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Silent Service Method

  • #5,081
  • Sep 12, 2009 4:33pm Sep 12, 2009 4:33pm
Quoting heaveyrain
hi

i intend to short EURAUD. i saw a pin bar on the daily chart and it has broken 1.7000 and price seem to be coming back to retest the resistance. Dropping to the 4hrs chart , there seem to be a outside bar. do you think it a valid short b cos i cant decide the trend.
...the G/F (girlfriend) needed an extra day before we left for our vacation. So I noticed your post, heaveyrain and will give it a shot. (I'm custom designing new color motifs on my Oanda charts in the meantime )

Looking at the Daily, the trend is more the "down-quiet" type but zooming to a 3H, it's also down-quiet from what I can tell. The outside bar and pinbar you mentioned, which just formed this week are opposing each other, with 1.6850 as the handle.

"Is it a valid Short?"

Since there's opposing PA, I'd be more conservative, wait til price moved beyond either pinbar before possibly trading it - getting out the range of that price handle as a prerequisite. That's me, though. This isn't a pair I'd trade, simply because it's not one of my "home base" pairs but I like the practice and perspective - thanks!

Soca
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  • #5,082
  • Sep 13, 2009 2:40am Sep 13, 2009 2:40am
Quoting clockwork71
The beauty of not being there. It's a funny thing, really. Many, if not all, of my best trades are when I am not around. It can either be while at work...
Agreed 110%.

Not being there significantly recudes any emotions on the trade. Even being reminded on open positions are not causing these emotions. Having no (or as less as possble) emotions on a trade is that important because IMHO emotions are the trade killer #1. Emotions are one of the input signals influencing our decisive behavior but emotions are not created out of rationality and objectivity.

And vice versa having too much emotions on an open position if not sitting at the charts is IMO a sign of having trade planning issues. No S/L evetually ? To high a risk evetually ?

Quoting clockwork71
For most of us, it's more realistic to add to what we do during the day. Besides, I would go crazy sitting at the computer begging for my Pork Belly contracts to go up in value.
Agreed 110%.

This is IMO a reason why so much people quit trading again when they become aware of this truth. They are hit by the insight of what being profitable means in percentage and thus the dream leaving the day job can't be done by next week or even next year.

I had this dream too but did not get tied of it. To be honest I still have this dream but the time frame got longer each time accepting a truth which comes along the road of learning to trade.

An advise to everyone new to this business wanting to make a living of it or getting wealthy. If the account size and time frame of your trading business requires to think in "... doubled my account ..." like terms, rethink your time frame. The people who talk you into this virtuality are not trading or margin call(s) have taken them out of business.

Stefan.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #5,083
  • Sep 13, 2009 5:26am Sep 13, 2009 5:26am
Quoting clockwork71
You will notice that the second test of support, there was a pinbar there.....but the price never went above it. I would enter ABOVE that bar, hence you would not have been triggered in that instance.

Chris
ok, thank you very much, about 20 pips above the bar would have been ok?

edit: btw, I noticed that I'm about halfway the reading of the thread
  • #5,084
  • Sep 13, 2009 7:14pm Sep 13, 2009 7:14pm
Quoting ttteee
ok, thank you very much, about 20 pips above the bar would have been ok?

edit: btw, I noticed that I'm about halfway the reading of the thread
Yes, essentially what you are doing is waiting to see that price truly has bounced from that level. A confirmation if you will.

Chris
  • #5,085
  • Sep 13, 2009 7:16pm Sep 13, 2009 7:16pm
Quoting Lou
Your avatar dragged up a memory from the past.
The Bird is the Word....
Yes, I was listening to that song when I changed it. I was also watching an episode of Family Guy where Peter gets that record. I also loved the Ramones version of it. Great song.

Chris
  • #5,086
  • Sep 14, 2009 11:08am Sep 14, 2009 11:08am
This is something a little different. I wouldn't call it day trading, because I normally carry overnight, but it's not exactly long term either.

We are at a gap down on volume, looking weak. Obama is talking at Wall Street. Maybe he will say something anti-business or trading. (I know, hard to imagine.) If he does, I will be there for it.

I am watching this hourly bar right now.
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  • #5,087
  • Sep 14, 2009 11:24am Sep 14, 2009 11:24am
AUDCAD - Day #34

Could the last 4 daily indecision bars finally be left behind to target the 0.9400 as next trouble zone ? Who knows. I'm prepared, stop trailed once again but still enough behind beeing protected by the 0.9300, 23.6% retracement and lot of traffic.

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Stefan.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #5,088
  • Sep 14, 2009 11:54am Sep 14, 2009 11:54am
Hi.

Maybe an opportunity to buy a box of kiwis soon.
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Stefan.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #5,089
  • Sep 14, 2009 1:39pm Sep 14, 2009 1:39pm
Quoting clockwork71
This is something a little different. I wouldn't call it day trading, because I normally carry overnight, but it's not exactly long term either.

