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Silent Service Method

  • #6,881
  • Jan 26, 2010 5:30am Jan 26, 2010 5:30am
Chris, i do not think i did the right thing....i had to go through some stress yesterday and last night watching the GBPCHF & EURGBP go in the opposition direction........i re-entered the GBPCHF Short on market open and my S/L has been hit though i reduced my enrty minilots and but EURGBP scared the bajibas out of me last night....was about to close it for a loss but hey.........that is why i have a S/L and thank God i did not coz it is turning round...........infact we might have a very interesting week close.........WATCH THIS SPACE...............

Quoting clockwork71
It will be interesting to watch the 1.69 to 1.70 area.
  • #6,882
  • Jan 26, 2010 5:49am Jan 26, 2010 5:49am
Quoting Danku
Chris, i do not think i did the right thing....i had to go through some stress yesterday and last night watching the GBPCHF & EURGBP go in the opposition direction........i re-entered the GBPCHF Short on market open and my S/L has been hit though i reduced my enrty minilots and but EURGBP scared the bajibas out of me last night....was about to close it for a loss but hey.........that is why i have a S/L and thank God i did not coz it is turning round...........infact we might have a very interesting week close.........WATCH THIS SPACE...............
Danku do you have any first target on gbp/chf ?
Number of Days without an idiotic request: 0
  • #6,883
  • Jan 26, 2010 5:55am Jan 26, 2010 5:55am
hey nowy,

i do not have any target because my S/L got hit.......i am still holding my EURGBP Long and just entered GBPCAD Short....but if i were still in the GBPCHF short i would target the 1.6633 Area........hope it helps

Quoting nowy
Danku do you have any first target on gbp/chf ?
  • #6,884
  • Jan 26, 2010 7:51am Jan 26, 2010 7:51am
I read somewhere that Fed Reserve Chairman Ben Bernanke's term is ending this 31 January 2010...is what i read true? If it is, i will not be holding anything open this coming weekend............what do you guyz/glaz think?
  • #6,885
  • Jan 26, 2010 7:56am Jan 26, 2010 7:56am
Quoting Danku
I read somewhere that Fed Reserve Chairman Ben Bernanke's term is ending this 31 January 2010...is what i read true? If it is, i will not be holding anything open this coming weekend............what do you guyz/glaz think?

For me, I'd say leave the politics to the politicians. Watch the charts.

Cheers buddy.
  • #6,886
  • Jan 26, 2010 8:28am Jan 26, 2010 8:28am
Quoting Danku
I read somewhere that Fed Reserve Chairman Ben Bernanke's term is ending this 31 January 2010...is what i read true? If it is, i will not be holding anything open this coming weekend............what do you guyz/glaz think?
This is true, but they will vote on his reappointment in the next few days. The Fed Chairman serves a 4 year term, so this is already known.
  • #6,887
  • Jan 26, 2010 8:30am Jan 26, 2010 8:30am
Quoting nowy
on daily chart bounce again, first target on 1,675?
Yeah, that looks about right.....in theory at least.
  • #6,888
  • Jan 26, 2010 8:31am Jan 26, 2010 8:31am
Quoting Danku
Chris, i do not think i did the right thing....i had to go through some stress yesterday and last night watching the GBPCHF & EURGBP go in the opposition direction........i re-entered the GBPCHF Short on market open and my S/L has been hit though i reduced my enrty minilots and but EURGBP scared the bajibas out of me last night....was about to close it for a loss but hey.........that is why i have a S/L and thank God i did not coz it is turning round...........infact we might have a very interesting week close.........WATCH THIS SPACE...............

I am not saying you didn't. What I meant by that is possibly re-shorting at that price......based off the trend line and resistance. :-)
  • #6,889
  • Jan 26, 2010 8:34am Jan 26, 2010 8:34am
The attached chart is an update on my life-long short of the Kiwi.

The dash line is my break even point, and the solid red line is the next area I am hoping to see cleared.
Attached Image (click to enlarge)
Click to Enlarge Name: nzd.png Size: 39 KB
  • #6,890
  • Jan 26, 2010 12:47pm Jan 26, 2010 12:47pm
New rant on blog.
  • #6,891
  • Jan 26, 2010 12:52pm Jan 26, 2010 12:52pm
Going to try to embed a youtube clip here...
Inserted Video


For all the economists in the house - here's a little humor (and education) for your Tuesday afternoon!
  • #6,892
  • Jan 26, 2010 1:00pm Jan 26, 2010 1:00pm
Quoting clockwork71
The attached chart is an update on my life-long short of the Kiwi.

