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Silent Service Method

  • #6,601
  • Jan 7, 2010 5:53pm Jan 7, 2010 5:53pm
I trust none of you initiated new positions today did you???



Oh, and about putting charts inside text....I believe that comes down to how you present it. I think you can do a html tag to your photobucket shot or something.

To be honest, the "attached thumbnail" works for me......most people can click on it to zoom in......
  • #6,602
  • Jan 7, 2010 6:02pm Jan 7, 2010 6:02pm
Quoting clockwork71
I trust none of you initiated new positions today did you???



Oh, and about putting charts inside text....I believe that comes down to how you present it. I think you can do a html tag to your photobucket shot or something.

To be honest, the "attached thumbnail" works for me......most people can click on it to zoom in......
No, but I did have a look at the AUDUSD pin. Then I decided that I would have wanted it to close a bit lower and that it would have been nice if NFP were yesterday instead of...
  • #6,603
  • Jan 7, 2010 6:31pm Jan 7, 2010 6:31pm
[quote=o990l6mh;3348633]

Something struck me though, Let's assume that we have a good pin bar at a supply zone. Aren't we, according to Sam's thinking, making a breakout trade rather than a reversal entry?

And even worse, waiting for the break of the pin bar, isn't that the same as selling when price has already moved down? I'm thinking that the retest to enter on for a reversal entry often happens during the formation of the pin bar.


You know what i was thinking that just the other day!, a pinbar can be classed as a re test, but isnt it more about location.

Thinking out loud, my Nzd/Usd, the base of the pinbar was close to a pivot zone. It certainly acted like a retest of 0.7300, but stalled out.

maybe we are going to see some sideways action until NFP

but if the pinbar was lower and the close of it was under the pivot zone, if it broke down it would be classed as a false breakout.

I know traders that use pivot zones on there own to trade off. if the zone stands out that much it could be good for 1 or 2 bounces.

This is turning out to be quite a discussion

warren
I need to finish something i started
  • #6,604
  • Jan 7, 2010 9:15pm Jan 7, 2010 9:15pm
[quote=bigwal;3348716]
Quoting o990l6mh

Something struck me though, Let's assume that we have a good pin bar at a supply zone. Aren't we, according to Sam's thinking, making a breakout trade rather than a reversal entry?

And even worse, waiting for the break of the pin bar, isn't that the same as selling when price has already moved down? I'm thinking that the retest to enter on for a reversal entry often happens during the formation of the pin bar.


You know what i was thinking that just the other day!, a pinbar can be classed as a re test, but isnt it...
Well if I can share my opinion here, I'm trading weeklies and dailies the first time I learned PA, now I'm on 4H, and I'm not touching 1H with a 10 foot pole, let alone touch trades...

I think it's not about what's better, it's about the learning process, I think Chris is comfortable taking PA on a very low TF like M15 because he has taken tons of trades on 4H and are comfortable enough to trade something below that, I think he can and would do touch trades based on M5 TFs too!

I would thread lightly when jumping into conclusions that PA is actually not needed in trading the important S/R areas, it's a tool in which us beginners will need to use in order to gain the experience required to trade in a different level, should we decide it's the time to advance, it's baby steps, and I'm now in 4H, that's a lot of timeframes to go before touch trades with M5, and I'm not jumping in that boat yet, I believe in a prolonged process of understanding and learning, nothing comes in an instant just because you believe it's true, I'd rather be good slowly in my pace than trying to be a genius.

Just some rants.

M.
  • #6,605
  • Jan 7, 2010 9:41pm Jan 7, 2010 9:41pm
[quote=marcelnyo;3349002]
Quoting bigwal

Well if I can share my opinion here, I'm trading weeklies and dailies the first time I learned PA, now I'm on 4H, and I'm not touching 1H with a 10 foot pole, let alone touch trades...

I think it's not about what's better, it's about the learning process, I think Chris is comfortable taking PA on a very low TF like M15 because he has taken tons of trades on 4H and are comfortable enough to trade something below that, I think he can and would do touch trades based on M5 TFs too!

I would thread lightly when jumping into...
Truth be known, I do sometimes take a lower time frame trade, but it is based upon the stop loss levels of the weekly chart. (i.e., I might take it off of a 1 hour bar,but I put the stop loss where I would on the weekly S/R line.) When I do this, it's a trade that I already wanted to be in, and am just simply "buying cheap". I don't do it all the time, but only at dead, major, obvious areas.

The most important thing? It's simple - trade whatever time frames you are comfortable with. There is no reason to do anything else.
  • #6,606
  • Jan 8, 2010 2:59am Jan 8, 2010 2:59am
Quoting clockwork71
I trust none of you initiated new positions today did you???



