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Silent Service Method

  • #8,681
  • May 17, 2010 4:06pm May 17, 2010 4:06pm
Here is a look at the USDCHF that I have running.

My entries seem to be working, but I am still not sure how to handle the stops. On the chart below it looks like a PIN bar may form on the daily chart.

This could be seen as short entry, but I am thinking of using it as a long exit. I may move my stop to just below the PIN so that if it is broken to the down side my long trade is closed. I may move it just a bit lower since it is so close to 1.1300

Any comments?
Attached Image (click to enlarge)
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  • #8,682
  • May 17, 2010 4:19pm May 17, 2010 4:19pm
Quoting jharvey407
I like the story. I hope some other young people learn from this.

I bought my first condo when I was 19. I sold it a year later for a 33% return. Had I been smarter I would have stayed in the game instead of travelling non-stop for about 15 years.

Now I have to get caught up!

Sounds like you need to get into the 4H game. Raise some hogs, come to The Ohio State Fair. Worked for her.....

Was a great story to read.
  • #8,683
  • May 17, 2010 4:20pm May 17, 2010 4:20pm
Quoting jharvey407
Here is a look at the USDCHF that I have running.

My entries seem to be working, but I am still not sure how to handle the stops. On the chart below it looks like a PIN bar may form on the daily chart.

This could be seen as short entry, but I am thinking of using it as a long exit. I may move my stop to just below the PIN so that if it is broken to the down side my long trade is closed. I may move it just a bit lower since it is so close to 1.1300

Any comments?
That's a great way to look at it. If you get into a trade long.....then when you exit, there should be a reason to be short. (so to speak.) Putting a stop right under that daily pinbar is something I would do as well. It IS counter-trend after all......
  • #8,684
  • May 18, 2010 6:32am May 18, 2010 6:32am
My USDCHF hit it's stop last night for a total of + 146. Not a bad trade. I placed my stop below the PIN shown on my last chart.

Now I have to see how my other trades play out. I'm not going to make any decisions until todays bar closes, but here is what I see on the charts.

Short AUDCAD is + 159, but hitting support at 0.9000.

Short EURGBP is + 46, but has retraced and is testing resistance at 0.8600. If 0.86 holds it may head back down and give me some more pips. If 0.8600 breaks, my trade will probably close at BE.

Short EURUSD is + 529, it dropped to find support 1.2200, and now looks like it wants to retrace and test resistance at 1.2500. This trade has a lot of breathing room so I am not in a hurry to get out. I'm holding on for 1.1800.

Comments?
Attached Image(s) (click to enlarge)
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  • #8,685
  • May 18, 2010 7:08am May 18, 2010 7:08am
Quoting jharvey407
My USDCHF hit it's stop last night for a total of + 146. Not a bad trade. I placed my stop below the PIN shown on my last chart.

Now I have to see how my other trades play out. I'm not going to make any decisions until todays bar closes, but here is what I see on the charts.

Short AUDCAD is + 159, but hitting support at 0.9000.

Short EURGBP is + 46, but has retraced and is testing resistance at 0.8600. If 0.86 holds it may head back down and give me some more pips. If 0.8600 breaks, my trade will probably close at BE.

Short EURUSD is + 529,...

Damn fine trading. This is great trading - no stress at all.
  • #8,686
  • May 18, 2010 7:43am May 18, 2010 7:43am
welcome to CW71 CLUB


Quoting jharvey407
My USDCHF hit it's stop last night for a total of + 146. Not a bad trade. I placed my stop below the PIN shown on my last chart.

Now I have to see how my other trades play out. I'm not going to make any decisions until todays bar closes, but here is what I see on the charts.

Short AUDCAD is + 159, but hitting support at 0.9000.

Short EURGBP is + 46, but has retraced and is testing resistance at 0.8600. If 0.86 holds it may head back down and give me some more pips. If 0.8600 breaks, my trade will probably close at BE.

Short EURUSD is + 529,...
  • #8,687
  • May 18, 2010 9:31am May 18, 2010 9:31am
Watch the EUR/JPY, EUR/USD and SP 500 around 11-Noon NY time. Lately, the European close has meant a lot to future direction of stock markets, and therefore....the EUR. It's been a vicious cycle really.
  • #8,688
  • May 18, 2010 11:05am May 18, 2010 11:05am
Quoting clockwork71
Watch the EUR/JPY, EUR/USD and SP 500 around 11-Noon NY time. Lately, the European close has meant a lot to future direction of stock markets, and therefore....the EUR. It's been a vicious cycle really.

