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Silent Service Method

  • #6,861
  • Jan 24, 2010 6:08pm Jan 24, 2010 6:08pm
Quoting Imphilomath
Hi Chris et al,

I have been reading thru some of these threads by yourself,James16 and others. I have been learning as much as I can and see what suits me. Start of this year, I have decided to jump in with little bit of real money ( I did some paper trading for last 6 months, but I think I will learn better when real money is on the line). I am starting with very small amount and a micro account ( 1k - > 10 pips=1 dollar). I know it is very small and most of you might have that much as a part of your risk/trade :-). I guess thats all I can afford...
Very well put. I can see you are approaching this in a well-balanced way and I suspect that you will do well, just by the fact that you are smart enough not to risk too much right off the bat.

Keep us updated, please.

Chris
  • #6,862
  • Jan 24, 2010 6:09pm Jan 24, 2010 6:09pm
Anyone watching this? Weekly rejection of .8600-.8650 zone... not a "classic" PB let's see how is it coming...

http://cdn.forexfactory.com/attachme...8&d=1264384289

Cheers!
Many share my views with me. But I don't share them with them...
  • #6,863
  • Jan 24, 2010 6:17pm Jan 24, 2010 6:17pm
Quoting HouseTrader
Anyone watching this? Weekly rejection of .8600-.8650 zone... not a "classic" PB let's see how is it coming...

http://cdn.forexfactory.com/attachme...8&d=1264384289

Cheers!

Yes, the EUR/CHF is looking about the same as well. EUR strength this week? Stranger things have happened.
  • #6,864
  • Jan 24, 2010 6:37pm Jan 24, 2010 6:37pm
Quoting Imphilomath
I am starting with very small amount and a micro account ( 1k - > 10 pips=1 dollar). I know it is very small and most of you might have that much as a part of your risk/trade :-). I guess thats all I can afford to lose as I start this journey.
Honestly, I think that's the smart way to do it. As much as people preach about practice accounts and getting good on practice, it's very different to have real money at stake, even if its a small amount. There's a great picture on another thread (not sure which) that has a picture of a blow-up doll with a caption that says something like: "Demo Trading: No matter how much you tell yourself it's real, it's not..." Not denigrating Demo, it's valuable for learning the basics, but even if you're only playing with $100 on Oanda and taking positions of $100, you still get all the same emotions you would get with a bigger account.

Quote
If at the end of the year, I lose everything in the account, I will say goodbye to Forex
If you practice proper risk management, there is no reason you should lose everything in the account.
Each draw down should make you trade a bit smaller and each gain should make you trade a tiny bit bigger. If you feel your system isn't working the way you suspect, dial the risk back from 1% on a trade, and only risk 0.5% or 0.25% until you start to feel better about the system/style your trading and then you can return back to your prior level...

Quote
I feel individuals on this forum have most probably gone thru what I am currently going thru and nuggets of wisdom they have shared here on the forum are invaluable.
Yup - I only wish I had found this forum sooner - Lots of valuable info on here.
  • #6,865
  • Jan 24, 2010 6:48pm Jan 24, 2010 6:48pm
Quoting clockwork71
Very well put. I can see you are approaching this in a well-balanced way and I suspect that you will do well, just by the fact that you are smart enough not to risk too much right off the bat.

Keep us updated, please.

Chris
Thanks Chris for your kind words.

As I understood so far, I plot SR zones/lines from weekly/monthly and look for PA in the area of SR for appropriate trade. ( I have attached my USDJPY Daily to see if I have drawn those areas correctly. Red is for support from monthly ( hope to mark only extreme support/resistance lines. This looks like a long long term support.Blue lines are from weekly and whites are obvious ones on daily). Your comments are welcome.

In the same situation, different people make different amount of pips ( or even win/lose) based on how they enter,manage their trade and exit. Today, I have query about entries. I have attached entry 2 options I can think of for a pinbar ( definitely applies for other PAs as well). Suitability of option depends on the trader's personality and what suits 'them'. I was interested in seeing which option is preferred by this community? I can not think of any other option but please let me know if I have missed anything. How many trades do you enter? 2? 3? ( assuming first one is closed at 1:1 R:R to lock in some profit & move SL to BE, and second to ride. Some might open third to close at fix number of pips ( which is less then 1:1 RR). Anything preferred here?

