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Silent Service Method

  • #4,321
  • Aug 4, 2009 3:19pm Aug 4, 2009 3:19pm
Just got spanked out of my nzdusd trade...bugger.

what's 1/2 % amongst friends....LOL.
  • #4,322
  • Aug 4, 2009 4:15pm Aug 4, 2009 4:15pm
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 ?
Stefan....
I had 0.99 down as my major s/r but I've readjusted and it looks better at 0.98. I was considering a short but it looks entirely different now!

Maybe this will be a retrace to 0.98 then a big move up? Or not.
  • #4,323
  • Aug 4, 2009 4:31pm Aug 4, 2009 4:31pm
I just shorted UsdCad with a stop loss just above the 4H (almost) tweezers top.

I think it'll reach 1.04 before 1.09.

My gbpjpy short stopped out at break even too but I think it may double top at 162 and then drop, going to sit it out anyway and buy after the retrace.
  • #4,324
  • Aug 4, 2009 4:32pm Aug 4, 2009 4:32pm
Quoting hel13rock
I just shorted UsdCad with a stop loss just above the 4H (almost) tweezers top.

I think it'll reach 1.04 before 1.09.

My gbpjpy short stopped out at break even too but I think it may double top at 162 and then drop, going to sit it out anyway and buy after the retrace.
I've also an order to sell on this one.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad1hr.gif Size: 15 KB
  • #4,325
  • Aug 4, 2009 4:34pm Aug 4, 2009 4:34pm
Quoting Interceptor
I've also an order to sell on this one.
Well that's good to know
  • #4,326
  • Aug 4, 2009 4:59pm Aug 4, 2009 4:59pm
Quoting clockwork71
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
Hi Chris,

That's a good idea. I'd also note that practicing on shorter TFs, such as the 3H or 1H charts even though not as "solid" as Daily/Weekly/Monthly etc can provide a more concentrated/volatile environment to learn about what to look for in terms of PA and whatnot. The market is definitely holographic in that regard, though in reality, the higher TFs and their respective PA hold more weight.

Of course one drawback with that approach is the conditioning element, where if I'm practicing on those shorter TFs, my mind's being conditioned for greater speed and more expense to trade cost. And if that's the case I should probably refrain from posting much, if at all here, unless I'm predominately aligned with your method on the higher TFs. We'll see how it goes ... I can offer a chart or two at times, with my perspective and for what it's worth. It's an addendum to my current commitment, to my own plans and one that I'm obviously not ready for whole bit, yet. So as I grow and develop I'm pretty sure that with practicing what you just suggested, I'll wean my way out into the broader sky of the inclusive marketplace - with all its glorious opportunity.

And for the rest of you, I just don't care to squabble with you about this or that form of analysis. For some here shoot almost blindly from the hip, others are open to exploring new ways to use the charting tools to make the method their own, and even others are here just to brand their particular version of what they think it is to everyone else, others just watch from the sidelines - on and on. So with all due respect that bores the living hell out of me and it's already consuming me, which isn't going to continue. I really don't care about it. The most I can do is offer my insight and perspective, while listening for a hint to where I'm already going - as we all do.

As 'tis I come from a world of preferring the Daily/3H charts to plot for my 1H to 30min chart trades, which range from about 40-100 pips as an initial t/p. To most of you that's probably not a lot but it's what I do and can do, consistently. I trade in ways that would probably make most squeamish here; not b/c it's reckless, moreover it's from a lot of time (in the thousands of hours) of watching naked PA. So I have a plan as mentioned in a previous post that further takes into account my psychology, goals, preferences, present circumstances and core values as an individual. Trading is just the tip of that proverbial iceberg in all honesty.

So I just sort of fell into your method, which complements my natural learning curve nowadays that I'm now practicing on the side of how I normally operate - with an eye out for my continuing education/evolution as a committed trader. For trading was only meant to be a vehicle for me to truly do what I want to do, which isn't discuss trading as a destiny and I don't think most - if any of us really want that anyway. Thus I'm content for the time being that what's here is truly enough to work, with all the humility and understanding of an age-old aphorism:

"The more things change, the more they stay the same."

Aaron
  • #4,327
  • Aug 4, 2009 5:06pm Aug 4, 2009 5:06pm
Quoting Soca
Hi Chris,

That's a good idea. I'd also note that practicing on shorter TFs, such as the 3H or 1H charts even though not as "solid" as Daily/Weekly/Monthly etc can provide a more concentrated/volatile environment to learn about what to look for in terms of PA and whatnot. The market is definitely holographic in that regard, though in reality, the higher TFs and their respective PA hold more weight.

