Silent Service Method

Thought i post these two charts.

EURJPY
Remember the BOX i posted sometime back, it stillseems to hold and now we are at the bottom of it. So will be watching the close and open keenly. We also at a good Support.


GBPAUD
2-Day Pin forming here and if they close good, we are in the direction of the trend and off good Resistance.....

Cheers all and nice weekend.....a BE week for me.....

Here's a possible short coming up that I'm keeping an eye on with TP's at 2.80 and 2.72. A solid downward candle below 2.95 and I'm in with SL at 3.01 + spread. Gotta be carefull with this pair on Oanda over the weekend as the spread widens to 500 pips and could take out limits that are set too tight, guess how I learned that interesting tidbit?

Hmmmm....the Polish Zloty is a tough one. I would wait until the open next week to even think about it because of those wicked spreads.

Thanks for posting either way - not enough exotics get posted at FF in my opinion.

Gonna wait for a downward candle on the daily before I take it. I have a window between 6-12am est where the spread is almost reasonable, as crappy as this is it's forced me to stay in trades longer instead of grabbing a few measly pips. My most profitable and best risk:reward trades have been with exotics, could there be a connection there?

http://i50.tinypic.com/eeryq.png

Agreed. It's not a pin....more like a doji. Could be played on the break. Next week should be interesting.....we are getting towards the end of the year.

One thing that you might find interesting:

Many professional (read desk traders) have no issue whatsoever trading exotics. Retail traders seem to shy away. Why you ask? The spread. But remember: A lot of these pairs have smaller tick values, so it works out to the same thing in the end. Also, you can always size your trades accordingly. It's the psychological part of the spread that people have issues with. Not many traders are used to being down 200 pips. It sounds horrible, but what if it was only a cent a pip? That's $2. I am not saying trade that small, but I am using that as an example.

Like all things: It's all in the mind of the trader.

Chris

Chris,

Wondering if you had any thoughts on Soybean Oil - stumbled across this weekly chart and it looked rather interesting to me (click to enlarge).

-InfinitySL

http://i437.photobucket.com/albums/q...y-12182009.gif

I like it for a long....eventually.

I have seen several threads and posts here at FF recently that somehow I feel that, while not directed at myself, I should speak about.

A while back, my former employer/group leader/guru or whatever you want to call him, and I had a very public falling out. I found this to be unfortunate, but sometimes these things happen. (FF has removed some of this obvious lack of control on his part.) It has since cooled down, save the obvious manipulation of the voting system in the commercial thread. (Ironically enough - being in the "evaluation" area hasn't effected anything.) I find it beneath middle aged men to act as such, but it is not in my control how people choose to be passive/aggressive.

Since we have come to this cooling down period, something else has begun to happen. We are starting to get posts and threads questioning the validity and legitimacy of a few "gurus" traders in the forum. I have two thoughts on this:

 

1. If somebody presents material that helps your trading, whether or not they trade is probably neither here nor there. What would be the difference?
2. If they don't post live trades, or P&L on a trade.....well - they aren't trading. Let's not mince words here. I think it is an insult to the readers to expect them to accept everything on "face value". Someone that is lying to you, isn't someone I would recommend. Yet many will fight for hours on end for them. I find this to be an odd phenomenon.

Like I said, if it helps you....then that's all that truly matters. But one thing you should consider: Isn't it odd that it is the same people that claim to trade 35 lots.....50 lots.....or more, that never show the proof?

I have spoke in length both public and private, that trading is not a "dick measuring" contest. I find it odd that someone would have to claim to be a millionaire trader, brag about position size, yet not bother to show it. Why would that be? I will leave you to answer that question for yourself.

I have no issue showing my P&L, even though it might only be a $200 win or loss, the material is the same as if it were $2000. The main reason to show the P&L....credibility. You will notice there are no "Is clockwork really trading?" threads out there.

I feel no need to show you that my pecker is bigger than yours. I am a trader, and a business owner, simple as that. I live in a middle class neighborhood, and will probably be wealthy someday....but it's not my #1 goal in life. I am a decent teacher. I would also be the first to admit that there are better traders than I......but maybe they aren't better teachers? Who knows, and that could be a conversation in itself.

