Silent Service Method | Page 257 | 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

  • #5,121
  • Sep 16, 2009 1:22pm Sep 16, 2009 1:22pm
Although the major area lines up at 0.9300 on my chart the big troubles are around 0.9330. Really hard for price to get through there. Stop was missed again by 14 pips. It really works to hide the stop behind minor areas compiled from lots of traffic.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDCAD-2009-09-16-19-53-50-Alpari-UK-Ltd.png Size: 70 KB


I'm still confident in my AUDCAD long what brings me to the next point. Yesterday I saw the following EURCAD chart, 2 bar pinbar at minor PPZ but with confluence of trendline and 38.2% and 61.8% retrace. This let me place a sell stop below the 2 bar pinbar and below another minor PPZ at 1.5700. What I saw today when the order was triggered was a different picture, today I saw a hedging position against my AUDCAD.

So I pulled up the EURAUD and found that the EUR is weakening against the AUD and also has broken a trendline towards south. So in plain math it would mean that both orders could work out if the CAD does not move. Needless to say that the EURCAD was closed with a small 22 pips loss because math does work for physics but not for trading.

Attached Image (click to enlarge)
Click to Enlarge Name: EURCAD-2009-09-16-18-56-39-Alpari-UK-Ltd.png Size: 77 KB


The first time I did such an obvious hedge but hopefully the last. There are areas and price action and sometimes I find myself in giving a shit on the particular instrument I want to trade.

Stefan.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #5,122
  • Sep 16, 2009 7:53pm Sep 16, 2009 7:53pm
Quoting stefx
Although the major area lines up at 0.9300 on my chart the big troubles are around 0.9330. Really hard for price to get through there. Stop was missed again by 14 pips. It really works to hide the stop behind minor areas compiled from lots of traffic.


Stefan.

Yes, the big areas are great for hiding stops. The market has to take out a lot of people to get to you. This was one of my biggest "a-ha" moments ever.

Let the market take others out before you. Make it WORK for your stops.

Chris
  • #5,123
  • Sep 16, 2009 7:56pm Sep 16, 2009 7:56pm
An update on our friends GT short.
Attached Image (click to enlarge)
Click to Enlarge Name: gt.png Size: 107 KB
  • #5,124
  • Sep 17, 2009 10:47am Sep 17, 2009 10:47am
I am not sure why images are not uploading at the moment, but take a look at EUR/JPY......on the 4 hour, and look at the overall picture on the daily. Double top on daily? Bearish pinbar on 4 hour? Might be worth watching.

Chris
  • #5,125
  • Sep 17, 2009 3:49pm Sep 17, 2009 3:49pm
Cw can you tell us how your managing your Cad/Jpy trade?

Have you moved SL to BE?

There was a bearish PB on the 4hr on my demo acc, if it is heading back
down i see a downward sloping trend line that price broke prior to that 4hr
PB.

Would you wait for a retest or try to capture some pips now with a sl around
minor zone 84.70? or just let it do its thing and aim for next target zone?

If the images dont upload i hope you can see what im talking about

If not a general comment on how your managing your trade would be just as
good

Thanks
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cadjpy4h.jpg Size: 74 KB
Click to Enlarge Name: cadjpydaily.jpg Size: 69 KB
  • #5,126
  • Sep 17, 2009 4:00pm Sep 17, 2009 4:00pm
Hell yeah!

