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Silent Service Method

  • #8,941
  • Jun 1, 2010 4:37pm Jun 1, 2010 4:37pm
Any thoughts on what the AUDCAD is doing, and what it is likely to do in the near future?

  • #8,942
  • Jun 1, 2010 5:20pm Jun 1, 2010 5:20pm
Quoting Arfer Daily
Eurchf looks like it's going down but how long is it until the Swiss Central Bank have their say on things?

My advice on this pair: Ignore it for the moment.

The reasons are twofold. The SNB has shown it will intervene somewhat randomly, and the entire world is against the EUR at the moment. This means that the SNB is actually fighting a losing battle, but I am not willing to take a 400 pip loss suddenly because they got pissed about things......

Like I said, I am ignoring it.
  • #8,943
  • Jun 1, 2010 5:22pm Jun 1, 2010 5:22pm
Quoting Arfer Daily
Lol. I'm still thinking this could be a short but as Chris said EurUsd still looks bearish so it's difficult to know which way to go. Time will tell I suppose.
For what it's worth, I see a signal on the USD/CHF as a long term signal either way.

As such, I wouldn't be entirely against taking a trade off a weekly signal for that matter.
  • #8,944
  • Jun 1, 2010 5:23pm Jun 1, 2010 5:23pm
Quoting Arfer Daily
Well as Chris said the worry about getting involved in this pair at the moment is that shorting it here goes against the eurusd downtrend as these two pairs tend to move in opposite directions. Maybe eurusd is about to bounce up a bit towards the downtrend line it has been away from for a while? This would allow usdchf a pullback to 1.13 or even 1.09.

Safest way is to sit on your hands until it tells you which way it wants to go. With eurusd being in such a strong downtrend I'm thinking a pulback to one of those levels could be a good place to...
I am willing to let the week finish if I have to, to make it a clear trade for my money. If I were to go long, it would be with several handles in mind I believe......
  • #8,945
  • Jun 1, 2010 5:24pm Jun 1, 2010 5:24pm
Quoting jharvey407
I see a big PIN forming on the daily. I am about 4 hours from the close, but I am thinking about placing a short order below the daily pin, looking for the 1.0900 area.

I am also looking to maybe go long on a break above the PIN if I get a clear signal.
Even though I am looking more on the weekly chart - both of those plays are certainly reasonable in my opinion.
  • #8,946
  • Jun 1, 2010 5:27pm Jun 1, 2010 5:27pm
Quoting 4xAddict
I have been short E.G since around the 0.8750 area and AUDCAD since 0.9200 area but to be honest the market really is in a state at the moment. I wonder whether the E/G is actually making its next move atm or if this is more to do with the Prudential (UK) acquisition of AIG's asian assets falling through and them having to cover their transaction hedge. For the EURUSD to run from 1.2120 area back to 1.2320 area and then close below 1.23 in a day implies someone somewhere is doing some quite heavy buying against the trend given all markets were back...

IF the summer gets range bound, trading actually becomes quite simpier in my opinion. It's a matter of "Buy at price X, and Sell at price Y" until proven otherwise. If that happens, I am sure I will have all kinds of charts up to show you how the most "boring" markets conditions can be the best, if you know what you are looking for.
  • #8,947
  • Jun 1, 2010 5:29pm Jun 1, 2010 5:29pm
Quoting Low
I wonder about the summer too. This will only be the second summer I've seen, and last summer was when I first found this thread, and really turned my trading around. I suspect a little sideways action will unfold myself, but have no problem trading it. One of my biggest mistakes has been to presume a continuation of a trend, when the market instead just bounces around between levels. So I'm keeping an eye out for continued trending, but consolidation is just fine too.

It makes me wonder what my perception will be 5 years from now.
Perception changes with me every year, and I suspect that will always be the case. It really is amazing how things change after a few years......
  • #8,948
  • Jun 1, 2010 7:42pm Jun 1, 2010 7:42pm
Quoting clockwork71
IF the summer gets range bound, trading actually becomes quite simpier in my opinion. It's a matter of "Buy at price X, and Sell at price Y" until proven otherwise. If that happens, I am sure I will have all kinds of charts up to show you how the most "boring" markets conditions can be the best, if you know what you are looking for.
I am looking forward to learning your method for trading range bound markets.
  • #8,949
  • Jun 2, 2010 7:41am Jun 2, 2010 7:41am
Quoting jharvey407
I am looking forward to learning your method for trading range bound markets.

To be honest, the biggest part is how to identify that you might be heading in that direction. Perhaps I will try and find some examples when I get home this afternoon.
  • #8,950
  • Jun 2, 2010 9:06am Jun 2, 2010 9:06am
Quoting clockwork71
To be honest, the biggest part is how to identify that you might be heading in that direction. Perhaps I will try and find some examples when I get home this afternoon.

