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Silent Service Method

  • #5,621
  • Nov 3, 2009 5:50am Nov 3, 2009 5:50am
Quoting johnnyonspot
Anyone else looking at this pin bar on the loony monthly chart. I am looking for it to drop down to the shoulder of the PB or the 61.8 fibo line and then head up. Of course I am also bearish equities so maybe I am biased. Cannot argue with a PB on monthly chart, though.
Yes, that one is interesting. It's also on a nice support line. (1.06) Good place for it if you ask me!
  • #5,622
  • Nov 3, 2009 6:28am Nov 3, 2009 6:28am
GU looking good.... I'm a bull on this one...

Just curious, any other short term Cable bulls on this thread @ the moment?
  • #5,623
  • Nov 3, 2009 8:43am Nov 3, 2009 8:43am
Quoting wh1zz0
GU looking good.... I'm a bull on this one...

Just curious, any other short term Cable bulls on this thread @ the moment?
If anything, I am bearish on GU b/c of weekly chart PB and continued confluence around resistance...could you please post a chart showing why you are Bullish?
  • #5,624
  • Nov 3, 2009 9:52am Nov 3, 2009 9:52am
On the hourly chart there's a triple bottom .... It held twice which made it a strong line so a bounce was likely to occur. I've been eying that line for days.

So here's what I did, I zoomed in to my m5 chart and behold I saw regular divergence staring at me. That was enough sign that the direction was about to change. I just waited for a trend line break on the same m5 chart and went long. I expect this trade to continue a bullish run up but if it does not, it's no stress to me because I already moved SL to BE. I plan to put some in my pocket at the next visible resistance @ 1.6450.

Hope I cleared the air ..

Below is a snapshot of when I went long, @ 1.6295


Attached Image (click to enlarge)
Click to Enlarge Name: GU... SL to BE.jpg Size: 131 KB
  • #5,625
  • Nov 3, 2009 9:53am Nov 3, 2009 9:53am
Quoting wh1zz0
GU looking good.... I'm a bull on this one...

Just curious, any other short term Cable bulls on this thread @ the moment?
I personally didn't like the bullish signals that much, maybe this has to do with different feeds, but my 4h didn't show a pinbar and the 1h seemed too clutted for my taste. The double bottom and MACD convergence made it a bit prettier, though I wouldn't have actually entered the position myself.

I do start to like the possible daily pinbar forming on this pair. If you're already in it this pair, the bar will possibly make you a nice amount of additional pips.
The nail that sticks out gets hammered back in
  • #5,626
  • Nov 3, 2009 11:08am Nov 3, 2009 11:08am
Quoting wh1zz0
On the hourly chart there's a triple bottom .... It held twice which made it a strong line so a bounce was likely to occur. I've been eying that line for days.

So here's what I did, I zoomed in to my m5 chart and behold I saw regular divergence staring at me. That was enough sign that the direction was about to change. I just waited for a trend line break on the same m5 chart and went long. I expect this trade to continue a bullish run up but if it does not, it's no stress to me because I already moved SL to BE. I plan to put some in my pocket...
This is more of a scalp to me.....which is fine, just not my style.
  • #5,627
  • Nov 3, 2009 12:29pm Nov 3, 2009 12:29pm
crazy silver trade that I missed
Attached Image (click to enlarge)
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  • #5,628
  • Nov 3, 2009 1:09pm Nov 3, 2009 1:09pm
Quoting clockwork71
This is more of a scalp to me.....which is fine, just not my style.

I just closed 3/4 now for +110 pips and moved my SL to BE with the remaining lot. So would you call that a scalp? I don't think so..
  • #5,629
  • Nov 3, 2009 1:15pm Nov 3, 2009 1:15pm
Quoting wh1zz0
GU looking good.... I'm a bull on this one...

Just curious, any other short term Cable bulls on this thread @ the moment?
I've been a bear for months, but I'm re-analyzing as of today.

