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Silent Service Method

  • #8,081
  • Apr 15, 2010 5:12pm Apr 15, 2010 5:12pm
Quoting aserbfx
a picture says more than ...
took 2/3 off the table.

Nice.....and timely too - it dropped a bit after hours.

Also, you can also try to see if that breakout holds, and get back in.

Good trade.
  • #8,082
  • Edited 8:24pm Apr 15, 2010 7:26pm | Edited 8:24pm
Quoting Arfer Daily
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.
I am still waiting paitiently for it to make it's move.

I am also still in the USDCAD and waiting for it to get moving as well.

Although now it looks like I might get stopped out on both trades. We'll have to see how they play out.
  • #8,083
  • Apr 15, 2010 9:37pm Apr 15, 2010 9:37pm
Chris,
Just wanted to let you know I had an a-ha moment today thanks to your wisdom and teachings. Things are very clear to me now my friend. They were alright before but they are crystal now.

Mike

Like sleeping with your school book uner your pillow, eventually it will sink in!!!
  • #8,084
  • Apr 15, 2010 9:52pm Apr 15, 2010 9:52pm
Quoting jharvey407
I am still waiting paitiently for it to make it's move.

I am also still in the USDCAD and waiting for it to get moving as well.

Although now it looks like I might get stopped out on both trades. We'll have to see how they play out.
I took a small loss on usdcad yesterday as it broke the last 4 hour swing high where I'd put my stop loss.

Usdsgd stopped out for +150, it never went over 200 pips up so there obviously wasn't much more in the trade anyway.

I've taken the decision to go completely flat now, I had three trades open where the two winners where paying for the loser (audnzd up 70 or so and euraud up 20 odd but usdjpy was pulling it down).

I'm 650 pips up for the month so far so I'm happy to go flat, take a breath and wait for the next A+ setup.

Edit... The only thing I like the look of at the moment is a possible trendline break on chfjpy, I'll be watching the 4 hour during the day today for that one.
Position trader - Anything intraweek is just noise...
  • #8,085
  • Apr 15, 2010 11:34pm Apr 15, 2010 11:34pm
Quoting Arfer Daily
I took a small loss on usdcad yesterday as it broke the last 4 hour swing high where I'd put my stop loss.

Usdsgd stopped out for +150, it never went over 200 pips up so there obviously wasn't much more in the trade anyway.

I've taken the decision to go completely flat now, I had three trades open where the two winners where paying for the loser (audnzd up 70 or so and euraud up 20 odd but usdjpy was pulling it down).

I'm 650 pips up for the month so far so I'm happy to go flat, take a breath and wait for the next A+ setup.

Edit... The only...
Congrats on the 650...you deserve a break.
  • #8,086
  • Apr 15, 2010 11:36pm Apr 15, 2010 11:36pm
Quoting calderone
Chris,
Just wanted to let you know I had an a-ha moment today thanks to your wisdom and teachings. Things are very clear to me now my friend. They were alright before but they are crystal now.

Mike

Like sleeping with your school book uner your pillow, eventually it will sink in!!!
Is that like the time I drank WAY TOO MUCH Captain Morgans, and realized as I was getting sick, that sometimes moderation is key? That was an "ah-ha" moment for me.

  • #8,087
  • Apr 16, 2010 12:04am Apr 16, 2010 12:04am
Quoting clockwork71
Nice.....and timely too - it dropped a bit after hours.

Also, you can also try to see if that breakout holds, and get back in.

Good trade.
yes, i got back to the screen and saw that. made me laugh!
meine augen sind die sterne
  • #8,088
  • Apr 16, 2010 4:55am Apr 16, 2010 4:55am
Trendline break. Chf looking weak (usdchf up with no discernible resistance in sight), jpy looking strong or neutral (usdjpy down but with a bit of possible support around). Sell order placed below the retest candle with the stop loss just above. See how this works out, we should know within the next few candles which way it's going to go.
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpy 4hour tl break.gif Size: 28 KB
Position trader - Anything intraweek is just noise...
  • #8,089
  • Apr 16, 2010 5:38am Apr 16, 2010 5:38am
Quoting clockwork71
Is that like the time I drank WAY TOO MUCH Captain Morgans, and realized as I was getting sick, that sometimes moderation is key? That was an "ah-ha" moment for me.


This is much safer than that! lol
  • #8,090
  • Apr 16, 2010 6:31am Apr 16, 2010 6:31am
Looking at the charts today - I see the same thing I have seen for a while now, nothing much. It looks like today could be a quiet one. The one thing that I would point out is that the gap has been filled on the EUR from over the weekend, however - the gap on the EURGBP has not only been filled but we are lower. This could be a sign of things to come in the EUR in general.

I don't expect this to resolve today however.

It seems the market is waiting for something, although I can't for the life of me figure out what. Odd few weeks really.
  • #8,091
  • Apr 16, 2010 6:35am Apr 16, 2010 6:35am
Is at a level again. Looking to see if it will be rejected. Like to pick up a few before the weekend.
  • #8,092
  • Apr 16, 2010 6:38am Apr 16, 2010 6:38am
Quoting calderone
Chris,
Just wanted to let you know I had an a-ha moment today thanks to your wisdom and teachings. Things are very clear to me now my friend. They were alright before but they are crystal now.

