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Silent Service Method

  • #4,741
  • Aug 18, 2009 9:30pm Aug 18, 2009 9:30pm
Quoting dozzz71
Hey try fxpro, they offer all with fx, they have MT4,
www.fxpro.com
But as a US broker, they don't allow hedging anymore...
  • #4,742
  • Aug 18, 2009 10:00pm Aug 18, 2009 10:00pm
Quoting Soca
Low,

I hear your disappointment. And let me apologize for misspeaking about your recent trades, with the suggestion that I'd only move or trail my S/L on the same timeframe that I'd entered the trade. I actually meant to say what CW just suggested about using the mini-S/R levels to trail your stops (from the short timeframes) whether with the trend or not. Which brings me to something else I noticed about your trades: they were all (arguably) countertrend...

I'll wait and see what CW comes out with regarding Exits before...
As a general idea, I tend to aim for targets when going counter-trend.....and I tend to trail behind minor S/R going with the trend. However, if a pinbar at support is pointing against me, I will tighten my stops. Why? Because it could be telling me that I want to go in the other direction on this trade.

Every once in a while, on a major trend at the 50% area, I might try to let a trade run like that.....there are always exceptions to the rule of course.....

Chris
  • #4,743
  • Aug 19, 2009 2:28am Aug 19, 2009 2:28am
Quoting clockwork71
....You are aiming for progress, not perfection....

Chris

I like this, Chris. Added it to my rules

Tony
  • #4,744
  • Aug 19, 2009 4:09am Aug 19, 2009 4:09am
Quoting clockwork71
As a general idea, I tend to aim for targets when going counter-trend.....and I tend to trail behind minor S/R going with the trend. However, if a pinbar at support is pointing against me, I will tighten my stops. Why? Because it could be telling me that I want to go in the other direction on this trade.

Every once in a while, on a major trend at the 50% area, I might try to let a trade run like that.....there are always exceptions to the rule of course.....

Chris
I've the same thoughts when I see price 'pinning' against my trade.
It can be a bit like hearing a car sound it's horn when you are crossing a road.
  • #4,745
  • Aug 19, 2009 10:48am Aug 19, 2009 10:48am
Looks to be creating a daily pin now.
Looks very interesting!

3 bar high now. Break above will signal strong support if it comes back down to retest.

Or if the bearish pb breaks then hopefully we should see 1.08 tested again
  • #4,746
  • Aug 19, 2009 10:58am Aug 19, 2009 10:58am
Quoting jicjoc
Looks to be creating a daily pin now.
Looks very interesting!

3 bar high now. Break above will signal strong support if it comes back down to retest.

Or if the bearish pb breaks then hopefully we should see 1.08 tested again
Yes, agreed. This is a perfect example of reading the chart, not rushing it, and then seeing if it becomes obvious as to what the pair wants to do. CAD is on my radar as well.
  • #4,747
  • Aug 19, 2009 11:48am Aug 19, 2009 11:48am
Quoting Soca
Low,

I hear your disappointment. And let me apologize for misspeaking about your recent trades, with the suggestion that I'd only move or trail my S/L on the same timeframe that I'd entered the trade. I actually meant to say what CW just suggested about using the mini-S/R levels to trail your stops (from the short timeframes) whether with the trend or not. Which brings me to something else I noticed about your trades: they were all (arguably) countertrend...

I'll wait and see what CW comes out with regarding Exits before...
Excellent observations Soca, I did consider trailing, but minor SR levels weren't exactly obvious unless I took them off of a M15, and really, I was trying to give the trades a chance to run.

Exits, exits, exits.....

This one of my weak points. I NEVER set TP's. I keep telling myself that I should, and on these particular trades, on my trade worksheets there is a place where I should've calculated a TP, and set it, since they were CT, but I just didn't.

I want to believe that each and every one is going to be a runner.

In the end, I think I may be overtrading the SS method, as I take an average of about 3 trades a week. If this is true, then a large portion of my trades are "B, C, or D grade", which explains why they only run a short distance before turning around.

What is interesting however, is that a lot of my trades run quickly into profit of anywhere from 60 to 160 pips (depending on the volatility of the pair), then give reversal PA on the 4H, then come and close me out. Because I've had good instant fortune, but mediocre long term results, I'm thinking about taking profit a little quicker (maybe anything over 125 pips), and doing a little account building while still prowling for the "big plays".

