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Silent Service Method

  • #4,301
  • Aug 4, 2009 7:36am Aug 4, 2009 7:36am
Quoting hel13rock
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.

The idea behind this is exactly what she said.....

If you are trading forex through the standard MT4 broker, you have roughly 20 pairs to trade.

Add in thousands of stocks, the odds of picking better set ups more frequently increase.

CW
  • #4,302
  • Aug 4, 2009 8:04am Aug 4, 2009 8:04am
Quoting nomask
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-...
Thanks for your reply, nomask.

I think a time comes when simple does rule the day, b/c one understands the complexity a bit more for what it is and isn't. The simple part of this method I believe isn't the method itself but the wisdom behind it. So all the fundamental, technical, mental and organizational analysis won't make me a better trader per se. In fact, it's drastically hindered me from acting in my best interests at times, at that in the not so distant past.

Yet having reached a point in my practice, I eventually saw that the market and life always respond to basic principles or directives that allow things to unfold w/o attachment to its outcome. Thus pivot points, as with all tools of analysis, in fact bias the mind, and this is an inescapable reality that we ultimately accept and allow as a trader. So it's essentially healthy for me now to accept that risk, because if I can't live with the limitation of analysis, I'm setting myself up for a very painful experience - guaranteed.

No matter what method, tool, plan or strategy.
  • #4,303
  • Aug 4, 2009 8:24am Aug 4, 2009 8:24am
Quoting Soca
Thanks for your reply, nomask.

I think a time comes when simple does rule the day, b/c one understands the complexity a bit more for what it is and isn't. The simple part of this method I believe isn't the method itself but the wisdom behind it. So all the fundamental, technical, mental and organizational analysis won't make me a better trader per se. In fact, it's drastically hindered me from acting in my best interests at times, at that in the not so distant past.

Yet having reached a point in my practice, I eventually saw that the...

  • #4,304
  • Aug 4, 2009 8:27am Aug 4, 2009 8:27am
Quoting AnimalHungry
I, along with a few others here, am in the GBPCHF short trade of last week's first H4 bear PB....

For what it's worth - my stops are at 1.8060

And I don't know about if it's going to fail. It tried again last night and didn't.

One thing is for sure about this trade.....when it finally moves - it's going to be dead obvious, and hard. So if it fails, we start looking for longs is all.

Chris
  • #4,305
  • Edited 9:28am Aug 4, 2009 8:42am | Edited 9:28am
Quoting hel13rock
Not off hand but there's plenty of examples
Haha! Okay, fair enough
  • #4,306
  • Aug 4, 2009 8:53am Aug 4, 2009 8:53am
Quoting clockwork71
For what it's worth - my stops are at 1.8060

And I don't know about if it's going to fail. It tried again last night and didn't.

One thing is for sure about this trade.....when it finally moves - it's going to be dead obvious, and hard. So if it fails, we start looking for longs is all.

Chris
Indeed. After last night's retest of the 1.80 level price missed my SL by 4 pips so I'm still in. For me though the action just looks far too bullish with price banging its head against the 1.80 level and making higher H4 lows. I agree that something's gonna give, and probably give big, but I sense a successful short trade here is less likely than a long one.

Simon
  • #4,307
  • Edited 9:19am Aug 4, 2009 8:59am | Edited 9:19am
Quoting clockwork71
The idea behind this is exactly what she said.....

If you are trading forex through the standard MT4 broker, you have roughly 20 pairs to trade.

Add in thousands of stocks, the odds of picking better set ups more frequently increase.

CW
Thanks CW,

And like hel13rock said, becoming proficient with the method in the meantime, then gradually branching out to more opportunities - is pretty much the same boat I'm in at moment.
  • #4,308
  • Aug 4, 2009 9:45am Aug 4, 2009 9:45am
Quoting Soca
Thanks CW,

And like hel13rock said, becoming proficient with the method in the meantime, then gradually branching out to more opportunities - is pretty much the same boat I'm in at moment.

I would suggest paper trading stocks in the meantime, even if you are a long time from actually funding an account.

Think of it this way: If the average trader places 100 forex trades a year (random number), and you are placing 100 fx, 100 stock, and 100 futures - by the end of that year, the "normal" trader gets 1 year's worth of experience, while you get 3.

You can accelerate the process this way in my experience.

