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Silent Service Method

  • #4,981
  • Sep 3, 2009 8:56am Sep 3, 2009 8:56am
I've been trading long enough to have used at least 5 different settings . . . now I've settled into using the standard 12,26,9 primarily for divergence.

Works great and no need to be wandering from this setting.

Gail
  • #4,982
  • Sep 3, 2009 12:23pm Sep 3, 2009 12:23pm
i have been watching that pin bar myself. do you know that the average range for gbpjpy is in the region of 250 +. you should give some thought to that range and how it will affect your stop loss, the size of your stop loss and how soon/late you move your stop losses.

my 2 cents.

btw this is not to countermand clock's comments. he is a far superior trader to me. i am still learning.

Quoting Eduardo
Hello all, good trading going on by everyone, I am very proud to be associated with such good traders!

My GbpJpy trade was stopped out at break even today after bad Gbp news. I am not upset as I didn't lose money but next time I will lock some profit in before the news hits. If it goes my way I am in profit big and if it goes against then my stop loss is hit. No problems. 160 pips down the drain

I am watching eur and aud against the usd, could be a good long on either of these soon. Either that or those major uptrends against the usd are...
  • #4,983
  • Sep 3, 2009 12:56pm Sep 3, 2009 12:56pm
Quoting coolshades
i have been watching that pin bar myself. do you know that the average range for gbpjpy is in the region of 250 +. you should give some thought to that range and how it will affect your stop loss, the size of your stop loss and how soon/late you move your stop losses.

my 2 cents.

btw this is not to countermand clock's comments. he is a far superior trader to me. i am still learning.
Yes, I had seen it is a very volatile pair. I wasn't sure the direction of my trade was right after the movement it made so best to be out at break even then take a loss. It looks good to buy now but I am still short eur gbp so don't want 2 gbp trades.

I just closed my usd cad trade at 3 pips up as I don't want it open tomorrow during the news and it hasn't made much progress down.
  • #4,984
  • Sep 3, 2009 1:37pm Sep 3, 2009 1:37pm
Hey Eduardo,
What else do you see in these charts to suggest a trade...
Cheers
CanuckCT

Quoting Eduardo
Both look good to me.
  • #4,985
  • Sep 3, 2009 2:19pm Sep 3, 2009 2:19pm
Quoting CanuckCT
Hey Eduardo,
What else do you see in these charts to suggest a trade...
Cheers
CanuckCT
Both were at long term trendline points, round numbers acting as resistance. Eurgbp hit that level, failed to break higher and then closed lower on the daily chart indicating a high probability of a move down over the next few days, maybe only for 200 pips but I'll take that.

Usdcad wasn't quite as good a setup but the daily candle closed with a long upper wick and on the 4 hour chart there was a touch of the round number and then a move away from it.

I can't see any fibonacci that would help really but there is confluence of resistance levels and price action to tell me which way it's most likely to go. (added... Actually the eurgbp weekly chart puts that as the 38% fib level)

I assume as you didn't take these trades that they are not good enough setups for you? Can you help me out and tell me what your opinion of these trades is please? Thanks.
  • #4,986
  • Sep 3, 2009 2:33pm Sep 3, 2009 2:33pm
Quoting gtrader444
I've been trading long enough to have used at least 5 different settings . . . now I've settled into using the standard 12,26,9 primarily for divergence.

Works great and no need to be wandering from this setting.

Gail

Same here, I only use it for divergence myself. Nothing more, nothing less.
  • #4,987
  • Sep 3, 2009 2:37pm Sep 3, 2009 2:37pm
Quoting Eduardo
Both were at long term trendline points, round numbers acting as resistance. Eurgbp hit that level, failed to break higher and then closed lower on the daily chart indicating a high probability of a move down over the next few days, maybe only for 200 pips but I'll take that.

Usdcad wasn't quite as good a setup but the daily candle closed with a long upper wick and on the 4 hour chart there was a touch of the round number and then a move away from it.

