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Silent Service Method

  • #4,661
  • Aug 16, 2009 11:30am Aug 16, 2009 11:30am
Sorry if this was covered already. I have noticed lots of charts with the YEN and USD looking bearish right now.

While I am here this last 2 weeks is a perfect example of news frenzy moves on the charts. I was knocked out of 2 long term trades at break even during these violent moves and then they continued on my projected path. I am wondering how Chris and others handle this crazy news spikes that happen? Do you consider re-entering your trades if knocked out once the smoke clears or do you wait for the PA to show another entry?

next question:
here is the weekly Eu chart i see a weekly pin bar was broke and now is retracing. Is the a clear trade signal if we break the low of the pin bar a second time? I like the location at a significant level on my chart, but lots of congestion below(blue box)
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  • #4,662
  • Edited 12:08pm Aug 16, 2009 11:55am | Edited 12:08pm
and the audusd daily completed (I see nomask pointed this one out already) with a bearish outside bar. Close to weekly resistance and right on a major fib from the big dump of 08. Strong looking uptrend in progress...
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  • #4,663
  • Aug 16, 2009 12:06pm Aug 16, 2009 12:06pm
and the NU daily pin bar... but again in a strong uptrend. this last 2 charts are just shy of hitting my significant weekly levels. Does this make the trades less likely to succeed?

edit: sorry guys. i see this one was also pointed out as well. Still curious how Chris and other few the PA when it get so close to significant levels, but does not hit it.
Attached Image (click to enlarge)
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  • #4,664
  • Aug 16, 2009 3:29pm Aug 16, 2009 3:29pm
Quoting lowmach
and the NU daily pin bar... but again in a strong uptrend. this last 2 charts are just shy of hitting my significant weekly levels. Does this make the trades less likely to succeed?

edit: sorry guys. i see this one was also pointed out as well. Still curious how Chris and other few the PA when it get so close to significant levels, but does not hit it.
I'd like to hear how Chris would rate the NU.

I liked the pin bar vid he posted but it makes me even less confident in the trade. haha. Ichimoku on the daily shows up but the lower time frames are showing it in decline so it may pan out.
  • #4,665
  • Aug 16, 2009 3:49pm Aug 16, 2009 3:49pm
Id see nu as good for 200 pips-ish anyway. It should make .66.
Move to be there or take some profit.

What do you think?
  • #4,666
  • Aug 16, 2009 4:33pm Aug 16, 2009 4:33pm
Quoting jicjoc
Id see nu as good for 200 pips-ish anyway. It should make .66.
Move to be there or take some profit.

What do you think?
I've got a small sell waiting to be triggered with a tp of 6620. Why 6620 and not 6600? I don't know. lol 6600 was my target as well from eyeballing the chart. I'll check it in the morning and see where it moved.
  • #4,667
  • Aug 16, 2009 5:53pm Aug 16, 2009 5:53pm
Quoting lowmach
new IB charts! that is great news! I have only traded stocks to date with my live IB account. I opened a demo account to practice the forex trader interface and orders. I read that the min order would be .25. Is this true? Also when i trade the eur.jpy for example i end up in a non US currency. So if i choose to move back to USD the other currency is traded at the current market rate? So if i held on to my euros for example and they fell since my trade ended than i need to consider that a loss right?

Thanks
-Lowmach
The minimum size of an order is 25,000 USD or the equivalent. Because of this, many people find IB a little tough for forex. You can enter smaller orders on Ideal Pro, there's just no promising you will get filled. (I find with more liquid pairs, it's possible to do as little as 10,000 USD a lot of the time.)

And yes, if you trade across currency, then you end up in profit in say Yen.....and you convert it back. This can be good or bad.....but since it's not leveraged, it's not a big deal.

For example, if you made a profit of 12,000 Yen, it's going to take a massive move for you to lose much in the exchange back. You also can hold onto your say AUD, and let it continue to gain money in the exchange rate after closing out a stock trade on the ASX. (example.)

There's a lot you can do......you just need to think about it a little before jumping right in.
  • #4,668
  • Aug 16, 2009 5:56pm Aug 16, 2009 5:56pm
Quoting lowmach
Sorry if this was covered already. I have noticed lots of charts with the YEN and USD looking bearish right now.

While I am here this last 2 weeks is a perfect example of news frenzy moves on the charts. I was knocked out of 2 long term trades at break even during these violent moves and then they continued on my projected path. I am wondering how Chris and others handle this crazy news spikes that happen? Do you consider re-entering your trades if knocked out once the smoke clears or do you wait for the PA to show another entry?

next question:
here...


Yes and I will enter on the break of a weekly pin again.....possibly. Of course I like PA to confirm, but it's more or less a break of support that matters.

  • #4,669
  • Aug 16, 2009 7:05pm Aug 16, 2009 7:05pm
Quoting lowmach
and the NU daily pin bar... but again in a strong uptrend. this last 2 charts are just shy of hitting my significant weekly levels. Does this make the trades less likely to succeed?

edit: sorry guys. i see this one was also pointed out as well. Still curious how Chris and other few the PA when it get so close to significant levels, but does not hit it.

