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Silent Service Method

  • #3,741
  • Jul 23, 2009 11:17am Jul 23, 2009 11:17am
Quoting drebin
Well, I lost 1% on my EUR/JPY short. When I get home I'll take a look, but every trade I lose seems to bounce off minor resistance right to my stop.

I am thinking about moving to BE once minor resistance is tested, considering most of my trades are profitable almost immediately, only to struggle at these levels (4 hr minor resistance, I trade dailies).

Any thoughts CW?? Do you mind shedding a little light on this most recent trade maybe? My sell was triggered on break of pseudo pin bar on 7/21....

thanks, as always...

Truthfully, it's a more of the "big picture" thing. The markets are back and forth, and therefore make this time a little more volatile than usual. I am willing to bet a lot of people are having issues. We just don't know where we want to go right now. (Just look at the S&P 500 charts......Dow, etc.)

For what it's worth - the Hang Seng checked out last night.....

If you look historically, it's these times that tend to be the hardest on traders. This is great education for anyone involved. Just remember that if you are still in the game later - when markets are trending - there's nothing to trading.

Chris
  • #3,742
  • Jul 23, 2009 11:48am Jul 23, 2009 11:48am
Quoting clockwork71
Truthfully, it's a more of the "big picture" thing. The markets are back and forth, and therefore make this time a little more volatile than usual. I am willing to bet a lot of people are having issues. We just don't know where we want to go right now. (Just look at the S&P 500 charts......Dow, etc.)

For what it's worth - the Hang Seng checked out last night.....

If you look historically, it's these times that tend to be the hardest on traders. This is great education for anyone involved. Just remember that if you are still in the game later...
Thanks CW.
  • #3,743
  • Jul 23, 2009 11:59am Jul 23, 2009 11:59am
Quoting drebin
Well, I lost 1% on my EUR/JPY short. When I get home I'll take a look, but every trade I lose seems to bounce off minor resistance right to my stop.
Any thoughts CW?? Do you mind shedding a little light on this most recent trade maybe? My sell was triggered on break of pseudo pin bar on 7/21....
thanks, as always...
I looked at shorting the EJ too but felt to tired putting a trade on. This may have kept me from loosing this one, because I might not have seen that in the past it bounced off the 131.50 several times.

Looking at the larger picture now I am thinking there's nothing obvious in the orange box except trading off the 130.50 and 137.50 levels.

Attached Image (click to enlarge)
Click to Enlarge Name: EJ.jpg Size: 120 KB


stefx.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #3,744
  • Jul 23, 2009 12:24pm Jul 23, 2009 12:24pm
Guys in the picture is what Im loking to happen for UJ at the moment. In the highlighted area is where the Head and shoulders is holding to now in my opinion. But the red arrows are showing the buy possiblity and the orange the short possibility. Also I dont expect the the long to bounce off the line just in the highlighted area that line has already been violated and I am looking for the long more than short
Attached Image (click to enlarge)
Click to Enlarge Name: uj.png Size: 64 KB
  • #3,745
  • Jul 23, 2009 12:24pm Jul 23, 2009 12:24pm
Quoting stefx
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...
Stefx
I understand where you’re coming from and I appreciate the time you took to encourage me…

This may be a little hard for me to explain..

The first trade I took and lost caused me to question my judgment.. With losing my second trade caused me mental anguish and psychotically distress to say the least.

This caused me to pass a couple trades that were winners.
Coming back and loosing the next trade worsened my psychic.

Then winning my next couple trade caused me to exit with small profits too soon.

I had to erase this mental block.

The method I chose to remove this mental blockage was simple for me. I chose to take aggressive trades that could turn positive. If they turn against me I understood why.
This still had a negative effect on my judgment.

I kept this up until now I don’t think twice about forgetting that trade and entering the next with in seconds if the setup calls for it.

I also believe going to live trading, my confidence level will drop to some degree.
Because I believe this I will take aggressive trades from time to time to continue reinforcing my confidence so the degree of confidence drop will be minimal..

I posted those negative trades for the benefit of any new trader willing to take the time to review and understand the reason for those failure.

I am slowly learning to be patient and taking better trades with a little less aggressive trade…

At this time it is still work in progress.

whew man does this make any sense at all…

Thank again
Roy
  • #3,746
  • Jul 23, 2009 12:32pm Jul 23, 2009 12:32pm
i posted this chart base on the upmove of the cad/jpy, is there any comment on this i was expecting a sjhort positiuon on this pair but i dont know if the shrt will come back comment
Attached Image (click to enlarge)
Click to Enlarge Name: dozzcd.gif Size: 31 KB
  • #3,747
  • Jul 23, 2009 12:43pm Jul 23, 2009 12:43pm
Quoting kodflakes
Guys in the picture is what Im loking to happen for UJ at the moment. In the highlighted area is where the Head and shoulders is holding to now in my opinion. But the red arrows are showing the buy possiblity and the orange the short possibility. Also I dont expect the the long to bounce off the line just in the highlighted area that line has already been violated and I am looking for the long more than short
I would have thought it would head down..
I failed to catch that..
I thought head and shoulders were powerful indicators.?

