Silent Service Method | Page 224 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Silent room 2 replies

Silent Success of Patience 10 replies

My silent journal 4 replies

bo7a method... method for GBP/JPY 205 replies

Seeing Through the Silent Crash 4 replies

Attachments: Silent Service Method
Exit Attachments

Silent Service Method

  • #4,461
  • Aug 7, 2009 10:58pm Aug 7, 2009 10:58pm
Quoting AnimalHungry
Can anyone point me in the direction of a good position size calculator please? I've tried www.forexcalc.com and http://www.earnforex.com/position_size_calculator.php but they give me different answers when I put in a GBPCHF trade.

All suggestions much appreciated.

Cheers
Simon
Try this,

Just use the first line and update it everytime your account grows

Cheers,

VB,
Attached File(s)
File Type: xls LOT SIZE CALCULATOR.xls   104 KB | 436 downloads
  • #4,462
  • Aug 7, 2009 11:11pm Aug 7, 2009 11:11pm
Quoting kodflakes
Soca
sounds like a turducken
That was it!

Now all I need is the "Goose that Laid the Golden Egg" (Waiting for a break either way on the USDCAD in the meantime )

And congrats on your performance this week b-t-w
  • #4,463
  • Aug 8, 2009 12:46am Aug 8, 2009 12:46am
Quoting clockwork71
The quick answer is when it makes a new high, and finds support. However, I am not sure where it is you think this pair is going? Perhaps a little more information?

Chris
my question is ; makes a new high and finds support on what time frame ? if i base on weekly

thx
regard
suma
Attached Image (click to enlarge)
Click to Enlarge Name: Copy of hanging man.gif 2.gif3.gif5567.GIF Size: 22 KB
  • #4,464
  • Aug 8, 2009 5:09am Aug 8, 2009 5:09am
question?...

it seems to me that the correlations may be breaking down.

Of late good for US economy = good for equities market, bad for USD (flight to safety, demand for treasuries yada yada)

Now it seems based upon our recent NFP friday that the old correlation of good for economy = stronger USD, stronger equities market.

Thoughts?
Grabbing the bull by the horns!
  • #4,465
  • Aug 8, 2009 5:56am Aug 8, 2009 5:56am
Quoting sumakianlee
my question is ; makes a new high and finds support on what time frame ? if i base on weekly

thx
regard
suma

The time frame won't matter. It makes a new high on all time frames when it goes over that last swing high. I believe that's what you are asking?
  • #4,466
  • Aug 8, 2009 5:58am Aug 8, 2009 5:58am
Quoting whitegoodman
question?...

it seems to me that the correlations may be breaking down.

Of late good for US economy = good for equities market, bad for USD (flight to safety, demand for treasuries yada yada)

Now it seems based upon our recent NFP friday that the old correlation of good for economy = stronger USD, stronger equities market.

Thoughts?
I believe it is more a matter of the USD may have gotten a boost because based on the latest job reports, the US might be the first one out of recession. Of course, NFP erratic moves are often nothing more than people getting out of previous positions.

I wouldn't read too much into it until we get another day or two of information.
  • #4,467
  • Edited 12:41pm Aug 8, 2009 9:36am | Edited 12:41pm
Quoting sumakianlee
my question is ; makes a new high and finds support on what time frame ? if i base on weekly

thx
regard
suma
Hi sumakianlee,

The two weekly bars you're asking about are not pinbars; the first candle in question closed lower than the "eye" of the previous candle, with no "proxy eye" either - thereby disqualifying it as a said pinbar. The second candle (last week's candle on your chart) is an inside bar, so again not a pinbar. (I'd kid to say they're not "pinsticks" or "pinwicks," as I look at your candlestick chart )

Regarding your question about adding to your Long position, I presume that since you entered the trade on a weekly candle that it may be best (if you're new to this kind of trading) to not add more to it until after price obviously clears the next obvious resistance level on the weekly chart - at the soonest. That'd be more conservative...

Albeit, if you want to be more aggressive about it, you may consider adding to your position when you get a confirmed pinstick on a Daily chart in the direction of the trend. Of course, you'll have to do some math for if/when a pinwick happens, so you don't compromise your risk/reward goal for the trade.

