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Silent Service Method

  • #6,501
  • Dec 31, 2009 7:43am Dec 31, 2009 7:43am
Quoting johnnyonspot
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.

It probably is a buy signal....but I don't like the fact that it trades so few shares per day. Also, that weekly bar before would make me a little nervous. It probably would grind higher, but it's going to grind, and not move.....
  • #6,502
  • Dec 31, 2009 7:44am Dec 31, 2009 7:44am
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.
I was sitting in on his webinar when he came up with the name....it's any S/R area......
  • #6,503
  • Dec 31, 2009 7:50am Dec 31, 2009 7:50am
hey Chris, whats your thoughts on Gold ? I bought a short ETF when the weekly pin formed, now theres one in the opposite direction !....getting worried but I thought we would see $1000 again...
  • #6,504
  • Dec 31, 2009 7:55am Dec 31, 2009 7:55am
Chris
i want to take this opportunity to thank you for your teachings and for this great thread .
happy new year to you ,to your family ,and to all the traders participating in this great thread .
i wish u all a new year full of success and green pips .
samer
  • #6,505
  • Dec 31, 2009 8:24am Dec 31, 2009 8:24am
Happy New Year to all.

May 2010 bring you everything you wish for.

Now that the formal stuff is said....

.... let's go and celebrate

Michael
The quality of your life is brought about by the quality of your thinking.
  • #6,506
  • Dec 31, 2009 8:42am Dec 31, 2009 8:42am
I wish you all a happy new year and success in 2010!

  • #6,507
  • Dec 31, 2009 9:05am Dec 31, 2009 9:05am
Happy New Year Chris and everyone.
Hope this is a prosperous year for everyone!
  • #6,508
  • Dec 31, 2009 9:52am Dec 31, 2009 9:52am
Quoting advfntrader
hey Chris, whats your thoughts on Gold ? I bought a short ETF when the weekly pin formed, now theres one in the opposite direction !....getting worried but I thought we would see $1000 again...
I have a few areas below that are of interest. 1000 is the ultimate of course, but I would think 1030 and even 1070 are possible as well. I get really, really, really interested around the 1030 mark. Don't worry - it will make itself obvious. To be honest, there is no shame in taking your profits......you are in a counter trend trade after all....
  • #6,509
  • Dec 31, 2009 9:53am Dec 31, 2009 9:53am
Happy New Year to all you guys and girls out there. This year has been a lot of fun, and I am humbled by the response.

I am sure 2010 is going to be a great one!

Stay safe tonight!
  • #6,510
  • Dec 31, 2009 12:17pm Dec 31, 2009 12:17pm
Happy New Year Chris !

To pass knowledge on is such a wonderful thing to do, it must give you a nice feeling when someone one here has a ahhhh moment.

I coach under 11's basketball, just a recent thing really. But i can see through the correct methods of teaching and a proper plan, that it is not long before improvement and then mastery of any given subject. It comes down to , how much we want it?

The greatest gift we possess is the power to pass on what we have learnt, its such a simple thing. I am humbled by the people that teach, i have just found it myself and it has given me a great sense of calm and well being.

Chris , there is something special about people like you, because you give!
That alone has the ability to change many peoples lives on here.

Regards

Warren
I need to finish something i started
  • #6,511
  • Dec 31, 2009 2:29pm Dec 31, 2009 2:29pm
Chris,

Happy new Year to you and your family!



Quoting clockwork71
Happy New Year to all you guys and girls out there. This year has been a lot of fun, and I am humbled by the response.

I am sure 2010 is going to be a great one!

Stay safe tonight!
  • #6,512
  • Dec 31, 2009 3:40pm Dec 31, 2009 3:40pm
Happy new year everybody.

Wishing good trades and a profitable 2010 to all.
  • #6,513
  • Jan 1, 2010 3:11pm Jan 1, 2010 3:11pm
I wanted to thank everyone for viewing and participating in this thread. I checked it today, and saw we have hit 700,000 views, and are rapidly becoming the most viewed thread in the "Under Evaluation" thread. In fact, we are on track to make that mark in about 2 weeks.

