Silent Service Method | Page 439 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Silent room 2 replies

Silent Success of Patience 10 replies

My silent journal 4 replies

bo7a method... method for GBP/JPY 205 replies

Seeing Through the Silent Crash 4 replies

Attachments: Silent Service Method
Exit Attachments

Silent Service Method

  • #8,761
  • May 21, 2010 7:17am May 21, 2010 7:17am
I know the day is still young, and that it will be a short day, but it looks like a PIN may be forming on the EURUSD daily chart.

To me this chart is not saying 'Get ready to short the EURUSD'. It is saying 'Hey if you had waited for the Daily instead of dropping down the 4hr to look for a signal you wouldn't have wasted 200 pips chasing a bad trade!!'

So I will take a look at the end of the day.

IF it forms a PIN, and IF it closes below 1.2500 I MAY think about placing an order for a short entry BELOW the PIN.

But first I will wait.

And I don't think I'll be looking too closely at the 4hr charts for awhile.

Have a good weekend everyone.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd d.jpg Size: 123 KB
  • #8,762
  • May 21, 2010 7:34am May 21, 2010 7:34am
Quoting DanUK
Hi egkid,

Just listened to that Beethoven clip and I have to say: captures the mood of the market perfectly! Love it!!

Regards,

Dan
Hi bro
I'm ready to listen ooops i mean watching the market now.
  • #8,763
  • May 21, 2010 10:11am May 21, 2010 10:11am
Quoting jharvey407
I know the day is still young, and that it will be a short day, but it looks like a PIN may be forming on the EURUSD daily chart.

To me this chart is not saying 'Get ready to short the EURUSD'. It is saying 'Hey if you had waited for the Daily instead of dropping down the 4hr to look for a signal you wouldn't have wasted 200 pips chasing a bad trade!!'

So I will take a look at the end of the day.

IF it forms a PIN, and IF it closes below 1.2500 I MAY think about placing an order for a short entry BELOW the PIN.

But first I will wait.

And...
Would make sense, I certainly wouldn't want to BUY Euros at the moment.
  • #8,764
  • May 21, 2010 10:18am May 21, 2010 10:18am
Quoting albertsy2
Hi CW:

Couple of questions from a newbie...

a. Do you actually use the MACD? Because I see it on your charts....

b. You mentioned early on that your Stop Loss is based on the last SR on a 4H TF. But those were early posts to this thread; how is this method holding up? Are you using a different SL method now, like a trailing SL maybe?

c. Personally I find it hard to stop myself from closing a position if it's in profit, especially if the price is at a minor SR and it appears that it's stalling. How do you do it?

Thanks!

A) I use MACD for divergence only. Explaining divergence would take more than this post can cover, but if you don't understand it - there are a million places on the web that do so. It's something that rarely comes into play....

B) Depends on the trade. If it's with the trend, yes I still do that quite a bit. If it's counter-trend, I tend to aim for targets.

C) It comes down to focus. Understanding what's truly important in life keeps trading in perspective. I can name 20 things right away that matter more. It took a lot of loss in life as well as charts to understand that.
  • #8,765
  • May 21, 2010 10:20am May 21, 2010 10:20am
i m closing all my EU shorts , maybe too early maybe not . but i think ECB will spike this euro up through resitanceeeeeeeeeeeeeeessssssssss,
better banking the profit , and spend a nice week end .
planing to sell it much higher if no , i will find a way to short it again .
have a great week end everyone .
samer

Quoting clockwork71
Would make sense, I certainly wouldn't want to BUY Euros at the moment.
  • #8,766
  • May 21, 2010 10:22am May 21, 2010 10:22am
Quoting samer960
i m closing all my EU shorts , maybe too early maybe not . but i think ECB will spike this euro up through resitanceeeeeeeeeeeeeeessssssssss,
better banking the profit , and spend a nice week end .
planing to sell it much higher if no , i will find a way to short it again .
have a great week end everyone .
samer

That is your warning everyone!! Samer is closing his position!!!!! Lookout!!!!
  • #8,767
  • May 21, 2010 10:26am May 21, 2010 10:26am
lol i am just being chicken

Quoting calderone
That is your warning everyone!! Samer is closing his position!!!!! Lookout!!!!
  • #8,768
  • May 21, 2010 10:27am May 21, 2010 10:27am
Quoting Arfer Daily

My new resolve is to only have one trade at risk (meaning not at breakeven or better) before even looking for another trade. I know this way I will miss good opportunities that would have made me big money but I think from a psychological perspective this will help me focus on what I am doing and relax (and who knows maybe enjoy it) a bit more.

