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Silent Service Method

  • #8,301
  • Apr 26, 2010 7:19am Apr 26, 2010 7:19am
Here is one that has my attention.
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  • #8,302
  • Apr 26, 2010 8:21am Apr 26, 2010 8:21am
hi low
reaching target ?
samer
  • #8,303
  • Apr 26, 2010 9:25am Apr 26, 2010 9:25am
My short on the EURGBP just got filled.

The price has broken out of the triangle to the down side. I waited until the daily chart had tested the underside of the triangle and started back down.

Let's see how this works out.
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  • #8,304
  • Apr 26, 2010 10:47am Apr 26, 2010 10:47am
Quoting jharvey407
My short on the EURGBP just got filled.

The price has broken out of the triangle to the down side. I waited until the daily chart had tested the underside of the triangle and started back down.

Let's see how this works out.
It seems to me that if .86 gives way - look out below!

My long-term targets are still .80 and .72
  • #8,305
  • Apr 26, 2010 11:07am Apr 26, 2010 11:07am
Quoting samer960
hi low
reaching target ?
samer

Just closed 1/2 @ 1.2815, stop at BE, 2nd target: 1.23 ish
  • #8,306
  • Apr 26, 2010 11:08am Apr 26, 2010 11:08am
Quoting 4xAddict
Hi All,

First time post here. Almost 20% of the way through your fine thread (started about 4 hours ago) and it is a really great insight into understanding PA!!

Like many before me I am practising placing S/R levels on charts for the first time in this "range based" manner.

Would one of the longer standing contributors to this thread be kind enough to post a weekly chart with S/R levels on it for GOLD and also maybe a daily or 4hr (whichever is most relevant at present in your opinion) showing some of the minor support areas.

I am having...
Welcome aboard Kumo Vet! You will find this thread run by Chris both refreshing and rewarding as opposed to some of the other threads you have used in the past. Most contributors here are vets themselves and some you probably already know, i.e. Samer960, Calderone...etc! Looking forward to your posts.

Lionsden
  • #8,307
  • Apr 26, 2010 11:32am Apr 26, 2010 11:32am
Quoting clockwork71
Abbot Labs, check it out.....I included the 50 and 200 EMA on the chart.....200 is a very popular MA with stock traders.

Chris,

Do you still like this long term?

thanks
Lance
  • #8,308
  • Apr 26, 2010 11:55am Apr 26, 2010 11:55am
Quoting jharvey407
My short on the EURGBP just got filled.

The price has broken out of the triangle to the down side. I waited until the daily chart had tested the underside of the triangle and started back down.

Let's see how this works out.
I would be terrified to place an order so close to support, perhaps an entry after a successful break and test of 86 would be safer. I would also not like the stop having to be so far away. Good luck with it however it has a good chance if it can get thru the support.

Larry
  • #8,309
  • Apr 26, 2010 12:00pm Apr 26, 2010 12:00pm
Quoting LarryK
I would be terrified to place an order so close to support, perhaps an entry after a successful break and test of 86 would be safer. I would also not like the stop having to be so far away. Good luck with it however it has a good chance if it can get thru the support.

Larry

Not that my 2 cents is worth that of many others here, but I see 86 as being the "bottom" of a support area between 86 and 87. The way I read it as of 1 est today is we had a break of the support around 86.5-87, we had a retest on Friday, and now we are back down near 86. If we break 86, I would bet my extremely small line that there are quite a few sell stops there waiting to greet us on the way down, down, down.
  • #8,310
  • Apr 26, 2010 12:30pm Apr 26, 2010 12:30pm
Quoting lionsden
Chris,

Do you still like this long term?

thanks
Lance
I would want to see how it closed today. It hasn't triggered.....so it's a wash at the moment. If we can get another pinbar, that would certainly be something.....
  • #8,311
  • Apr 26, 2010 12:31pm Apr 26, 2010 12:31pm
Quoting LarryK
I would be terrified to place an order so close to support, perhaps an entry after a successful break and test of 86 would be safer. I would also not like the stop having to be so far away. Good luck with it however it has a good chance if it can get thru the support.

