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Silent Service Method

  • #4,221
  • Jul 31, 2009 2:37pm Jul 31, 2009 2:37pm
Quoting drebin
CW: How do you play these "ledges"? Do you wait for a completed price bar breaking the lowest low or highest high or do you wait on a breakout and retest? An example would be sweet...thanks.
I wait for a close lower. These are a little different, because they are such tight stops. I feel perfectly comfortable on the close lower.....I don't have an example at the moment, but I will post one when I come across it, I promise.

Chris
  • #4,222
  • Jul 31, 2009 2:45pm Jul 31, 2009 2:45pm
Quoting clockwork71
I would suspect the latter of the two. I know a lot of traders that fear GBP/JPY. But the truth is, if you trade longer time frames, it really isn't any different than any other pair.

If you are risking 250 pips on GBP/JPY, and it's 1% of your account....

And you are risking 90 pips on EUR/USD, and it's 1% of your account....

What's the difference?

i do fear and dislike Guppy..
GBP/JPY has screwed me 3 times out of 4 within the last 60 days

altho no biggie because at the end of both months i have turned a profit
  • #4,223
  • Jul 31, 2009 10:25pm Jul 31, 2009 10:25pm
It's got to be said that the yen pairs in general are volatile and largely widely unpredictable but for some reason GbpJpy does seem to trend nicely and follow technical analysis really well.

Look at this chart, nice smooth mini trends up and down. Price bouncing exactly from monthly S1, the close above 156 giving a continuation trade (2 of those in fact).

Or this lovely bounce from 139.

I just like the feel of the price action. Looking back through historic charts it does this all the time too.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpjpy1.gif Size: 28 KB
Click to Enlarge Name: gbpjpy2.gif Size: 29 KB
  • #4,224
  • Aug 1, 2009 12:44am Aug 1, 2009 12:44am
Quoting clockwork71
I would never allow an added position to turn both into a loss.Added would be a smaller amount, and if I got stopped out - it would be for all positions
Hi chris.

That makes sense, because the stop is at a point where I think the price turned against me and I was wrong on that. The stop on the added position has (for me) to be at the same level as the prior position. I can't have two levels where "one" trade becomes invalid. That's why I say "adding" to a trade, because it's still the one and only same trade only bigger load.

If you have TWO trades on one chart you can have TWO levels. Meaning you can have a buy/hold for very long time with it's own stop and another aim for a 200 pips pinbar setup with its own stop.

Stefan.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #4,225
  • Aug 1, 2009 2:51am Aug 1, 2009 2:51am
Quoting kodflakes
I saw a picture of really succesful trader a long time ago and in the background of the picture was a poster that read losers average losers.
I've seen a picture of Paul Tudor Jones with that quote pinned behind him.
  • #4,226
  • Aug 1, 2009 4:45am Aug 1, 2009 4:45am
Quoting Interceptor
I've seen a picture of Paul Tudor Jones with that quote pinned behind him.
Interesting quote indeed. I feel this was one of his weak points. Although it's hard to believe such a great trader has that as his weak point!

Here are some of his other good quotes...

"Don't be a hero. Don't have an ego."

" Decrease your trading volume when you are trading poorly."

"i'm always thinking about losing money as opposed to making money."

Z
Attached Image
  • #4,227
  • Aug 1, 2009 6:42am Aug 1, 2009 6:42am
Quoting stefx
Hi chris.

That makes sense, because the stop is at a point where I think the price turned against me and I was wrong on that. The stop on the added position has (for me) to be at the same level as the prior position. I can't have two levels where "one" trade becomes invalid. That's why I say "adding" to a trade, because it's still the one and only same trade only bigger load.

If you have TWO trades on one chart you can have TWO levels. Meaning you can have a buy/hold for very long time with it's own stop and another aim for a 200 pips pinbar...

True, this is another valid way to do it as well.

The way I do it is based on placing the stop behind those "areas" on a 4 hour. (there is a chart in early part of this thread about it.)

The real trick is to add just enough to help compound the winnings, but not put too much into danger. I normally add something like 1/3 the original size. It doesn't seem like much, but a few hundred pips later it makes a huge difference.

Chris
  • #4,228
  • Aug 1, 2009 6:43am Aug 1, 2009 6:43am
Quoting hel13rock
It's got to be said that the yen pairs in general are volatile and largely widely unpredictable but for some reason GbpJpy does seem to trend nicely and follow technical analysis really well.

Look at this chart, nice smooth mini trends up and down. Price bouncing exactly from monthly S1, the close above 156 giving a continuation trade (2 of those in fact).

Or this lovely bounce from 139.

I just like the feel of the price action. Looking back through historic charts it does this all the time too.
It's funny how sooner or later, we seem to be drawn towards a specific pair. For me, it rotates. I go through phases. But have to admit, there is one I always liked a lot - CHF/JPY. Nice and slow, grinding most of the time. I also like USD/SGD for the same reasons.
  • #4,229
  • Aug 1, 2009 10:19am Aug 1, 2009 10:19am
Chris, sorry baby but this is VERY off topic to your thread! Hijack!

I wrote yesterday about an open range breakout method. I've attached a file with the details.

Any questions PLEASE don't post them on this thread, please PM me and I will answer them.