Hope that helps to answer your questions. Otherwise there's plenty of information on the internet, including other Forex Factory threads, about pinbars. So to get started, I attached two papers that I found on another thread about them, which may help in the meantime :nerd:

Best to you!
Attached File(s)
File Type: pdf Pinbars.pdf   175 KB | 376 downloads
File Type: pdf Pinbars advanced.pdf   113 KB | 349 downloads
  • #4,468
  • Aug 8, 2009 4:29pm Aug 8, 2009 4:29pm
Actually, I think looking at it from Suma's point of view that would constitute a 2 week pinbar just as CW would say that a tweezers top (sorry, candlestick terminology here) on a 4 hour chart is just an 8 hour pinbar.

The thing is Suma, I'm not sure that thinking of it that way will actually help you. What you have spotted is a price reversal as one candle had a higher closing price than the previous candle, why not keep it simple and just think of it that way.

If you want my opinion I'll tell you that I think it's going up as you also think. I bought it a while ago, got stopped out at break even and didn't reenter but if I hadn't have moved my stop so aggressively I would've made a nice trade. Oh well, life moves on.

I had a doji on Friday on my feed which would concern me a little but it did hold exactly at 0.90. If it stays above 0.9 it should reach 0.93 to 0.94 and then you're on your own. There is potential for this to just run and run giving you plenty of chances to add on at the pullbacks if you're so inclined but I'd be tempted to keep my stop loss just below 0.93 once it moves above and see if it breaks through 0.94 or retraces.
  • #4,469
  • Aug 8, 2009 6:57pm Aug 8, 2009 6:57pm
Hi CW,

When you trade stocks, what is the buffer value that you normally use when entering new positions? I know that you normally add 10 pips to the PA value that triggers on FOREX pairs (higher for exotic pairs) - what do you use for stocks?

Thanks,

Ijay
  • #4,470
  • Aug 8, 2009 8:48pm Aug 8, 2009 8:48pm
thx soca and hel13rock for your explanation its make me clear,

i have 1 question again what the meaning of " picking top / bottom " ??

if you dont mind give me example on a chart

i often read on the threat that picking top/bott is not good enaught ,,,,,,,,,,,,why ?

thank you very much

regard
suma
  • #4,471
  • Aug 8, 2009 9:29pm Aug 8, 2009 9:29pm
Quoting ijay
Hi CW,

When you trade stocks, what is the buffer value that you normally use when entering new positions? I know that you normally add 10 pips to the PA value that triggers on FOREX pairs (higher for exotic pairs) - what do you use for stocks?

Thanks,

Ijay
It really depends on the stock to be honest. It also is true with FOREX. For example, I add 20 on GBP/JPY......the spread is higher so you have to account for it.

As for stocks, the more popular the stock, the smaller the buffer. MSFT might be 10 cents. But a smaller NASDAQ tech stock would be like 20 cents.

There is no real hard and fast rule I use.......but I keep those things in mind. The more liquid the instrument, the less buffer I need.

Chris
  • #4,472
  • Aug 9, 2009 1:32am Aug 9, 2009 1:32am
Quoting sumakianlee
thx soca and hel13rock for your explanation its make me clear,

i have 1 question again what the meaning of " picking top / bottom " ??

if you dont mind give me example on a chart

i often read on the threat that picking top/bott is not good enaught ,,,,,,,,,,,,why ?

thank you very much

regard
suma
You're welcome, suma and my thanks to hel13rock for clarifying your point to me about the combined appearance of the two-pinbars on your chart.

Now about picking tops/bottoms: you'll find that impossible to do on a consistent basis in a live market. Picking tops/bottoms is only useful when backtesting a system, method or strategy ... for drawing fibs, identifying s/r and trend interpretation to name a few. Otherwise, in a live market scenario, no one absolutely knows if/when price is going to top or bottom at any given point in time

So to have, as a goal, to pick a top or bottom, in a live market, that hasn't already formed is basically revealing your expectation of where you think price will go, which again my point is, none of us really know. Of course, we definitely can and do project it with charts, other tools and points-of-view but we can't really make price go anywhere by our single trade.

So yes, it may have been a top or bottom but you won't know until later, after price has already moved-on! Thus what we look for are "zones" or "areas" where price has historically reacted and might react in the future. Albeit I won't post a chart of it b/c it's not primarily a technical point that you're asking here; it's a psychological one, in terms of it "not being a good idea."

