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Silent Service Method

  • #8,901
  • May 29, 2010 7:19pm May 29, 2010 7:19pm
Quoting Arfer Daily
I'm seriously liking the idea of just trading bounces from strong weekly trendlines on a 4 hour chart and adding on like I have done with eurnzd.

It seems to me that your magic system of... er, price action at significant support and resistance... ok, method, is the most logical way to go.

Whenever a strong trendline and a strong s/r level meet is a place to watch for a reversal and if it's in the direction of a trend then to me it's an A+ setup.

After that it's just a case of being very careful with your add ons and you're laughing all...

Great post. Agree 110%.
  • #8,902
  • May 29, 2010 10:50pm May 29, 2010 10:50pm
Quoting samer960
hi afer
this is a one of the ways i trade for more than 2 years now , i use a daily chart and draw a trendline( having some history not a trend line old just a few months ) and wait for the price to hit the trend line , the next candle i wait to see an engulfing bar or if i had a pin on the trend line i wait for the price to break it , and enter .like this u are trading with the trend after a pull back and u are entering after having a candle confirmation that the price has resumed it is original trend and we are not having a breakout .
the logic...
I notice you add on to trades too. Is there any particular method you use for this?
Position trader - Anything intraweek is just noise...
  • #8,903
  • May 29, 2010 11:35pm May 29, 2010 11:35pm
i do not always add on , sometimes i am just happy with what i got and i like to bank my profit and wait for another opportunity to enter the market again.
but when i do add on is at the break of a support for example and a retest of this support ( became resistance) wait to be guided by price action and add on .if you want to use trendlines , u start drawing less historic trend line inside the main one where u have entered originally ( they call this fan i think ) and at a retrace to the inner trendline u use the same logic as your first entry and u add on .
adding on should be on the way to your original target for example a major S/R on a weekly chart . u must have a plan in order to add on successfully .
im not that good trader , i m sure Chris can give you a better and more detailed answer .
happy trading
samer


Quoting Arfer Daily
I notice you add on to trades too. Is there any particular method you use for this?
  • #8,904
  • May 30, 2010 5:44am May 30, 2010 5:44am
Quoting samer960
i do not always add on , sometimes i am just happy with what i got and i like to bank my profit and wait for another opportunity to enter the market again.
but when i do add on is at the break of a support for example and a retest of this support ( became resistance) wait to be guided by price action and add on .if you want to use trendlines , u start drawing less historic trend line inside the main one where u have entered originally ( they call this fan i think ) and at a retrace to the inner trendline u use the same logic as your first entry...
Ok, thanks
Position trader - Anything intraweek is just noise...
  • #8,905
  • May 30, 2010 7:34am May 30, 2010 7:34am
There are several different approaches you can use to add to a position. Some are as simple as added when you are up 1%.

For me personally, I have found that I would do some adding under a few criteria:

 

  1. We must be with the trend. I would never add to a counter-trend position.
  2. I would only add when an area had proven itself again. In other words, if we are in an uptrend, and we have just popped up above resistance. If you get a retest of that area, and it holds - then I find it reasonable to add.
  3. I never double-down. What I mean is if my position is 25,000 - I don't add another 25,000. I would add something like 10,000. It doesn't seem like much, but as a trade runs it can really add up.
  4. Once I add, I refuse to take a loss. Because of this, my average of the position will have moved "closer" to the market price. This is one of the reasons for adding a smaller amount than the original. It allows for breathing room still, but gives me a chance to really clean up.

I don't add to positions as much as you would think. But to be honest, it's something I am still tying to "get down pat." These rules have served me well so far.

Chris

  • #8,906
  • May 30, 2010 10:30pm May 30, 2010 10:30pm
Posted this S&P500 Monthly chart in my private group forum. Any thoughts gang? I know what it screams to me....
Attached Image (click to enlarge)
Click to Enlarge Name: sp500.png Size: 58 KB
  • #8,907
  • May 31, 2010 2:15am May 31, 2010 2:15am
Quoting clockwork71
Posted this S&P500 Monthly chart in my private group forum. Any thoughts gang? I know what it screams to me....
Hello 700.00
  • #8,908
  • May 31, 2010 3:02am May 31, 2010 3:02am
Quoting clockwork71
There are several different approaches you can use to add to a position. Some are as simple as added when you are up 1%.