I also freely post links to a few other educators sites on mine. (That I believe in.) Why? Because I learned a long time ago in business that if you treat people the right way, if they don't use your services.....they will recommend you none the less.

I stand by my teachings and site, and am constantly trying to improve them both. That is really all I can do in the present environment. But I have been contacted by several people about these recent threads, and thought I would make my thoughts known.

So one thing to think about...(As clockwork blows the lid off the joint) Most, and probably 95% or more of the traders at FF have an account size of less than $5,000. This is why live trades are almost never posted.

If you are a new trader with a $1000 account, you are in company here on FF. Never feel you need to hide that - just because so many others try to. Free your mind.....your ass will follow. Remember, trading should add enjoyment to your life....if not, then why do it?

Chris

Blog updated.

Chris i will voice my view the way i see it..
With regards to jim i have so much respect for..and the reason i respect him is because his intention behind the group wasnt to make more money..it is obvious, for any1 that uses the support and resistance flips and to see his understanding of price action can see this

he shared what i would call a goldmine of an insight to trading and gave every1 who stayed more than a year free membership..his intentions cannot be questioned..i dont think proof of his success is at question because it is obvious!! (grp created by request)

u were an integral part of the grp..u left and started yur own thing..but yur method is based around the same teaching..So how can they be no friction ...impossible when he gave u teaching status u betrayed him

The success u have is from the same method and u have exploited his generosity to make money from it..this is why your creditability is being questioned..to put it bluntly

they are plenty of traders in ff having account size of more than 5k..i would say 20% easily. U do have a gift to teach and am greatfull for what i have gained from u in the past..but u will have to work on showing people some level of success..or that yur intention is to teach and not make money...which is difficult since u left the group to start your own business venture...Big obstacle

people want to learn from the very best because there success act as the fuel for motivation.
U say "even though it might only be a $200 win or loss, the material is the same as if it were $2000." - I disagree that is like saying 2% of 100 is the same as 2% of a million.. its very different

these are just my views ..which i believe are shared by others..can u show yur method for success is different to james16 i guess is the biggest concern..anyway i just wanted to voice this..because i feel others are thinking the same thing..

I am not going to let this escalate, and will end it with this post. I suppose I could have been a little more subtle in the post before.....but I just wasn't thinking about it to be honest. It was in response to a couple of email I have been getting.

Well, there is the whole never showing a live trade thing. But that's been observed over and over. I also would suspect one would have to question the reactions as a lack of self control, which as we all know.....is #1 for trading success.

I didn't steal anything. We have been through this over and over. If you do not believe me, buy a copy of this book :

http://www.amazon.com/Pring-Price-Pa...1249258&sr=8-4

If you can't afford it, PM me, I will mail a copy to you.

The idea was simply this: I saw a lack of personal touch, and acted upon it. I have no idea why you are waiting for me to "prove" I am doing it for nothing. I have stated more than once that it is a business. I make no bones about it.

My method of success is quite different. I trade several markets. I also can let a trade run. I was once "laughed at" because the only difference is that I let trades run. Well.....hello? That's how you make money. Duh. Also, I haven't suddenly found trading a new way of S/R touches a revelation. Somehow, if I were to do that.....it would be stealing from BillyRayValentine? Because if that's the case.....then it shows that someone else is stealing from him as I speak. Hypocritical at the least. BRV is the man, so let's not get him involved.

I also have the audacity to show real trades. And 2% is 2%, period. If not - you will never be able to trade larger account sizes, and therefore might as well stop right now. Seriously.

I have an exit strategy.

I also give 6-8 webinars a month.

I also trade live, and show it. Did I mention that?

I also don't pretend to trade larger pip values than my monthly mortgage. (And yes, I know this.)

I am not sure what your point it. I suppose if you are waiting for me to prove myself.....the very fact you are hanging around my thread probably says something....since I am a thief. Or whatever you want to say.

Like I said, it's not an obstacle that I started my own business. I have the decency to admit I make money off it. So what? I also get up at 4am to do webinars for the Aussies. If you would like to do that for free, I will help you set up your website.

