Silent Service Method | Page 249 | 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

  • #4,961
  • Sep 2, 2009 11:26am Sep 2, 2009 11:26am
Hey Eduardo,

Care to share a chart and explain why you have sold each of these pairs....I don't mean to be critical, but your comments about moving to "breakeven by Friday morning or close if not"....doesn't really sound like you have a solid game plan. Moving stops to breakeven rarely is based on time. Again, not trying to be critical, just helpful.

Cheers
CanuckCT

Quoting Eduardo
Ok so I am short EurGbp and UsdCad. Going to move to break even by Friday morning or maybe close if not. If the big news is Usd negative then I could be on board the big train to the sunny south! If not then I lose nothing.
  • #4,962
  • Sep 2, 2009 11:35am Sep 2, 2009 11:35am
Does anybody got anything interesting in their sights, or y'all just waiting for NFP to sort itself out?

I'm still short the eurjpy, but otherwise don't see anything worth opening.

(although if nzd/jpy retraces a bit and gives me entry PA I might want to short it)
  • #4,963
  • Sep 2, 2009 11:46am Sep 2, 2009 11:46am
http://i30.tinypic.com/262w0i9.png
  • #4,964
  • Sep 2, 2009 12:46pm Sep 2, 2009 12:46pm
Quoting CanuckCT
Now that we have cleared the 132ish range....looks like next target is 128. I've moved my stop to lock in about 240 pips. Might be premature to move to here...but would be quite content to get stopped here......now back to work!
Cheers
CanuckCT

Attachment
Don't you think 130 might offer some challenges first?
  • #4,965
  • Sep 2, 2009 1:09pm Sep 2, 2009 1:09pm
Quoting CanuckCT
Hey Eduardo,

Care to share a chart and explain why you have sold each of these pairs....I don't mean to be critical, but your comments about moving to "breakeven by Friday morning or close if not"....doesn't really sound like you have a solid game plan. Moving stops to breakeven rarely is based on time. Again, not trying to be critical, just helpful.

Cheers
CanuckCT
Charts as requested. Sorry Chris for taking up a big space on the page!

Both look good to me.

The reason behind taking action on Friday morning is so that if the non farm payroll news creates a big move in the wrong direction I don't lose my stop loss.

I wouldn't normally be so concerned to get to break even, I would prefer to give it some space and time but news is news.

I hope you can see my reasoning Canuck?

Chris, am I getting your method right?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurgbp ff daily.gif Size: 20 KB
Click to Enlarge Name: eurgbp ff weekly.gif Size: 18 KB
Click to Enlarge Name: usdcad ff daily.gif Size: 20 KB
Click to Enlarge Name: usdcad ff weekly.gif Size: 20 KB
  • #4,966
  • Sep 2, 2009 2:30pm Sep 2, 2009 2:30pm
It could...that's a nice round number. But the way I have my chart levels, 130 is not a level I'm looking at. Here is the daily for essentially 2009. I am holding my stop just above the current day's bar....there has been a lot of trading in the 134 range for this pair and 132 shows lots of signs of support.....it seems to slice thru 130 without as much trouble. That's how I see it.
Cheers
CanuckCT

Attached Image (click to enlarge)
Click to Enlarge Name: ej.gif Size: 14 KB


Quoting o990l6mh
Don't you think 130 might offer some challenges first?
  • #4,967
  • Sep 2, 2009 2:39pm Sep 2, 2009 2:39pm
Hi.

EURGBP - Day #19

Closed the trade today because I lost confidence on continuation in my favor. The previous four days price bounced lower along the trendline and never really could break the 38.2% retracement and 0.8800 area. The previous 4 days had all similar lows and as the price was about to break these lows I took my profits. I don't have emotions if it would continue bullish and I'm out already but I would have if giving back the additional 70 pips to my stop only being proved right.

Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP-2009-09-02-16-19-17-Alpari-UK-Ltd.png Size: 69 KB


AUDCAD - Day #26

Yesterdays bar is sort of emotion tester. The reason why I did not close was that I see this as a consolidating pair being currently in an uptrend with a DBLHC the 2 weeks before. Also the recent move is coming from a PPZ confluenced by 38.2% retrace and trendline. If todays bar is closed as the bullish outside bar it is now the emotions are in place again.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDCAD-2009-09-02-20-57-17-Alpari-UK-Ltd.png Size: 69 KB

Attached Image (click to enlarge)
Click to Enlarge Name: AUDCAD-2009-09-02-21-21-56-Alpari-UK-Ltd.png Size: 76 KB


GBPUSD - Day #16

No idea where to continue, consolidation time. Thinking if I'm in danger getting married with my trades when I could take a 200 pips and go away, but the inital idea with the nice pinbar at nice location .... This one will give me a lession I guess.


