Here's one I spotted, Glaxo Smithkline, GSKLN on the FTSE.
Nice 4hr PA at weekly s/r after announcements that they are doing really well with Tamiflu, lol.

Just shows you cant listen to the fundies.
Attached Image(s) (click to enlarge)
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If it's too good to be true, it probably is.
  • #3,700
  • Jul 23, 2009 3:01am Jul 23, 2009 3:01am
Hi all,

I am very happy to say that my USDCAD trade short is still running.
Currently it is on 622 PIPS!
But I am still sorry to say that is only demo.

All the best

Chris
Attached Image (click to enlarge)
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