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Silent Service Method

  • #4,281
  • Aug 4, 2009 1:31am Aug 4, 2009 1:31am
Quoting hel13rock
I use an auto pivot indicator for mt4 which draws the same lines as a pivot calculator would give me and I find it really uncanny how closely they are being followed on GbpUsd at the moment.

I never look for a trade, I have the chart open for the GbpUsd breakout method and stumble upon these set ups... Price bouncing off weekly pivots amd when it breaks through it reaches the next one.

Whether this is going to continue to hold or not is another matter but I'm sufficiently interested to spend some time watching.

My longer term view on...
hel13rock,

Okay, thanks for sharing. So what I gather is that you may start using pivots as an indicator to trade with in the future, yes?

And congrats on your continuing development as a trader! Your posts do exhibit a more individualized confidence and willingness to explore new possibilities/probabilities, from what I can tell. That's nice to be around, as long as I've been doing this, so thanks. And I've been here long enough to see you're also like a wild party animal, so what can I say As for me, I went off once already, though I'm like a jaded Zen master with an attitude

Anyway, I look forward to whatever insights and perspectives you're willing to share, which particularly interest me about the Yen crosses - if you gots more

Otherwise I've been taking on a lot more currency pairs since I joined this thread and began posting. Trying to keep up with everybody to a degree but again, I gravitate to the Yen pairs, which consistently make sense to me. I've been through many different kinds of trading and indicators, which I've all left for rot, except afew ... I'm sure most others here can relate to that.

Whereas the group on whole (in this thread) is unlike most others I've been around, in person and online. There's a focus here by Chris that keeps it on a much more sane keel that I greatly appreciate and value. So if I find something on the other 20 pairs or so I'm now tracking along with y'all, I'll do my best to listen, shout-out and offer insight as I would anyway

Not too long ago there were a series of posts that discussed what pair(s) and/or currencies some traders here gravitated to in particular. So if I may, have you noticed that in your own trading, some pair or currency you tend to gravitate towards? If so, which?
  • #4,282
  • Aug 4, 2009 2:21am Aug 4, 2009 2:21am
Quoting Soca
hel13rock,

Okay, thanks for sharing. So what I gather is that you may start using pivots as an indicator to trade with in the future, yes?

Otherwise I've been taking on a lot more currency pairs since I joined this thread and began posting.

Not too long ago there were a series of posts that discussed what pair(s) and/or currencies some traders here gravitated to in particular. So if I may, have you noticed that in your own trading, some pair or currency you tend to gravitate towards? If so, which?
I'll be keeping an eye on pivots for trading GbpUsd on the 15 min charts that I already have setup for the breakout method but I'm not sure if they work so well on other pairs.

I use every pair to trade, I am conscious of the fact that the crosses are a result of a combination of the respective majors so I keep an eye on those mostly.

I'm really liking GbpUsd on the 15, GbpJpy on the 4 hour and all the rest on the daily. I'm going to stick to those at the moment until I master the methods completely and then maybe branch out although to be honest I have more of an interest in commoditites, indicies and stocks but can't find a decent broker on metatrader with enough instruments with a minimum deposit I can afford

Whatever happens I'll carry on trading as I think experience is the key and there's only one way to get that.
  • #4,283
  • Aug 4, 2009 2:29am Aug 4, 2009 2:29am
Here's one I'm monitoring along w/a few others. Somebody here's got to be watching this pair, too Not a very convincing pinbar to me.

Looking to short, if breakdown below 1.06, with conviction - a break of the two-month consolidation zone. Trade invalidated if price climbs over 1.07 and European currencies lose upside conviction by mid-August.

EUR/USD with strong positive upside the last couple trading days, signaling a strengthening of the European currencies to the Dollar, with the Yen wavering and the Swiss National Bank seeming to stand aside a possible rally to the upside for the European currencies once again.

Eyeing 1.04 or 1.0350 as a probable t/p, moving stop to b/e if price clears 1.05 - no backdoor. (Long void unless convincingly above 1.07 by time aforementioned.)
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  • #4,284
  • Aug 4, 2009 2:34am Aug 4, 2009 2:34am
Quoting Soca
Here's one I'm monitoring along w/a few others. I know somebody here's got to be watching this pair, too

Not a very convincing pinbar to me. Looking to short, should it breakdown below 1.06, with conviction - a break of the two-month consolidation zone. Trade would be invalidated if price climbs over 1.07 and European currencies lose upside conviction by mid-August.

EUR/USD with strong positive upside the last couple trading days, signaling a strengthening of the European currencies to the Dollar, with the Yen wavering and the Swiss...
Far too much noise for me, I'm waiting for the really clear setups. I'm in no hurry to pull the trigger these days.
  • #4,285
  • Aug 4, 2009 2:47am Aug 4, 2009 2:47am
anybody else take the 4H pin short on nzdusd?

