Silent Service Method | Page 325 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Silent room 2 replies

Silent Success of Patience 10 replies

My silent journal 4 replies

bo7a method... method for GBP/JPY 205 replies

Seeing Through the Silent Crash 4 replies

Attachments: Silent Service Method
Exit Attachments

Silent Service Method

  • #6,481
  • Dec 30, 2009 4:04am Dec 30, 2009 4:04am
Hey Chris, Book finally here.....though someone tore off some pages on Trendlines hehehehheheheh JUST JOKING....Thanks Mate, atleast i have some reading to do now.

I really appreciate.......when is the next quiz? This time maybe you can deposit funds into the winners trade accounts.......hehehehhe Happy New Year

Quoting clockwork71
Good trade Danku. Did you get your book yet?
  • #6,482
  • Dec 30, 2009 6:42am Dec 30, 2009 6:42am
This morning I found on the EUR/USD a daily pin bar at a resistance which is an argument for going short. But in the area nearby is a little bit much noise for both directions.

The trend channel I drew in the chart seems to support that EUR/USD goes down, since we are in the upper area of the channel. But I always see trend channels and diagonal lines as a minor resistance, less valuable that a horizontal resistance.

All in all it can go down right now.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.png Size: 58 KB
  • #6,483
  • Dec 30, 2009 8:29am Dec 30, 2009 8:29am
Quoting Centaure
Interesting. I see here two resistances. One H4 resistance at .0375 and a daily at .0425.

How can I decide to mark resistance areas?

Instead of making two lines....(when they are so close to each other) make one thick one. That's the part I think you are missing. It's not uncommon for me to mark out 50 pip thick lines. Make sense?
  • #6,484
  • Dec 30, 2009 8:30am Dec 30, 2009 8:30am
Quoting Centaure
This morning I found on the EUR/USD a daily pin bar at a resistance which is an argument for going short. But in the area nearby is a little bit much noise for both directions.

The trend channel I drew in the chart seems to support that EUR/USD goes down, since we are in the upper area of the channel. But I always see trend channels and diagonal lines as a minor resistance, less valuable that a horizontal resistance.

All in all it can go down right now.
Looks a bit noisy to me at the moment. I agree with your markings......It is leaning in the down direction - but not clearly right here.....
  • #6,485
  • Dec 30, 2009 8:31am Dec 30, 2009 8:31am
Quoting InfinitySL
Could be something related to merging of contracts (since this broker is displaying the "continuous" contract, they are merging March 2010 Corn, with December '09 Corn, with September, etc...)

I'll look into this data i'm getting from this broker and see how it compares to other sources out there...
You might be right - you are looking at the "continuous" - so it's slightly different.....but generally the same.
  • #6,486
  • Dec 30, 2009 12:09pm Dec 30, 2009 12:09pm
Just recently opened up a demo acct to trade some futures. Now, im so confused about the different times and different contracts. I don't' know which time period i should be looking at. Can someone shed some light on this for me please. I know i was told to always trade the contracts with the highest volume. so for example lets say im looking at soybeans, does that mean i should be looking at the 3/10 contracts. And also, i want to trade longer time frames, but not too long as i will not have much margin. whats the proper period for me to look at. thanks
  • #6,487
  • Dec 30, 2009 12:45pm Dec 30, 2009 12:45pm
Oh id not touch eurusd in terms of selling. Look at it on weekly and you'll see why...

There's lots of others to watch for.
usdcad was excellent today.
gj is going to do something off 150 in the next week or so...

Lots of opportunities...
  • #6,488
  • Dec 30, 2009 1:26pm Dec 30, 2009 1:26pm
Quoting rtiger29
Just recently opened up a demo acct to trade some futures....
I would always trade the Front-Month contract. It will be the contract with the most volume and (usually) the most open-interest. What time-frame you choose to trade is a matter of personal preference and probably more importantly the amount of money you have to put up for margin. As I've mentioned in an earlier post, certain contracts are massive & volatile which is a very bad combination for someone with a small account and a desire to hold for the longer term.

Oil for one is a bad contract for a beginner. Each contract is for 1,000 barrels of oil, so at $79/barrel, that's $79,000 -- a change of $1 costs you $790. Treasury Futures contracts are even bigger, but fortunately Treasury bonds don't move as much as Gold or Oil...

Mini-Corn (March 2010 is the front month on that contract) on the other hand is for 1,000 bushels and at $4.15/bushel, that's a much more manageable $4,150/contract. An average move against you on a contract like this won't wipe you out.

Go here for an intro:
http://www.cmegroup.com/education/pr...he-basics.html

Contract Specifications are here (including delivery months):
http://www.usafutures.com/commodityprices.htm

Hope that helps...Alot of brokers will give you a free demo before you play with real money (but it sound like you already know that). Good Luck!


...And to directly answer your question about Soybeans. You'd want to either go with the March Soybeans contract traded on the CBOT or the March Mini-Soybean contract. The full-sized soybean contract is more liquid (59,000+ contracts traded today vs. 270ish for mini-soybeans) but is 5x bigger @ $52,000/contract vs. $10,300/contract. It makes sense that the larger contract is more liquid because the large commercial producers of soybeans traffic in such large size, there's no reason for them to ever look at the mini-contract.
  • #6,489
  • Dec 30, 2009 1:27pm Dec 30, 2009 1:27pm
Quoting rtiger29
Just recently opened up a demo acct to trade some futures....