Chris
  • #4,309
  • Aug 4, 2009 10:14am Aug 4, 2009 10:14am
hi
what you think about 2 candle pin bar on CADJPY, is it worth long?
oromek
Attached Image (click to enlarge)
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  • #4,310
  • Edited 1:41pm Aug 4, 2009 11:07am | Edited 1:41pm
finally i finished something that might be found useful by some of you guys..
enjoy
Attached File(s)
File Type: pdf MARKET PERSPECTIVE_rev.02.pdf   1.1 MB | 824 downloads
  • #4,311
  • Aug 4, 2009 11:20am Aug 4, 2009 11:20am
Quoting nomask
finally i finished something that might be found useful by some of you guys..
enjoy
Dude,

That was well done. Charts came up a little light in color but the analysis was very good. Thanks,

Harry J.
  • #4,312
  • Aug 4, 2009 11:23am Aug 4, 2009 11:23am
Quoting nomask
finally i finished something that might be found useful by some of you guys..
enjoy
Nomask: this is greatly appreciated. Thanks so much!
  • #4,313
  • Aug 4, 2009 11:29am Aug 4, 2009 11:29am
all you guys are welcome..
  • #4,314
  • Aug 4, 2009 12:34pm Aug 4, 2009 12:34pm
that is some Pro quality stuff Mask. With the gains you had listed however you could have added to some of your runners at other pullbacks to increase the reward. Especially on the pound there were 3 perfect places to add to. Maybe that is the greed coming out!!

Quoting nomask
finally i finished something that might be found useful by some of you guys..
enjoy
  • #4,315
  • Aug 4, 2009 1:01pm Aug 4, 2009 1:01pm
Quoting kodflakes
that is some Pro quality stuff Mask. With the gains you had listed however you could have added to some of your runners at other pullbacks to increase the reward. Especially on the pound there were 3 perfect places to add to. Maybe that is the greed coming out!!
nope..probably you're right..i just tried to show some basics..adding more to a trade another case you can make a killing off of it if you use it in a correct way
  • #4,316
  • Aug 4, 2009 1:17pm Aug 4, 2009 1:17pm
Quoting nomask
nope..probably you're right..i just tried to show some basics..adding more to a trade another case you can make a killing off of it if you use it in a correct way

If I remember correctly, there is a small editing issue. I think the bar you refer to shorting at 1.21 is a bearish outside, and I think you said bullish. Beyond that, this is a great read.

(Forgive me, could be wrong.....I am doing 8 things at once and read it an hour ago.)

Chris
  • #4,317
  • Edited 1:42pm Aug 4, 2009 1:28pm | Edited 1:42pm
Quoting clockwork71
If I remember correctly, there is a small editing issue. I think the bar you refer to shorting at 1.21 is a bearish outside, and I think you said bullish. Beyond that, this is a great read.

(Forgive me, could be wrong.....I am doing 8 things at once and read it an hour ago.)

Chris
lol..you're right...thx for correction..i must have been doing 8 things too at that time

p.s pdf is corrected...
  • #4,318
  • Aug 4, 2009 2:09pm Aug 4, 2009 2:09pm
Hi.

What do you gals and guys think about this one. On the weekly chart its a pinbar which is about to be broken and I put a sell stop on my demo account below the pinbar. The pinbar is at 1.01 which worked as resistance in the past and confluenced by 38.5, 50 and 62.8 retracements. On the daily the pinbar is followed by a bearish outside bar. The pinbar seems to be also at a good location visually.

The reason why I just took it on demo is the close 0.98 which is not a really obvious PPZ but price recognized it in the past. Any comments ?

Attached Image (click to enlarge)
Click to Enlarge Name: CADCHF-2009-08-04-21-00-00-Alpari-UK-Ltd.png Size: 79 KB

Attached Image (click to enlarge)
Click to Enlarge Name: CADCHF-2009-08-04-21-00-04-Alpari-UK-Ltd.png Size: 79 KB


Stefan.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #4,319
  • Aug 4, 2009 2:57pm Aug 4, 2009 2:57pm
Quoting stefx
Hi.

What do you gals and guys think about this one. On the weekly chart its a pinbar which is about to be broken and I put a sell stop on my demo account below the pinbar. The pinbar is at 1.01 which worked as resistance in the past and confluenced by 38.5, 50 and 62.8 retracements. On the daily the pinbar is followed by a bearish outside bar. The pinbar seems to be also at a good location visually.

The reason why I just took it on demo is the close 0.98 which is not a really obvious PPZ but price recognized it in the past. Any comments ?

Attachment
Attachment

Stefan....

I like the weekly chart - but you are correct, .98 is going to make or break you. If you get below that - it could really run. I think you were wise not to trade this one live.
  • #4,320
  • Aug 4, 2009 3:05pm Aug 4, 2009 3:05pm
Here's what is happening on the TGT short.
Attached Image (click to enlarge)
Click to Enlarge Name: tgtdaily.png Size: 83 KB
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