I didn't want to post a whole thread in the systems section, just for sensible traders who are looking for something reliable to watch when it's quiet in the land of the ss method.
Attached File(s)
File Type: doc London Open Range Breakout Strategy.doc   27 KB | 4,795 downloads
  • #4,230
  • Aug 1, 2009 10:57am Aug 1, 2009 10:57am
Quoting clockwork71
Here is a link to one of the greatest trading books of all time. If you haven't read it - please do. There are so many timeless lessons in it.....

Reminiscences Of A Stock Operator

http://www.scribd.com/doc/3932626/Ed...ersary-edition

You can download it from this site for free......definitely worth the price. I bought a copy myself, and have read this book 4 times.

Clockwork
Dear Clockwork71,

Thank you very much for providing a link to the book.....it is really an excellent book.......if you have some other super hit books for recommendation than you are most welcome to do it.
I am waiting.

Thanks for your this interesting thread.

Regards,
Rupesh
  • #4,231
  • Aug 1, 2009 2:43pm Aug 1, 2009 2:43pm
Quoting hel13rock
Chris, sorry baby but this is VERY off topic to your thread! Hijack!

I wrote yesterday about an open range breakout method. I've attached a file with the details.

Any questions PLEASE don't post them on this thread, please PM me and I will answer them.

I didn't want to post a whole thread in the systems section, just for sensible traders who are looking for something reliable to watch when it's quiet in the land of the ss method.
Actually, I am thinking of having a "trader's lab" section of my place.....so it's kind of funny you are posting this: it may come in handy there. Feel free to post.....it's all good!

Chris
  • #4,232
  • Aug 1, 2009 2:44pm Aug 1, 2009 2:44pm
Quoting rupesh
Dear Clockwork71,

Thank you very much for providing a link to the book.....it is really an excellent book.......if you have some other super hit books for recommendation than you are most welcome to do it.
I am waiting.

Thanks for your this interesting thread.

Regards,
Rupesh

Truthfully, if you read that book and Pring on Price Patterns.....that's enough in my opinion. (I have no link to that one.)

Chris
  • #4,233
  • Aug 1, 2009 4:10pm Aug 1, 2009 4:10pm
Hello,
I was wondering if anyone knows of where I could get a free download of this book on audio.Most of my day consists on being a steering wheel holder,so lots of time to listen!...Thanks
  • #4,234
  • Aug 1, 2009 4:25pm Aug 1, 2009 4:25pm
there is more in the saying if you adding to a winner you are not averaging a loser.
Also you may plan on taking positions in different price ranges for me this saying is something that keeps me from making mistakes on short term trades.
[quote=hel13rock;2921216]Yes but there's a difference between adding to a winner and buying a sinking ship.
  • #4,235
  • Aug 1, 2009 8:38pm Aug 1, 2009 8:38pm
Watching this one for next week.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: JNJ_weekly.png Size: 59 KB
Click to Enlarge Name: JNJdaily.png Size: 58 KB
  • #4,236
  • Aug 2, 2009 1:55am Aug 2, 2009 1:55am
Quoting clockwork71
Watching this one for next week.
there seems to be a lot of shorts lining up on the US stock charts at the moment..

Here's an update on my current OMI trade, also note that you could potentially still enter off the weekly price action.

Note: I usually use prorealtime to illustrate my charts, however their is some price manipulation on my IB charts and prorealtime due to an out of line buy which made it gap down singificantly.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: OMI_weekly.png Size: 66 KB
Click to Enlarge Name: OMI_daily.png Size: 69 KB
Grabbing the bull by the horns!
  • #4,237
  • Aug 2, 2009 12:09pm Aug 2, 2009 12:09pm
Has anyone been having problems trading CAD pairs? With what is going on with Oil, can one really trade signals off S/R against the CAD?

I have so far taken three trades on pairs (since i learnt this Method) with CAD and on two i have had my S/L hit even when the signals off the S/R were good.

I am currently short CAD/JPY and having read this weekend on Oil price going up, i woud not be surprised to wake up to a S/L hit. If this happens then am done going against CAD until Oil prices stabilize (That is if they will ever do).

CW, what do you think?
  • #4,238
  • Aug 2, 2009 12:16pm Aug 2, 2009 12:16pm
Quoting Danku
Has anyone been having problems trading CAD pairs?...

Do me a favor, and point out your CAD levels, let's start with the absolute basics and work from there.
  • #4,239
  • Aug 2, 2009 12:28pm Aug 2, 2009 12:28pm
Quoting clockwork71
Do me a favor, and point out your CAD levels, let's start with the absolute basics and work from there.
CW, this is what i have for my S/R Levels.

First Chart:- Daily
Second Chart:- 4-hr (Used this to take the short)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cadjpy (daily).gif Size: 22 KB
Click to Enlarge Name: cadjpy (short entry).gif Size: 19 KB
  • #4,240
  • Aug 2, 2009 12:43pm Aug 2, 2009 12:43pm
Quoting Danku
CW, this is what i have for my S/R Levels.

First Chart:- Daily
Second Chart:- 4-hr (Used this to take the short)

Something I noticed. I don't have CAD/JPY on my MT4 broker, so I don't have access to the weekly.
Attached Image (click to enlarge)
Click to Enlarge Name: cadyen.png Size: 66 KB
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