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Silent Service Method

  • #8,061
  • Apr 14, 2010 7:17pm Apr 14, 2010 7:17pm
Quoting MattW
Hey Magnus, that ball definitely needs a shine!

What's the news driving Singaporean strength today?
Edit: Just read Arfer's post But surely if they are trying to cool their economy they don't want a strengthening currency, which is what happened?
My understanding is that they are going to let the SGD appreciate. They allow it to float in a range.......so it will be a move for a certain amount of handles, then it will find it's range again, as set by the Singapore Monetary Commission.
  • #8,062
  • Apr 14, 2010 7:18pm Apr 14, 2010 7:18pm
Quoting MattW
Hey guys,

Been away from the thread for a few weeks due to trading constraints but thought I'd drop in and say hi!

What do you guys think of the EUR/USD? A potential range breakout trade do you think?

The short is perhaps slightly stifled by a resistance line 50 pips away at 1.35 although it might just blast through that if it's more Greece news driving it but a long has some potential too. What's your thoughts?

I think your best bet is to watch it for a few days - it seems to be stuck at the moment.
  • #8,063
  • Edited 9:10pm Apr 14, 2010 8:59pm | Edited 9:10pm
Quoting MattW
Hey Magnus, that ball definitely needs a shine!

What's the news driving Singaporean strength today?
Edit: Just read Arfer's post But surely if they are trying to cool their economy they don't want a strengthening currency, which is what happened?

Your on the right side of the trend...so stay short.

Watch for 1.3119


good hunting,


golferfx
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  • #8,064
  • Apr 14, 2010 10:15pm Apr 14, 2010 10:15pm
Quoting golferfx
Your on the right side of the trend...so stay short.

Watch for 1.3119


good hunting,


golferfx
This is good advice. When you are proven correct - don't be in a rush to change things.
  • #8,065
  • Apr 14, 2010 10:28pm Apr 14, 2010 10:28pm
I am amazed at how slowly the market moves at these higher timeframes. I am really happy with how I am adjusting to this method. I am starting to understand how one could use the pace of the market to their advantage.

I am going to be in the field most of the day tomorrow, but I will try to put something together for peer review.

J
  • #8,066
  • Apr 14, 2010 10:39pm Apr 14, 2010 10:39pm
Quoting jharvey407
No, I am out of the office for hours at a time, not days at a time.

It sounds to me like you disagree with my philosophy of placing profit targets, and general trade/risk management.
Completely! What's the worst that can happen in a few hours? I'm not sure you've grasped the philosophy of this method. The idea is that you will definitely have a few losers due to volatility but occasionally you will take a trade and still be trailing your stop a month and 1000 pips later. It's all down to accepting your fate and letting go.
Position trader - Anything intraweek is just noise...
  • #8,067
  • Apr 14, 2010 10:42pm Apr 14, 2010 10:42pm
Quoting jharvey407
"...first thing is that no matter how hard you watch that screen you can't move the market by willpower and the second thing is that stop losses are there for a reason... Place the trade, set your stop then GO FOR A BEER! The market will still be there when you get back and seeing as these trends take days, weeks, even months to unfold you've got a little time til anything happens yet..."
Touche! My point was though that after a big move like that it often retraces so I was looking at 200 pips and only had 100 locked in and I wondered what other traders would do in that situation.
Position trader - Anything intraweek is just noise...
  • #8,068
  • Apr 15, 2010 6:14am Apr 15, 2010 6:14am
Quoting Arfer Daily
Touche! My point was though that after a big move like that it often retraces so I was looking at 200 pips and only had 100 locked in and I wondered what other traders would do in that situation.
I understand, but when you really look at both situations, we are doing the same thing. Simple risk/trade management.

I felt that there was a high probability of a large retrace from the S/R just above my position, so I placed a TP, just in case the market moved up while I was out of the office.

You were concerned about a retrace after a quick move and were considering taking some profit or adjusting your stops.

We are both simply adjusting our trades based on our analysis of the potential movement of the market.

Last night I removed the TP on my trade because I was home and would be checking the charts every few hours. Today when I go out in the field I will adjust my stops and place TP's where I feel they are warranted.

What did you decide to do about your trade? Did you take some profit?

I made a post a few posts back about how I am realizing that the market moves much slower in the larger time frames. I am used to trying to scalp in the lower time frames where the price action can be much more time critical. I am going to put together some notes I have made about this method for peer review. Please take a look when I post it.

