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Silent Service Method

  • #5,421
  • Oct 14, 2009 12:20pm Oct 14, 2009 12:20pm
Quoting InfinitySL
For those without the intestinal fortitude for futures might look at DBA (the Agriculture ETF). Also Wheat futures also had a decent breakout over a recent August high.

Here's the chart on DBA from finviz:

http://finviz.com/publish/101409/DBAc1dl1039.png

Right, and to be honest.....almost any type of future you want probably has an ETF.

A few below I would mention just off the top of my head:

DBA - Agricultural
DBB - Base Metals. (Copper, Iron, etc.)
SPY - S&P500
UNG - Natural Gas
SLV - Silver
GLD - Gold

There is almost always some other way to play a futures market. These typically move in tandem with the underlying markets.

Chris
  • #5,422
  • Oct 14, 2009 12:49pm Oct 14, 2009 12:49pm
So here is a trade I am looking at that may or may not fall under the Silent Service method. This has more of a fundamental reason for entering the trade, but there are technical reasons as well ..

So I would draw support/resistance areas around 42 and 45 on this stock. It obviously sliced through that level late last week and has tried to recoup some of that loss. Try as it might, it couldn't break the 44 level and has been forming PB looking daily bars for the last few sessions (except for yesterday's).

A break of $40, looks like smooth sailing down to the low-mid 30s. And if the fundamental reasons are sound for shorting this, it could be worth far less than that...

Here is the chart:
http://finviz.com/publish/101409/PPDc1dl1334.png

Let me know your thoughts.
  • #5,423
  • Oct 14, 2009 1:14pm Oct 14, 2009 1:14pm
http://i38.tinypic.com/2a92u83.png
  • #5,424
  • Oct 14, 2009 2:13pm Oct 14, 2009 2:13pm
Quoting Low
http://i38.tinypic.com/2a92u83.png
Thanks for the look-see, Low. $38.50 does seem to be an important level. I still like the trade for the meantime, but perhaps my "smooth sailing" comment is not as smooth as i might have hoped!

As a Side note, I finally figured out why I could never view your charts. It appears that I can't access the website you're using to store your pics while I'm at work and hence why your posts come up as blank for me...Case closed.
  • #5,425
  • Oct 14, 2009 2:14pm Oct 14, 2009 2:14pm
epic quest: completed !

finished to read the whole thread, from page 1 to here

I copy/pasted on a word file all chris post/charts where he teach and make examples of the method

if someone is interested I'll post it
  • #5,426
  • Oct 14, 2009 2:49pm Oct 14, 2009 2:49pm
eurcad has been acting just as expected...first chart is the one i've posted earlier and second is the current..I'd had already %2 of my capital risked on other pairs at the time when this setup happened so i couldn't take this trade (this chart from my demo acc) but at least its still a good example...
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  • #5,427
  • Oct 14, 2009 3:00pm Oct 14, 2009 3:00pm
target...
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  • #5,428
  • Oct 14, 2009 3:46pm Oct 14, 2009 3:46pm
Quoting InfinitySL

As a Side note, I finally figured out why I could never view your charts. It appears that I can't access the website you're using to store your pics while I'm at work and hence why your posts come up as blank for me...Case closed.

Who knew?

At least we can keep that in mind if other posters have trouble viewing charts. Good to know.

And don't give my analysis too much weight, as much as it's easy to see what to do, I still struggle with DOING it.
  • #5,429
  • Oct 14, 2009 4:58pm Oct 14, 2009 4:58pm
Quoting ttteee
epic quest: completed !

finished to read the whole thread, from page 1 to here

I copy/pasted on a word file all chris post/charts where he teach and make examples of the method

if someone is interested I'll post it
lol, cool. Thanks for reading. Hopefully it was worth it.
  • #5,430
  • Oct 14, 2009 4:59pm Oct 14, 2009 4:59pm
Quoting Low
Who knew?

At least we can keep that in mind if other posters have trouble viewing charts. Good to know.