Inserted Video
  • #5,127
  • Sep 17, 2009 4:09pm Sep 17, 2009 4:09pm
Hi!
Let me come (again) with Natural Gas.
1st- You take the continuous chart, and realize that there is a 2D PB really huge, but untradeable because of the strong PPZ @ 3.3
But...
2nd- You then take the REAL futures chart, and realize that the huge 2D PB is located much better, below the PPZ and near the FIB 50 zone.
This is a consequence of continuous contracts: every delivery the chart makes a big step to fill the gap, so you must be carefull with TL and PPZ.
Any brave to get in?
The multiplier of the Mini is 2500.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gas.gif Size: 12 KB
Click to Enlarge Name: gas1.png Size: 41 KB
Trading: the skill of avoiding trades
  • #5,128
  • Sep 17, 2009 6:42pm Sep 17, 2009 6:42pm
Hmmmm.......
Attached Image (click to enlarge)
Click to Enlarge Name: cad1.png Size: 39 KB
  • #5,129
  • Sep 17, 2009 6:43pm Sep 17, 2009 6:43pm
Quoting eswap0
Hi!
Let me come (again) with Natural Gas.
1st- You take the continuous chart, and realize that there is a 2D PB really huge, but untradeable because of the strong PPZ @ 3.3
But...
2nd- You then take the REAL futures chart, and realize that the huge 2D PB is located much better, below the PPZ and near the FIB 50 zone.
This is a consequence of continuous contracts: every delivery the chart makes a big step to fill the gap, so you must be carefull with TL and PPZ.
Any brave to get in?
The multiplier of the Mini is 2500.

Not man enough at this time, sorry. lol
  • #5,130
  • Sep 17, 2009 9:01pm Sep 17, 2009 9:01pm
Quoting clockwork71
Hmmmm.......
I see a lot of 'traffic' in the 0675 area where we are right now and where the entry point would be..... and then in the 0710 - 50 area .

This pb is about 100 pips below a box I drew a long time ago.

Comments welcome.
  • #5,131
  • Sep 17, 2009 10:38pm Sep 17, 2009 10:38pm
http://i27.tinypic.com/epj6m1.png
  • #5,132
  • Sep 17, 2009 10:59pm Sep 17, 2009 10:59pm
Quoting Lou
I see a lot of 'traffic' in the 0675 area where we are right now and where the entry point would be..... and then in the 0710 - 50 area .

This pb is about 100 pips below a box I drew a long time ago.

Comments welcome.

I wasn't saying I was in it.....just that I find it at an interesting spot. You are correct, it's got some things to work through first, but it is an extended pinbar...meaning at the end of a run. I wouldn't call this an A+ set up, but maybe a B+ one.

Chris
  • #5,133
  • Sep 18, 2009 8:38am Sep 18, 2009 8:38am
Took this gbpusd long.

Long taken off Support area (area has acted quite well in the past as both S / R) and the 61.8% FIBs....looking to target 10 pips below the 38.2% FIBs and Support at 1.6490 area.

Main worry is that it is Friday and there might be some liquidation, hope in my favor.

Cheers and happy trading.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd (4-hr).gif Size: 23 KB
  • #5,134
  • Sep 18, 2009 9:08am Sep 18, 2009 9:08am
S/L hit within last 10 minutes...........very interesting.

Any suggestions.

Cheers

Quoting Danku
Took this gbpusd long.

Long taken off Support area (area has acted quite well in the past as both S / R) and the 61.8% FIBs....looking to target 10 pips below the 38.2% FIBs and Support at 1.6490 area.

Main worry is that it is Friday and there might be some liquidation, hope in my favor.

Cheers and happy trading.
  • #5,135
  • Sep 18, 2009 9:33am Sep 18, 2009 9:33am
Quoting Danku
S/L hit within last 10 minutes...........very interesting.

Any suggestions.

Cheers
Not sure really. I know it's "Quadruple Witching" Day.....meaning all kinds of options are expiring, so that can play havoc with all markets sometimes.

I also noticed that EUR/GBP just poked through .9000, I would guess at the same time. GBP/CHF also just poked through a support area.

I typically avoid these days myself, too "odd".

Chris
  • #5,136
  • Sep 18, 2009 10:51am Sep 18, 2009 10:51am
Hi.

This is a demo trade on the hawaiian electric stock. I know this is not the most liquid stock and also the entry area is not the best. I entered at 17.65 as the pinbar was broken and my virtual stop is below that pinbar. What I like to show is that this trade is now open for 8 WEEKS. It took 8 WEEKS for this trade to show signs for going into profits. Every action taken within this 8 weeks would have been done to change the initial plan and screw up the trade.