Stefan.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #4,968
  • Sep 2, 2009 2:45pm Sep 2, 2009 2:45pm
Quoting CanuckCT
It could...that's a nice round number. But the way I have my chart levels, 130 is not a level I'm looking at. Here is the daily for essentially 2009. I am holding my stop just above the current day's bar....there has been a lot of trading in the 134 range for this pair and 132 shows lots of signs of support.....it seems to slice thru 130 without as much trouble. That's how I see it.
Cheers
CanuckCT

Attachment
Hi.

I also don't see 130 as an important level. I would also go that far and say the next major one is 126 but 128 would definitely show reaction though.

Stefan.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #4,969
  • Sep 2, 2009 3:02pm Sep 2, 2009 3:02pm
Quoting stefx
Hi.

EURGBP - Day #19

Closed the trade today because I lost confidence on continuation in my favor. The previous four days price bounced lower along the trendline and never really could break the 38.2% retracement and 0.8800 area. The previous 4 days had all similar lows and as the price was about to break these lows I took my profits. I don't have emotions if it would continue bullish and I'm out already but I would have if giving back the additional 70 pips to my stop only being proved right.

AUDCAD - Day #26

Yesterdays bar is sort of emotion...
Really nice trading stefx, I'm following your lead!
  • #4,970
  • Sep 2, 2009 4:37pm Sep 2, 2009 4:37pm
Quoting Eduardo
Didn't go so good today, stopped out already.

I love the video Chris.

Do you think with the increased volatility and to some extent unpredictability of some pairs recently it may be better to just watch daily charts for entries? I know you would need a bigger stop loss but you'd get bigger winners and more reliable signals no?

GbpJpy has just had a 1200 pip run down that gave a pretty good signal on the daily chart to enter. I'm thinking maybe the 4 hour is too far into the forest to see any trees?
I always recommend paying attention to the larger time frames anyway. In times like this where we are bouncing around so much, the larger time frames are normally even more important and reliable.

Chris
  • #4,971
  • Sep 2, 2009 4:48pm Sep 2, 2009 4:48pm
Quoting CanuckCT
It could...that's a nice round number. But the way I have my chart levels, 130 is not a level I'm looking at. Here is the daily for essentially 2009. I am holding my stop just above the current day's bar....there has been a lot of trading in the 134 range for this pair and 132 shows lots of signs of support.....it seems to slice thru 130 without as much trouble. That's how I see it.
Cheers
CanuckCT

Attachment
I've drawn my lines from a very zoomed out weekly chart. Limiting the view to 2009 I agree that 130 hasn't received the respect it deserves, nice and round and all You're right that 128 is a better figure looking at this year.

I guess that brings up an interesting question, how do you people draw your lines/zones? From weekly, daily or 4H? what time horizon? Current year, last two, three or five or even ten?

As you can guess, I'm the ten year + guy when searching for PPZs. I'd love to learn how others here do it?
  • #4,972
  • Sep 2, 2009 6:06pm Sep 2, 2009 6:06pm
I zoom out on the weekly and draw my lines on that chart with 100 to 200 pip zones, depending on the pair. I then look at the daily to see if it makes sense there.

For entries, I look for weekly pin bars at areas of interest. But often entries will be evident on the daily and H4...but generally the higher the timeframe, the more reliable the entry. Pin bars and outside bullish and bearish bars at areas of interest and at the end of a run.....

It might be useful to show some of our charts....to see where levels are drawn...I would agree to contribute to something like this....if CW thinks that would be worthwhile.

Cheers
CanuckCT
  • #4,973
  • Edited Sep 3, 2009 4:59am Sep 2, 2009 6:09pm | Edited Sep 3, 2009 4:59am
Stefx,
I see you are using MACD with standard settings....do you find you use this much in your trading? I doo like that MACD setting.
Cheers
CanuckCT
  • #4,974
  • Sep 2, 2009 6:55pm Sep 2, 2009 6:55pm
Quoting o990l6mh
I've drawn my lines from a very zoomed out weekly chart. Limiting the view to 2009 I agree that 130 hasn't received the respect it deserves, nice and round and all You're right that 128 is a better figure looking at this year.

I guess that brings up an interesting question, how do you people draw your lines/zones? From weekly, daily or 4H? what time horizon? Current year, last two, three or five or even ten?

As you can guess, I'm the ten year + guy when searching for PPZs. I'd love to learn how others here do it?

For what it's worth, I draw a line anytime there is significant reaction - irregardless of how long ago it was. I normally place the lines based off the weekly chart though, as I find anything that shows up on the monthly, will certainly show up on the weekly chart.