And don't give my analysis too much weight, as much as it's easy to see what to do, I still struggle with DOING it.
This is HUGE. Most people never really understand that it's the actual implementation that is hard - no knowing/seeing what to do. There's a reason that trading psychology is such an important topic.....
  • #5,431
  • Oct 14, 2009 5:29pm Oct 14, 2009 5:29pm
Quoting ttteee
epic quest: completed !

finished to read the whole thread, from page 1 to here

I copy/pasted on a word file all chris post/charts where he teach and make examples of the method

if someone is interested I'll post it
Hi ttteee,

I'd love a copy!

Cheers,

VB,
  • #5,432
  • Oct 14, 2009 7:13pm Oct 14, 2009 7:13pm
Quoting ttteee
epic quest: completed ! finished to read the whole thread, from page 1 to here ... if someone is interested I'll post it
Hi ttteee, please post it and welcome back from the thread's past!

Thanks,
Soca
  • #5,433
  • Oct 14, 2009 8:24pm Oct 14, 2009 8:24pm
A stock trade I am watching in the A.M.
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  • #5,434
  • Edited 9:10pm Oct 14, 2009 8:56pm | Edited 9:10pm
Forgot to post trades I did earlier this week but I have entered a trade a few hour ago.

Jumped in short on USD/CAD @ 1.0240

Price broke through 1.03 weekly support level and it looks like 1.03 may have turned into resistance. The 5 bars on my chart to me show buyers and sellers were happy at this level and agreed on price, the 5th bar then makes a close below previous 4 bars which to me shows direction. Looking at my chart next support level I see is parity at 1 which may be a good target

Reason for trade

Decent PA shows direction is down
1.03 weekly S/R level broken
Direction of 4hr trend
Direction of daily trend

edit - On a fundamental side price of oil has been rising now past $75, rising oil prices means stonger Canadian dollar in USD/CAD
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  • #5,435
  • Edited Oct 15, 2009 1:07pm Oct 14, 2009 9:04pm | Edited Oct 15, 2009 1:07pm
Another opportunity is arising on AUD/JPY. Price has just closed above key weekly S/R level at 82. Depending on price action we may get a long entry with a target around 86 (next daily S/R level). One to watch me thinks to see what happens.
  • #5,436
  • Oct 15, 2009 3:00am Oct 15, 2009 3:00am
Quoting VitaminBeer
Hi ttteee,

I'd love a copy!

Cheers,

VB,
will do when back from work this afternoon

by the way, it feels very good when you stick to the plan and get rewarded.
Actually the gbpjpy long after stalling a bit in the last days, took off
It's very simple, why getting out with a small loss when you can close for a big win
  • #5,437
  • Oct 15, 2009 4:45am Oct 15, 2009 4:45am
Quoting ttteee
will do when back from work this afternoon

by the way, it feels very good when you stick to the plan and get rewarded.
Actually the gbpjpy long after stalling a bit in the last days, took off
It's very simple, why getting out with a small loss when you can close for a big win
Fantastic, I look forward to it.

Congrats on your G/J btw - Plan the trade and trade the plan, my grandfather once said "If you fail to plan, you plan to fail", it didn't make much sense back then, but it certainly does now

VB,
  • #5,438
  • Oct 15, 2009 5:15am Oct 15, 2009 5:15am
Quoting ttteee
epic quest: completed !

finished to read the whole thread, from page 1 to here

I copy/pasted on a word file all chris post/charts where he teach and make examples of the method

if someone is interested I'll post it
Id request a copy too...I m almost half way through..and gets little time because of work..but wud appreciate any comprehensive doc

Thank You
  • #5,439
  • Oct 15, 2009 8:23am Oct 15, 2009 8:23am
Quoting nomask
target...
Nomask: Do you take profits at your targets or do you trail stops behind s/r levels or read price action at those targets? thanks.
  • #5,440
  • Oct 15, 2009 10:45am Oct 15, 2009 10:45am
Small trade I took earlier.....got out for quick profit. Due to not being able to babysit this trade (it's the first time I have ever traded this contract) I took a quick profit, and I am off to the doctor's for a check up. See you all this afternoon. Only about $84 after commission, but hell - it took all of about 15 minutes. (I was in the shower after I placed this trade.....)
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