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Silent Service Method

  • #3,701
  • Jul 23, 2009 4:28am Jul 23, 2009 4:28am
Hey Chris,

Another question for you.

Markets are winding up and we're all watching for breakouts, on forex at least.

The way you trade means you'll probably miss the original break because the tip off, if there is any, is likely to be a bar in the consolidation. But once it's moved there is likely to be a pullback or retest of some kind with price action and that's when you jump on board and flow downstream. Am I correct?

Or is there something you look for to catch the initial move? The way these have been winding for a while makes me think they'll break fast and hard and I can't see myself taking any price action until we're out of the consolidation.

Thanks,

Aaron
  • #3,702
  • Jul 23, 2009 4:32am Jul 23, 2009 4:32am
Quoting hel13rock
Yes but was it roger who put the enchilada in the tank?

hahahaha
hel13rock all I knows is
Splish splash I was taking a bath when I heard this noise going on
I poked my head out …and wouldn’t you know it
Someone dun ran off with all my threads…

Now does this date anyone here…
Well for all you youngsters out there
In my day you would say
“hey man them is some cool threads ya got there.”
(Clothes)
  • #3,703
  • Jul 23, 2009 4:48am Jul 23, 2009 4:48am
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!
EURJPY

I don’t have a clue what’s going on
But I did go long eurjpy

I had to look at the H1 for some sort of decent stop
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurjpy_h1_stop.gif Size: 21 KB
Click to Enlarge Name: eurjpy_h4.gif Size: 21 KB
  • #3,704
  • Jul 23, 2009 4:51am Jul 23, 2009 4:51am
Quoting stefx
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.

Attachment

stefx.
If you dont mind me throwing in a comment from the peanut gallery- I don't like the pa in that area. It looks like a bunch of pinbars. Although it is easy for me to make a call after the fact, it is a little bit harder when you are on the spot.


I appreciate all the charts everyone is putting up.
  • #3,705
  • Jul 23, 2009 5:10am Jul 23, 2009 5:10am
I'm throwing out questions like there's no tomorrow at the moment...

For all you guys; have you found a good website with educational videos for learning about futures? www.learningmarkets.com is superb for stocks and options but is there an equivalent for futures? I've got some good "for dummies" books that I am ploughing through but I really like videos.

Any suggestions would be appreciated.
  • #3,706
  • Jul 23, 2009 5:17am Jul 23, 2009 5:17am
Quoting cyborg
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
Great trade cyborg

You had asked a question earlier just how far down this pair would go.
CW gave you the correct answer. No one really knows except the market..

However as you are already in this pair, you could reasonably look at where the SR is and safely conclude this pair could test these levels.

Will it ?? hell if I had that answer I would be some where in Tehetti now lounging on one of my several yachts

Ps that red arrow is a fopar
Pretend you don’t see it…
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad_h4_cyborg.gif Size: 24 KB
  • #3,707
  • Jul 23, 2009 5:27am Jul 23, 2009 5:27am
Quoting stefx
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.

Attachment

stefx.
stefx
i ant proud... i will take all the pips you can spare...
If there was a book with 100 pages that would make me a professional trader…
I be all the way up to pg 3..

Thank you very much
  • #3,708
  • Jul 23, 2009 5:54am Jul 23, 2009 5:54am
Quoting TiaForex
I'm throwing out questions like there's no tomorrow at the moment...

For all you guys; have you found a good website with educational videos for learning about futures? www.learningmarkets.com is superb for stocks and options but is there an equivalent for futures? I've got some good "for dummies" books that I am ploughing through but I really like videos.

Any suggestions would be appreciated.
Well this is one of the best places to throw them…

Like you I also learn best from watching… nothing wrong with that.

You are going to find there are as many methods of trading forex as there are stars in the sky.
Not to fret though.. If you will go back and read the first 25 pages or so you will get a clear picture how CW trades…. You only need to read his posts for sure..

My personal experience here:
Before I accidentally stumbled in here I was trading the forex with my eyes wide shut.. My confidence level was very low.

