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Silent Service Method

  • #5,701
  • Nov 10, 2009 1:46pm Nov 10, 2009 1:46pm
Quoting Low
Nice job Eduardo. I am also in the process of discovering what exactly works for me.

Best of luck, I will check your thread every now and again to see how it's coming along.

I will be the first to tell you that what works for you will probably be a touch unique to you as a person. It's similar to artwork. Put 20 people in a room with a painting, and they all have a different prespective on what the artist is trying to convey.

Looking at charts is very similar to art in that aspect.
  • #5,702
  • Nov 10, 2009 1:49pm Nov 10, 2009 1:49pm
Quoting Eduardo
Thanks low, I know that CW realises that he has done his job if a trader is profitable. The how really doesn't matter!
This is true in a big way. I still recommend other educational sites to this day. Each person is different, and so is each teacher. It is of no concern or offense that I may not be the best fit for trade "X".....maybe John and Wade are over at learningmarkets.com.....and you know what??? I did my job if I recommended someone who suits their personality!
  • #5,703
  • Nov 10, 2009 1:55pm Nov 10, 2009 1:55pm
Another oil option trade. Quick couple hundred in profit. Still waiting to see if this flag will finally break higher.....
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  • #5,704
  • Nov 10, 2009 1:55pm Nov 10, 2009 1:55pm
Quoting clockwork71
I am watching as well. We will see. I suspect if we get a violent snap back, Gold, Oil, and the Eur will get their butts handed to them. But until then all we can do is sit here and wait for our signal.
Couldn't agree more. Waiting and watching.

Methinks China won't tolerate a substantial, prolonged decline in the value of their assets, and will prod the US into doing something about it.

But if I hear even a peep about China looking into TIPS, I will be very afraid.
  • #5,705
  • Nov 10, 2009 2:04pm Nov 10, 2009 2:04pm
Quoting Low
Couldn't agree more. Waiting and watching.

Methinks China won't tolerate a substantial, prolonged decline in the value of their assets, and will prod the US into doing something about it.

But if I hear even a peep about China looking into TIPS, I will be very afraid.

Uh, yeah....that would be BAD
  • #5,706
  • Nov 10, 2009 2:11pm Nov 10, 2009 2:11pm
Trade I am in at the moment.....stops at b/e. Not a huge trade, but it beats watching paint dry.....which I do quite often. Again, real live charts.
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  • #5,707
  • Nov 10, 2009 2:22pm Nov 10, 2009 2:22pm
I have had a few people email me saying that they were impressed that I would post live charts.....that even the "seniors" around the joint don't do it.

My response has been the same: Why? What's so impressive about it?

The truth is this: Trading is simple. I don't care what anyone else tells you - it's simple. Really simple. Basically, if you can keep your ego in check - there's nothing to it.

Some of the quickest ways to kill your account:

 

  1. Let ego dictate what you do

Certainly we have all done this in the past. I have. But as life marches on, I find out how little trading really matters. That's the irony, I am not here to measure my wiener size up against someone else, I am just showing it can be done.

If I blew up my account tomorrow - it doesn't change me as a person, and certainly doesn't make me less of a person that someone who made 15% that same day. Who cares? Can't take it with you when your dead.....so get over yourself.

 

  1. Listen to other people without actually hearing them

This one is personal with me, as I find no reason to follow anyone else, unless they say or do something that clicks with me. We are each individuals here, and all have different things that works for us because of our perceptions. Also....new traders - stop listening to other new traders for your answers. It's one thing to have a dialogue, it's quite another to blindly follow someone who has never had a profitable week. Never forget this either: If it sounds too good to be true, it's more than likely is. That's another reason for my charts......I just posted a gold trade that was a mini-contract, it's up only $90 or so. There is probably someone out there that thinks, "90 bucks, are you serious?" Yes I am, and you aren't if you have that attitude. Again, your pee-pee can be bigger if that makes you feel better about yourself.