The biggest issue with futures trading is the margin. I would suggest most people might have issues trading full contracts. But you might be able to trade mini-gold for example. There are minis out there in several markets that you might want to look into. (Wheat, Corn, Gold, etc.)

As far as which one to trade......look at barcharts.com, they have listings of several different markets. (charts too) When looking at them, look for the largest "open interest". That is the amount of all outstanding positions. That will let you know which one is the "front month".
  • #6,490
  • Dec 30, 2009 1:27pm Dec 30, 2009 1:27pm
Quoting InfinitySL
I would always trade the Front-Month contract....
You were typing this as I was typing my last post. ;-) Good answer.
  • #6,491
  • Dec 30, 2009 1:28pm Dec 30, 2009 1:28pm
Quoting Danku
Hey Chris, Book finally here.....though someone tore off some pages on Trendlines hehehehheheheh JUST JOKING....Thanks Mate, atleast i have some reading to do now.

I really appreciate.......when is the next quiz? This time maybe you can deposit funds into the winners trade accounts.......hehehehhe Happy New Year

Good, I am glad to hear it got there.

I am thinking of another contest, but I am not sure what yet.....
  • #6,492
  • Dec 30, 2009 2:02pm Dec 30, 2009 2:02pm
Quoting clockwork71
Instead of making two lines....(when they are so close to each other) make one thick one. That's the part I think you are missing. It's not uncommon for me to mark out 50 pip thick lines. Make sense?

Yeah, I think I have to do more chart analysis with resistance areas, so get more used to it.

It is sometimes confusing with these areas when one switches from timeframe to another. For example when you marked the resistances on a higher timeframe and see a potential setup within the S/R area. I ask myself whether it is useful to trade here or just wait until we are outside.
  • #6,493
  • Dec 30, 2009 2:11pm Dec 30, 2009 2:11pm
Quoting jicjoc
Oh id not touch eurusd in terms of selling. Look at it on weekly and you'll see why...

There's lots of others to watch for.
usdcad was excellent today.
gj is going to do something off 150 in the next week or so...

Lots of opportunities...
Oh, I just overlooked the weekly .. but it is not clear either, because the wick of the last weeks high was a bit too long.
The market was a bit leaning upwards but quite weak.
  • #6,494
  • Dec 30, 2009 2:31pm Dec 30, 2009 2:31pm
Quoting Centaure
Oh, I just overlooked the weekly .. but it is not clear either, because the wick of the last weeks high was a bit too long.
The market was a bit leaning upwards but quite weak.

One thing to discount last week's bar is the fact it wasn't an entire week, and low volume. However - it is always the correct move to be cautious.
  • #6,495
  • Dec 30, 2009 2:39pm Dec 30, 2009 2:39pm
Quoting clockwork71
One thing to discount last week's bar is the fact it wasn't an entire week, and low volume. However - it is always the correct move to be cautious.
  • #6,496
  • Dec 30, 2009 4:23pm Dec 30, 2009 4:23pm
Happy New Years to you all,

VB,
  • #6,497
  • Dec 30, 2009 11:28pm Dec 30, 2009 11:28pm
Chris, I was wondering what your thoughts might be on this setup. It is in an uptrend, recently broke through old resistance on the weekly and has a bullish pin on the daily, off of support. The thing that really catches my eye is the volume spike. It seems to have plenty of support at this level. My concern is the overhead traffic at 22.75 and 23.00 where the 2nd to last swing high is. It is also inside the space between the MA(20) and MA(50) where I like to trade.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: INSU.daily.123009.png Size: 22 KB
Click to Enlarge Name: INSU.wkly.123009.png Size: 21 KB
  • #6,498
  • Dec 31, 2009 5:23am Dec 31, 2009 5:23am
Quote
Originally Posted by SaepeExertus
Jduester
What is a PPZ ??

It's what Jim calls a S/R area.


Quoting clockwork71
It's what Jim calls a S/R area.

Just to clarify, if understand correctly, PPZ stands for "Pivot Point Zone" (so it's not just any support/resistance area) and the term would have been derived originally from the pivots that appear on a chart. In this sense the term "pivot" is referring to key reversal points, where price moves in one direction and then turns straight back, leaving the "pivot" behind.
  • #6,499
  • Dec 31, 2009 6:02am Dec 31, 2009 6:02am
Quoting JamesL
Just to clarify, if understand correctly, PPZ stands for "Pivot Point Zone" (so it's not just any support/resistance area) and the term would have been derived originally from the pivots that appear on a chart. In this sense the term "pivot" is referring to key reversal points, where price moves in one direction and then turns straight back, leaving the "pivot" behind.
It can also be a line which has first rejected price on the way up, that is, acted as resistance, and after being broken through it starts acting as support.
I'm not sure if that's what you meant, I interpreted your post as saying it's a line that has to reject price every time.

In my view, a PPZ can be broken through as per the above, the important part is that it acts as a zone where price either bounces or, if it breaks through, price now bounces on any retests of the zone.

Happy New Year to everyone on the thread!
  • #6,500
  • Dec 31, 2009 7:41am Dec 31, 2009 7:41am
Quoting VitaminBeer
Happy New Years to you all,

VB,

You too B!
8 traders viewing now