That was an excellent entry on the pound.
  • #5,630
  • Nov 3, 2009 1:21pm Nov 3, 2009 1:21pm
Quoting wh1zz0
I just closed 3/4 now for +110 pips and moved my SL to BE with the remaining lot. So would you call that a scalp? I don't think so..
I think Chris' point was that his method (as per his earliest posts on this thread) focus on Weekly, Daily, or 4H charts with S/R zones. Your pound entry was using a different methodology than the one that he teaches. No disrespect to your trade (any trade that makes money is a decent trade) but it's just not the type of entry that he looks for.

In fact I think in his first post he mentions something like: "You won't see any 15m charts here..." or something to that effect. Not taking anything away from your trade, just a different style than clockwork's...

-SL
  • #5,631
  • Nov 3, 2009 1:28pm Nov 3, 2009 1:28pm
Quoting InfinitySL
I think Chris' point was that his method (as per his earliest posts on this thread) focus on Weekly, Daily, or 4H charts with S/R zones....
He mentioned taking trades from H1 charts as the least .. check the early posts.
  • #5,632
  • Nov 3, 2009 1:31pm Nov 3, 2009 1:31pm
Quoting ttteee
crazy silver trade that I missed

Yeah.....Gold checked out today as well. It's up about $30 as I type this.
  • #5,633
  • Nov 3, 2009 1:32pm Nov 3, 2009 1:32pm
Why won't gold give me a short entry?

The divergence is just screaming at me.
  • #5,634
  • Nov 3, 2009 1:35pm Nov 3, 2009 1:35pm
Quoting wh1zz0
I just closed 3/4 now for +110 pips and moved my SL to BE with the remaining lot. So would you call that a scalp? I don't think so..

Actually, a lot of my trades are for more pips, although pip aren't important rate of return is. I consider a scalp based more upon time frame. I don't have an issue going to lower time frames, but in my case....it's always based upon larger time frames.....mainly the weekly s/r areas. On that, I have been known from time to time to take a trade on the hour.....sometimes lower, but only at major points on a chart. (if that makes sense.)

However, the market is kinda funny.....

I made money today shorting the GBP, against the CAD. (And still am.)
  • #5,635
  • Nov 3, 2009 1:38pm Nov 3, 2009 1:38pm
I feel like I should day-trade NFP week, or just turn the computer off and go do something productive.
  • #5,636
  • Nov 3, 2009 2:16pm Nov 3, 2009 2:16pm
a nice hammer forming on the gbpjpy daily chart.....it is following the morning star( i hope i m correct on the candle terminology) - not so perfect star tough.

CW, can you confirm?
  • #5,637
  • Nov 3, 2009 2:26pm Nov 3, 2009 2:26pm
Quoting clockwork71
Actually, a lot of my trades are for more pips, although pip aren't important rate of return is. I consider a scalp based more upon time frame. I don't have an issue going to lower time frames, but in my case....it's always based upon larger time frames.....mainly the weekly s/r areas. On that, I have been known from time to time to take a trade on the hour.....sometimes lower, but only at major points on a chart. (if that makes sense.)

However, the market is kinda funny.....

I made money today shorting the GBP, against the CAD. (And still am.)...
Nice.. I feel you.
  • #5,638
  • Nov 3, 2009 3:08pm Nov 3, 2009 3:08pm
When you miss the trade, all you can do is wait for it to come back to you. I certainly wasn't ready to buy gold when I first looked at it, and it was up about $22 an ounce at the time!

Here's my chart....
Attached Image (click to enlarge)
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  • #5,639
  • Nov 3, 2009 10:14pm Nov 3, 2009 10:14pm
Chris,

I have to ask about gold. The divergence is killing me. Bearish on the monthly, weekly and daily.

And yes, it's trending up, but even though a MACD alone isn't enough reason to take a trade, it definitely provides a good reason not to.

What's your justification in consideration of the divergence?

It seems to me that "one good reason not to" should be all we need to eliminate less-probable trades, and it would be a "pass" rather than a buy or sell.
  • #5,640
  • Nov 4, 2009 1:52am Nov 4, 2009 1:52am
Pinbar on german allianz.
off round number 75 euro.
if it breaks it will run to the high of two long candles before, imho.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart.png Size: 16 KB
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