Larry

The trade is based on something much, much larger. The idea is that we are going to .80 at least, and I still believe .72 is in the cards. Having said that, if you have a 300 pip stop, for instance, it's not that outrageous.
  • #8,312
  • Apr 26, 2010 12:32pm Apr 26, 2010 12:32pm
Quoting traderdavo
not that my 2 cents is worth that of many others here, but i see 86 as being the "bottom" of a support area between 86 and 87. The way i read it as of 1 est today is we had a break of the support around 86.5-87, we had a retest on friday, and now we are back down near 86. If we break 86, i would bet my extremely small line that there are quite a few sell stops there waiting to greet us on the way down, down, down.

"get in and push down!"

:-)
  • #8,313
  • Apr 26, 2010 12:33pm Apr 26, 2010 12:33pm
Quoting LarryK
I would be terrified to place an order so close to support, perhaps an entry after a successful break and test of 86 would be safer. I would also not like the stop having to be so far away. Good luck with it however it has a good chance if it can get thru the support.

Larry
I understand your view point, but I have my support at 0.8650. It has been tested 4 times starting in Jan, and has finally failed. The bottom of the triangle finally failed as well. There may be a support level at 0.8600 but I believe it will also fail.

J
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  • #8,314
  • Apr 26, 2010 1:06pm Apr 26, 2010 1:06pm
Chris, you mentioned a while ago you have a long term trade on NZDUSD. Is that a long by any chance? Looks like there could be a HUGE bull flag setting up on the weekly chart. Measure THAT pole!
Position trader - Anything intraweek is just noise...
  • #8,315
  • Edited 1:31pm Apr 26, 2010 1:31pm | Edited 1:31pm
Quoting jharvey407
I understand your view point, but I have my support at 0.8650. It has been tested 4 times starting in Jan, and has finally failed. The bottom of the triangle finally failed as well. There may be a support level at 0.8600 but I believe it will also fail.

J
Hi mate,

A beginner's question for you, hope you've got a little time to answer it. It's a two fold question:

E/G - do you guys see this as in an overall up trend or down trend? Very simply, I see the charts physically lower on the left side than the right on all the longer timeframes implying that it's still in an overall uptrend.

The reason I ask this is that I am trying to make sure I understand your stop loss placement methods.

In earlier posts CW talks of using minor s/r areas a good place to take profits at in a counter trend trade and a good place to hide stops behind in a trade with the trend.

Where then have you placed your SLs on this particular trade? Some of the guys in thread are talking about large SLs however from what I understand your opinion as to whether this market is in an overall uptrend or downtrend would significantly shift your SL distances?

Looking forward to your info.

Cheers,

4x.
  • #8,316
  • Apr 26, 2010 1:32pm Apr 26, 2010 1:32pm
Quoting lionsden
Welcome aboard Kumo Vet! You will find this thread run by Chris both refreshing and rewarding as opposed to some of the other threads you have used in the past. Most contributors here are vets themselves and some you probably already know, i.e. Samer960, Calderone...etc! Looking forward to your posts.

Lionsden
Cheers mate
  • #8,317
  • Apr 26, 2010 1:59pm Apr 26, 2010 1:59pm
Quoting 4xAddict
Hi mate,

A beginner's question for you, hope you've got a little time to answer it. It's a two fold question:

E/G - do you guys see this as in an overall up trend or down trend? Very simply, I see the charts physically lower on the left side than the right on all the longer timeframes implying that it's still in an overall uptrend.

The reason I ask this is that I am trying to make sure I understand your stop loss placement methods.

In earlier posts CW talks of using minor s/r areas a good place to take profits at in a counter trend trade and...
Sorry to butt in....but here is my chart, keep in mind it won'[t surprise me to be in this trade for months.
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  • #8,318
  • Apr 26, 2010 2:23pm Apr 26, 2010 2:23pm
Quoting clockwork71
Sorry to butt in....but here is my chart, keep in mind it won'[t surprise me to be in this trade for months.
I'm with you all the way Chris.
  • #8,319
  • Apr 26, 2010 3:59pm Apr 26, 2010 3:59pm
I'm in this one too,

May it go in our favour,

Cheers,
  • #8,320
  • Apr 26, 2010 4:43pm Apr 26, 2010 4:43pm
Quoting clockwork71
Sorry to butt in....but here is my chart, keep in mind it won'[t surprise me to be in this trade for months.
Cheers CW much appreciated. I agree that the Euro is certainly in trouble! Just was a bit unclear about the SL placement and how the trend was being interpreted.

To open a sell order in this case would you be looking for an entry 10 pips + spread below the 86 round number or are you guys placing more importance on the break below the rising trend line?

Thanks again.
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