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Silent Service Method

  • #7,281
  • Feb 23, 2010 8:07am Feb 23, 2010 8:07am
As some of you may have noticed, we had a move down in the GBP/USD pair this morning. The BoE basically said it might have to keep up with the Quantitative Easing policy. But more importantly, let's look at the technical aspect of this pair.

This is a great study in not taking every pinbar.
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  • #7,282
  • Feb 23, 2010 10:31am Feb 23, 2010 10:31am
the above title means a thousand words for those that know why Chris was not soo excited...............i got soo excited about the GBPCAD & EURNZD PBs on 17th Feb 2010....they were at swing lows but i bet Chris was NOT ALL THAT excited about them........WHY? Have a look at the two charts, minimise them once and you will know why...................

Back test the following...draw ur S/R Areas off the Weekly and Daily as Chris does and recommends, wait for Price to come these S/R Areas and trade ONLY and i say ONLY in the direction of the Daily Trend....................

Quoting clockwork71
As some of you may have noticed, we had a move down in the GBP/USD pair this morning. The BoE basically said it might have to keep up with the Quantitative Easing policy. But more importantly, let's look at the technical aspect of this pair.

This is a great study in not taking every pinbar.
  • #7,283
  • Feb 23, 2010 10:44am Feb 23, 2010 10:44am
Anyone want to get excited about going long EURUSD and short USDCHF.....................from a technical point of view..............

Also, notice anything about these two charts?

Quoting clockwork71
As some of you may have noticed, we had a move down in the GBP/USD pair this morning. The BoE basically said it might have to keep up with the Quantitative Easing policy. But more importantly, let's look at the technical aspect of this pair.

This is a great study in not taking every pinbar.
Attached Image(s) (click to enlarge)
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  • #7,284
  • Feb 23, 2010 11:45am Feb 23, 2010 11:45am
Anybody here still short the kiwi?

A position I added 12 days ago is almost at breakeven, makes me feel like celebratin'!
  • #7,285
  • Feb 23, 2010 11:58am Feb 23, 2010 11:58am
Quoting Low
Anybody here still short the kiwi?

A position I added 12 days ago is almost at breakeven, makes me feel like celebratin'!

I have been for about 2 months, on and off....the core position remains though.
  • #7,286
  • Feb 23, 2010 1:03pm Feb 23, 2010 1:03pm
The psychology of trading has probably had more written about it than the mechanics, and it's something I'm immensely interested in because most of the "problems" I encounter are products of my own psychological make-up, some of them universal, and some of them unique to me.

When comes to trading, I will often bug Chris only when something is "going wrong" because it needs attention, and needs to be remedied. However, my work-ethic tells me that when I'm successful, I shouldn't "boast" because there's nothing special about doing what you're supposed to do, so I keep my wins to myself, and ask for help when I'm seeing red.

For any newer traders I know it helps to see this method applied successfully, and I'm the worst when it comes to that (maybe I think bragging will jinx the trade...LOL).

So......I've had some struggles lately, but here's today's floating PL. I really hoping to hold onto these for a bit longer.

http://i46.tinypic.com/bjgvo7.png
  • #7,287
  • Feb 23, 2010 1:14pm Feb 23, 2010 1:14pm
Quoting Low
Anybody here still short the kiwi?

A position I added 12 days ago is almost at breakeven, makes me feel like celebratin'!
I'm still short on it... added some as the price went up and with the dive today I'm in blue.... let's see....
Many share my views with me. But I don't share them with them...
  • #7,288
  • Feb 23, 2010 8:12pm Feb 23, 2010 8:12pm
Quoting clockwork71
As some of you may have noticed, we had a move down in the GBP/USD pair this morning. The BoE basically said it might have to keep up with the Quantitative Easing policy. But more importantly, let's look at the technical aspect of this pair.

This is a great study in not taking every pinbar.
Just to add that apart from the bad location of the pin bar, it's not a true pin bar in my book as the close was not enclosed within the prior bar i.e the left eye.
  • #7,289
  • Feb 23, 2010 8:32pm Feb 23, 2010 8:32pm
Quoting clockwork71
As some of you may have noticed, we had a move down in the GBP/USD pair this morning. The BoE basically said it might have to keep up with the Quantitative Easing policy. But more importantly, let's look at the technical aspect of this pair.