After few crash and burns :-), I am sure I will learn what works best for me but very curious what everyone here is doing.

cheers again
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  • #6,866
  • Jan 24, 2010 7:15pm Jan 24, 2010 7:15pm
Quoting clockwork71
With a sell off like we just had, I would probably look to sell in about 100-150 pips. Do I think it could bounce back there? Of course, but downside is where the obvious momentum is.
Yeah I agree with you clockwork.

Plus I'm still short NZD/USD and looking forward to shorting NZD/CHF as we have a nice BEOB on the weekly at a PPZ and around the 0.76 RN level + regular bearish divergence. Some nice confluence you might say when you look at the fact that price might try to test the broken trendline on H4. I'd love to get in on a pull back to the 38 or 50 fib level of that BEOB. Also doing so with closed ears about swizz intervention...

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  • #6,867
  • Jan 24, 2010 9:39pm Jan 24, 2010 9:39pm
Quoting Imphilomath
Thanks Chris for your kind words.

As I understood so far, I plot SR zones/lines from weekly/monthly and look for PA in the area of SR for appropriate trade. ( I have attached my USDJPY Daily to see if I have drawn those areas correctly. Red is for support from monthly ( hope to mark only extreme support/resistance lines. This looks like a long long term support.Blue lines are from weekly and whites are obvious ones on daily). Your comments are welcome.

In the same situation, different people make different amount of pips ( or even win/lose) based...
A quick glance and the chart looks pretty good. But as far as how many trades? I generally don't have more than 3 at a time, mainly because it gets hard to keep track of them all when you have so many. It's just a personal thing more than anything else.

If I have profit locked in on one of my trades, then I can open another one.....if it's locked in for profit, I pretty much don't consider it a trade, in terms of risk obviously.
  • #6,868
  • Jan 24, 2010 10:43pm Jan 24, 2010 10:43pm
I always go with Option 2 but use a 35% Retracements on this PBs. 8 out of 10 times my retracement entry will be triggered.......if it does not get triggered and moves away, i would zoom to a lower TF and look for a an entry signal.

Quoting Imphilomath
Thanks Chris for your kind words.

As I understood so far, I plot SR zones/lines from weekly/monthly and look for PA in the area of SR for appropriate trade. ( I have attached my USDJPY Daily to see if I have drawn those areas correctly. Red is for support from monthly ( hope to mark only extreme support/resistance lines. This looks like a long long term support.Blue lines are from weekly and whites are obvious ones on daily). Your comments are welcome.

In the same situation, different people make different amount of pips ( or even win/lose)...
  • #6,869
  • Jan 25, 2010 2:32am Jan 25, 2010 2:32am
Quoting Danku
I always go with Option 2 but use a 35% Retracements on this PBs. 8 out of 10 times my retracement entry will be triggered.......if it does not get triggered and moves away, i would zoom to a lower TF and look for a an entry signal.
But do you wait for the pb to trigger then look for a retrace or do you just take a retrace even if the pb hasnt triggered . I would imagine you would get lots of losers if just taking PB retraces before the bar has triggered and then also they wouldnt be called pinbars.
  • #6,870
  • Jan 25, 2010 3:18am Jan 25, 2010 3:18am
Basically i wait for the Daily PB to be complete or the Day to come to an end....then based on the PBs high and low, i calculate the 35% retracement price and place a sell or buy limit at that retracement price depending on whether it is a sell or buy. I also do the same for 2-Day PB.......it is something similar to what Nail Fuller (hope i spelt his name correctly) does....

On a number of occasions (on Demo) i have tried getting in on anticipation that we will get a PB..........you do not want to do that.......................