 

  1. Put too much effort into this

I know this sounds odd, but once you become profitable you see that a lot of the "work" is bullshit. Studying 22 hours a day is of no real help either. Stick with the classic technical analysis and things of it's ilk. Why? Because it works. Classics don't become classics without standing the test of time. I mean Led Zeppelin is a classic, not Miley Cyrus.

  • #5,708
  • Nov 10, 2009 3:25pm Nov 10, 2009 3:25pm
Quoting clockwork71
I have had a few people email me saying that they were impressed that I would post live charts.....that even the "seniors" around the joint don't do it.

My response has been the same: Why? What's so impressive about it?

The truth is this: Trading is simple. I don't care what anyone else tells you - it's simple. Really simple. Basically, if you can keep your ego in check - there's nothing to it.

Some of the quickest ways to kill your account:

 

  1. Let ego dictate what you do

Certainly we have all done this in the past. I...

I really like this a lot... I think it really frames what I was trying to convey in the first post of my own thread. As soon as you realise where your niche lays in trading suddenly the discipline follows. I, for one, do not have a problem with using a 1000 pip stop loss anymore because I know to use a position size that does in no way threaten my whole account balance if I get a trade wrong. Tell a day trader you use a 1000 pip stop! I know the direction my trade is going to go and if I'm wrong I am wrong. Bummer... move on. It was a long hard road to get to where I am now and the school of hard knocks is a breeze compared to learning how to trade but once you're there you are there and you get that feeling in your stomach that you know you are right and if you're wrong it's no big deal. You start out wanting to make a shedload of money and in the end you realise that 5 or 10% a month would be WAY better than any bank can offer you and is in fact a good result. That's the difference. Call it maturity maybe, or realism? Just get with it as soon as you can!
  • #5,709
  • Nov 10, 2009 9:16pm Nov 10, 2009 9:16pm
Saw that at the reopening of NYSELIFFE, we had a small gap. I decided to move my stops up below that. I will have one of two things happen now:

 

  1. I will jump for joy as it goes up above 1110, and I make a longer-term play out of this......OR
  2. I get my stop taken out for a profit, and look to buy again when we get near obvious support.

Gold is not to be shorted, so I won't be doing that anytime soon.......

Chris

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  • #5,710
  • Nov 11, 2009 3:03am Nov 11, 2009 3:03am
Chris, I just started reading the thread and am trying to understand how to place lines for S&R.

Can you please give me an opinion on the picture attached.

Thanks
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The quality of your life is brought about by the quality of your thinking.
  • #5,711
  • Nov 11, 2009 3:45am Nov 11, 2009 3:45am
Hi hornet, welcome to the Silent Service Method.......pure Gold if you are PATIENT (small word that gets ignored in Trading but if you accept it fromt the start.......success is all you will have).Personally (Chris will obviously comment later), you are on the right track......now it is just a matter of sitting waiting for price to get to the S/R, get some good PA on Daily or 4-hr TFS, and in you go....remember the S/R are not lines but zones/areas....depending on which timeframe...might be 50 or 80 or even 150 pips S/R Zones BUT one needs to be very patient.I do not trade the 4-hrs TF that much, i do Dailies, eight out of ten times as my personal experience has shown i am not good at it but you could try it. Requires more patient though, which i am struggling with.Anyway, Welcome................
Quoting hornet
Chris, I just started reading the thread and am trying to understand how to place lines for S&R.

Can you please give me an opinion on the picture attached.

Thanks
  • #5,712
  • Nov 11, 2009 6:42am Nov 11, 2009 6:42am
Danku,

thanks for the welcome. I have not been patient enough in the last 2 years I've been trading. I have had some success but working off 30mins charts only, I also had my good share of stressful moments.
I believe that, now, the time has come for me to move to higher TF and be more relaxed and intelligent in my trading. I am here to make money on a consistent basis, do not need the excitement of trading any longer. I just want the benefits of doing it properly.

This method resonates with me because of my past experience but unfortunately it is something I dropped in favour of short term thrills.