I can't see any fibonacci that would help really but there is confluence of resistance levels...
You will have to excuse me for butting in here. I have not been watching the charts as close as usual this week because I am in the busiest 2 weeks time of year for me. (My construction business that is.)

From memory, EUR GBP is in a good area. (I haven't even looked at the charts today.) It's a matter of the price action he is waiting for......right place, now we want to see the right kind of bar.
  • #4,988
  • Sep 3, 2009 2:42pm Sep 3, 2009 2:42pm
Quoting CanuckCT
Hey Eduardo,
What else do you see in these charts to suggest a trade...
Cheers
CanuckCT
Hi.

Just for sharing opinions on G/Y trade entries. For me it would be the location, the 151.00 was only broken 2 times in the past, each time quick and hard but shows support now. The current weekly bar is retraced half the way back and I would probably place a buy stop above the bar a short time before the market is closed tomorrow if it's outlining a nice pin.

I can't see any other reason which supports my decision buying this (lack of knowledge, to late a day already, ...) so it is a setup but I don't feel comfortable with. The point is that it's not obvious for me, causing me to think in too much directions, switching through time frames without getting it clearer. When I observe this behavior of myself I'm susceptible to do something bad and let go off for now.

That's the advantage on larger time frames. There's a possible setup which still could give me an additional day to think about and work out a plan.

Just a quick dirty analysis because the setup I would probably trade is not present after NFP anymore I guess.


Stefan.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #4,989
  • Sep 3, 2009 3:15pm Sep 3, 2009 3:15pm
Quoting Eduardo
Both were at long term trendline points, round numbers acting as resistance. Eurgbp hit that level, failed to break higher and then closed lower on the daily chart indicating a high probability of a move down over the next few days, maybe only for 200 pips but I'll take that.

Usdcad wasn't quite as good a setup but the daily candle closed with a long upper wick and on the 4 hour chart there was a touch of the round number and then a move away from it.

I can't see any fibonacci that would help really but there is confluence of resistance...
yes, i agree that EURGBP is coming down for a retracement. i am waiting for price to retrace to the daily Fib btw 50% - 79% and i would stat to look for long enteries. looking at Monthly chart, it close above the inside bar.i take that as an additional point to go long.if i not reading correctly, pls give me some pointers
  • #4,990
  • Sep 3, 2009 4:26pm Sep 3, 2009 4:26pm
Quoting clockwork71
You will have to excuse me for butting in here. I have not been watching the charts as close as usual this week because I am in the busiest 2 weeks time of year for me. (My construction business that is.)

From memory, EUR GBP is in a good area. (I haven't even looked at the charts today.) It's a matter of the price action he is waiting for......right place, now we want to see the right kind of bar.
No worries. Take a look, it's spent 2 days going down
  • #4,991
  • Sep 3, 2009 4:28pm Sep 3, 2009 4:28pm
Quoting heaveyrain
yes, i agree that EURGBP is coming down for a retracement. i am waiting for price to retrace to the daily Fib btw 50% - 79% and i would stat to look for long enteries. looking at Monthly chart, it close above the inside bar.i take that as an additional point to go long.if i not reading correctly, pls give me some pointers
You could well be right but look at that weekly trendline down.
  • #4,992
  • Sep 3, 2009 9:16pm Sep 3, 2009 9:16pm
Hey Eduardo,

I like your reasoning on your EURGBP trade...I have 0.88 as an important level and the bearish candle on the daily a few days ago would be a good entry point, with stops in the .8860 area.

For USDCAD, I have only three important levels on my charts...1.30, 1.18 and 1.08..so I'm just not seeing a short for that one at the moment where you entered and I don't have 1.11 as a key level for that pair. The monthly and daily look bullish to me, with bullish daily candles on Aug 25 and Aug 28 when it bounced off key support of 1.08.