Of course one drawback with that approach is the conditioning element, where if I'm practicing on those shorter TFs, my mind's being conditioned...

WHAT?!?!?!?!

ARE YOU TRYING TO TELL ME YOU UNDERSTAND YOURSELF AND DON'T LINE UP 156% WITH MY TRADING?

WHAT THE HELL? THINK YOU ARE AN INDIVIDUAL?

Good job on focusing on your Psychology, etc. We are not all the same person. As anyone who is profitable can tell you, there are influences, and people that put the chisels in their hands - but they produce the sculpture.

If one of my "students' goes on to become a master trader, I would say I was 10% of the reason. The other 90% comes from within.....


Chris
  • #4,328
  • Aug 4, 2009 5:20pm Aug 4, 2009 5:20pm
Get your chisel out of my hands!

My sculpture is coming on nicely though...
  • #4,329
  • Aug 4, 2009 6:03pm Aug 4, 2009 6:03pm
Quoting hel13rock
Get your chisel out of my hands!

My sculpture is coming on nicely though...

Are all Welsh girls this sassy?
  • #4,330
  • Aug 4, 2009 6:19pm Aug 4, 2009 6:19pm
Have the new reg rules affected anyone in here? I just dont understand what they are to accomplish?
  • #4,331
  • Aug 4, 2009 6:47pm Aug 4, 2009 6:47pm
Quoting clockwork71
Are all Welsh girls this sassy?
Of course, how could I miss being under the influence; it's getting clearer...
  • #4,332
  • Aug 4, 2009 7:13pm Aug 4, 2009 7:13pm
In case it is helpful to anyone, attached is a 2-page cheat sheet for the Silent Service method.

If anyone is able to improve or simplify it, please post it so that I can update my copy.
Attached File(s)
File Type: pdf PlanDaily4H.pdf   18 KB | 614 downloads
  • #4,333
  • Aug 4, 2009 7:30pm Aug 4, 2009 7:30pm
Quoting bparks
In case it is helpful to anyone, attached is a 2-page cheat sheet for the Silent Service method.

If anyone is able to improve or simplify it, please post it so that I can update my copy.
Nice, thank you

VB,
  • #4,334
  • Aug 4, 2009 7:36pm Aug 4, 2009 7:36pm
Quoting bparks
In case it is helpful to anyone, attached is a 2-page cheat sheet for the Silent Service method.

If anyone is able to improve or simplify it, please post it so that I can update my copy.

Not bad for your first post.

I will be printing it out and doing a proper checklist.

Nice work.
  • #4,335
  • Aug 4, 2009 9:34pm Aug 4, 2009 9:34pm
Quoting Low
Not bad for your first post.

I will be printing it out and doing a proper checklist.

Nice work.

I agree, I liked this a lot.
  • #4,336
  • Aug 4, 2009 9:36pm Aug 4, 2009 9:36pm
Quoting Soca
Of course, how could I miss being under the influence; it's getting clearer...

Yes, she's a wild one! It's what makes her so much fun though.
  • #4,337
  • Aug 4, 2009 11:30pm Aug 4, 2009 11:30pm
Quoting clockwork71
Yes, she's a wild one! It's what makes her so much fun though.
Oh, I totally agree! I mean, since I've been watching the show - you guys are like fine, family entertainment

Speaking of hel13rock, I almost forgot about her question [in post #4299]:

"Do you think it's easier to trade countertrend if you have a good feeling for the pair you're trading? (question for anyone)"

My answer: yes, and if you're willing to accept the risk.
  • #4,338
  • Aug 4, 2009 11:53pm Aug 4, 2009 11:53pm
Quoting clockwork71
Yes, she's a wild one! It's what makes her so much fun though.
It goes with the terrain... wild windswept hills. Oh, and long dark nights
  • #4,339
  • Aug 4, 2009 11:57pm Aug 4, 2009 11:57pm
Quoting Soca
"Do you think it's easier to trade countertrend if you have a good feeling for the pair you're trading? (question for anyone)"

My answer: yes, and if you're willing to accept the risk.
I think you are right. I'm short GbpJpy again and 50 pips up again and at break even again. Let's see if this one stops out or carries on down against the trend.

It'd be really nice to be in it for a good move down and then get a really nice clear buy candle
  • #4,340
  • Aug 5, 2009 12:00am Aug 5, 2009 12:00am
Chris, one question... I am short GbpJpy and usdcad. Do you see a conflict here in that I'm potentially expecting the yen to strengthen and the cad to strengthen at the same time? I'm thinking oil.

It's perfectly possible that oil won't move an inch and the dollar will weaken while the gbp weakens too so it all goes in my direction but I just wondered, is that something you would be worried about?
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