.
I like this quote, a lot.
  • #8,769
  • May 21, 2010 10:33am May 21, 2010 10:33am
Hi Clockwork,

I had been following your thread since about 2months now....but I am not able to figure out how you figure out the confluence areas. Like I had been practising the obvious SR lines on weekly charts but to see them as zones what criteria should be used?

Kind regards
MK
  • #8,770
  • Edited 11:21am May 21, 2010 10:47am | Edited 11:21am
Quoting clockwork71
Turned away? No, I haven't. The way it works is you pay monthly, and if it's not working for you - just cancel. I have a few people that require extra help, but they seem to be doing better these days.

People learn at varying speeds, so some people only require a few months, while others have their own battles, (i.e. psych issues) and therefore tend to take longer.

I hope this answered your question?

Chris
Chris,

Thanks for your reply, and I apologize for not answering your question sooner. I have a talent for trading.

So, yes, you stock answered my question but that wasn't what I was asking really. (I didn't know so much what I was asking, until now; so I deserved it.) I was going for the "Holy Grail" answer and am reliably discovering it's got nothing to do with trading. It has to do with giving back, deliberately and selflessly.

Now to me, the real H.G. is a specific tithing of one's time, money and energy towards a cause other than profit, which comes from a place already beyond success. And without that the Silent Service Method (or any strategy/method/style) would just be some feeble attempt to outsmart fate or an opportunity to simply lose interest. If I were to distill anything from all my time here it's this.

Otherwise you have my notice, be it the former (fate) or the latter (losing interest) in this thread/business - makes no difference at all - to me.

A.
  • #8,771
  • May 21, 2010 11:53am May 21, 2010 11:53am
Quoting samer960
lol i am just being chicken
Well you CAN always sell back in mate

Do you mind briefly explaining your criteria for adding to your positions? I noticed from your recent post on a GBPUSD sell maybe that you had taken a single lot and then obviously later in the move added 2 lots effectively trebling your position.

Do you work on the basis that once your trade has run through a previous support area (now turned resistance) that you can now afford to risk the gains achieved in order to cover the cost of what is now a double size trade (purely from a risk management perspective)?

e.g - Sell GBPUSD at 1.50 with 1 lot, runs through strong support level at 1.45, retests it so now you sell 2 more lots at 1.4500 knowing that you can afford a retrace back up to approx 1.4635 (i.e 33.3333% retrace) without losing anything. Effectively giving you a triple sized short position with trend risking zero?

Feel free to PM me if you think this question needs a long explanation or is not really in line with the thread generally.

Regardless enjoy your weekend mate!

Cheers.
  • #8,772
  • May 21, 2010 2:40pm May 21, 2010 2:40pm
Hi Guys,

Does this look like sell signal to you? If so, does the following logic make sense?

Sell on close below 1.0600 assuming the 1.07 level and 23.6% Fib level mean there is a bit of a resistance band here (conservative allowing 100pips either side of 1.07.

SL to be placed at 1.0920 just above what looks like a 100 pips daily SR band from 1.08-1.09.

SL to be moved just above blue SR area once it breaks through given trade is counter trend until 1.00 level is reached.

My logic for trailing the SL in this trade is due to the high volatility and inherent risk in the market atm due to Euro problems and market dips lately.

Hope to get some feedback, cheers!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdcad daily.jpg Size: 88 KB
Click to Enlarge Name: usdcad weekly.jpg Size: 85 KB
  • #8,773
  • Edited 4:08pm May 21, 2010 3:20pm | Edited 4:08pm
Quoting 4xAddict
Hi Guys,

Does this look like sell signal to you? If so, does the following logic make sense?

Sell on close below 1.0600 assuming the 1.07 level and 23.6% Fib level mean there is a bit of a resistance band here (conservative allowing 100pips either side of 1.07.

SL to be placed at 1.0920 just above what looks like a 100 pips daily SR band from 1.08-1.09.

SL to be moved just above blue SR area once it breaks through given trade is counter trend until 1.00 level is reached.

My logic for trailing the SL in this trade is due to the high...
I don't like the look of it, like you said lot's of volatility. Personally I'd prefer to trade a cleaner chart.

I'm just deciding whether to hold my eurnzd short open over the weekend or take profit now. I'm 150 pips up. Even if I move to breakeven it could gap higher on Monday and make me a loss. I'm thinking it's a hold, the eur is still facing problems that were not even slightly addressed by todays meeting of European finance heads and I can't see any very good fundamental reasons to be worried by NZD other than what CW mentioned the other day. Of course selling eurnzd has nothing to do with going long nzd and everything to do with selling the euro against a slightly stronger currency, the nzd. (paraphrasing Chris with that last sentence!)

