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Silent Service Method

  • #3,881
  • Jul 25, 2009 8:22am Jul 25, 2009 8:22am
Quoting aarangio
Hi ya CW,

Can I just go back to this post just to confirm i'm understanding this right please..

1. you originally put the stop above the first red pin bar..
2. price does it's thing and you see a second black pinbar in the opposite direction complete and you quickly put a stop just above that black pinbar..

am i right with what your saying here?

Thanks,
Adrian
Yes, because basically the idea is you a shorting until the pair signals to go long. In Reminiscences Of A Stock Operator, there is a part where he is talking about exits. He says he stays in a stock until he sees reasons to sell. Think about that for a moment.

When you are getting out of a position, you are basically saying it could go the other way.

Just a way of thinking about it.

Chris
  • #3,882
  • Jul 25, 2009 8:32am Jul 25, 2009 8:32am
Quoting clockwork71
Yes, because basically the idea is you a shorting until the pair signals to go long. In Reminiscences Of A Stock Operator, there is a part where he is talking about exits. He says he stays in a stock until he sees reasons to sell. Think about that for a moment.

When you are getting out of a position, you are basically saying it could go the other way.

Just a way of thinking about it.

Chris
Hey CW,

thanks for getting back to me on this and the explaination helped alot..

Thanking you..

Adrian
  • #3,883
  • Jul 25, 2009 8:56am Jul 25, 2009 8:56am
Quoting clockwork71
Let me say this:

It's this kind of annoying shit that you tend to remember. It's also what led to my first 300+ pip trade. I got sick of doing this kind of thing to myself.

It is in my opinion that what you are describing is one of the main "make it or break it" points in a trader's career. You simply cannot take a handful of pips, only to have you losses full. Nor can you take your losses at half, just to watch the friggin trade go your way later.

I made a pact with myself a long time ago....when I place a stop - that's it. [b]I never change...

Hi CW,

Great post...copy and pasted.
-happyTrading-myFx.
  • #3,884
  • Jul 25, 2009 9:02am Jul 25, 2009 9:02am
Quoting Max Profit
After reading today what's been going on the last couple of days I would like to offer you this advice (I have been trading for 7 years and seen it all).

ClockWork

Stop right now in any back and forth insults/communication, it's obvious what the intent is here (to try and sabotage plans). Keep it clean on any Public Forum, the owners will not want it here just as you wouldn't if it was your site.

[color=blue][i]Carry on with your plan, put all your energy...
Very good advice for every single person.
-happyTrading-myFx.
  • #3,885
  • Edited 6:48pm Jul 25, 2009 9:34am | Edited 6:48pm
Quoting clockwork71
This is a chart of a bar I like a lot. It's called an engulfing bar. It engulfs several bars before it.....shaking a lot of traders out. I love these things, but they are kind of rare.....
SO simple but great stuff. Hats off to you sir.
  • #3,886
  • Jul 25, 2009 9:44am Jul 25, 2009 9:44am
CW, I love your thread and specially love your user title under your name!
Big thanks to everyone, too big help to my way of trying to become a trader.

Nuclear
  • #3,887
  • Jul 25, 2009 2:44pm Jul 25, 2009 2:44pm
Quoting lowmach
Soca-

thank you for your response. I have added the big fib you mentioned and showed in your charts. nice charts by the way. i also added another fib from the 9.22.08 retracement high to the lowest low on the chart. working down like you mentioned. We seem to be bouncing around these inner fibs for sometime now. my entry was in a very busy part of the chart fib wise. uhm would you say that until the 61.8 is taken out we can still consider this as a long term down trend?

I can see why you stated that the bigger fibs will carry more weight than...
lowmach,

To be honest, I hope your retirement account doesn't depend on what the E/J or any market does or doesn't do! That you're resourceful enough to find a way to profit, regardless...

Easier said than done but I admire you're willingness to have a "self-directed" account for trading in your retirement portfolio. Most everyone I know has little to no knowledge of the inner workings of the markets, like what traders know from studying charts to how the interbank market operates and a hundred other things. They don't know what to expect, of course and resort to hoping for the best. So in short, we pay for our ignorance; better with money than with our lives I'd say.

To answer your question about whether I think the 61.8% needs to break in order to confirm a trend (up or down) on the E/J, I'd say yes and no. It's not really the fib that needs to break but the S/R zones around the fibs. So I don't mean to be critical of your question, it's just a finer point but an important one b/c as you said, price bounces around those areas. What holds precedence is the PA that created them. Fibs in this case don't really indicate the direction but are merely signposts or a waystation that's part the nature of PA, people, traders... Like a base camp or flag on a mountain climbing expedition = camps big and small of traders loading and unloading positions.

Always pay attention to what price is doing now and where, using the other indicators for helping you decide whether to enter, exit or hold. That's one basic message of the Silent Service Method to my understanding. I'd suggest using the timely checklist that CW just provided [post #3861] to help guide in your decision whether to enter a trade or not as well.