I don't expect it to go far, but it is going. Just too pretty.
  • #4,286
  • Edited 4:02am Aug 4, 2009 2:49am | Edited 4:02am
Quoting hel13rock
Far too much noise for me, I'm waiting for the really clear setups. I'm in no hurry to pull the trigger these days.
I hear yeah, no pun intended Thanks for your feedback.

We'll see about this one but like I said, the yen pairs are my focus, so this is just something I'm paying attention to. Sometimes I go for the long drives but this one could be a walk in the park, if it sets up the way I prefer it to.

Just curious, though, what is a really clear setup to you?
  • #4,287
  • Aug 4, 2009 2:56am Aug 4, 2009 2:56am
Quoting Low
anybody else take the 4H pin short on nzdusd?

I don't expect it to go far, but it is going. Just too pretty.
Didn't take it. What's your plan with this trade; care to share?
  • #4,288
  • Aug 4, 2009 3:07am Aug 4, 2009 3:07am
Quoting Soca
Didn't take it. What's your plan with this trade; care to share?

I set a TP (first time in ages) at .6600, 50% of swing HL fib. I've gotten burned expecting too much out of 4H PA, so I'll set the bar low. It's still to early to move my stop to BE, and it's 1 AM here, so I'm going to bed, stop above the pin, find out tomorrow.
  • #4,289
  • Aug 4, 2009 3:25am Aug 4, 2009 3:25am
Quoting Low
My bad...I was trying to be funny, thanks for the reminder CW.

Apologies to eswap0.
No regrets: let the market talk
Trading: the skill of avoiding trades
  • #4,290
  • Aug 4, 2009 3:26am Aug 4, 2009 3:26am
Quoting hel13rock
I'll be keeping an eye on pivots for trading GbpUsd on the 15 min charts that I already have setup for the breakout method but I'm not sure if they work so well on other pairs.

I use every pair to trade, I am conscious of the fact that the crosses are a result of a combination of the respective majors so I keep an eye on those mostly.

I'm really liking GbpUsd on the 15, GbpJpy on the 4 hour and all the rest on the daily. I'm going to stick to those at the moment until I master the methods completely and then maybe branch out although to...
I'm developing a preference for stocks and some of the indicies more of late. The best broker I've been referred to for stocks is ThinkorSwim (if I'm allowed to say that here?) but to be honest I haven't really done alot of research into a broker that offers the specifications that I'm familiar and comfortable with in the Forex world.

So sorry, can't be of much help there, though I do like the idea of trading stocks. I began my trading career on the forex though I admit it's easier for me to track a company and even some sectors, than compared to an entire country or more - not that it's all so necessary per se. What I am feeling is the freedom with this method conjoined with mine own to trade other markets with more skill, confidence and ease.

So I'm used to tracking three currency pairs (all Yen of course) trading around the 1H and doing well enough. This method has got me looking at the Daily and 3H more than I used to, even though I used them to plot, though not so much trade off like I'm fixing to nowadays. Trading is a serious business to me and I have a personal, business and trading plan. And I agree with you: have patience, keep practicing and your understanding will naturally evolve over time to be more in synch with the market - and the forex is one heck of a place to do that in my opinion.

So why the attraction to stocks, indicies and commodities for you? (Man I'm just zinging the questions tonight, is it slow in here or what? )
  • #4,291
  • Aug 4, 2009 3:32am Aug 4, 2009 3:32am
Quoting Soca
Just curious, though, what is a really clear setup to you?
This is nice. These happen on the daily charts too but not as often. Sometimes you have to compromise but I'm trying not too as much as possible.
Attached Image (click to enlarge)
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  • #4,292
  • Aug 4, 2009 3:36am Aug 4, 2009 3:36am
Quoting Soca
So why the attraction to stocks, indicies and commodities for you? (Man I'm just zinging the questions tonight, is it slow in here or what? )
Just from what I learnt from CW. You can use his method to trade anything. A bit of diversification would be good so I'm not obsessing about finding a forex trade if there's nothing good for a few days or more.
  • #4,293
  • Aug 4, 2009 3:53am Aug 4, 2009 3:53am
Quoting hel13rock
This is nice. These happen on the daily charts too but not as often. Sometimes you have to compromise but I'm trying not too as much as possible.
Great example, thank you and I agree, those don't happen too often. I went back and checked a few pairs myself.