Edit: Looking at the eurnzd chart it tends to trend very smoothly for a period of time and then have huge jumps before the trend resumes. The weekly at the moment could be doing the same.
Position trader - Anything intraweek is just noise...
  • #8,774
  • May 21, 2010 3:56pm May 21, 2010 3:56pm
I am not particularly worried about the EU retrace. On the EURUSD, its almost exactly at a 50% retrace of last weeks sell off. Thats not even an extreme retracement...

125-126 is both short term and long term resistance. This will also be the first positive weekly close in 6 weeks... All that tells me we are not done selling off.
  • #8,775
  • May 21, 2010 4:52pm May 21, 2010 4:52pm
Quoting Soca
Chris,

Thanks for your reply, and I apologize for not answering your question sooner. I have a talent for trading....

Some people would write it off to karma, but not me. (Although in some ways I believe in Karma...) I prefer to think of such things as having a "higher purpose" beyond the mundane. I could sit and worry constantly about trading, and how I was going to get rich....but the truth is that money comes and goes. Loved ones are more important. So is helping the needy for example.

As you become this kind of person, you learn to let go of evil. Evil to me is defined by one word: fear. Think of all the things in life that fear has kept you from. Maybe that girl all those years ago you had the wicked crush on that you were to afraid to talk to? (And as a matter of fate - you find she was crazy about you at the time. lol) What about not stepping up and taking a chance on a dream? Did fear keep you from it? Most of us can says yes to these kind of things if we are honest.

Once you do good, and become a bit more selfless, you understand that the world and life tends to work in cycles. There will be good and bad times, but the time that matters the most to me is the time I spend with my boys at the park. (As an example.)

When you think like this - there is a lot less pressure to trade. What the hell.....can't take it with me anyways.

I can't imagine laying on my deathbed thinking about all those great pips I scored in life.
  • #8,776
  • May 21, 2010 4:52pm May 21, 2010 4:52pm
Quoting TraderDavo
I am not particularly worried about the EU retrace. On the EURUSD, its almost exactly at a 50% retrace of last weeks sell off. Thats not even an extreme retracement...

125-126 is both short term and long term resistance. This will also be the first positive weekly close in 6 weeks... All that tells me we are not done selling off.
Agreed. The EUR NEEDED a bounce. It got one. I got my profit...(stop hit) and now I get to sell it at a higher price again. :-)
  • #8,777
  • May 21, 2010 4:55pm May 21, 2010 4:55pm
Quoting calderone
That is your warning everyone!! Samer is closing his position!!!!! Lookout!!!!

Yeah - that explains the last 250 pips. lol
  • #8,778
  • May 21, 2010 5:00pm May 21, 2010 5:00pm
Quoting mkashifk
Hi Clockwork,

I had been following your thread since about 2months now....but I am not able to figure out how you figure out the confluence areas. Like I had been practising the obvious SR lines on weekly charts but to see them as zones what criteria should be used?

Kind regards
MK
The first thing is that you might want to look for two places to set a fib up on a chart. Where both of them have a line that is in the same area - that would be one area of confluence.

Also, a simple fib level at a S/R area is confluence as well.

I will tell you what: you can post a few charts, or even send a couple to my email address of what you think or are finding for confluence, and I will send back my thoughts.

Chris

[email protected]
  • #8,779
  • May 21, 2010 5:05pm May 21, 2010 5:05pm
Quoting 4xAddict
Hi Guys,

Does this look like sell signal to you? If so, does the following logic make sense?

Sell on close below 1.0600 assuming the 1.07 level and 23.6% Fib level mean there is a bit of a resistance band here (conservative allowing 100pips either side of 1.07.

SL to be placed at 1.0920 just above what looks like a 100 pips daily SR band from 1.08-1.09.

SL to be moved just above blue SR area once it breaks through given trade is counter trend until 1.00 level is reached.

My logic for trailing the SL in this trade is due to the high volatility...

I believe we are in a range, yes.....but ultimately - it is starting to look like this pair could be changing trend. (as drawn from my trend line.)
Attached Image (click to enlarge)
Click to Enlarge Name: cad.png Size: 27 KB
  • #8,780
  • May 21, 2010 9:33pm May 21, 2010 9:33pm
Quoting clockwork71
A) I use MACD for divergence only. Explaining divergence would take more than this post can cover, but if you don't understand it - there are a million places on the web that do so. It's something that rarely comes into play....

B) Depends on the trade. If it's with the trend, yes I still do that quite a bit. If it's counter-trend, I tend to aim for targets.

C) It comes down to focus. Understanding what's truly important in life keeps trading in perspective. I can name 20 things right away that matter more. It took a lot of loss in life as well...
Thanks CW, I've used the MACD for a while so I know how to look for divergence. Thanks again!
2 traders viewing now