I don't know if this would be considered contrary to what CW is teaching us or just different, maybe he'll weigh in and give an opinion.
  • #4,748
  • Aug 19, 2009 2:08pm Aug 19, 2009 2:08pm
Quoting Low
Excellent observations Soca, I did consider trailing, but minor SR levels weren't exactly obvious unless I took them off of a M15, and really, I was trying to give the trades a chance to run.

Exits, exits, exits.....

This one of my weak points. I NEVER set TP's. I keep telling myself that I should, and on these particular trades, on my trade worksheets there is a place where I should've calculated a TP, and set it, since they were CT, but I just didn't.

I want to believe that each and every one is going to be a runner.

In the end,...
Right on, Low...

Sounds to me like you're a long distance runner w/a sprinters heart And I hear you: how to stay in the race yet satisfy the scalper that's (really) in all of us

Again I'll wait to hear more of what CW might say but for now one way I see others using this method is by combing through many charts, from the Daily to longer TFs (in more markets than just Forex) searching for those Grade A setups. So it satisfies the scalper in the search but allows the trade to run the distance nonetheless, which prevents overtrading in that respect.

So in regards to overtrading, this method has its version as well but I'd like to hear what CW has to say about that, too. However, I'd wouldn't be so quick to judge your trade setups as subpar before considering that some are counter-trend, which actually may be very good setups, esp if as you say they're going into profit so consistently. And you're obviously aware of the reversal PA on the 4H that's indicating a potential move against your trade, back to BE, in many cases...

I'd have more to say about that soon in terms of how that could be used to your strategic advantage but as a hint, those could be your mini-S/R levels, which wouldn't automatically mean it has to be a trailing stop thereon - it could also be the market telling you, "This is your T/P!"

Well, okay, not so much a hint than a suggestion Discretion applies as always.

However, as a rule, I'd be careful exiting a trade on a different TF than I entered it but there are exceptions of course. This may be one, especially if you're countertrend. E.g. Last night's late Asian, London and today's New York session were awesome opportunities (on the majors at least) to practice some wicked scalping and checking-out just how many serious Daily trendlines were crossed (in both directions) where price obviously consolidated on the 1H or less ... providing ample opportunity to T/P or trail the S/L

Soca
  • #4,749
  • Aug 19, 2009 2:19pm Aug 19, 2009 2:19pm
Quoting clockwork71
Yes, agreed. This is a perfect example of reading the chart, not rushing it, and then seeing if it becomes obvious as to what the pair wants to do. CAD is on my radar as well.
I guess it's all about perception (and maybe this says more about *me* than about the actual pair) because I actually set up my trade late yesterday because i saw a 2-day pin and entered short after it broke 1.10. I suppose I probably jumped the gun a bit, but it seemed like a pretty decent risk/reward

Here's the chart I saw (sorry about the shading...couldn't find a color that worked):
http://i437.photobucket.com/albums/q.../cad-daily.gif
  • #4,750
  • Aug 19, 2009 2:48pm Aug 19, 2009 2:48pm
Quoting Soca
Right on, Low...

Sounds to me like you're a long distance runner w/a sprinters heart And I hear you: how to stay in the race yet satisfy the scalper that's (really) in all of us

Again I'll wait to hear more of what CW might say but for now one way I see others using this method is by combing through many charts, from the Daily to longer TFs (in more markets than just Forex) searching for those Grade A setups. So it satisfies the scalper in the search but allows the trade to run the distance nonetheless, which prevents...

Essentially what I do is use weekly lines, and enter based upon some trigger that forms at that price/area. It can be either a daily or 4 hour bar. However, I tend to place S/L's behind 4 hour or "minor" areas. When he first wrote this, the first thing I saw that made me think was "I had 4 hour price action going against me", which shows me a tightening up of the stops might have been warranted.

Remember, just because I use the weekly lines.....doesn't mean that I use weekly signals. I use weekly lines mainly because they tend to be very clear. (In general.)

I hope this cleared it up a bit.....but I think this is certainly a discussion that can and will be a good thing to expand upon in our little thread here.

EXITS ARE EVERYTHING.
  • #4,751
  • Aug 19, 2009 3:17pm Aug 19, 2009 3:17pm
CW and Soca,

Thanks for your thoughts, sometimes I think I ramble-on too much on this thread, but this psychological stuff, trade management, and exits are really important, because it's easy to get into a good trade, and hard to figure out what to do next (for me).

Hopefully if someone else is in the same position a year or two from now, and they stumble across this thread, they'll find answers to some of the most basic difficulties of trading here.

