Attachments: Silent Service Method

Silent Service Method

#4,921
Aug 30, 2009 9:57am Aug 30, 2009 9:57am

Eduardo
| Joined Aug 2009 | Status: Trader | 132 Posts

Quoting Eduardo

Disliked

Hi, I am new to Forex Factory and just looking around. I have read the first few pages of this thread and so far it's the best thing here!

I have a question or two (ten) but not sure where to start.

I have about a years experience with forex and understand support and resistance, trendlines and price action but I have trouble drawing the zones. I can draw lines at round numbers that have been touched a lot in the past, should I just put the zone 50 pips either side of the line or is it more comlicated than that?

Also, how big a stop loss should...

Ignored

Hi, any help for the above?

I have set the charts up as good as I can and I am watching the following possible trades.

EurUsd long from 1.41
EurJpy long from 1.33
GbpUsd long from 1.60
AudUsd long from 0.82
AudNzd short from 1.24
Cadchf long from 0.96
EurGbp short below 0.88?

Does anybody agree with these possibles?

Is it me or was August not a very good month for trending markets? Is this because of holidays in Europe and elsewhere? I sure hope September comes a better month for trading.

I appreciate answer to my questions. Thank you.

#4,922
Aug 30, 2009 11:41am Aug 30, 2009 11:41am

Low
| Joined Apr 2009 | Status: temporarily correct | 1,757 Posts

http://i29.tinypic.com/6gleog.png

#4,923
Aug 30, 2009 11:58am Aug 30, 2009 11:58am

Low
| Joined Apr 2009 | Status: temporarily correct | 1,757 Posts

Hey stefan (stefx),

I just wanted to thank you for your previous 3 chart post. Knowing that someone has been short the gbpusd for 13 days, while, I have shorted it 3 times from better entries and gotten closed at BE, clearly shows me what I'm doing wrong: not leaving the trade room to move.

That post spoke volumes to me.

Nice job.

#4,924
Aug 30, 2009 2:37pm Aug 30, 2009 2:37pm

stefx
| Joined Mar 2009 | Status: Applied PA™ | 201 Posts

Quoting Low

Disliked

Hey stefan (stefx),

I just wanted to thank you for your previous 3 chart post. Knowing that someone has been short the gbpusd for 13 days, while, I have shorted it 3 times from better entries and gotten closed at BE, clearly shows me what I'm doing wrong: not leaving the trade room to move.

That post spoke volumes to me.

Nice job.

Ignored

Hi Low.

Most of my trades are on daily and some on weekly bars. I trade pinbars only if they are broken with a stop order or I place a limit order after the bar was broken if certain areas above/below can give me an estimation where price could retrace. You can imagine that on daily/weekly entries a reasonable stop is sometimes miles away from my entry but 1-2% from my coin though.

Don't worry about having issues with your stop because besides getting good at entering in the right direction the compromise between space to breath and booking profits is what is called trading.

This is the way I advance now and I warn you, trading like this can get deadly boring.

Stefan.

10 x 100 = 100 x 10, stefx, retired scalper.

#4,925
Aug 30, 2009 7:44pm Aug 30, 2009 7:44pm

clockwork71
| Commercial User | Joined May 2007 | 7,685 Posts

Quoting Eduardo

Disliked

Hi, any help for the above?

I have set the charts up as good as I can and I am watching the following possible trades.

EurUsd long from 1.41
EurJpy long from 1.33
GbpUsd long from 1.60
AudUsd long from 0.82
AudNzd short from 1.24
Cadchf long from 0.96
EurGbp short below 0.88?

Does anybody agree with these possibles?

Is it me or was August not a very good month for trending markets? Is this because of holidays in Europe and elsewhere? I sure hope September comes a better month for trading.

I appreciate answer to my questions. Thank you....

Ignored

While these may be decent areas, (I only checked two of them, but you seem to have a decent handle on S/R.) never do it without some kind of confirmation. Ever.

As far as August being bad for trending markets, I feel the same way. It's just winding up inertia for the fall move......when the traders all come back form summer holiday. Normally by the middle of September we have a decent idea of which way we are going......

#4,926
Aug 30, 2009 11:25pm Aug 30, 2009 11:25pm

Eduardo
| Joined Aug 2009 | Status: Trader | 132 Posts

Quoting clockwork71

Disliked

While these may be decent areas, (I only checked two of them, but you seem to have a decent handle on S/R.) never do it without some kind of confirmation. Ever.

