Silent Service Method

Damn WG,

You are tearing it up buddy!

Thanks mate,

The new job sounds awesome, hoping to move into that aswell someday, but first I want it to work for me personally.

Congrats on the trades, your doing awesome.

thanks again,

Loooit

An update to the GBP.USD trade that is also the focus of our little contest. Still haven't moved the stops up yet....I want to give this one some room.

Dubai-default noise has sparked a mid-afternoon selloff. Suspect Asia will follow through, London will push back, and tomorrow will be red here in the states.

Long dollar for a day at least.

I've been trading this one on the smaller timeframes....but it now has my interest for a longer term trade.
Cheers
CanuckCT

True. But beware, looks choppy - so if you are in, know that there will be retraces....and don't let it freak you out.

I agree totally......hence the next post....

Update on the cable trade.

Lootit -

WG is in a totally different situation than the rest of us - he works at a trading shop. Because of this, he can watch charts in shorter time frames. He is correct though - PLEASE PLEASE PLEASE watch higher time frames only, or at least until you are profitable on a regular basis.

Once you have done this a while, you will know it IS possible to have conflicting signals, and have both of them be correct.....but on different time frames. For example, WG might aim for 35 pips on the EUR/USD 1 hour chart buying it......while at the same time selling AUD/USD (thus buying USD) on the daily, and aiming for 500 pips. They are different universes.

If that doesn't make sense.....don't worry about it - it will someday. It's your job to eventually figure out what time frame suits you. That can only come with time.

WG is a different story though - he's super human. The Aussie version of Batman if you will. Crocodile Dundee has nothing on the true Australian Legend that is whitegoodman.

Chris

hi clock, just curious, if the trade went wrong would you have let the trade go all the way to 1.7050? or was that just a "safety" stop?

Yes I would have. Under normal circumstances, maybe not.....but as you can see - 1.7050 would be a clear break of the down trend. Sometimes, the set up demands that you give it a good shot. Now that I moved my stops down....if I get stopped out, I will look to go short again, until proven otherwise.

Updated blog, and moved over to Wordpress.....so it's not polished, but I am learning!

Hey Clock,

What do you think of the following AUDUSD daily chart, still about 15 hours for my daily bar to close, but I am thinking this is a pair to watch, if it does continue into a pin would that be reason to enter if the pin is broken upward?

Up to about 0.93?

Just had a look at the AUDCAD and it seems to be a similar if perhaps better setup?

Looks good to me but would appreciate your input, Im thinking I resonate with the daily timeframe... but thats still to be proven.

If Im taking up too much space please tell me...

Thanks alot,

Loooit

haha I wouldnt go that far dude, just a newbie thats cramming in as much trading experience in the shortest amount of time possible. (I didnt even know what trading was 1 year ago, yikes talk about life changing)

Damn my trades last night, I will miss that 2% of my account however in hindsight were still good trades, on another note I made it all back and then some today... nothing quite like, as Chris puts it "paying for information"..

Here below is an excerpt from my journal.
this isnt showing how to trade per se' more on how I approach the market, how I use other markets to trade, how I use fundamentals etc. Main thing to realise, even if you only trade AUDUSD, you still 'trade' EURUSD, Gold, Oil, Hang Seng, Nikkei... they are all interrelated and often give 'leads' into other markets price action.

(Discalimer: Dont trade on smaller timeframes unless you are well and truly experienced and have traded profitably on high timeframes as shown in this wonderful thread)


"Ok heres a little update of how I traded today, very successful from my point of view, finished the day up around 290 pips total (keep in mind my total ticks tally is based on 1 standard contract, so at time I was 2 standard contracts, it counts as 2 pips if it moves one pip)..

Ok I started off the day marking off areas where I wished to make my trades on the Euro and the Aussie (predominantly Aussie)... The big news was that Nikkei had broken major support levels at the 9400-9600 area due to the strength in the Yen (USDJPY going down) breaking 87, also that the Euro was unable to hold the break of 1.51 and was now very close to 1.50, also the S&P 500 was unable to hold the major break of resistance at 1100.