I honestly didn't think that it would go this far, and am still getting used to the idea of having that many people listening. It's a truly humbling experience to say the least.

Thanks guys, and Happy New Year to you all.

Chris
  • #6,514
  • Jan 1, 2010 3:20pm Jan 1, 2010 3:20pm
Quoting clockwork71
I wanted to thank everyone for viewing and participating in this thread. I checked it today, and saw we have hit 700,000 views, and are rapidly becoming the most viewed thread in the "Under Evaluation" thread. In fact, we are on track to make that mark in about 2 weeks.

I honestly didn't think that it would go this far, and am still getting used to the idea of having that many people listening. It's a truly humbling experience to say the least.

Thanks guys, and Happy New Year to you all.

Chris
I think people like the honest and straightforward style you have, I know I do. Keep it up and a happy New Year right back at you!

  • #6,515
  • Jan 1, 2010 3:33pm Jan 1, 2010 3:33pm
Do me a favor:

If you are not in my group and enjoy my thread, please consider giving a small one time donation to one of the two charities listed on my website at the bottom of the front page. One is for poor children worldwide, and the other is for Ovarian Cancer research.

Thanks guys!
  • #6,516
  • Jan 1, 2010 6:41pm Jan 1, 2010 6:41pm
Today I did a chart analysis on multiple forex pairs. I found out that so many pairs are "pattern" correlated with each other.
Just look at the daily charts on the 27.11.2009 of the JPYs, AUD/USD, EUR/USD, USD/CAD, NZD/USD ...

The effect is that you get a lot of signals at one day, when you take them all this is a risky matter. When you have a risk per Trade of 3% and you take all these trades your real risk is much higher because of the correlation.

So when has 10 pairs triggering an entry you have a risk of 3% to 30% depending on the correlation of the pairs!

What we need is a single trade risk and a compound trade risk. Often people here talk about risk but most forget, that there are two types of it. You say 1 to 5% is the maximum risk one should take. But what is a good compound risk? ~10%?

You can reduce your compound risk by diversifying your strategies and timeframes but this is only useful when you have a strategy which works well. Otherwise one has to care about this first.
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  • #6,517
  • Jan 1, 2010 6:56pm Jan 1, 2010 6:56pm
Quoting Centaure
Today I did a chart analysis on multiple forex pairs. I found out that so many pairs are "pattern" correlated with each other.
Just look at the daily charts on the 27.11.2009 of the JPYs, AUD/USD, EUR/USD, USD/CAD, NZD/USD ...

The effect is that you get a lot of signals at one day, when you take them all this is a risky matter. When you have a risk per Trade of 3% and you take all these trades your real risk is much higher because of the correlation.

So when has 10 pairs triggering an entry you have a risk of 3% to 30% depending on the correlation...

In this particular case, there is an alternative......DX futures. (Dollar Index)

But......I know what you are talking about, and it comes down to how much you are willing to risk. As a rule of thumb, I never have more than two trades going in the same direction, so to speak.

Chris
  • #6,518
  • Jan 1, 2010 7:04pm Jan 1, 2010 7:04pm
Quoting clockwork71
In this particular case, there is an alternative......DX futures. (Dollar Index)...
Chris
How can the Dollar Index future help here? I just thought it is the Dollar against the major pairs.
  • #6,519
  • Jan 1, 2010 7:09pm Jan 1, 2010 7:09pm
Another topic:

When I look at the profiles of the members I can find in a lot of them that they have the trading style "Quant". For some years I wondering what this means.
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  • #6,520
  • Jan 1, 2010 7:44pm Jan 1, 2010 7:44pm
Quoting Centaure
Another topic:

When I look at the profiles of the members I can find in a lot of them that they have the trading style "Quant". For some years I wondering what this means.
Centaure -

(I happen to be working on videos tonight, so I am here on and off.)

A "quant" is someone who believes in statistics for analysis. Often they will have a mathematical system. Based upon some kind of algorithm, they will place trades.

It involves way too much math and thinking, in my humble opinion.
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