I have a few concerns about the bar two bars before.....it's kinda pin-ish looking.
  • #4,670
  • Aug 16, 2009 7:57pm Aug 16, 2009 7:57pm
Quoting clockwork71
For example, if you made a profit of 12,000 Yen, it's going to take a massive move for you to lose much in the exchange back. You also can hold onto your say AUD, and let it continue to gain money in the exchange rate after closing out a stock trade on the ASX. (example.).
how do you check how much you've got in each currency?

When I go to account it jsut shows me my account net realisation in my base currency (AUD)

Would I have USD in my account, cos i trade NYSE, I havent converted anything back, I presumed it was done automatically?

In account I went to the top of the page and clicked 'close all non-base currency cash positions' (or something similar to that) and I only had like 400 to convert, which is very small isnt it? not worth the $2 conversion charge?
Grabbing the bull by the horns!
  • #4,671
  • Aug 16, 2009 8:20pm Aug 16, 2009 8:20pm
Quoting whitegoodman
how do you check how much you've got in each currency?

When I go to account it jsut shows me my account net realisation in my base currency (AUD)

Would I have USD in my account, cos i trade NYSE, I havent converted anything back, I presumed it was done automatically?

In account I went to the top of the page and clicked 'close all non-base currency cash positions' (or something similar to that) and I only had like 400 to convert, which is very small isnt it? not worth the $2 conversion charge?
Go to Account Page, and then FX Portfolio......open that and it will show you all positions. Some are going to be tiny, like I have one that is 12 SGD. Supposedly, they "sweep" small positions like that automatically every 24 hours.
  • #4,672
  • Aug 16, 2009 8:39pm Aug 16, 2009 8:39pm
Quoting clockwork71
Go to Account Page, and then FX Portfolio......open that and it will show you all positions. Some are going to be tiny, like I have one that is 12 SGD. Supposedly, they "sweep" small positions like that automatically every 24 hours.
sweep meaning they transfer it back to base currency?

cheers ill check tonight when home for work
Grabbing the bull by the horns!
  • #4,673
  • Aug 16, 2009 8:41pm Aug 16, 2009 8:41pm
Thanks for the replies Chris!

I will continue to test drive the IB forex platform until i am good and comfy. Nothing more frustrating then losing money because of a entry mistake on a new platform. Good tip on the ideal pro and the 10k orders with liquid pairs.

-lowmach
  • #4,674
  • Aug 16, 2009 10:33pm Aug 16, 2009 10:33pm
Quoting whitegoodman
sweep meaning they transfer it back to base currency?

cheers ill check tonight when home for work

Yes, but it could be different there. I don't see why it would be.....but you are I technically have different brokers. (IB AUS and US are two different companies under the main one.)
  • #4,675
  • Aug 16, 2009 11:06pm Aug 16, 2009 11:06pm
Hi Y'all,

Had a much needed visit to my hometown last week; now I've returned and am getting back to business. And I'd like to start by plugging John and Wade over at Learning Markets as a refreshing part of my trade plan each business day. I've used their service for over-a-year. Specifically their "Pair/Intermarket Analysis" (under the Forex tab) but the entire site is information rich and highly relevant in-my-opinion.

It's also congruent to the simple, obvious and broader precepts of this method.

So John mentioned the Guppy's (GBP/JPY) double-top, which I highlighted on my chart and am monitoring it's recent break of 156 now with more interest. It's also making lower-lows and lower-highs on the shorter TFs at-this-time. [Alert: my Oanda's Daily chart hasn't updated just yet to present but it's enough to show the pattern.]
Attached Image (click to enlarge)
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  • #4,676
  • Aug 16, 2009 11:11pm Aug 16, 2009 11:11pm
Quoting Soca
Hi Y'all,

Had a much needed visit to my hometown last week; now I've returned and am getting back to business. And I'd like to start by plugging John and Wade over at Learning Markets as a refreshing part of my trade plan each business day. I've used their service for over-a-year. Specifically their "Pair/Intermarket Analysis" (under the Forex tab) but the entire site is information rich and highly relevant in-my-opinion.

It's also congruent to the simple, obvious and broader precepts of this method.

So John mentioned the Guppy's (GBP/JPY)...
This is the action I'm all over right now. lol
  • #4,677
  • Aug 16, 2009 11:26pm Aug 16, 2009 11:26pm
Quoting calderone
This is the action I'm all over right now. lol
So?
  • #4,678
  • Aug 16, 2009 11:45pm Aug 16, 2009 11:45pm
Quoting Soca
So?

I've been short in it but it was not a ss trade so I don't think it is appropriate here. I'll just say that I hope it can go south a while longer but it may take it's own path.
  • #4,679
  • Aug 16, 2009 11:57pm Aug 16, 2009 11:57pm
Anybody notice all the gaps tonight?

I've got three in my favor, but it makes me suspicious.

Wondering if I should start closing, or just have a little faith.

usdcad: long

nzdusd: short

gbpusd: short
  • #4,680
  • Aug 16, 2009 11:58pm Aug 16, 2009 11:58pm
Quoting Low
Anybody notice all the gaps tonight?

I've got three in my favor, but it makes me suspicious.

Wondering if I should start closing, or just have a little faith.

usdcad: long

nzdusd: short

gbpusd: short
Does it vary depending on your broker?
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