If I may comment on your charting and postings, I can tell you what I'd like to see is a weekly chart or higher that displays your marking the major/minor zones, the fibs and a study of the chart patterns around them. This won't do much for your particular psychology as a trader but it will give you a confidence over time that comes from having a skill. Practice this over and over, like CW says.

Work your way down and show it on the chart just how you got there. Use more than one in the beginning. Trading is a process, not just a "set and forget." It's a business that's played by super-serious players who are better funded and more technologically equipped than you or I. So for what edge we do have as "retail traders" it's that we can follow and act, instead of merely reacting to why something is happening. We just don't know for sure and that shouldn't matter but we try to find out anyway. In that search we look for faster ways to get the next thing, in order to forget our insecurities and vulnerabilities. That can be a slow and painful process, one that I'm going through at moment as I resume trading what and where I observe an opportunity - being accountable for the risk.

Again, easier said than done for sure but in the meantime I look forward to your posts and I hope I didn't distract from the thread with this post too much.

Peace
  • #3,888
  • Jul 25, 2009 3:15pm Jul 25, 2009 3:15pm
Quoting cheelu
I found a software for hong kong charts which is better than IB (any thing is better than IB, of course).

It also works for lots of other markets too.

http://www.download3000.com/download_33713.html
Cheelu your awesome thanks ^_^
  • #3,889
  • Jul 25, 2009 3:32pm Jul 25, 2009 3:32pm
Quoting Soca
lowmach,

To be honest, I hope your retirement account doesn't depend on what the E/J or any market does or doesn't do! That you're resourceful enough to find a way to profit, regardless...

Easier said than done but I admire you're willingness to have a "self-directed" account for trading in your retirement portfolio. Most everyone I know has little to no knowledge of the inner workings of the markets, like what traders know from studying charts to how the interbank market operates and a hundred other things. They don't know what to expect,...
Hell no. You didn't distract at all. This was a great post.
  • #3,890
  • Jul 25, 2009 3:32pm Jul 25, 2009 3:32pm
Quoting split_unit
Cheelu your awesome thanks ^_^

cheelu really is awesome, I agree!
  • #3,891
  • Jul 25, 2009 3:40pm Jul 25, 2009 3:40pm
What are you guys using for charting stocks? Is there a free charting package that does < end of day? Is there a MT4 broker that has all instruments, FXPro seems to have a few.
I hear and I forget. I see and I remember. I do and I understand.
  • #3,892
  • Jul 25, 2009 4:20pm Jul 25, 2009 4:20pm
Hi tac

Maybe this could be what you are looking for:

http://www.freestockcharts.com/

I just found it among my bookmarks.



Quoting tac
What are you guys using for charting stocks? Is there a free charting package that does < end of day? Is there a MT4 broker that has all instruments, FXPro seems to have a few.
  • #3,893
  • Jul 25, 2009 4:25pm Jul 25, 2009 4:25pm
short it down....
or not?
Attached Image (click to enlarge)
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meine augen sind die sterne
  • #3,894
  • Jul 25, 2009 4:29pm Jul 25, 2009 4:29pm
Quoting aserbfx
short it down....
or not?
It's tough to see the last bar or two, doesn't look like any price action setup, I would like to see a bearish pin bar or outside bar, or dark cloud cover, any reversal bar/candle type.
I hear and I forget. I see and I remember. I do and I understand.
  • #3,895
  • Jul 25, 2009 4:38pm Jul 25, 2009 4:38pm
Click on the image enlarges it a little and I think it is an inside bar. Not to be trusted on a Friday IMHO.
  • #3,896
  • Jul 25, 2009 4:41pm Jul 25, 2009 4:41pm
Quoting Im4age
Click on the image enlarges it a little and I think it is an inside bar.
yes, it is.
Attached Image (click to enlarge)
Click to Enlarge Name: lha.png Size: 15 KB
meine augen sind die sterne
  • #3,897
  • Jul 25, 2009 7:24pm Jul 25, 2009 7:24pm
Range trading. Pin at the bottom end of the range.Also formed at the bottom of an upward channel
Attached Image (click to enlarge)
Click to Enlarge Name: 0733.PNG Size: 66 KB
  • #3,898
  • Jul 25, 2009 8:42pm Jul 25, 2009 8:42pm
Chris,

What do you think of this chart?

Good medium term uptrend
Breakout with good volume
Retest of breakout support area.

But volume shrinked on friday.
Attached Image (click to enlarge)
Click to Enlarge Name: unp.PNG Size: 74 KB
  • #3,899
  • Jul 25, 2009 9:00pm Jul 25, 2009 9:00pm
Quoting cheelu
Chris,

What do you think of this chart?

Good medium term uptrend
Breakout with good volume
Retest of breakout support area.

But volume shrinked on friday.

I like everything about it except that volume. I might even wait for a break of 60 to get involved, just shrink the positino size, and widen the stops a little.....

Chris
  • #3,900
  • Jul 25, 2009 9:21pm Jul 25, 2009 9:21pm
New video on the blog about EUR/CAD.....
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