Y'all are a real big help, my trading has vastly improved since my arrival on this thread, and I'm confident it will continue to do so.

Cheers.
  • #4,752
  • Aug 19, 2009 3:23pm Aug 19, 2009 3:23pm
Quoting Low
CW and Soca,

Thanks for your thoughts, sometimes I think I ramble-on too much on this thread, but this psychological stuff, trade management, and exits are really important, because it's easy to get into a good trade, and hard to figure out what to do next (for me).

Hopefully if someone else is in the same position a year or two from now, and they stumble across this thread, they'll find answers to some of the most basic difficulties of trading here.

Y'all are a real big help, my trading has vastly improved since my arrival on this thread, and...
When I was a member of the J16 forum, I had a long drawn out exchange with the Psych guy over there. I felt for a while that maybe I was taking too much of his time, but started getting messages from people that I was helping them by asking the questions they couldn't bring themselves to.

In fact, I am sure someone is reading your posts right now and thinking, "I know exactly how that feels."

Chris
  • #4,753
  • Aug 19, 2009 3:25pm Aug 19, 2009 3:25pm
Quoting InfinitySL
I guess it's all about perception (and maybe this says more about *me* than about the actual pair) because I actually set up my trade late yesterday because i saw a 2-day pin and entered short after it broke 1.10. I suppose I probably jumped the gun a bit, but it seemed like a pretty decent risk/reward

Here's the chart I saw (sorry about the shading...couldn't find a color that worked):
http://i437.photobucket.com/albums/q.../cad-daily.gif
Actually, if you want these charts to stand out a little better - get rid of the grid lines. The candles are fine.
  • #4,754
  • Aug 19, 2009 4:40pm Aug 19, 2009 4:40pm
CADJPY looks interesting
But EurCad is probably the highlight for me today outside of usdcad (which i've shorted)

Eurcad should be good for 1%. But since im already in cad with a position, i'll let this one go...
  • #4,755
  • Aug 19, 2009 4:40pm Aug 19, 2009 4:40pm
Quoting InfinitySL
I guess it's all about perception (and maybe this says more about *me* than about the actual pair) because I actually set up my trade late yesterday because i saw a 2-day pin and entered short after it broke 1.10. I suppose I probably jumped the gun a bit, but it seemed like a pretty decent risk/reward

Here's the chart I saw (sorry about the shading...couldn't find a color that worked):
http://i437.photobucket.com/albums/q.../cad-daily.gif
honestly, i expect this pair to move north...Reasons will be coming in a min...
  • #4,756
  • Aug 19, 2009 4:44pm Aug 19, 2009 4:44pm
Quoting nomask
honestly, i expect this pair to move north...Reasons will be coming in a min...

Me too...I'm just hoping for some good entry PA.

If not, too bad. move on, other fish in the sea and all that.
  • #4,757
  • Aug 19, 2009 4:49pm Aug 19, 2009 4:49pm
Usdcad....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdcad1.png Size: 55 KB
Click to Enlarge Name: usdcad2.png Size: 75 KB
Click to Enlarge Name: usdcad3.png Size: 53 KB
  • #4,758
  • Aug 19, 2009 4:56pm Aug 19, 2009 4:56pm
and target would be something like this for a long trade...
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad4.png Size: 73 KB
  • #4,759
  • Aug 19, 2009 11:19pm Aug 19, 2009 11:19pm
Awesome post nomask. Top notch analysis.

Though maybe I say that because I agree 100%.

That post has really brought something into focus for me, that the three trades I took last week are still perfectly valid.

Two got stopped out at BE, and one I took profit on, but when I look at my daily charts none of the pins have been violated, daily divergence is still strong, and fibo's are smiling upon them. I am willing to bet that usd: nzd/gbp/cad are not the only pairs showing those symptoms, and as things progress, price keeps on reinforcing the potential of my original trades.

So, I have gotten a little brave, and am still trying to milk the gbpusd.

(I know I'm gonna catch a lot of s**t for this from the older, wiser more patient crowd)

http://i30.tinypic.com/1ioeht.jpg

Please ignore the empty white box in the pic, it was an accident.
  • #4,760
  • Aug 20, 2009 6:30am Aug 20, 2009 6:30am
that USDCAD of yours nomask may be coming up in 30mins, hope youve got your eye on the prize so to speak. I may even take a bite if it finishes well. Ive got a zone and a very well respected trendline
Grabbing the bull by the horns!
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