We are at a gap down on volume, looking weak. Obama is talking at Wall Street. Maybe he will say something anti-business or trading. (I know, hard to imagine.) If he does, I will be there for it.

I am watching this hourly bar right now.
Wouldn't you be concerned about 1035 zone?
Trading: the skill of avoiding trades
  • #5,090
  • Sep 14, 2009 3:11pm Sep 14, 2009 3:11pm
Quoting eswap0
Wouldn't you be concerned about 1035 zone?

Good eye, and in fact.....I left that little bit out - sorry. It's the first possible hurdle, but the overall trend is down, so I would like to let it ride. However, if you look at the charts now - it was never triggered.

Chris
  • #5,091
  • Sep 14, 2009 5:12pm Sep 14, 2009 5:12pm
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Trading: the skill of avoiding trades
  • #5,092
  • Sep 14, 2009 5:31pm Sep 14, 2009 5:31pm
Quoting eswap0

I can only assume this chart went nuts during the day with that whole "Tire tariff" debate with China. I guess Obama wants to sell 900 Gazillion in treasuries to......who? Oh yeah, China. This is exactly why he should pick trade wars with them.

Certainly worth watching. Besides, Goodyear is based in Akron, Ohio. I have been there several times, and can tell you Akron is a hole. I might short this stock. I certainly would short Akron.

Chris
  • #5,093
  • Sep 14, 2009 5:44pm Sep 14, 2009 5:44pm
I did another video, playing with yet another video program...waiting for a trade to trigger that didn't. Hey - you have to entertain yourself somehow.

Today's CAD/JPY chart. (note - This is Interactive Brokers feed, and the daily bar closes at 5pm EST.....) I didn't put any words to this one. Just see how much of it makes sense to you.....


Inserted Video
  • #5,094
  • Sep 14, 2009 7:20pm Sep 14, 2009 7:20pm
Wish me luck.
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  • #5,095
  • Sep 15, 2009 12:32am Sep 15, 2009 12:32am
All the best luck Chris.......by the way Wish Me Luck too....i also long this pair......

Quoting clockwork71
Wish me luck.
  • #5,096
  • Edited 2:17am Sep 15, 2009 1:32am | Edited 2:17am
Reasons I discard it, in white lines.
Wish you a profitable trade anyhow!
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Trading: the skill of avoiding trades
  • #5,097
  • Sep 15, 2009 2:14am Sep 15, 2009 2:14am
Quoting clockwork71
I can only assume this chart went nuts during the day with that whole "Tire tariff" debate with China. I guess Obama wants to sell 900 Gazillion in treasuries to......who? Oh yeah, China. This is exactly why he should pick trade wars with them.

Certainly worth watching. Besides, Goodyear is based in Akron, Ohio. I have been there several times, and can tell you Akron is a hole. I might short this stock. I certainly would short Akron.

Chris
Ahhhh.....Akron. I stayed there for 5 years plus while I was a student at Akron U. Cost of living was quite low back then, but pretty much a dull place to live. Lucky Cleveland was just 35 minutes drive away on the I77 http://www.forexfactory.com/images/icons/icon10.gif
  • #5,098
  • Sep 15, 2009 3:45am Sep 15, 2009 3:45am
Quoting clockwork71
I can only assume this chart went nuts during the day with that whole "Tire tariff" debate with China. I guess Obama wants to sell 900 Gazillion in treasuries to......who? Oh yeah, China. This is exactly why he should pick trade wars with them.

Certainly worth watching. Besides, Goodyear is based in Akron, Ohio. I have been there several times, and can tell you Akron is a hole. I might short this stock. I certainly would short Akron.

Chris
Hehe, funny Nice video btw.
The nail that sticks out gets hammered back in
  • #5,099
  • Sep 15, 2009 6:23am Sep 15, 2009 6:23am
Quoting ijay
Ahhhh.....Akron. I stayed there for 5 years plus while I was a student at Akron U. Cost of living was quite low back then, but pretty much a dull place to live. Lucky Cleveland was just 35 minutes drive away on the I77 http://www.forexfactory.com/images/icons/icon10.gif

Have to admit though - Akron isn't Canton, so at least it's go that going for it.



PS - I never have understood what a "Zip" is......do you know?
  • #5,100
  • Sep 15, 2009 9:51am Sep 15, 2009 9:51am
Quoting clockwork71
Have to admit though - Akron isn't Canton, so at least it's go that going for it.



PS - I never have understood what a "Zip" is......do you know?
Akron Zip? Zilch, maybe http://www.forexfactory.com/images/icons/icon10.gif After all. Akron Zips is definitely not in the same league as say, OSU (which I used to watch with envy, back in those days, for all their sports achievements).

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