Soca
  • #4,473
  • Aug 9, 2009 5:36am Aug 9, 2009 5:36am
Quoting Soca
You're welcome, suma and my thanks to hel13rock for clarifying your point to me about the combined appearance of the two-pinbars on your chart.

Now about picking tops/bottoms: you'll find that impossible to do on a consistent basis in a live market. Picking tops/bottoms is only useful when backtesting a system, method or strategy ... for drawing fibs, identifying s/r and trend interpretation to name a few. Otherwise, in a live market scenario, no one absolutely knows if/when price is going to top or bottom at any given point in...
"thank you "for your time to answer my question " soca "

have a nice days

regard
suma
  • #4,474
  • Aug 9, 2009 10:43am Aug 9, 2009 10:43am
Yes, thanks for helping him out guys - I was asleep at the wheel. Been doing and redoing videos on and off for two days.
  • #4,475
  • Aug 9, 2009 1:19pm Aug 9, 2009 1:19pm
CW, Nomask or anyone:

Any thoughts on EUR/CAD Short. I realize trading on Sunday evening is not the thing to to do, plus it just made a massive move on Friday. I might wait for a bit of retrace and get in on Mon. or Tues.; making the trade alot cheaper. Right now I have it as with the trend, bouncing off a trend line with an outside bar formed from Friday. Thinking short on this because of break out of trend line and retouch finding resistance.

Question: Do I get in now or wait for a bit of retrace? Or do you see this trade differently?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eur cad 8-9.gif Size: 15 KB
Click to Enlarge Name: eur cad 8-9 closer.gif Size: 13 KB
  • #4,476
  • Aug 9, 2009 1:33pm Aug 9, 2009 1:33pm
I'm so disappointed! I just looked and my bed and guess what?
  • #4,477
  • Aug 9, 2009 1:35pm Aug 9, 2009 1:35pm
http://i31.tinypic.com/2a9cthi.png

http://i32.tinypic.com/rcpymw.png

http://i32.tinypic.com/2di4k1z.png
  • #4,478
  • Aug 9, 2009 1:39pm Aug 9, 2009 1:39pm
Quoting drebin
CW, Nomask or anyone:

Any thoughts on EUR/CAD Short. I realize trading on Sunday evening is not the thing to to do, plus it just made a massive move on Friday. I might wait for a bit of retrace and get in on Mon. or Tues.; making the trade alot cheaper. Right now I have it as with the trend, bouncing off a trend line with an outside bar formed from Friday. Thinking short on this because of break out of trend line and retouch finding resistance.

Question: Do I get in now or wait for a bit of retrace? Or do you see this trade differently?
I'm short UsdCad at the moment but still waiting for it to go my way. If I wasn't already exposed to Cad and I was looking at that chart I would be asking the same question as you. I suppose the answer is to think about how much of a stop loss you would need to use if you entered now and are you comfortable risking that amount?

A better way to play it might be to see if it retraces a bit during the day tomorrow and enter nearer the resistance above (as you pointed out above). You'd be able to enter with a smaller stop loss but you risk waving the train goodbye without you on it if it does carry on down straight away.

Tough one to call.
  • #4,479
  • Aug 9, 2009 2:05pm Aug 9, 2009 2:05pm
Quoting hel13rock
I'm so disappointed! I just looked and my bed and guess what?

  • #4,480
  • Aug 9, 2009 2:11pm Aug 9, 2009 2:11pm
Quoting drebin
CW, Nomask or anyone:

Any thoughts on EUR/CAD Short. I realize trading on Sunday evening is not the thing to to do, plus it just made a massive move on Friday. I might wait for a bit of retrace and get in on Mon. or Tues.; making the trade alot cheaper. Right now I have it as with the trend, bouncing off a trend line with an outside bar formed from Friday. Thinking short on this because of break out of trend line and retouch finding resistance.

Question: Do I get in now or wait for a bit of retrace? Or do you see this trade differently?

I can't promise anything, but this is what I see.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurocadweek.png Size: 58 KB
Click to Enlarge Name: eurocad4hour.png Size: 40 KB
8 traders viewing now