To be honest the large bearish bar could give the expectation to be stopped out and therefore close the trade to reduce the loss. This is an example for patience and why I try to avoid having expectations on the outcome of a trade. Being rigid with the rules and flexible with the expectations.

Attached Image (click to enlarge)
Click to Enlarge Name: HE-2009-09-18-17-33-00-FreeStockCharts.png Size: 62 KB


Nice weekend to all, Stefan.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #5,137
  • Sep 18, 2009 11:09am Sep 18, 2009 11:09am
Quoting stefx
This is an example for patience and why I try to avoid having expectations on the outcome of a trade. Being rigid with the rules and flexible with the expectations.

Nice weekend to all, Stefan.
You keep muttering wise words like that and we're going to have to build a shrine to you stefan
  • #5,138
  • Sep 18, 2009 2:27pm Sep 18, 2009 2:27pm
Quoting stefx
Hi.

This is a demo trade on the hawaiian electric stock. I know this is not the most liquid stock and also the entry area is not the best. I entered at 17.65 as the pinbar was broken and my virtual stop is below that pinbar. What I like to show is that this trade is now open for 8 WEEKS. It took 8 WEEKS for this trade to show signs for going into profits. Every action taken within this 8 weeks would have been done to change the initial plan and screw up the trade.

To be honest the large bearish bar could give the expectation to be stopped out...
This is an excellent example of why I never close a trade before my S/L is hit. I cannot tell you how many times I used to close out down 50 pips, only to see I would have been right. God, I hated that!

Damn good post Stefan.

Chris
  • #5,139
  • Edited Sep 19, 2009 12:52am Sep 18, 2009 2:31pm | Edited Sep 19, 2009 12:52am
Hi.

Price is testing PPZ with 61.8% fib confluence plus hidden bearish divergence. This is subject for watching on a short entry.

Attached Image (click to enlarge)
Click to Enlarge Name: 3M_Company-2009-09-18-21-28-54-GCI-Financial-Ltd.png Size: 71 KB


Stefan.
10 x 100 = 100 x 10, stefx, retired scalper.
  • #5,140
  • Sep 18, 2009 3:29pm Sep 18, 2009 3:29pm
Hi!
I just want to share something about computers.
Although I don't use to "trade my trades" (I only take decisions based on EOD data) since I realized I used to make my results going worst, and I don't check say every 4 hours how everything is going, I need to keep my computer open 24 hours.
I use NInjaTrader+IB and some of my trades are triggered I don't know when and the computer manages everything according to the strategies I have definied previously (getting in, moving SL to BE, adding positions, and so on).
As I am going to be out at home quite often soon, I thought what I could do to:
1- avoid leaving my computer connencted
2- keep on trading from wherever I am
I use to connect to my PC using vncviewer, and it works pretty, well, although connection can be quite slow depending on your ISP.
I searched a little bit and found a good solution for me.
I hired a Virtual Private Server (just google for VPS), a virtual machine that is 24/365 connected at high speed, just like most internet servers. The difference (from most servers) is that you can install nearly everything there, and keep your aplications running non stop.
So now I have my NT+IB stations running there, I acces them via Terminal Server Client from everywhere (much faster that my usual connection via vnc to my home pc) and can set and check my trades, etc etc.
You won't believe the price: 18 us$/month
(ok, I choosed the cheapest package at the cheapest company, but it works great).
Have a nice weekend.

PS: later I discovered that more people uses this system, as my default VPS instalation came with Mt4 trading software already instaled. So it's not that innovative but efficient.
PS1: I calculate my pc is already spending about 50% of that amount in electricity.
PS2: Another point of view is: don't buy a new super computer for trading, just hire a good VPS package and use your old pc as a terminal client just to connect to it.
Trading: the skill of avoiding trades
2 traders viewing now