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Silent Service Method

  • #8,141
  • Apr 19, 2010 6:47am Apr 19, 2010 6:47am
Here's the audusd trendline break. Broke, retested, if it breaks lower it should go a fair way down. Chfjpy floating around 95 pips up.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd tl break 2.gif Size: 36 KB
Position trader - Anything intraweek is just noise...
  • #8,142
  • Apr 19, 2010 7:18am Apr 19, 2010 7:18am
Quoting Arfer Daily
Here's the audusd trendline break. Broke, retested, if it breaks lower it should go a fair way down. Chfjpy floating around 95 pips up.
I'm with you Arfer, although I placed my entry a bit higher based on the small pullback on the 4hr chart.

I am also up a combined 250 pips on a USDCAD long, and a EUR short. I have about 100 pips locked.

We'll just have to see how today plays out.
Attached Image (click to enlarge)
Click to Enlarge Name: 41668963 audusd d.jpg Size: 98 KB
  • #8,143
  • Apr 19, 2010 8:18am Apr 19, 2010 8:18am
Quoting jharvey407
I'm with you Arfer, although I placed my entry a bit higher based on the small pullback on the 4hr chart.

I am also up a combined 250 pips on a USDCAD long, and a EUR short. I have about 100 pips locked.

We'll just have to see how today plays out.
Nice trades. This'll go either one way or the other and if it goes our way hopefully it'll be a move with force.
Position trader - Anything intraweek is just noise...
  • #8,144
  • Apr 19, 2010 9:16am Apr 19, 2010 9:16am
All I got to say for now is what an exciting start to the trading week; correlation amongst virtually all the majors, and they're chasing Gold! The "perfect storm" bearing down, battle of the inflation gods from the book of revelations to the culture of greed...

Seems to me that every major could be pinning by day's end. And again, I realize they're in traffic but it's the distance away from [the traffic] and their shape that really catches my eye at moment.
  • #8,145
  • Apr 19, 2010 10:26am Apr 19, 2010 10:26am
Quoting Arfer Daily
Nice trades. This'll go either one way or the other and if it goes our way hopefully it'll be a move with force.
Statement is so true. Really.....once you are in a trade, and set your parameters, there is nothing else to do. All you can do is hope, I suppose?

How can something so obvious seem to elude so many?

My wife actually taught me that one. lol
  • #8,146
  • Apr 19, 2010 11:18am Apr 19, 2010 11:18am
Quoting clockwork71
Statement is so true. Really.....once you are in a trade, and set your parameters, there is nothing else to do. All you can do is hope, I suppose?

How can something so obvious seem to elude so many?

My wife actually taught me that one. lol
"Hope mode" has some negative conotations though! I like these trendline breakouts because you can set your trade in place and if it doesn't trigger there's no loss.

My chfjpy stopped out for +50 pips, I may have trailed it too aggressively? I put a sell stop just below todays price action so if it carries on down it'll pick me up on the way.

700 pips up this month so far so not sweating. I'm feeling so much better about my trading at the moment, I just hope I can keep it together through the bad patches.
Position trader - Anything intraweek is just noise...
  • #8,147
  • Apr 19, 2010 12:08pm Apr 19, 2010 12:08pm
I have been going through my trading library trying to pick out the books that have some relevance toward price action trading. I have an older book by Joe Ross, called 'The Law of the Charts'. I know it is on price action, specifically a pattern called the 'Ross Hook'. Has anyone read it? It is relevant to what we are doing here?

Thanks
  • #8,148
  • Apr 19, 2010 2:38pm Apr 19, 2010 2:38pm
Audusd looking like a no go. Maybe a buy opportunity from support? Any thoughts?

Usdjpy looks like a possible buy and euraud a short?
Position trader - Anything intraweek is just noise...
  • #8,149
  • Apr 19, 2010 2:39pm Apr 19, 2010 2:39pm
[quote=jharvey407;3651035]I have been going through my trading library trying to pick out the books that have some relevance toward price action trading. I have an older book by Joe Ross, called 'The Law of the Charts'. I know it is on price action, specifically a pattern called the 'Ross Hook'. Has anyone read it? It is relevant to what we are doing here?

Thanks[/quote


Extremely relevant......for the patient trader !!!

Keep reading.



good hunting,

golfer
  • #8,150
  • Apr 19, 2010 3:26pm Apr 19, 2010 3:26pm
http://i41.tinypic.com/2m3phtv.png
  • #8,151
  • Apr 19, 2010 4:54pm Apr 19, 2010 4:54pm
[quote=golferfx;3651259]
Quoting jharvey407
I have been going through my trading library trying to pick out the books that have some relevance toward price action trading. I have an older book by Joe Ross, called 'The Law of the Charts'. I know it is on price action, specifically a pattern called the 'Ross Hook'. Has anyone read it? It is relevant to what we are doing here?

Thanks[/quote


Extremely relevant......for the patient trader !!!

