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Silent Service Method

  • #6,381
  • Dec 19, 2009 6:59pm Dec 19, 2009 6:59pm
Quoting Low
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...
One thing that helps is chart time. This much is true, and I wish I could offer it to you.

I think it really comes down to how "big" the move looks to you. In the case of the NZD I posted earlier, that is a very, very, very rare signal. To me that's worth really having a go. Also, there is another way....

Just short it every time you get a signal on the smaller time frames. Think of the monthly chart as a "guide" to direction. It is possible to get 15-20 good trades out of this that way.

Or hell, have a core position that you hang onto. Trade smaller time frames as well. That way - you do both.

Chris
  • #6,382
  • Dec 19, 2009 7:18pm Dec 19, 2009 7:18pm
Quoting clockwork71
One thing that helps is chart time. This much is true, and I wish I could offer it to you.

I hate that answer. LOL.

I've succeeded in outlining a very vague 5 year plan, in consideration of how much experience plays a role. Hopefully 5 years from now I'll have a really nice track-record.
  • #6,383
  • Dec 19, 2009 8:30pm Dec 19, 2009 8:30pm
in regards to having to leave stop above bar in order to get a runner.. would taking some profit off the table help? Just enough to make it a break even scenario or small loss if price goes above the trigger bar where your stop is?

vs putting ur stop to break even quickly. ?
  • #6,384
  • Dec 20, 2009 5:04am Dec 20, 2009 5:04am
Quoting supermatt
in regards to having to leave stop above bar in order to get a runner.. would taking some profit off the table help? Just enough to make it a break even scenario or small loss if price goes above the trigger bar where your stop is?

vs putting ur stop to break even quickly. ?
The first question is....."What makes you more comfortable?"

The second one is....."What makes you more money?

This is one of those emotional questions that is almost entirely made up of trading psychology, which is why it's kind of hard to answer. Although the math is pretty straight forward, the psychology is different for all traders.

Chris
  • #6,385
  • Dec 20, 2009 1:02pm Dec 20, 2009 1:02pm
Quoting calderone
Thanks for giving me a heads up on the kiwi.

If you like monthly pins, don't forget the usdcad. Two months ago. Still not violated. Lot's of action in oil and the Cad hasn't budged...I'm looking for a break--retest--continuation around 110.
  • #6,386
  • Dec 20, 2009 2:02pm Dec 20, 2009 2:02pm
eurchf dropping like a stone for a sunday...
bid 1.48.60
one hell of a stop hunt.
  • #6,387
  • Dec 20, 2009 3:26pm Dec 20, 2009 3:26pm
Quoting clockwork71
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...

Hey Chris,

Keep up the good work and keep helping people....because thats what it's all about in the end.

As I see it, "there is nothing new under the sun" that hasn't been done before.

Just trade your charts good or bad and tell everyone else....have a nice day!

Unless your wife keeps asking what your doing in that room all day.....

golferfx
  • #6,388
  • Dec 20, 2009 5:26pm Dec 20, 2009 5:26pm
Quoting Low
If you like monthly pins, don't forget the usdcad. Two months ago. Still not violated. Lot's of action in oil and the Cad hasn't budged...I'm looking for a break--retest--continuation around 110.
Thanks for pointing the cad out to me as well. I will keep it on my radar as I prepare for the coming year.
  • #6,389
  • Dec 20, 2009 5:59pm Dec 20, 2009 5:59pm
Quoting golferfx
Hey Chris,

Keep up the good work and keep helping people....because thats what it's all about in the end.

As I see it, "there is nothing new under the sun" that hasn't been done before.

Just trade your charts good or bad and tell everyone else....have a nice day!

Unless your wife keeps asking what your doing in that room all day.....

golferfx

I agree with you golferfx.

Just like JL said - "There is nothing new in Wall Street. There can't be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again."

Please don't get distracted by side talks Chris. Nobody owns the field alone. You're a good trader and what matters is that you are able to impact your knowledge on others with live facts. It's not about the money but it's about giving back real value to the community. Simple.


Cheers
  • #6,390
  • Dec 20, 2009 6:20pm Dec 20, 2009 6:20pm
http://i50.tinypic.com/2zdx1r9.png
  • #6,391
  • Dec 20, 2009 8:44pm Dec 20, 2009 8:44pm
Quoting Low
http://i50.tinypic.com/2zdx1r9.png

While I am not one to advise taking blind entries.....I would accept this one because it has a reason, and a good one......I can also see that so far this is working out for you!
  • #6,392
  • Dec 20, 2009 9:00pm Dec 20, 2009 9:00pm
Quoting clockwork71
While I am not one to advise taking blind entries.....I would accept this one because it has a reason, and a good one......I can also see that so far this is working out for you!
Thanks Chris, Sunday gap has officially closed, now the question is, will it continue?
  • #6,393
  • Dec 20, 2009 9:19pm Dec 20, 2009 9:19pm
Quoting Low
Thanks Chris, Sunday gap has officially closed, now the question is, will it continue?
Well this certainly isn't a trade I would let get me.....so play it safe.
  • #6,394
  • Dec 20, 2009 9:51pm Dec 20, 2009 9:51pm
chris
how about shorting EU at resistance 14450 ?
thanks
  • #6,395
  • Dec 20, 2009 10:17pm Dec 20, 2009 10:17pm
Quoting samer960
chris
how about shorting EU at resistance 14450 ?
thanks

I would feel more comfortable in the 1.45-1.46 area to be honest.....I see more resistance there.
  • #6,396
  • Dec 20, 2009 10:31pm Dec 20, 2009 10:31pm
Quoting clockwork71
Well this certainly isn't a trade I would let get me.....so play it safe.

Safety is on.
  • #6,397
  • Dec 21, 2009 2:58am Dec 21, 2009 2:58am
I have just nailed some of the best trades ever (demo), shorted Gold and ran it for 700 pips. also EUR/USD and GBP/USD. Looking at the weeklies and having the balls to hold until price is where you think it should be going really seems to work.

I plan to demo next year as when I come back with real money I want to feel really confident I know what I am doing this time !
  • #6,398
  • Dec 21, 2009 3:31am Dec 21, 2009 3:31am
Quoting advfntrader
I have just nailed some of the best trades ever (demo), shorted Gold and ran it for 700 pips. also EUR/USD and GBP/USD. Looking at the weeklies and having the balls to hold until price is where you think it should be going really seems to work.

I plan to demo next year as when I come back with real money I want to feel really confident I know what I am doing this time !
Congrats mate! Sounds like a good plan, as confidence is paramount in the trading game. Keep us updated.
  • #6,399
  • Dec 21, 2009 11:50am Dec 21, 2009 11:50am
Here's a chart of gold, showing a few places you could have gotten hurt trying to blindly buy on dips.....The next chart shows what I am watching out for.....major support. The $1000 mark is obvious, and the $1030-50 area would included the massive break out we had. Only time will tell, but this chart shows a great example of waiting and being patient......waiting for the right spot to "fire your torpedoes."

Chris
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  • #6,400
  • Dec 21, 2009 12:45pm Dec 21, 2009 12:45pm
chris
this is a demo trade
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