And like that.....we fell a bit.
  • #8,689
  • May 18, 2010 11:10am May 18, 2010 11:10am
Quoting clockwork71
And like that.....we fell a bit.
  • #8,690
  • May 18, 2010 11:11am May 18, 2010 11:11am
Check this out....EUR/USD
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  • #8,691
  • May 18, 2010 11:35am May 18, 2010 11:35am
We have had the break that changes my mind on the NZDUSD. I was thinking long alongside Chris (a month or so back), but now I am thinking short.

1) it busted through the 70 S/R and is now (I believe) retesting the area

2) It broke the pennant shown below, and is also retesting

3)I think the top pennant trendline is going to "squeeze" it through the yellow 200 SMA.

Essentially, I will be waiting for a "break of the break", or the break after the retest. My first target is the 66 area, where I believe it will meet the turquoise trendline drawn below. I also have some minor resistance in the 64-65 range, but I believe this is going to, at least, 60.

http://i44.tinypic.com/f06aol.gif
  • #8,692
  • May 18, 2010 1:25pm May 18, 2010 1:25pm
Quoting TraderDavo
We have had the break that changes my mind on the NZDUSD....
All is well, but I am short this pair. Have been forever. Since like December. lol

Still waiting. Have made anything I will lose on this back several times over, so now it's like a sick joke at this point in the game......
  • #8,693
  • May 18, 2010 1:41pm May 18, 2010 1:41pm
Quoting clockwork71
All is well, but I am short this pair. Have been forever. Since like December. lol

Still waiting. Have made anything I will lose on this back several times over, so now it's like a sick joke at this point in the game......

I went back and looked and I was misremembering. There was a break north of an earlier penant (back in mid March I believe) and we were both looking at/talking about a retest and break. I think it was more of a "this COULD be breaking north, watch the retest" type thing than an actual "I am long NZD".
  • #8,694
  • May 18, 2010 2:11pm May 18, 2010 2:11pm
Quoting clockwork71
Check this out....EUR/USD
You must have to sit down very carefully with those crystal balls...
  • #8,695
  • May 18, 2010 3:16pm May 18, 2010 3:16pm
Quoting Low
You must have to sit down very carefully with those crystal balls...
No mate, they are solid crystal. lol
  • #8,696
  • May 18, 2010 3:17pm May 18, 2010 3:17pm
Quoting TraderDavo
I went back and looked and I was misremembering. There was a break north of an earlier penant (back in mid March I believe) and we were both looking at/talking about a retest and break. I think it was more of a "this COULD be breaking north, watch the retest" type thing than an actual "I am long NZD".
I have had a core position for what seems like 6 months. Oh wait, it has been. But I have been in and out on and off since then several times.
  • #8,697
  • May 18, 2010 3:19pm May 18, 2010 3:19pm
Once upon a time in this thread, someone said I must have been English. (Something about soccer teams we were talking about the greatest side ever, Canvey Island I believe. lol)

Anyway, I just found out through historical records that I am English by ancestry, I know this....but I didn't know until today that this guy was in my background as well.

http://en.wikipedia.org/wiki/William_the_Conqueror
  • #8,698
  • May 18, 2010 6:19pm May 18, 2010 6:19pm
We broke through some important areas today again, and as such....I thought it might be a good time to look at the big picture on this chart.
Attached Image (click to enlarge)
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  • #8,699
  • May 18, 2010 6:21pm May 18, 2010 6:21pm
Someone sent me a PM today asking why I was focusing so much energy on the EUR lately. Why I was "ignoring" the rest of the market.

The answer is simple: The sharks smell blood. The EUR is one of the few games in town right now.

Always sell what's weak, and buy what's strong. It's that simple.

This is why the EUR/USD chart is so much different than the EUR/GBP. The Pound is doing better than EUR, but it's nowhere near the strength of the USD.
  • #8,700
  • May 18, 2010 6:42pm May 18, 2010 6:42pm
agreed !
well said Chris
see u at 1.18 that might not be long from now !

Quoting clockwork71
Someone sent me a PM today asking why I was focusing so much energy on the EUR lately. Why I was "ignoring" the rest of the market.

The answer is simple: The sharks smell blood. The EUR is one of the few games in town right now.

Always sell what's weak, and buy what's strong. It's that simple.

This is why the EUR/USD chart is so much different than the EUR/GBP. The Pound is doing better than EUR, but it's nowhere near the strength of the USD.
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