This is a great study in not taking every pinbar.
Exactly.... Didn't like that PB.... I see much more meaning on that D1 Bearish Outside Bar that came after the PB... and after a south break of the box... let's see....
Many share my views with me. But I don't share them with them...
  • #7,290
  • Feb 23, 2010 8:36pm Feb 23, 2010 8:36pm
Yeah..

I'll leave pound-dollar for now ... However, here's what I'm watching:

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  • #7,291
  • Feb 23, 2010 10:48pm Feb 23, 2010 10:48pm
Quoting Low
The psychology of trading has probably had more written about it than the mechanics, and it's something I'm immensely interested in because most of the "problems" I encounter are products of my own psychological make-up, some of them universal, and some of them unique to me.

When comes to trading, I will often bug Chris only when something is "going wrong" because it needs attention, and needs to be remedied. However, my work-ethic tells me that when I'm successful, I shouldn't "boast" because there's nothing special about doing what you're...

Congrats. Looks like you are doing quite well at the moment.
  • #7,292
  • Feb 23, 2010 10:50pm Feb 23, 2010 10:50pm
Quoting wh1zz0
Yeah..

I'll leave pound-dollar for now ... However, here's what I'm watching:

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Attachment
I agree with Aussie weakness. It's not even AUD being the problem, it's the fact that they don't have many countries to export to. They are one of the few economies that seem to be doing well...but as riskier assets get out of vogue, AUD suffers.
  • #7,293
  • Feb 24, 2010 2:02am Feb 24, 2010 2:02am
Quoting clockwork71
I agree with Aussie weakness. It's not even AUD being the problem, it's the fact that they don't have many countries to export to. They are one of the few economies that seem to be doing well...but as riskier assets get out of vogue, AUD suffers.
  • #7,294
  • Feb 24, 2010 12:18pm Feb 24, 2010 12:18pm
On a slow day, I started watching this interesting series of videos on You Tube. It's a little "conspiracy-theory" type movie. There is a lot of truth in them as well though.

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  • #7,295
  • Feb 24, 2010 3:10pm Feb 24, 2010 3:10pm
Quoting clockwork71
On a slow day, I started watching this interesting series of videos on You Tube. It's a little "conspiracy-theory" type movie. There is a lot of truth in them as well though.
Thanks Chris, I enjoyed them a lot.

Some conspiracy in there, yes, but probably far from as much as we'd like.
  • #7,296
  • Feb 24, 2010 4:39pm Feb 24, 2010 4:39pm
finally I see this topic in the main section !

congratulations !
  • #7,297
  • Feb 24, 2010 5:58pm Feb 24, 2010 5:58pm
Quoting o990l6mh
Thanks Chris, I enjoyed them a lot.

Some conspiracy in there, yes, but probably far from as much as we'd like.
Yes, sadly I am sure you are correct. I was really trying to find something trading related to get into to day - but the markets really weren't doing all that much.
  • #7,298
  • Feb 24, 2010 5:58pm Feb 24, 2010 5:58pm
Quoting ttteee
finally I see this topic in the main section !

congratulations !
Thanks ttteee!
  • #7,299
  • Edited 9:17pm Feb 24, 2010 8:49pm | Edited 9:17pm
Hi Chris
i would like to ask you why gj didnt draw your attention and if it did , why u didnt consider to short it ?
looking at weekly chart the short was obvious , if i am missing something please let me know
regards
samer
  • #7,300
  • Feb 24, 2010 10:45pm Feb 24, 2010 10:45pm
Quoting samer960
Hi Chris
i would like to ask you why gj didnt draw your attention and if it did , why u didnt consider to short it ?
looking at weekly chart the short was obvious , if i am missing something please let me know
regards
samer
It wasn't my thought one way or the other - only that I am already short the GBP/USD, so I don't like being short GBP in two different trades, if I can avoid it.
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