Keep reading.



good hunting,

golfer
Honestly I have never heard of this pattern. Got an example?
  • #8,152
  • Apr 19, 2010 4:56pm Apr 19, 2010 4:56pm
[quote=clockwork71;3651545]
Quoting golferfx

Honestly I have never heard of this pattern. Got an example?
Is it the parabola? A break through resistance hook and bounce?
  • #8,153
  • Apr 19, 2010 4:59pm Apr 19, 2010 4:59pm
[quote=clockwork71;3651545]
Quoting golferfx

Honestly I have never heard of this pattern. Got an example?
http://www.trade2win.com/traderpedia/Ross_Hook

I still don't necessarily understand how they propose trading it, but that is what I found. I noticed LOTS of other PA patterns within the example that would indicate movement, but I cannot quite understand what they are talking about.
  • #8,154
  • Apr 19, 2010 5:20pm Apr 19, 2010 5:20pm
Quoting Arfer Daily
Audusd looking like a no go. Maybe a buy opportunity from support? Any thoughts?

Usdjpy looks like a possible buy and euraud a short?
I hope not! I'm short. I guess an entry on the break of the low would have been safer. I am still learning this method though. I does take a bit of patience.

I am waiting for 8pm here to check the charts, that is when the daily bar closes.
  • #8,155
  • Apr 19, 2010 5:26pm Apr 19, 2010 5:26pm
Quoting TraderDavo

http://www.trade2win.com/traderpedia/Ross_Hook

I still don't necessarily understand how they propose trading it, but that is what I found. I noticed LOTS of other PA patterns within the example that would indicate movement, but I cannot quite understand what they are talking about.
I have the book and some other stuff by Joe Ross in PDF format. I'll try to pick out some relevant material to post.

I'll see if I have anything that is for free distribution.

Unfortunately I must at least 1000 ebooks and articles that I have downloaded over the years, so It may take some digging.

J
  • #8,156
  • Apr 19, 2010 7:21pm Apr 19, 2010 7:21pm
USDCAD just printed a PIN bar on the daily, indication a short with the trend.

I am currently long!! What to do?

Simple. Based on the weekly and daily charts I believe the PIN is valid and CAD may be poised for another move down. I simply moved my stop to just below the low of the PIN, and placed a sell stop about 5 pips lower.

If the market continues upward my long is still on.
If the market continues down, I go short.

Let's see what happens.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cad d.jpg Size: 101 KB
Click to Enlarge Name: cad w.gif Size: 32 KB
  • #8,157
  • Apr 19, 2010 7:28pm Apr 19, 2010 7:28pm
I am short AUDUSD, and I plan on letting this one ride, even though it also painted a PIN on the daily. I still see a lot more downside potential than upside potential when I look at this chart.

I am also short EURUSD. I am also going to let this one ride, because like the AUD I see alot more downside potential then upside, and I just got a message from Jacko that he just went short at 1.3491.
Attached Image (click to enlarge)
Click to Enlarge Name: aud wk.gif Size: 28 KB
  • #8,158
  • Apr 19, 2010 8:00pm Apr 19, 2010 8:00pm
[quote=jharvey407;3651768]I am short AUDUSD, and I plan on letting this one ride, even though it also painted a PIN on the daily. I still see a lot more downside potential than upside potential when I look at this chart.





You boys sure like swimming upstream....ya gotta love it.




golfer
  • #8,159
  • Apr 19, 2010 8:14pm Apr 19, 2010 8:14pm
Quoting golferfx


You boys sure like swimming upstream....ya gotta love it.



golfer
I wish that I knew what this meant.
  • #8,160
  • Apr 19, 2010 8:39pm Apr 19, 2010 8:39pm
[quote=TraderDavo;3651556]
Quoting clockwork71

http://www.trade2win.com/traderpedia/Ross_Hook

I still don't necessarily understand how they propose trading it, but that is what I found. I noticed LOTS of other PA patterns within the example that would indicate movement, but I cannot quite understand what they are talking about.


Gentlemen,

Joe Ross is simply describing what my dad called a 1-2-3 top or bottom. It always comes at the end a big run. You are waiting for the trend to change and it is a simple breakout system. If you can hang on to your emotions, it is an the most extremely deadly set up there is.


I'll throw some charts together...but the simplicity is your always looking for the same thing....a 1-2-3 high or a 1-2-3 bottom...and you can forcast this from a monthly on down to a 4 hr and for you gunslingers...yes a 1 minute chart.

The breakout is price breaking thru the #2 point and retracing at least 50% of its last move.

PM me if you want to learn more of this as it takes some practice. And also this is Chris's thread.

good hunting,

golfer

Charts;
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1-2-3 monthly.gif Size: 18 KB
Click to Enlarge Name: 1-2-3 weekly.gif Size: 23 KB
Click to Enlarge Name: 1-2-3 daily.gif Size: 20 KB
Attached Images
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