Thanks for your welcome....home.

The quality of your life is brought about by the quality of your thinking.
  • #5,713
  • Nov 11, 2009 7:34am Nov 11, 2009 7:34am
No probs hornet....remember with these longer TFS....patience is key..............

Interesting thing is that i know this but am struggling with it (patients).....

Quoting hornet
Danku,

thanks for the welcome. I have not been patient enough in the last 2 years I've been trading. I have had some success but working off 30mins charts only, I also had my good share of stressful moments.
I believe that, now, the time has come for me to move to higher TF and be more relaxed and intelligent in my trading. I am here to make money on a consistent basis, do not need the excitement of trading any longer. I just want the benefits of doing it properly.

This method resonates with me because of my past experience but unfortunately...
  • #5,714
  • Nov 11, 2009 7:51am Nov 11, 2009 7:51am
Quoting hornet
Chris, I just started reading the thread and am trying to understand how to place lines for S&R.

Can you please give me an opinion on the picture attached.

Thanks

The one missing one that sticks out to me the most is 1.40

When you draw these lines, try this first....

Place lines at 1000 and 500 pip lines, at "handles". So for example, start with 1.5000, 1.4500, 1.4000, etc. You will find that some of the more common pairs will line up right away. Some won't. But it normally gets about half of your work done.

I always place these lines at either the "00" line, or ".50" line. I draw them as lines, but think of them as zones.....they are not perfect to the pip. (Nothing is) But the will give you a good idea of where you are heading.

I also like to use the lines (zones) on the weekly, and trade off of the daily and 4 hour.

Welcome to the thread.

Chris
  • #5,715
  • Nov 11, 2009 7:54am Nov 11, 2009 7:54am
Quoting Danku
Hi hornet,...
Danku trades daily charts because that is where Danku finds the most success. There is no right or wrong about trading 4 hour charts - just positive or negative returns. If you find that daily charts are where you are comfortable - THEN TRADE THAT TIME FRAME. Trading is about finding what works for you. Some trade 4 hours quite well, and some can even drop down lower, but I have found it comes down to "finding your vibe".

Good post Danku
  • #5,716
  • Nov 11, 2009 8:03am Nov 11, 2009 8:03am
Ok, I follow but after a little more practice on other pairs I found myself with too many horizontal lines (zones) on my charts.
How to differentiate between more and less important ? Is it just experience/practice that is needed ?

Does this one make more sense ?
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The quality of your life is brought about by the quality of your thinking.
  • #5,717
  • Nov 11, 2009 9:29am Nov 11, 2009 9:29am
Quoting hornet
Ok, I follow but after a little more practice on other pairs I found myself with too many horizontal lines (zones) on my charts.
How to differentiate between more and less important ? Is it just experience/practice that is needed ?

Does this one make more sense ?

Much better!
  • #5,718
  • Nov 11, 2009 10:00am Nov 11, 2009 10:00am
Update on my gold long. Woke up to good news.
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  • #5,719
  • Nov 11, 2009 10:15am Nov 11, 2009 10:15am
Chris, just a quiet observation i have made over the last couple of months (correct me if am wrong) while following you live chart trades (they really help some of us).

I note the trades from Stocks seem much easier to come by for you (you make a trade every day) and you make few Forex trades.....why is this? Is this because of the correlation in Forex.......i have been sitting waiting for Daily Charts to give a signal for sometime n on two occasion i got tempted to do 4hr...one i won the other i lost.........so much for breaking rules........

Cheers....currently am short the EURCAD......


Quoting clockwork71
Update on my gold long. Woke up to good news.
  • #5,720
  • Nov 11, 2009 10:33am Nov 11, 2009 10:33am
I look at your Chart and note that the S/R and Candlestick Patterns seem to be more obvious......do you agree with me?

I have also noted the same on Stock charts.....am i wrong?

Quoting clockwork71
Update on my gold long. Woke up to good news.
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