The dash line is my break even point, and the solid red line is the next area I am hoping to see cleared.
So far i'm with you
Have 2 sell " 7330 , 7150 "
We hit today strong Support but so far daily down and 1h still down
So i will continue hold my sell
  • #6,893
  • Jan 26, 2010 2:18pm Jan 26, 2010 2:18pm
Quoting egkid
So far i'm with you
Have 2 sell " 7330 , 7150 "
We hit today strong Support but so far daily down and 1h still down
So i will continue hold my sell
I am thinking long term anyways.......like I said somewhere, I would love to get to .6000 - of course, that's a long term goal.
  • #6,894
  • Jan 26, 2010 2:19pm Jan 26, 2010 2:19pm
Quoting InfinitySL

For all the economists in the house - here's a little humor (and education) for your Tuesday afternoon!

This video could only be better if Flava Flav was in it. LOL
  • #6,895
  • Jan 26, 2010 2:23pm Jan 26, 2010 2:23pm
I can't decide who needs bombed first - Sweden for making ABBA, or England for dredging it back up. Ugh.

http://www.guardian.co.uk/music/gall.../26/abba-world
  • #6,896
  • Jan 26, 2010 2:55pm Jan 26, 2010 2:55pm
Quoting Danku
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....
yep I agree Danku. I do the same, after PB is complete on the dailys, I look for retracement. You are right, Nial's videos suggest around 50% retracement.

My observation was that if pin bar has very nice long nose ( which means strong rejection of SR), generally it will not retrace all the way to 50%. 35% retracement sounds like a good option :-) I will definitely try that out.
  • #6,897
  • Jan 26, 2010 3:06pm Jan 26, 2010 3:06pm
Quoting clockwork71
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.
Thanks for reviewing the chart. I will keep following same practice, good to see I am doing it correctly.
Sorry my bad, I did not articulate the question correctly. When I said 2/3 trades, I meant for the same scenario ( total risk of those 2/3 trades is still less than allowed risk/trade - in my case 1%).

Option 1:
For the same pair and scenario, some open 2 trades while some might open 3. First trade is closed at
R:R of 1:1 and SL for second trade is moved to BE. That second trade is allowed to ride the trade to gain as much as I can ( free ride since it is at BE).

Option 2:
Some might open 3 trade for the same situation. Some of Jame's video suggested moving SL to BE after 30 pips ( unless I have not understood it correctly).This is where some might open 3 trades for the same scenario. Close first after 30 pips ( and move SL to BE). Close second after 1:1 R:R and let third have a free ride.

Wondering what is preferred option here on the thread. For my option 1 sounds like a good idea. But curious to hear other's opinion.

( sorry I am an engineer by profession, sometimes tend to go in too much detail :-( I prefer measuring 10 times and cutting once :-). I guess very similar to silent service that you have mentioned on the first page )

cheers
  • #6,898
  • Jan 26, 2010 3:42pm Jan 26, 2010 3:42pm
Quoting Imphilomath
Thanks for reviewing the chart. I will keep following same practice, good to see I am doing it correctly.
Sorry my bad, I did not articulate the question correctly. When I said 2/3 trades, I meant for the same scenario ( total risk of those 2/3 trades is still less than allowed risk/trade -...
Ok, well that's a little different than what I was thinking.....

I risk no more than a total of 5%. Not on one trade, but on up 3. (in general) The reason that I say 5% is that as you place trades, 1% may not be the same on the next trade. (For example, your first trade might have profits locked in, or underwater.) So for simplicity, I just say 5%.

I try not to take correlated trades in general, that way if one of my trades gets hit for a loss.....the others aren't necessarily going to do the same thing.

Chris

oh, and P.S. - you are making it too detailed. Never forget that trading is every bit as much an art as it is a science.
  • #6,899
  • Jan 26, 2010 3:51pm Jan 26, 2010 3:51pm
Here's a good example of what volume can do for your trading. In real, regulated, open, and honest markets......there are only a few things that really matter:

 

  1. Volume
  2. Support
  3. Resistance
  4. Trend

Attached Image (click to enlarge)
Click to Enlarge Name: GS.png Size: 140 KB
  • #6,900
  • Jan 26, 2010 4:09pm Jan 26, 2010 4:09pm
Quoting clockwork71
I can't decide who needs bombed first - Sweden for making ABBA, or England for dredging it back up. Ugh.

http://www.guardian.co.uk/music/gall.../26/abba-world
Sweden!?

How dare you even speak on such matters, mr home of the brave, land of Britney... no, sorry I meant land of the free
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