So, i wait for the Bar to end, if we have a PB calculation the 35% Retracement Price and place a limit order.........hope the above helps...cheers

Quoting Coop
But do you wait for the pb to trigger then look for a retrace or do you just take a retrace even if the pb hasnt triggered . I would imagine you would get lots of losers if just taking PB retraces before the bar has triggered and then also they wouldnt be called pinbars.
  • #6,871
  • Jan 25, 2010 4:12am Jan 25, 2010 4:12am
Closing it at +115 pip
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  • #6,872
  • Jan 25, 2010 4:13am Jan 25, 2010 4:13am
Quoting clockwork71
I don't know what that is. Sorry. If you are referring to the white line as well, be advised that it's the fib line that this charting package uses. The purplish one is my only real trend line on this chart.
My bad.

"Tactica Adversa" is a kind of TL trading technique with some EW type assumption, like - one signle trend cant have more than 6 extreme points(3 extreme highs and 3 extreme lows) or 3 extreme waves. All the reading material on it is in Russian.

Hmm...looks like I am loosing my track, Back to learning to draw S/R and Gartleys.
  • #6,873
  • Jan 25, 2010 4:21am Jan 25, 2010 4:21am
Quoting samer960
Closing it at +115 pip
hi samer
my question maybe is stupid but why that early u close?
Number of Days without an idiotic request: 0
  • #6,874
  • Jan 25, 2010 4:43am Jan 25, 2010 4:43am
I took off 135 last week Friday and waited for some retracement and got back in.....based on the Weekly PB...............and hoping to pick another 135..........or do you have a strategy to target a number of Pips a day......it works for me...maybe you doing the same thing...........

Quoting nowy
hi samer
my question maybe is stupid but why that early u close?
  • #6,875
  • Jan 25, 2010 6:05am Jan 25, 2010 6:05am
hi
1.67 is an area where price has reacted many times in the past , i was 160 pip in profit and price has retraced on me , and it was just before US opening where the market reverse sometimes , i prefered to close it and bank those pips . as a matter of fact i was right since the price is retracing now .
regards
samer

Quoting nowy
hi samer
my question maybe is stupid but why that early u close?
  • #6,876
  • Jan 25, 2010 6:12am Jan 25, 2010 6:12am
hi
i trade usually from support to resistance and from resistance to support . and sometimes i just close it when i see the market is retracing on me .i bank my profit , i think i am like u and everybody else i hate to see green trades turn into red . and most of all i try not to stress myself ( it is bad for my health )
regards
samer

Quoting Danku
I took off 135 last week Friday and waited for some retracement and got back in.....based on the Weekly PB...............and hoping to pick another 135..........or do you have a strategy to target a number of Pips a day......it works for me...maybe you doing the same thing...........
  • #6,877
  • Jan 25, 2010 7:41am Jan 25, 2010 7:41am
Quoting samer960
hi
1.67 is an area where price has reacted many times in the past , i was 160 pip in profit and price has retraced on me , and it was just before US opening where the market reverse sometimes , i prefered to close it and bank those pips . as a matter of fact i was right since the price is retracing now .
regards
samer
looks u and Danku made good decision
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  • #6,878
  • Jan 25, 2010 4:01pm Jan 25, 2010 4:01pm
Quoting nowy
looks u and Danku made good decision
It will be interesting to watch the 1.69 to 1.70 area.
  • #6,879
  • Jan 25, 2010 4:47pm Jan 25, 2010 4:47pm
Quoting samer960
hi
i trade usually from support to resistance and from resistance to support . and sometimes i just close it when i see the market is retracing on me .i bank my profit , i think i am like u and everybody else i hate to see green trades turn into red . and most of all i try not to stress myself ( it is bad for my health )
regards
samer
Hey my friend! I can relate. I did however leave a small position on to run. Not gonna spend any time kicking myself over it because it is risk free of course. Who knows? Cadbury may try to market chocolate easter turds or Bernake could somehow get booted! lol Not that I get involved in funnymentals too much.

Keep up the good work!
  • #6,880
  • Jan 26, 2010 2:56am Jan 26, 2010 2:56am
Quoting clockwork71
It will be interesting to watch the 1.69 to 1.70 area.
on daily chart bounce again, first target on 1,675?
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