J
  • #8,069
  • Apr 15, 2010 6:27am Apr 15, 2010 6:27am
Here is a look at my chart of the GBPUSD. I feel that the trend is still down since it's high in November of 07.

I have identified two zones for potential short trades. Does anyone feel that a long in the area of the current price would be worth the risk, if a proper signal were to form?

Please feel free to comment on GBP trend, potential moves, my S/R levels etc.
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  • #8,070
  • Apr 15, 2010 6:46am Apr 15, 2010 6:46am
Quoting jharvey407
Here is a look at my chart of the GBPUSD. I feel that the trend is still down since it's high in November of 07.

I have identified two zones for potential short trades. Does anyone feel that a long in the area of the current price would be worth the risk, if a proper signal were to form?

Please feel free to comment on GBP trend, potential moves, my S/R levels etc.

Here is my chart, with where I am waiting for circled:
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  • #8,071
  • Apr 15, 2010 6:48am Apr 15, 2010 6:48am
Quoting Arfer Daily
Completely! What's the worst that can happen in a few hours? I'm not sure you've grasped the philosophy of this method. The idea is that you will definitely have a few losers due to volatility but occasionally you will take a trade and still be trailing your stop a month and 1000 pips later. It's all down to accepting your fate and letting go.
Agreed. I couldn't have said it better myself.....
  • #8,072
  • Apr 15, 2010 7:25am Apr 15, 2010 7:25am
Quoting clockwork71
Agreed. I couldn't have said it better myself.....
Er, it was you who said it! (I've been reading the start of the thread again )

Jharvey, I know what you mean, we're both here to achieve the same thing so it's no problem. I was just pointing out a few things.
Position trader - Anything intraweek is just noise...
  • #8,073
  • Apr 15, 2010 7:36am Apr 15, 2010 7:36am
Quoting clockwork71
Here is my chart, with where I am waiting for circled:
Thanks Chris.
  • #8,074
  • Apr 15, 2010 7:58am Apr 15, 2010 7:58am
Quoting Arfer Daily
Er, it was you who said it! (I've been reading the start of the thread again )
I think Chris was being ironic.... we Brits are supposed to be good at it. He's showing us up!

Well done with your recent trades and thanks for the interesting posts too...

I'm currently long USD/JPY from 93and GBP/JPY from 143 (after daily pin and break of trendline) - could be in for a long wait though.

Good luck!
  • #8,075
  • Apr 15, 2010 10:02am Apr 15, 2010 10:02am
Quoting Pipped
I think Chris was being ironic.... we Brits are supposed to be good at it. He's showing us up!

Well done with your recent trades and thanks for the interesting posts too...

I'm currently long USD/JPY from 93and GBP/JPY from 143 (after daily pin and break of trendline) - could be in for a long wait though.

Good luck!
Hmm, you could be right!

Usdjpy is enjoying doing it's own thing at the moment. I'm sure when it makes it's mind up it'll take off with force, hopefully in our direction! I missed the gbpjpy one, good luck with that.
Position trader - Anything intraweek is just noise...
  • #8,076
  • Apr 15, 2010 10:06am Apr 15, 2010 10:06am
Euraud is in uncharted territory now. I took a short last night at the bounce from the trendline, not a really good quality signal but with the trend at least. It'll be interesting to watch with no prior s/r levels to be guided by!
Position trader - Anything intraweek is just noise...
  • #8,077
  • Apr 15, 2010 10:38am Apr 15, 2010 10:38am
Usdcad just stopped out for a small loss. I'd pulled the stop loss in as I wasn't too happy with the way the trade looked. I'm not too worried, I've got enough exposure to the dollar as it is at the moment.
Position trader - Anything intraweek is just noise...
  • #8,078
  • Apr 15, 2010 3:00pm Apr 15, 2010 3:00pm
Quoting aserbfx
good breakout.
a picture says more than ...
took 2/3 off the table.
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meine augen sind die sterne
  • #8,079
  • Apr 15, 2010 3:43pm Apr 15, 2010 3:43pm
Quoting aserbfx
a picture says more than ...
took 2/3 off the table.
nice trade
  • #8,080
  • Apr 15, 2010 4:48pm Apr 15, 2010 4:48pm
Quoting aserbfx
a picture says more than ...
took 2/3 off the table.
The words "up, up and away" come to mind

Well done!
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