Cheers
CanuckCT
  • #4,993
  • Sep 3, 2009 10:14pm Sep 3, 2009 10:14pm
hey canuck, are you still short the eurjpy?

I am. Also short the gbpusd (again) at 1.6335

don't care too much about the pound, but really hoping NFP doesn't turn EJ northward.
  • #4,994
  • Sep 4, 2009 12:00am Sep 4, 2009 12:00am
Still short....240 pips locked...65 floating at the moment. Not concerned about NFP...have a game of squash with my son, he usually kicks my butt, but it's a great workout for me. So it will be mid morning before I check in to see how NFP affected everything.
Cheers
CanuckCT

Quoting Low
hey canuck, are you still short the eurjpy?

I am. Also short the gbpusd (again) at 1.6335

don't care too much about the pound, but really hoping NFP doesn't turn EJ northward.
  • #4,995
  • Sep 4, 2009 12:28am Sep 4, 2009 12:28am
Quoting CanuckCT
Hey Eduardo,

I like your reasoning on your EURGBP trade...I have 0.88 as an important level and the bearish candle on the daily a few days ago would be a good entry point, with stops in the .8860 area.

For USDCAD, I have only three important levels on my charts...1.30, 1.18 and 1.08..so I'm just not seeing a short for that one at the moment where you entered and I don't have 1.11 as a key level for that pair. The monthly and daily look bullish to me, with bullish daily candles on Aug 25 and Aug 28 when it bounced off key support of 1.08.

Cheers
CanuckCT...
Ok, thanks for your help.

Do you not think that weekly trendline down on usdcad will make any difference?
  • #4,996
  • Sep 4, 2009 5:37am Sep 4, 2009 5:37am
The weekly looks like it might be tracing out a pinbar and the daily now looking bearish....so the price action might be supporting a short....there is a 1-2-3 pattern on H4 now with a nice tidy fib extension to 1.088 and then on to 1.0742.....so on closer look, there might be a nice short there, but I'd be looking for the pair to trade below 1.0964 with some conviction...that's how I see it.....

If you shorted on the touch of that trendline, that's a fine trade that should be at breakeven or some pips locked heading into NFP.

Off to play some squash.

Cheers
CanuckCT

Quoting Eduardo
Ok, thanks for your help.

Do you not think that weekly trendline down on usdcad will make any difference?
  • #4,997
  • Sep 4, 2009 8:04am Sep 4, 2009 8:04am
Well I didn't trade the touch of the trendline but the rejection of it. I let it go yesterday to reduce my exposure before the news.

Talking about news, what did we learn from the nfp news?

It's looking bullish usd at the moment but I wonder if this will really set a trend for the future?
  • #4,998
  • Sep 4, 2009 9:56am Sep 4, 2009 9:56am
Anyone watching this pair............i have 0.8450 Reistance Area, let us see if it will break........it has tested this area five times and failed, see BLUE arrows.

Please see chart below. Any thoughts...........Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: audusd (4-hr).gif Size: 29 KB
  • #4,999
  • Sep 4, 2009 9:59am Sep 4, 2009 9:59am
Quoting Danku
Anyone watching this pair............i have 0.8450 Reistance Area, let us see if it will break........it has tested this area five times and failed, see BLUE arrows.

Please see chart below. Any thoughts...........Cheers
I've been watching this one also - let's see what it shows us, although I wouldn't put a trade on today
  • #5,000
  • Sep 4, 2009 10:16am Sep 4, 2009 10:16am
Quoting VitaminBeer
I've been watching this one also - let's see what it shows us, although I wouldn't put a trade on today
I waiting to see how the next 2 four candles / Bars look then i will decide whether to stay out or get in...............Daily suggest a break upwards but lets wait and see........

Had a bad week by placing my Stops too tight. Lost on EURJPY, AUDCAD, GBPCHF and CADJPY, but hey thats trading.....WIN MOST LOSS SOME..........

Nice weekend all..........
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