Oh, and about putting charts inside text....I believe that comes down to how you present it. I think you can do a html tag to your photobucket shot or something.

To be honest, the "attached thumbnail" works for me......most people can click on it to zoom in......
No new positions......but its hard for me to just sit. My goal this year is to improve my discipline and my psychology.

Chris you posted somewhere that its not what the bars are that matter as much to you as where they "are" in relation to S/R. Do you still hold to this view?

I read Kulu's post on this and found myself nodding my head in agreement.


Jason
May the fish in your stream of life always bite.
  • #6,607
  • Jan 8, 2010 3:17am Jan 8, 2010 3:17am
A while back I wrote about how it seems like a lot of times price action in the markets, especially currencies, foreshadows or predicts what will happen, For instance, we have some bullish price action for the USD here the last day, as if the market is already telling us what the NFP report will say, i.e., its going to be USD bullish. Okay, let's see what happens.
  • #6,608
  • Jan 8, 2010 4:11am Jan 8, 2010 4:11am
Hello M

Sorry if it looked like we were going on about 1hr bars or lower, i think it may have come across that way via Sam Seidens info. This was never my intention, i feel daily and weekly charts hold the strongest zones. Touch trades, these are refered to a touch against strong s&r on a daily or weekly chart, these stand out a mile.

So im not suggesting you drop down to 1hr or lower


Im not trying to undermine this method, its what i use too, i only trade dailies and weeklies, it has been a turning point for me. Price action is very important, but what creates price action?....... orderflow, supply and demand. I has been brought up about orderflow and Sam Seidens info has been used as a example.

Tread lightly.............Price action is our visual display of price without it we would have a blank screen, maybe i didnt explain my thoughts clearly enough. i didnt say touch trades with m5 chart either, if you pull up a chart and see how price honors these s&r zones, on the weekly that is.
The ones that really stand out as a turning point, when price visits that again you can bet your bottom dollar it will turn.

At these zones

If price is steaming up to a pivot zone it will break through because buyers out number sellers.

But if price is slowly edging up to a pivot zone it will more than likely bounce.

But if price keeps on bouncing up against that line sooner or later all the sellers will disapear, thats why when you see price attacking a line first bounce down is the most, then 2nd and third are less. Why....because the sellers are getting exhausted. The more a major line is abused in close succession the more likely it is for a break through. If time has passed from the first bounce it allows more sellers to postion there once more.

Yes indeed, slow and steady wins the race, dailies allow you more time to make a decision, i work all day, running a plumbing company
. Forex suits me down to the ground, i can come home play with the kids, do my chores and whatever. I sit down at about 11.30pm GMT, i scan all my charts for the daily closes, it is nice to have the market work round when it suits me. If i have a signal, i can pull the trigger and usually by the morning i know if im right or wrong. I use that time to manage my trade, then go out to work, when i come back home i will have a quick look to manage my trade further.

I love my weekly charts for finding pivot zones and my daily charts for entry, it is my ideal job. Because if you trade 1hr or anything like that you are stuck at the screen.....no thanks

Im sorry to offend you, but rants do sometimes clear the air, i hope it has
.

Regards

Warren
I need to finish something i started
  • #6,609
  • Jan 8, 2010 4:27am Jan 8, 2010 4:27am
Quoting mp777
...
In my opinion, this is one of the best threads in the Forex Factory and should be rated at 5 stars but obviously some people don't share the same sentiment.
...
Agreed, just rated it 5 stars. Cheers.
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #6,610
  • Jan 8, 2010 5:05am Jan 8, 2010 5:05am
Quoting soso
Agreed, just rated it 5 stars. Cheers.
Unfortunately I'm not able to vote, need 4v or above or something like that.

Chris
  • #6,611
  • Jan 8, 2010 5:19am Jan 8, 2010 5:19am
Quoting bigwal
Hello M

Im sorry to offend you, but rants do sometimes clear the air, i hope it has
.

Regards

Warren
Ah, but this is where you're mistaken

I'm not offended by your post(s) at all, from my prespective you were trying to explain that the S/R level is of utmost importance because there is where the orderflow is at a maximum level, and to enter with PA setups would be considered a late entry, therefore a retest or a touch entry might be more suited to lower the risk or simply for added leverage purposes.

I'm not stating that I'm not a beginner, I still am, only that I've been here for awhile, but the new people that comes and often are still looking for "The best way to trade" might read your post and dechiper the hidden meaning they wanted to see in it, therefore ignoring the fact that you were merely thinking out loud and expressing your creativity.

I'm not trying to debate your thoughts here, I completely agree that touch trades are one of the culmination of prolonged exposure to screen time and seeking S/R Zones, understanding the psychology behind the order flow inside them, therefore making it a very advanced trading method.