For me personally, I have found that I would do some adding under a few criteria:

[list][*]We must be with the trend. I would never add to a counter-trend position.[*]I would only add when an area had proven itself again. In other words, if we are in an uptrend, and we have just popped up above resistance. If you get a retest of that area, and it holds - then I find it reasonable to add.[*]I never double-down....
Nice one, thanks.
Position trader - Anything intraweek is just noise...
  • #8,909
  • May 31, 2010 3:04am May 31, 2010 3:04am
Quoting clockwork71
Posted this S&P500 Monthly chart in my private group forum. Any thoughts gang? I know what it screams to me....
This is at make or break too I feel. Just a different way to look at this.
Attached Image (click to enlarge)
Click to Enlarge Name: eurnzd 31 05 10.gif Size: 41 KB
Position trader - Anything intraweek is just noise...
  • #8,910
  • May 31, 2010 4:39am May 31, 2010 4:39am
Quoting clockwork71
Posted this S&P500 Monthly chart in my private group forum. Any thoughts gang? I know what it screams to me....
Hi Chris,

Yes I've been watching the indices for a while now and they are all at the 61 fib approx.

I think a major correction is long overdue.
  • #8,911
  • May 31, 2010 10:08am May 31, 2010 10:08am
This weird spike just stopped me out on my eurnzd trades. I banked a combined total on all trades about 5400 pips with some countertrend hedges too for another 200 or so pips.
Attached Image (click to enlarge)
Click to Enlarge Name: eurnzd 4 hour 31 05 10.gif Size: 39 KB
Position trader - Anything intraweek is just noise...
  • #8,912
  • May 31, 2010 10:08am May 31, 2010 10:08am
Quoting stewrigh
Hi Chris,

Yes I've been watching the indices for a while now and they are all at the 61 fib approx.

I think a major correction is long overdue.

Exactly, and the monthly price action is certainly showing this. Also, one must keep in mind that the indexes all posted their worst May in decades. One was 1960, and the other 1940.

Can't remember which is which - but either way, it ain't good!
  • #8,913
  • May 31, 2010 10:09am May 31, 2010 10:09am
Quoting Arfer Daily
This weird spike just stopped me out on my eurnzd trades. I banked a combined total on all trades about 5400 pips with some countertrend hedges too for another 200 or so pips.
The dangers of a VERY illiquid market just got you. If you were still in this trade, I would tell you to ignore this candle......
  • #8,914
  • May 31, 2010 10:18am May 31, 2010 10:18am
Quoting clockwork71
The dangers of a VERY illiquid market just got you. If you were still in this trade, I would tell you to ignore this candle......
Hmm, oh well, 5000 pips isn't bad

I'm watching eurgbp at support now to see what it will do, I've got a pending sell at 0.8410, if it breaks 85 it should be on its way down.

I've got eurcad too now, at breakeven so it's a watch and wait.
Position trader - Anything intraweek is just noise...
  • #8,915
  • May 31, 2010 10:41am May 31, 2010 10:41am
I saw this yesterday. Great video on the wonders of technology in racing. I can't believe he was alive after this. Indy cars go up to 220 m.p.h. on a regular basis.

Inserted Video
  • #8,916
  • May 31, 2010 2:09pm May 31, 2010 2:09pm
BP just announced that the "topkill" procedure didn't work. A relief well will be drilled now, which should be done in August. This could be bad. Really bad.
  • #8,917
  • May 31, 2010 2:36pm May 31, 2010 2:36pm
Quoting clockwork71
BP just announced that the "topkill" procedure didn't work. A relief well will be drilled now, which should be done in August. This could be bad. Really bad.
My thoughts go to the people and the nature affected by this. I hope they manage to stop it somehow.

Does seem more and more like the relief wells are the only thing to do, the pressure is apparently just to powerful.
  • #8,918
  • May 31, 2010 2:44pm May 31, 2010 2:44pm
Interesting. Those of you in the group know why I am so interested in this article. Could be a sign of events to come....

http://www.bloomberg.com/apps/news?p...AlH49CDo&pos=3
  • #8,919
  • May 31, 2010 6:05pm May 31, 2010 6:05pm
My thoughts on the Swissy.....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: monthchf.png Size: 42 KB
Click to Enlarge Name: weeklychf.png Size: 50 KB
  • #8,920
  • Jun 1, 2010 6:18am Jun 1, 2010 6:18am
Quoting Arfer Daily
Eurnzd looking good and this usdchf monthly trendline looks interesting.
Ahem maestro, I posted this nearly a week ago

Ok, I got in far too early but I'm still there.
Position trader - Anything intraweek is just noise...
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