Chris
  • #4,975
  • Sep 2, 2009 8:51pm Sep 2, 2009 8:51pm
Quoting o990l6mh
I've drawn my lines from a very zoomed out weekly chart. Limiting the view to 2009 I agree that 130 hasn't received the respect it deserves, nice and round and all You're right that 128 is a better figure looking at this year.

I guess that brings up an interesting question, how do you people draw your lines/zones? From weekly, daily or 4H? what time horizon? Current year, last two, three or five or even ten?

As you can guess, I'm the ten year + guy when searching for PPZs. I'd love to learn how others here do it?
hi all,

me a newbie here i am using metrader, i set my grid in btw of 500pips which i find price usually react off that level.when zoom in , i find it easier for me to notice the major S/R level
  • #4,976
  • Sep 3, 2009 1:06am Sep 3, 2009 1:06am
Quoting stefx
AUDCAD - Day #26

Yesterdays bar is sort of emotion tester. The reason why I did not close was that I see this as a consolidating pair being currently in an uptrend with a DBLHC the 2 weeks before. Also the recent move is coming from a PPZ confluenced by 38.2% retrace and trendline. If todays bar is closed as the bullish outside bar it is now the emotions are in place again.
Hi.

Just to clear up things. I misused the term "consolidation pair" for AUDCAD. What I like to say is the pair has no clear weekly/monthly trend up/down but is instead nicely trending from top to bottom over and over. Exception to the rule is the recent move below 0.7700.

Stefan.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #4,977
  • Sep 3, 2009 1:13am Sep 3, 2009 1:13am
Quoting CanuckCT
Stefx,
I see you are using MACD with standard settings....do you find you use this much in your trading? I doo like that MACD setting.
Cheers
CanuckCY
Hi.

I use it with the standard settings. The reason behind is that I've read these are standard settings not only on MT4 but also on other platforms. IMO way more people put the MACD into the chart but do not adjust something. Less people are playing with the settings and there are lots of different settings among less people. So the simple thought behind, that my settings are the same as from the crowd. Being with the crowd is what I want unless I can place a 10kLot order.

I use it to spot divergence but yet I'm training to see it. I want to get from the current point "Is there diveregence ?" to the point "There is divergence !" when I look at the chart.

Stefan
10 x 100 = 100 x 10, stefx, retired scalper.
  • #4,978
  • Sep 3, 2009 3:18am Sep 3, 2009 3:18am
Quoting heaveyrain
hi all,

me a newbie here i am using metrader, i set my grid in btw of 500pips which i find price usually react off that level.when zoom in , i find it easier for me to notice the major S/R level
That won't work every time on every pair, much better to look at the weekly and pick round numbers that have definitely been support and resistance in the past.
  • #4,979
  • Sep 3, 2009 5:10am Sep 3, 2009 5:10am
Quoting Eduardo
That won't work every time on every pair, much better to look at the weekly and pick round numbers that have definitely been support and resistance in the past.
Hi Eduardo,

I agree with your reply in principle but if heaveyrain's primarily using a box trading strategy that may be a more useful approach for them to identify the S&R, which is how I understood their comment. I presume they're adapting their method to this one, so I'm curious about whether they're actually using Pinbars with the ranges or not. Excuse me...

heaveyrain: Are you using Pinbars with those ranges to help you get in and out of trades, too?

The last I recall someone illustrating the 500 pip ranges (at .00 and .50 increments) was nomask's post #4716, which provided a backdrop for his presentation at-the-time. Suppose this all may be a minor point. Now of course, price will react off those 500 pip levels as they say but w/o a chart or clarification of how heaveyrain uses it, I'm hard pressed to say either way. I guess it just depends how far back in history one goes...

Soca
  • #4,980
  • Sep 3, 2009 7:10am Sep 3, 2009 7:10am
Quoting Soca
Hi Eduardo,

I agree with your reply in principle but if heaveyrain's primarily using a box trading strategy that may be a more useful approach for them to identify the S&R, which is how I understood their comment. I presume they're adapting their method to this one, so I'm curious about whether they're actually using Pinbars with the ranges or not. Excuse me...

heaveyrain: Are you using Pinbars with those ranges to help you get in and out of trades, too?...
i look at nomask post #4716, it happen to be the same as what i am doing.when price come near the big round number + S/R. Next i will zoom into the lower time frame to spot price action. e.g pin bar or price retest the S/R

if i missed the price action and price have already reacted and move off roughly 150 pips away from the big number, then i would not enter trade unless it retrace back near the big round number + S/R.
i might have lesser trade opportunity than some out you, so i set my risk management to 5%.

As for getting out, once i am in a trade i looking for price to go to the next big round number. i would take out 50% at the next big round number another half for running
1 trader viewing now