(CHARTS BELOW)

So I knew at the start of the day that we MAY expect a selloff as most world equity and currency markets are all interestingly enough at long term areas of resistance or in the Nikkeis case just broken long term support. However the dominance of trendlines in the Euro and Aussie are still holding and one must assume in the medium term that the trend is up until we see lower lows and lower highs and ultimately the break of trend. (Euro and Aussie Dailys are below)

So I started off the day with Aussie resting on nice support at 0.91 and Euro at 1.50... initially (first few mins) I saw the Aussie equity market rally with gold looking to go up so it thought the R:R was too inviting to not go long in both Euro and Aussie with minimal risk tucking my stop behind the major round numbers. I had also the dominant trendline on the Aussie at this number aswell, however with the bearish tone in the overall market (technical & fundamnetals wise -global financials struggling, calls for strengthening of USD) I decided to put a reverse order at my stop loss at around 1.5095 and 0.9095 respectively so basically I put an order for 2 long in both, when both failed it went 4 short at my stop loss number, effectively making me 2 short. I then tucked my stop at around 10 pips above the broken levels. At this stage AUssie equity market was dropping like a rock and so was the Yen, Id say they were getting a lead on the Yen as its the major story atm. So I took profits at around 1.5070 and 1.5055 on the Euro and 0.9070 and 0.9055 on the Aussie. Unfortunatly the Aussie was significantly weaker and I got out too soon (it happens oh well) and was waiting for the pullback to go north at 0.90 level. I got in once I knew it had held at around 0.9020 and got out at around 0.9050 (was countertrend, not pushing my luck).

Next trade was made on the Aussie as it retested 0.91 again and made a nice pinshape bar. I got in before it had formed but added conviction to the trade. I got out again at 0.9050ish with my 1 lot and then proceeded to go long at 0.9050 with a 1 lot again to snag a few pips, I think i got like 10, was worried when it looked like it was starting to reverse. I then missed the break of 0.9050 on the Aussie (think I was at lunch, getting coffee etc) so I sat out and waited. It then proceeded to come back to resistance on both Aussie and Euro at 0.9050 and 1.4950 levels repsectively. Initially was looking for longs on the break of the level. When I saw it ran out of steam I got long 1 lot for both. Profit target on Euro was around the previous swing low made 30 or so mins before (ended up hitting that to a tick), AUD only got like 20 pips as I was expecting it to get to around 0.90 again, I decided to get out when I saw Euro double bottom and I also believe equity markets and Gold was turning upwards.

The last trades for the day were gimme trades of the day... price reversed back to the proven levels of interest for the day 1.4950 and 0.9050, I was waiting to go short, once i saw it hitting the pause up there for a minute or so then come off 4 ticks/pips I decided to get short. And whatya know it both made perfect pins on both Euro and AUD 15min charts. As I was up pretty good for the day, I decided to see if I could let them run all the way to 0.90 and 1.49 to test my psychology and ability to sit on my hands mainly, luckily they did hit profit targets a few ppips above these levels.. and that was my final trades for the day...

Hope this helps, even If the rationale wasnt A plus at all times, sometimes difficult in heat of the moment.

Feel free to Ask any Q's... here below is the charts I was referring to."

oh PS, if there are any q's i wont answer till late Sunday, going to see Deadmau5 and Bloody Beetroots tomorrow and i'll be a write off for atleast 40 hours.

I'm not in this for any long term trade just yet...but nibbling on the shorter term moves.
Chees
CanuckCT

No doubt. Almost as life changing as the day I discovered Captain Morgan's Rum!

That was a great post mate. You should do this trading thing for a living.

Have a blast at Deadmau5, I have been checking out some more tracks from him....dig it. 40 hours.....he he.

Chris

Options trade.....

The VIX, Dec 15 26.0 call

Cable update

Gap hit support