So if that's your "A-grade" setup, guess your "compromise" would be your "B-grade" setup and if so, would you happen to have an example of one?
  • #4,294
  • Aug 4, 2009 5:01am Aug 4, 2009 5:01am
i'm seeing some talks about pivot lines...guys ,stay away from pivot lines weekly,daily or whatever it is..waste of time
what you already given in this thread is far enough to pull the trigger...
p.s:i'll try to post a pdf upon somebody asked me bit more detail about expansions how to use..hope i can find sometime soon...
  • #4,295
  • Edited 5:34am Aug 4, 2009 5:13am | Edited 5:34am
Quoting nomask
i'm seeing some talks about pivot lines...guys ,stay away from pivot lines weekly,daily or whatever it is..waste of time
what you already given in this thread is far enough to pull the trigger...
p.s:i'll try to post a pdf upon somebody asked me bit more detail about expansions how to use..hope i can find sometime soon...
nomask,

Why do you say stay away from pivots, in your opinion?

And if what we already have in this thread is "enough to pull the trigger," then why would any more discussion or detail about pivots, expansions or whatever be necessary?

I don't use fibs, trendlines, pivots, price patterns, s/r or anything to pull the trigger per se. I pull the trigger based on having a personal, business and trade plan before I even touch the trigger. Of course that plan includes trade tools, such as fibs and whatnot but it isn't merely based on them and I don't believe it should be.

Hope that helps expand the perspective here, and I'm still interested in your reply b-t-w nomask
  • #4,296
  • Aug 4, 2009 6:00am Aug 4, 2009 6:00am
Quoting Soca
nomask,

Why do you say stay away from pivots, in your opinion?

And if what we already have in this thread is "enough to pull the trigger," then why would any more discussion or detail about pivots, expansions or whatever be necessary?

I don't use fibs, trendlines, pivots, price patterns, s/r or anything to pull the trigger per se. I pull the trigger based on having a personal, business and trade plan before I even touch the trigger. Of course that plan includes trade tools, such as fibs and whatnot but it isn't merely based on...
the main idea of this thread or Cw's point is-if i understood correctly-paying attention to s/r levels with round numbers to trade..rest is more about money management such as targets,stop loss,trailings etc..
retracements,expansions,trend lines .....just to grab the high probability trades...some extra work to be on the right side of the market..so they all depend on how you want to trade or what your personality is...
once i even had my own thread about pivot lines somewhere here..and i traded live almost every single -differently calculated- pivot lines...maybe i should've said that they didn't fit me at all...
i don't want to sound cliche but "kiss" is a real thing and now on my charts i have only round numbers and when i look at them they all make sense and i know what i'm going to do when price starts playing around them...why would i need extra lines on my chart..for what??somebody calculated something based on ohlc to show me what???.something that i already see on my s/r levels..i can't even deal with 4hr bars because they all have different feed."in my opinion and through my experience" market does not care about subjectively calculated pivot lines...thats all i know but sure nobody has to believe me without questioning..experience on your own or save your time to think about more important stuff..
below is the chart i trade...
good luck all
p.s:as i said before if i can find real time i hope i can explain all my ideas together..
Attached Image (click to enlarge)
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  • #4,297
  • Aug 4, 2009 6:35am Aug 4, 2009 6:35am
Quoting Soca
Great example, thank you and I agree, those don't happen too often. I went back and checked a few pairs myself.

So if that's your "A-grade" setup, guess your "compromise" would be your "B-grade" setup and if so, would you happen to have an example of one?
Not off hand but there's plenty of examples
  • #4,298
  • Aug 4, 2009 6:49am Aug 4, 2009 6:49am
Quoting nomask
i'm seeing some talks about pivot lines...guys ,stay away from pivot lines weekly,daily or whatever it is..waste of time
what you already given in this thread is far enough to pull the trigger...
p.s:i'll try to post a pdf upon somebody asked me bit more detail about expansions how to use..hope i can find sometime soon...
I've only seen them work convincingly on GbpUsd, I wouldn't recommend using them on any other pairs. They may be watched by other traders, they may not.

I see them as another method of defining support and resistance in a tradable form. I'm more commited to the daily method by far.
  • #4,299
  • Aug 4, 2009 7:02am Aug 4, 2009 7:02am
Here's a trade I took this morning. It's countertrend which is unusual for me but the combination of gbpusd meeting resistance and usdjpy looking bearish too was good enough for me.

My stop loss was only 100 pips which I've now moved to break even and it's 90 pips up.

My take profit is just above that bright blue horizontal line which is a minor area of s/r on the way up. Gives me just under a 1:4 r/r.

I'm quite pleased with the trade but could've played the entry better.

Do you think it's easier to trade countertrend if you have a good feeling for the pair you're trading? (question for anyone)
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy countertrend.gif Size: 28 KB
  • #4,300
  • Aug 4, 2009 7:15am Aug 4, 2009 7:15am
Quoting hel13rock
I've only seen them work convincingly on GbpUsd, I wouldn't recommend using them on any other pairs. They may be watched by other traders, they may not.

I see them as another method of defining support and resistance in a tradable form. I'm more commited to the daily method by far.
actually i was just working on gbpusd as a pdf file..when its done you'll see no need for pivot lines for this pair either..
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