Now every trade I place is with confidence.
I know when I’m placing a high risk trade and when I’m placing a safe trade.

That is a huge difference…for me.

Welcome aboard here and success to you..
  • #3,709
  • Jul 23, 2009 5:56am Jul 23, 2009 5:56am
Quoting SaepeExertus
If there was a book with 100 pages that would make me a professional trader… I be all the way up to pg 3..
It's not the page where you are, its the willingness reading it to the end and reading it slow with your own thoughts. Not everything fits one even if its true.

Don't bring yourself into a position where you have to waste an A++ setup to recover your account from B setups. Look at more charts not only forex if you can't find an opportunity. The best setups are obvious but even they may require confirmation. The saying "the early bird catches the worm" is true, except for trading.

Look at this one http://www.forexfactory.com/showpost...postcount=3685 from CW and see the difference.

stefx.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #3,710
  • Jul 23, 2009 7:17am Jul 23, 2009 7:17am
Quoting eswap0
usdjpy: out at BE after 2 days in.

Don't worry - you have to let it run if you want the money. Sometimes that means B/E in the end. Besides, the market isn't too sure about anything right now.
  • #3,711
  • Jul 23, 2009 7:18am Jul 23, 2009 7:18am
Quoting cyborg
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

Cyborg -

You have there on your hands what is known as a home run. Great trade. Please, when you go live, always remember this trade - it will change the way you trade forever.

Chris
  • #3,712
  • Jul 23, 2009 7:20am Jul 23, 2009 7:20am
Quoting TiaForex
Hey Chris,

Another question for you.

Markets are winding up and we're all watching for breakouts, on forex at least.

The way you trade means you'll probably miss the original break because the tip off, if there is any, is likely to be a bar in the consolidation. But once it's moved there is likely to be a pullback or retest of some kind with price action and that's when you jump on board and flow downstream. Am I correct?

Or is there something you look for to catch the initial move? The way these have been winding for a while makes me think...
Well, 99& of the time, yes I wait for a pullback. However, I might try to find some kind of "outer boundary" of some pairs, and let it roll with a smaller position. ***(This is purely a judgment call)***

The trade would be with the understanding I would be building a position for a long term type trade.

This is a little different situation, and sometimes it calls for a modified approach.

Chris
  • #3,713
  • Jul 23, 2009 7:33am Jul 23, 2009 7:33am
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!
why things cannot stay where it was?
  • #3,714
  • Jul 23, 2009 7:42am Jul 23, 2009 7:42am
Quoting billye
why things cannot stay where it was?

Because if they did, it would mean there's no international commerce
  • #3,715
  • Jul 23, 2009 7:48am Jul 23, 2009 7:48am
Quoting clockwork71
Because if they did, it would mean there's no international commerce
haha, I thought of this question on bed yesterday.
then I conclude that some big speculator will make it move in order to report a quarterly trading profit...
  • #3,716
  • Jul 23, 2009 7:49am Jul 23, 2009 7:49am
hey no one is talking about cad/jpy, i said last time its to form head and shoulder on the daily chart, can anyone comment on this pair.
  • #3,717
  • Jul 23, 2009 8:01am Jul 23, 2009 8:01am
pin bar broke to the upside and no resistance till $2 area.
Attached Image (click to enlarge)
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  • #3,718
  • Jul 23, 2009 8:04am Jul 23, 2009 8:04am
Quoting cheelu
pin bar broke to the upside and no resistance till $2 area.
god I hate IB charting haha...

prorealtime doesnt do hong kong, tokyo or Singapore
Grabbing the bull by the horns!
  • #3,719
  • Jul 23, 2009 8:04am Jul 23, 2009 8:04am
Quoting cheelu
pin bar broke to the upside and no resistance till $2 area.

Congrats cheelu!
  • #3,720
  • Jul 23, 2009 8:05am Jul 23, 2009 8:05am
Quoting whitegoodman
god I hate IB charting haha...

prorealtime doesnt do hong kong, tokyo or Singapore

Yeah I know.....if anyone finds a nice work around on this.....post it please!
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