Any trader will tell you a little side money helps smooth out the equity curve. That's just common sense. I cannot understand why you think it should be free. Plus, my service is $55 less a month. But that's non-profit. Mine is profit. Go figure.

Nial Fuller? Great stuff. He has a set up that I have as well, Jim doesn't trade them. I called it a "Continuation Pin" and Nial calls it a "Fakey". Both are valid set ups, and "original". He's ok with it, and so am I. How do I know? We have spoke on the phone. He and I don't teach exactly the same thing, but let's be honest......there are hundreds of guys teaching support and resistance out there. They also call them pinbars, hammers, shooting stars, etc. What's the difference? Simple: The teacher. Period. (Although I have to admit I am a bit jealous of Nial's video production skills.)

I am serious about that book. Read it, then come back. If it's too much, I can give you a copy. I can always buy another one.

When I post a trade, my people know I am in it. They also know that I take some losses along the way. I don't make claims of not having a losing trade for 10 months at a time. If you believe that, well....that's up to you I suppose.

Still posting live charts.....nobody else seems to have the ability. Odd. That was the point. It really wasn't meant to start a discussion.....just a public announcement to several emails I have got asking my opinion on the threads involving Jacko, Jim, and Nial. I believe you can learn from all of them to be honest.

Chris

Why cant we all just get along?

I'm not convinced that you can steal an 'idea' or 'concept' in trading but that is neither here nor there. I think anyone that spends time trying to help and educate new traders in order for them to become successful in the market, in a public forum for free, deserves credit and recognition NOT criticism. If they choose to offer additional help in a private forum and charge for it that is their prerogative - some may choose to take this service others may not. No-one has a monopoly on assisting new traders and no-one should think that there is or should be.

The above paragraph applies to all parties concerned.

I am looking at next year's set ups. Yes.....you heard that right. Take a look at this:

I think this could be a GREAT signal for next year. I would suspect it won't break until January, and I suspect it will be settled on the 8th. (I rolled the chicken bones, and drank a shitload of vodka. The voices told me January 8th could be big.)

As things stand......I am no longer willing to buy the Kiwi Dollar until it breaks above these pins. Period. Any long set up will be ignored until such time, or we see a set up on major support, way below. And yes, I know they are hinting at raising rates mid-2010.

The US Dollar might just be the currency to own next year. NZD going down is a bearish sign against commodities. (But not an absolute sign.) It tends to reflect agriculture, so I am going to be keeping an eye on the grains. I am not man enough to trade live cattle or milk. lol

PS - Notice the parabolic move on the monthly. Look a little over-extended to you?

Hi Chris,

nice post man..you are absolutely right.

Watch the replay. Epic fail.

Thanks for giving me a heads up on the kiwi.

No problem. I find it funny that there has been times in the past where there was an obvious set up, but on the longer term charts. I would just not catch it......but man, you look at them and say, "It was obvious...."

So I thought I would bring that one up because it's so obvious, but on the monthly.....which most people don't pay attention to.

Chris,

Kind of a big question....When I look across my charts and find those really-big-turning-points, with daily pinbars, price will often head the right direction for 2-5 days, then come all the way back to test the pin.

If I were lucky enough to trade one of these(which I have been), after a few days I usually move my stops to BE, because I figure that even if the market takes back the floating profit, I don't want to see a perfectly good winner, turn into a loser.

But for many of these trades, to stay in it for the real payout, you would have to leave your stop in it's original position until price has tested it and failed.

Maybe this is the "discretionary" part, where you have a better chance of making the right decision because you have more experience, but where I am unsure how to manage the trade. There are very few instances where a BE stop, will keep you in the trade long enough to see it through, especially when the test happens a week later. I find it extremely difficult to leave my stop in it's original position after a trade is 100-400 pips in profit, but it kind of looks like you have to if you really want to catch the move.

I am a little more protective of my equity, since damaging my account, but something I have a hard time getting right, is that so often moving my stop to BE takes me out of a good trade early, and leaving it open keeps me in a good trade, that turns into a bad trade, and eventually turns into a loss. So somehow my ability to discern which ones will run, and which one's should be protected is almost 100% wrong.

How can I sharpen my instincts in this department?