As far as August being bad for trending markets, I feel the same way. It's just winding up inertia for the fall move......when the traders all come back form summer holiday. Normally by the middle of September we have a decent idea of which way we are going......

Ignored

I read Pring on Price Patterns. I know I have to wait for clear pattern at one of the levels I said above.

I like to use Fibonacci for confirmation but it doesn't always work that way.

Do you ever trade countertrend? It appears from your charts that you do. I have always only taken trades in the direction of the main trend and only take trades if there is a clear trend.

Thanks you for your reply and I look forward to trading your method now I think I understand it all.

#4,927
Aug 31, 2009 7:40am Aug 31, 2009 7:40am

clockwork71
| Commercial User | Joined May 2007 | 7,685 Posts

Quoting Eduardo

Disliked

I read Pring on Price Patterns. I know I have to wait for clear pattern at one of the levels I said above.

I like to use Fibonacci for confirmation but it doesn't always work that way.

Do you ever trade countertrend? It appears from your charts that you do. I have always only taken trades in the direction of the main trend and only take trades if there is a clear trend.

Thanks you for your reply and I look forward to trading your method now I think I understand it all.

Ignored

Yes, I do take some counter trend trades....but I don't expect as much out of them. I normally will set a specific target to get out when I am doing that.

Chris

#4,928
Aug 31, 2009 7:59am Aug 31, 2009 7:59am

clockwork71
| Commercial User | Joined May 2007 | 7,685 Posts

Quoting Eduardo

Disliked

Hi, I am new to Forex Factory and just looking around. I have read the first few pages of this thread and so far it's the best thing here!

I have a question or two (ten) but not sure where to start.

I have about a years experience with forex and understand support and resistance, trendlines and price action but I have trouble drawing the zones. I can draw lines at round numbers that have been touched a lot in the past, should I just put the zone 50 pips either side of the line or is it more comlicated than that?

Also, how big a stop loss should...

Ignored

Thanks for your kind words, and sorry it took so long for me to realize you posted twice.....

The one part of this question that stood out was "How big a stop loss should be on the 4 hour chart".

The thing is this:
Let the charts tell you where a stop loss should go. Put it behind support and resistance, and always risk the same amount in percentage each trade. So if you risk 1.5% a trade and need a 120 pip stop loss......do the math based on the account value, and that's you answer.

The stop losses are not any different on time frames, just bigger, or smaller. The bigger the time frame, the more likely that your stop losses will hold up.

Hope this helps
Chris

#4,929
Aug 31, 2009 2:25pm Aug 31, 2009 2:25pm

Eduardo
| Joined Aug 2009 | Status: Trader | 132 Posts

Quoting clockwork71

Disliked

Thanks for your kind words, and sorry it took so long for me to realize you posted twice.....

The one part of this question that stood out was "How big a stop loss should be on the 4 hour chart".

The thing is this:
Let the charts tell you where a stop loss should go. Put it behind support and resistance, and always risk the same amount in percentage each trade. So if you risk 1.5% a trade and need a 120 pip stop loss......do the math based on the account value, and that's you answer.

The stop losses are not any different on time frames,...

Ignored

Yes, I understand, thank you.

I am long gbpjpy from a bullish hammer from 150 today. I was concerned as it is a holiday day in UK but am now 50 pips up. I will wait until tomorrow morning and move my stop loss to break even if I can.

So now I have a trade in the profit I just have to watch it every day and move the stop loss up a little each day behind the support levels on the 4 hour chart. Is this right?

I am liking this method already

If I set myself targets should I target the number of pips each week or month or should I try to keep my strike rate at its highest?

What strike rate do you get and how many trades per month on average?

I am used to waiting for trades as I have been trading a daily swing trade system for a while and take sometimes only 2 trades a month but nearly always I am winning pips.

Thank you again and I am pleased to learn this method. Your weekly support and resistance levels really work.

#4,930
Aug 31, 2009 3:41pm Aug 31, 2009 3:41pm

ttteee
| Joined Aug 2009 | Status: Trader | 101 Posts

Hi all, can someone reccomend a good demo platform to practice charts from stock, indexes, etc.?

about at page 75 of the thread, some really impressive stuff, I'm feeling that my trading is really improving
before, while messing with demo accounts I was able only to lose money, now I started making some serious (demo) pips

#4,931
Aug 31, 2009 7:36pm Aug 31, 2009 7:36pm

clockwork71
| Commercial User | Joined May 2007 | 7,685 Posts

Quoting Eduardo

Disliked

Yes, I understand, thank you.