I were only trying to set some stepping stones to the newcomers , I hope this clears the air too.

Sincerely,

M.
  • #6,612
  • Jan 8, 2010 5:56am Jan 8, 2010 5:56am
Quoting johnnyonspot
A while back I wrote about how it seems like a lot of times price action in the markets, especially currencies, foreshadows or predicts what will happen, For instance, we have some bullish price action for the USD here the last day, as if the market is already telling us what the NFP report will say, i.e., its going to be USD bullish. Okay, let's see what happens.
I have a tendency to think like this also, I specifically try to make note of the last weekly bars and see if there's any indication as to where the NFP would've brought price to.
  • #6,613
  • Jan 8, 2010 6:04am Jan 8, 2010 6:04am
well done soso
Quoting soso
Agreed, just rated it 5 stars. Cheers.
  • #6,614
  • Jan 8, 2010 6:11am Jan 8, 2010 6:11am
Quoting mp777
Unfortunately I'm not able to vote, need 4v or above or something like that.

Chris
Unfortunately I'm not able to vote either. I agree this is one of the best threads on the factory. It pissed me off when I saw it had three stars. I mean here we have a guy who makes money every month consistently. He Posts LIVE trades, and explains his thought process behind it. ie this is a real live living and breathing profitable trader who is sharing with us. And the thread has 3 stars!? I've made a bunch of real money trades since 2001. Just think I should be able to vote for a thread I like. So for what its worth this is 5 star thread in my book Chris!
May the fish in your stream of life always bite.
  • #6,615
  • Jan 8, 2010 6:51am Jan 8, 2010 6:51am
[quote=bigwal;3348716]
Quoting o990l6mh




Thinking out loud, my Nzd/Usd, the base of the pinbar was close to a pivot zone. It certainly acted like a retest of 0.7300, but stalled out.



warren
Warren, thanks for bringing up such a good topic as a pin could be a retest. The NzdUsd pin that you were in, some other reasons it might not have worked... right after first of the year, choppy market, light volume? We just had a monthly pin signal and get stopped out. Signal is still valid but .... its a monthly signal. Meanwhile .....the fact that the daily tagged the monthly just enough to suck in order flow and then reversed hard might be considered bullish. All that is not say that your pin couldn't have worked! It could have! What I am saying is "silent service" ie was this a spot where the odds are in your favor?

Please don't be offended I'm just sharing a little bit of what has worked for me and keeping in the context of the thread.

Jason
May the fish in your stream of life always bite.
  • #6,616
  • Jan 8, 2010 7:11am Jan 8, 2010 7:11am
Hi Jason,

No, thank you for bringing the trade up, looking at my chart, i can see what you mean.

This isnt the best time of year to get in, it is choppy and with NFP on the way anything can happen.

I think its now sit and wait, im looking forward to see which way it plays out for the mid term.

warren
I need to finish something i started
  • #6,617
  • Jan 8, 2010 11:39am Jan 8, 2010 11:39am
Happy new year guys.. Just returning from my short break. Back to business on Monday..

Hm mm... NZD/USD .. :-? I have a nice draw down. Well still watching, after all I took the trade off the monthly.

So what's popping! Anyone still got balls holding this?

  • #6,618
  • Jan 8, 2010 11:55am Jan 8, 2010 11:55am
Ma Balls got crushed on this pair................has been a very bad week for me....down some 178 Pips........NFA really cooked this week but for those who trend trade hope you caught eurcad, gbpcad, euraud, they were good pairs to get some pips off...........even eurchf..........

Nice weekend all........Cheers

Quoting wh1zz0
Happy new year guys.. Just returning from my short break. Back to business on Monday..

Hm mm... NZD/USD .. :-? I have a nice draw down. Well still watching, after all I took the trade off the monthly.

So what's popping! Anyone still got balls holding this?

  • #6,619
  • Jan 8, 2010 1:40pm Jan 8, 2010 1:40pm
Danku,

Your post reminded me of my post-trade analysis of my EUR/AUD trade from this week. What I consider a "bad" trade that I actually made a little money on. Bad in the sense that I managed it really poorly after I was in it and after I had made a little coin....

Patience is a virtue that I'm still working on...

Chart:
http://i437.photobucket.com/albums/q...-06_EURAUD.png

Getting 100 when you could have gotten 300 is never a good feeling, but better than -100 I suppose...
  • #6,620
  • Jan 8, 2010 4:20pm Jan 8, 2010 4:20pm
Quoting wh1zz0
Happy new year guys.. Just returning from my short break. Back to business on Monday..

Hm mm... NZD/USD .. :-? I have a nice draw down. Well still watching, after all I took the trade off the monthly.

So what's popping! Anyone still got balls holding this?

I am still in as well.....based off the monthly.
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