Good catch
My chart looks different but its still a strong pattern
Attached Image
  • #3,748
  • Jul 23, 2009 12:54pm Jul 23, 2009 12:54pm
Hey CW, if i remember correctly you use more than just Interactive Brokers. Considering that we can trade anything, even forex with them, why not stick just to IB?
freedom
  • #3,749
  • Jul 23, 2009 12:56pm Jul 23, 2009 12:56pm
If anyone needs convincing that they should keep at least one eye on the fundamentals it's worth noting the volatility in the yen and cad pairs today.

The reason why? Check the price of oil... up $3 today alone. That's a relatively big move for oil in one day.

The biggest mover today? Cad/jpy.
  • #3,750
  • Jul 23, 2009 1:02pm Jul 23, 2009 1:02pm
EURJPY
Had to reach back in time for a reasonable stop.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy_h4.gif Size: 22 KB
  • #3,751
  • Jul 23, 2009 1:06pm Jul 23, 2009 1:06pm
Quoting hel13rock
If anyone needs convincing that they should keep at least one eye on the fundamentals it's worth noting the volatility in the yen and cad pairs today.

The reason why? Check the price of oil... up $3 today alone. That's a relatively big move for oil in one day.

The biggest mover today? Cad/jpy.
Would this be the reason a bear Head and Shoulder turn strong up??
  • #3,752
  • Jul 23, 2009 1:22pm Jul 23, 2009 1:22pm
Quoting SaepeExertus
Would this be the reason a bear Head and Shoulder turn strong up??

It's very possible -

Remember, Canada produces oil, Japan imports 100% of theirs.
  • #3,753
  • Jul 23, 2009 1:23pm Jul 23, 2009 1:23pm
Trade i took yesterday.

Daily has PB on the 1.7500 round number, tails off the 1.7500 Support and we are with the trend after break of the TL. I am trying to keep it simple as i build my small account.

Currently up +143 pips on live n +147 pips on Demo....GBPJPY was also good for a long.........but not much of a signal to long
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpchf long trade (daily).gif Size: 22 KB
Click to Enlarge Name: gbpchf long trade (4-hr).gif Size: 22 KB
  • #3,754
  • Jul 23, 2009 1:24pm Jul 23, 2009 1:24pm
Quoting equilibrium6
Hey CW, if i remember correctly you use more than just Interactive Brokers. Considering that we can trade anything, even forex with them, why not stick just to IB?

Recently, I have been using mainly IB for forex as well. It really depends on the position size, because IBFX allows smaller sizing if you need to place a long-term position for example.
  • #3,755
  • Jul 23, 2009 1:24pm Jul 23, 2009 1:24pm
Quoting clockwork71
Truthfully, it's a more of the "big picture" thing. The markets are back and forth, and therefore make this time a little more volatile than usual. I am willing to bet a lot of people are having issues. We just don't know where we want to go right now. (Just look at the S&P 500 charts......Dow, etc.)

For what it's worth - the Hang Seng checked out last night.....

If you look historically, it's these times that tend to be the hardest on traders. This is great education for anyone involved. Just remember that if you are still in the game later...
I totally agree Chris. This last 2 months have been very trying for all traders.

If we can stay consistent during the crazy summer market, September will be a doddle.
If it's too good to be true, it probably is.
  • #3,756
  • Jul 23, 2009 1:25pm Jul 23, 2009 1:25pm
Quoting Danku
Trade i took yesterday.

Daily has PB on the 1.7500 round number, tails off the 1.7500 Support and we are with the trend after break of the TL. I am trying to keep it simple as i build my small account.

Currently up +143 pips on live n +147 pips on Demo....GBPJPY was also good for a long.........but not much of a signal to long

Good eye. Nice trade.
  • #3,757
  • Jul 23, 2009 1:30pm Jul 23, 2009 1:30pm
Quoting clockwork71
Good eye. Nice trade.
THANKS TO YOU CHRIS........i must admit
  • #3,758
  • Jul 23, 2009 1:32pm Jul 23, 2009 1:32pm
Quoting billye
fear... ib will lose it's world#2 financial status by you guys robbing it in every way...
That's how far things are now...people thinking that there's nothing but bucket-shops. Believe it or not, there are still some real markets on this planet with real traders who really trade. Not just pupils playing gambling at some bucket-shop with their 500$.

No offense but I had to let that out
  • #3,759
  • Jul 23, 2009 1:37pm Jul 23, 2009 1:37pm
Quoting dozzz71
i posted this chart base on the upmove of the cad/jpy, is there any comment on this i was expecting a sjhort positiuon on this pair but i dont know if the shrt will come back comment
My broker does not give me this pair..
I do not have enough experience to offer an opinion…

Someone here should be able to offer some credible and unbiased thoughts..
  • #3,760
  • Jul 23, 2009 1:54pm Jul 23, 2009 1:54pm
Quoting SimonK
I totally agree Chris. This last 2 months have been very trying for all traders.

If we can stay consistent during the crazy summer market, September will be a doddle.
True I agree. The past two months have been tough, on personal terms it was tougher to trade then the financial crisis
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