I am long gbpjpy from a bullish hammer from 150 today. I was concerned as it is a holiday day in UK but am now 50 pips up. I will wait until tomorrow morning and move my stop loss to break even if I can.

So now I have a trade in the profit I just have to watch it every day and move the stop loss up a little each day behind the support levels on the 4 hour chart. Is this right?

I am liking this method already

If I set myself targets should I target the number of pips each week or month or should I try to keep...

Ignored

Some of these questions you are asking are going to be different for everyone. For example, you may have one trader that is correct only 25% of the time, but his average loss is 100 pips, while his average gain is 900. He is profitable anyway.

Another trader can be correct 75% of the time, and yet still lose money. Scalper can fall into this trap if they are not careful. (Gaining 10 pips, but losing 40)

To answer your question about moving stops, that is the basic idea, yes.....4 hour s/r zones are good places to park stops. Let the market take out other people before you!

As far as strike rate...it's really a difficult question to answer. A lot of it comes down to whether or not you need to be right all the time. (A lot of humans do.) If you do, then I suggest letting that go. It will make you crazy when trading. The answer to the question lies within. I know that sounds like a cop-out, but I am sincere when I tell you this.

Welcome to the thread by the way, thanks you for posting.

Chris

#4,932
Aug 31, 2009 7:38pm Aug 31, 2009 7:38pm

clockwork71
| Commercial User | Joined May 2007 | 7,685 Posts

Quoting ttteee

Disliked

Hi all, can someone reccomend a good demo platform to practice charts from stock, indexes, etc.?

about at page 75 of the thread, some really impressive stuff, I'm feeling that my trading is really improving
before, while messing with demo accounts I was able only to lose money, now I started making some serious (demo) pips

Ignored

Think or Swim I believe has a pretty decent demo......

Is that correct Kulu? I know you have dealt with them before.

Chris

#4,933
Aug 31, 2009 7:38pm Aug 31, 2009 7:38pm

Low
| Joined Apr 2009 | Status: temporarily correct | 1,757 Posts

Quoting ttteee

Disliked

Hi all, can someone reccomend a good demo platform to practice charts from stock, indexes, etc.?

Ignored

FXPro offers charting for forex, indices, and some CFD's which chart the underlying security, the selection isn't huge, but it's a demo platform. Otherwise you just have to do it the old fashioned way, paper trade with a notepad, Prorealtime.com is highly reccommended, though I couldn't get it to function, also freestockcharts.com is really nice, trendlines, fibs, oscilators, SR...all the stuff you need.

#4,934
Aug 31, 2009 7:57pm Aug 31, 2009 7:57pm

Low
| Joined Apr 2009 | Status: temporarily correct | 1,757 Posts

CW,

I've got a eur/jpy short running from last week, and both it and the gbp/jpy are sporting some pretty serious daily pins, would you close, or let it play itself out?

(I did move the stop to BE because it's countertrend )

#4,935
Aug 31, 2009 9:56pm Aug 31, 2009 9:56pm

clockwork71
| Commercial User | Joined May 2007 | 7,685 Posts

Quoting Low

Disliked

CW,

I've got a eur/jpy short running from last week, and both it and the gbp/jpy are sporting some pretty serious daily pins, would you close, or let it play itself out?

(I did move the stop to BE because it's countertrend )

Ignored

As a general rule, yes......I tend to move my stops up just above pins that are against me. Also, I see that pin on GBP/JPY is at 150 area......

When a daily pin forms against me, it's one of the few times I move stops up. If you get taken out, and it keeps going a little later - there is almost always a reentry point somewhere down the road.

Chris

#4,936
Sep 1, 2009 12:31am Sep 1, 2009 12:31am

stefx
| Joined Mar 2009 | Status: Applied PA™ | 201 Posts

Quoting ttteee

Disliked

Hi all, can someone reccomend a good demo platform to practice charts from stock, indexes, etc.?

about at page 75 of the thread, some really impressive stuff, I'm feeling that my trading is really improving
before, while messing with demo accounts I was able only to lose money, now I started making some serious (demo) pips

Ignored

Hi.

Try freestockcharts.com. They don't offer demo trading but you can at least set an entry price if a stock is in your portfolio from which the percentage win/loss is calculated and displayed and they have a huge selection of stocks.

Stefan.

10 x 100 = 100 x 10, stefx, retired scalper.