Clockwork's "box trading" on the J16 thread was actually my first intro to Chris' method! I would say that 60% of my trading is still based on the box/channel methods you described in those videos.

I am interested to delve further into this, though, as I can always improve.
  • #8,951
  • Jun 2, 2010 1:18pm Jun 2, 2010 1:18pm
Quoting TraderDavo
Clockwork's "box trading" on the J16 thread was actually my first intro to Chris' method! I would say that 60% of my trading is still based on the box/channel methods you described in those videos.

I am interested to delve further into this, though, as I can always improve.
I still have Clocks video on that, was an aha moment for me. Good to see this thread is still going.
Economists have forecast 9 out of the last 5 recessions
  • #8,952
  • Jun 2, 2010 2:00pm Jun 2, 2010 2:00pm
Hello Clockwork & All
I have read this very fine thread about s/r. I am still on demo (4 months) with only little success really, so hopefully I will improve and look forward to reading and learning more.
What pairs are you looking at Clockwork? If you think it would help, I could post my charts or take on them, just to make sure I've got this s/r nearly right now.
I would love to have the confidence of placing a trade (even on demo) to just walk away and pop 300 pips!
I use trendlines and the fibo mostly.
  • #8,953
  • Jun 2, 2010 2:30pm Jun 2, 2010 2:30pm
Quoting morfisher
Hello Clockwork & All
I have read this very fine thread about s/r. I am still on demo (4 months) with only little success really, so hopefully I will improve and look forward to reading and learning more.
What pairs are you looking at Clockwork? If you think it would help, I could post my charts or take on them, just to make sure I've got this s/r nearly right now.
I would love to have the confidence of placing a trade (even on demo) to just walk away and pop 300 pips!
I use trendlines and the fibo mostly.
Do you have a copy of Prings book and slide shows? Have you studied his material on youtube?

You may find the help you need to improve your trading and gain confidence.
  • #8,954
  • Jun 2, 2010 3:29pm Jun 2, 2010 3:29pm
Quoting jharvey407
Do you have a copy of Prings book and slide shows? Have you studied his material on youtube?

You may find the help you need to improve your trading and gain confidence.
I'll second that. If you're gonna buy just one book, Pring on Price Patterns would be a good choice.
  • #8,955
  • Jun 2, 2010 4:19pm Jun 2, 2010 4:19pm
Quoting TraderDavo
Clockwork's "box trading" on the J16 thread was actually my first intro to Chris' method! I would say that 60% of my trading is still based on the box/channel methods you described in those videos.

I am interested to delve further into this, though, as I can always improve.

Glad to hear the "box trading" videos helped you!
  • #8,956
  • Jun 2, 2010 4:21pm Jun 2, 2010 4:21pm
Quoting morfisher
Hello Clockwork & All
I have read this very fine thread about s/r. I am still on demo (4 months) with only little success really, so hopefully I will improve and look forward to reading and learning more.
What pairs are you looking at Clockwork? If you think it would help, I could post my charts or take on them, just to make sure I've got this s/r nearly right now.
I would love to have the confidence of placing a trade (even on demo) to just walk away and pop 300 pips!
I use trendlines and the fibo mostly.

Go ahead and post whatever charts you would like, I will comment on any you have. As far as what I am watching - it's mainly watching trades I am already in at this moment in time.
  • #8,957
  • Jun 2, 2010 4:22pm Jun 2, 2010 4:22pm
Quoting jharvey407
Do you have a copy of Prings book and slide shows? Have you studied his material on youtube?

You may find the help you need to improve your trading and gain confidence.
I agree with this 150%. I really like Pring's stuff.
  • #8,958
  • Jun 2, 2010 4:28pm Jun 2, 2010 4:28pm
Quoting clockwork71
I agree with this 150%. I really like Pring's stuff.
So far I have found Pring and Joe Ross to be the most helpful books on trading that I have ever read.

I have finally broken the cycle of huge swings up and down and seem to have settled down to nice even gains.

The next step is to improve my analysis (and patience) to eliminate more of the losing trades.
  • #8,959
  • Jun 2, 2010 7:02pm Jun 2, 2010 7:02pm
Quoting jharvey407
So far I have found Pring and Joe Ross to be the most helpful books on trading that I have ever read.

I have finally broken the cycle of huge swings up and down and seem to have settled down to nice even gains.

The next step is to improve my analysis (and patience) to eliminate more of the losing trades.
Patience is without a doubt the hardest part in my opinion.
  • #8,960
  • Jun 2, 2010 10:06pm Jun 2, 2010 10:06pm
Just gone short eurnzd again, looks nice on 4 hour.
Position trader - Anything intraweek is just noise...
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