Mike

Like sleeping with your school book uner your pillow, eventually it will sink in!!!
Can you share your a-ha moment with the rest of us?
  • #8,093
  • Apr 16, 2010 6:53am Apr 16, 2010 6:53am
Quoting jharvey407
Can you share your a-ha moment with the rest of us?

Yes. It's simple. As much as I tried to resist the simplicity of s&r and price action by clinging to my safety net of a macd and ema's, I realized that I don't need them. lol

All I need is s&r, watch 00 numbers, look for price action signals and rememberwhat patterns Pring looks for. It was Chris and his way of teaching that finally made me realize that I am making this way to hard on myself. Now I was using all of this but complicating it with what I used before.

I don't know if I conveyed it but I just dumped all the b.s. As I watch gbp/chf peel away from a level for my quick scalp.
  • #8,094
  • Apr 16, 2010 6:58am Apr 16, 2010 6:58am
Quoting calderone
Yes. It's simple. As much as I tried to resist the simplicity of s&r and price action by clinging to my safety net of a macd and ema's, I realized that I don't need them. lol

All I need is s&r, watch 00 numbers, look for price action signals and rememberwhat patterns Pring looks for. It was Chris and his way of teaching that finally made me realize that I am making this way to hard on myself. Now I was using all of this but complicating it with what I used before.

I don't know if I conveyed it but I just dumped all the b.s. As I watch gbp/chf...
Now I like longer term trades but what I have realized is that I can trade the shorter timeframes with confidence. (intraday)
  • #8,095
  • Apr 16, 2010 8:35am Apr 16, 2010 8:35am
Quoting calderone
Now I like longer term trades but what I have realized is that I can trade the shorter timeframes with confidence. (intraday)
Nice. Me too. In fact, they're my real edge and niche but this method has really made trading any TF more accessible to me. I post here to give back and when I need a break from my own trading.
  • #8,096
  • Apr 16, 2010 9:41am Apr 16, 2010 9:41am
Quoting calderone
Yes. It's simple. As much as I tried to resist the simplicity of s&r and price action by clinging to my safety net of a macd and ema's, I realized that I don't need them. lol

All I need is s&r, watch 00 numbers, look for price action signals and remember what patterns Pring looks for. It was Chris and his way of teaching that finally made me realize that I am making this way to hard on myself. Now I was using all of this but complicating it with what I used before.

I don't know if I conveyed it but I just dumped all the b.s. As I watch gbp/chf...
Thanks for sharing. I am in the same situation. I am learning that a few basic tools can be used to pick high quality setups for consistent gains.

I have also moved to the higher time frames. While I am learning this system I have decided to only look at the WK and Day charts. I am going to learn this system from the higher time frames down. I am currently researching the signals that form on the daily chart, and I believe that is where the most profitable trades are going to come from.

I'll post details and results later.
  • #8,097
  • Apr 16, 2010 10:34am Apr 16, 2010 10:34am
Very interesting reversal on stocks today. Watch XLF closely... Goldman Sachs sued by the SEC...and this is just the tip of the iceberg for many of these guys. UBS, Bank of America (now the proud owner of Merrill Lynch) as well as JPM (the owner of Bear Stearns)and others could all face similar issues...

In any case, Financials have been leading the rally in stocks if they falter they all could. Keep your eyes peeled if you're doing much in stocks.

Attached Image
  • #8,098
  • Apr 16, 2010 11:01am Apr 16, 2010 11:01am
This might have been the catalyst we've been waiting for, for a deep leg down. Who knows what's going to come out about these other banks.

This is good for me, I have been long USD/CAD since it hit parity, and boy am I in the money. Will see how the rest of the day progresses on whether to take profit or not.

Also, just on Tuesday, I bought the VIX JUNE 2010 17 CALLS @ 4.00. We just had a big spike in the vix today, and hoping for it to hit 20 in the near futures.

We needed this move down. Things were just moving up to fast.

Enjoy your weekend folks,

Kulu

Quoting InfinitySL
Very interesting reversal on stocks today. Watch XLF closely... Goldman Sachs sued by the SEC...and this is just the tip of the iceberg for many of these guys. UBS, Bank of America (now the proud owner of Merrill Lynch) as well as JPM (the owner of Bear Stearns)and others could all face similar issues...

In any case, Financials have been leading the rally in stocks if they falter they all could. Keep your eyes peeled if you're doing much in stocks.

Attachment
  • #8,099
  • Apr 16, 2010 11:26am Apr 16, 2010 11:26am
Quoting InfinitySL
Very interesting reversal on stocks today....
Good post.

Sometimes the timing of these events are so, well... like "Clockwork"
Attached Image (click to enlarge)
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  • #8,100
  • Apr 16, 2010 11:59am Apr 16, 2010 11:59am
As I posted earlier I decided to move up to the hourly chart from the 4hr to look for entries. The first entry came just about the time that the short I had on USDCAD hit it's stop.

Interestingly enough, the very first signal was a long on USDCAD so I took it long.

So far so good.

My short on EURUSD is ok too. (but that was an entry based on a Jacko alert, so it doesn't count toward my SSM success.)

I am currently working through the EURUSD chart one daily bar at a time starting Jan 1 2007, looking at the formation of the signals. I am trying to get a feel for how and when the signals form. I'll post my findings when I am finished.
Attached Image(s) (click to enlarge)
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