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Silent Service Method

  • #9,181
  • Jun 15, 2010 7:52am Jun 15, 2010 7:52am
Quoting aserbfx
ups, i mean: up. some more buyers showed up...

Now that you have a trend line break......and a gap - it's a clear buy signal. This is a great example of waiting for the market to show it's hand. An easy call now.
  • #9,182
  • Jun 15, 2010 7:54am Jun 15, 2010 7:54am
Quoting tobias24
i think it showed us the way to go, expecting bearish bar at todays close. (i took very small position in aud/sgd)

btw. as a german guy i have to say i really liked to see how germany played.. maybe its just because im not that objective, but i think it was the best first game of a team until now.. looking forward to see brasilians today and spain

I agree - Germany looked really good, even if Australia looked bad. It showed that Germany has shown up to play. I have to admit I am also a bit surprised by S.Korea, although I would expect Germany to go farther of course.....
  • #9,183
  • Jun 15, 2010 7:56am Jun 15, 2010 7:56am
Quoting jharvey407
Did anyone else take this entry?

I put a sell order a few pips below the pin, but it's not looking so great right now. It is starting to form a PIN in the other direction. I guess we'll have to see what the day holds.

All you can do is set your stop, and walk away - let the market do what it will do.....it's early still as well.
  • #9,184
  • Jun 15, 2010 8:19am Jun 15, 2010 8:19am
Way to go Kiwis!
  • #9,185
  • Jun 15, 2010 9:10am Jun 15, 2010 9:10am
Quoting clockwork71
I agree - Germany looked really good, even if Australia looked bad. It showed that Germany has shown up to play. I have to admit I am also a bit surprised by S.Korea, although I would expect Germany to go farther of course.....
yes s.korea was good, too! if argentinia finds its team spirit, they will also be a good tip. however i think england, italy have to get into the games first, if they qualify for 1/8 final, both could make their ways into finals. however lets see portugal


i want to thank you again for your thread and thougts on the charts, you changed my trading into the right direction
keep up this good work.
  • #9,186
  • Jun 15, 2010 9:21am Jun 15, 2010 9:21am
Quoting jharvey407
I remember seeing that chart when you posted it. I have a bit different view of the chart. I think that 1.4800 is going to be a difficult level to break.

I'll be watching.
Price action anywhere between 1.48 and 1.51 looks good to me. I thing we are going to get a very clear indication. Its not going to be us "guessing" with a 50 pip pinbar. I think we break the 1.48 level, but it won't hold. Its all a "zone" as far as I am concerned.
  • #9,187
  • Jun 15, 2010 9:30am Jun 15, 2010 9:30am
Quoting clockwork71
All you can do is set your stop, and walk away - let the market do what it will do.....it's early still as well.
early daily pins turn into precipitous fall offs all the time. Think about what you are REALLY seeing in an early daily pin.

Could it turn on you? sure. But picture it in your mind. What you MIGHT be seeing is a fall off, then a retest of the gap down area. If you watch lots of good pin bars actually trade throughout the day, you will see that lots of them do this. They form a pin for a moment and then trade right back off.

Think of the bottom of the pin as a floor. Once broken, its being retested, but becomes a ceiling.
  • #9,188
  • Jun 15, 2010 10:33am Jun 15, 2010 10:33am
Chris, playing off your earlier intuitive comment regarding the London open and 11-12 eastern london close, It appears they are interested in driving the market up today.

I am going to stick my neck out there and say that if you weather the storm until noon, you are going to see a pretty solid falloff in Euro currencies prior to 5pm.

NYC drove the price down at open today after the asian markets drove it down, then the london timezone drove it up prior to NYC open.

very interesting.
  • #9,189
  • Jun 15, 2010 11:28am Jun 15, 2010 11:28am
Quoting TraderDavo
Price action anywhere between 1.48 and 1.51 looks good to me. I thing we are going to get a very clear indication. Its not going to be us "guessing" with a 50 pip pinbar. I think we break the 1.48 level, but it won't hold. Its all a "zone" as far as I am concerned.
I'm hoping for a rejection around 1.50-1.51--->push down to 1.47-48 and I will add another long if it looks willing.
  • #9,190
  • Jun 15, 2010 11:34am Jun 15, 2010 11:34am
Quoting Low
I'm hoping for a rejection around 1.50-1.51--->push down to 1.47-48 and I will add another long if it looks willing.

Looking for it to go north? They hold an incredible amount of European debt. at 150 they will be hitting a bunch of big walls - most notably a 3 touch 3 year weekly trendline and a 9 month daily trendline.

I'm not saying Short is the only way to be, but long would scare the ever living hell out of me.
  • #9,191
  • Jun 15, 2010 11:45am Jun 15, 2010 11:45am
Quoting TraderDavo
Looking for it to go north? They hold an incredible amount of European debt. at 150 they will be hitting a bunch of big walls - most notably a 3 touch 3 year weekly trendline and a 9 month daily trendline.

I'm not saying Short is the only way to be, but long would scare the ever living hell out of me.
ATM I have a good deal of profit to the long side. This trade was initiated on a pattern basis with a projected 1st target of 1.58. I personally can't think of any good reason the pound will see 1.58....but I don't need to know why. I'm just trying to do what the chart tells me to.
  • #9,192
  • Jun 15, 2010 12:28pm Jun 15, 2010 12:28pm
Hi all, just back from holiday and been reading through some great posts.

I'm watching eurusd at 1.24, minor trendline there and horizontal s/r. Also euraud could be setting up for a short?
Position trader - Anything intraweek is just noise...
  • #9,193
  • Jun 15, 2010 12:53pm Jun 15, 2010 12:53pm
Quoting TraderDavo
Chris, playing off your earlier intuitive comment regarding the London open and 11-12 eastern london close, It appears they are interested in driving the market up today.

I am going to stick my neck out there and say that if you weather the storm until noon, you are going to see a pretty solid falloff in Euro currencies prior to 5pm.

NYC drove the price down at open today after the asian markets drove it down, then the london timezone drove it up prior to NYC open.

very interesting.
New York is the problem. The stock traders here are in the process of a huge "pump and dump" on the American public. If you look at the charts, they are overextended by just about everyone's standards. This happens a lot, the banks and funds play games, make their profit, and leave it up to the public to buy.

The traders talk about "the fundamentals" all the time, except there really isn't much to get excited about. Unemployment is way too high to justify these rises. No jobs, no buying. It doesn't get more simple than that.

Except one problem this time: The public hasn't been buying. That could be bad.
  • #9,194
  • Jun 15, 2010 1:05pm Jun 15, 2010 1:05pm
Quoting clockwork71
New York is the problem. The stock traders here are in the process of a huge "pump and dump" on the American public. If you look at the charts, they are overextended by just about everyone's standards. This happens a lot, the banks and funds play games, make their profit, and leave it up to the public to buy.

The traders talk about "the fundamentals" all the time, except there really isn't much to get excited about. Unemployment is way too high to justify these rises. No jobs, no buying. It doesn't get more simple than that.

Except one problem...
When I look at a chart of the DOW or S&P it's clear all the volume has been on the sell-side since December...but that doesn't mean the big boys won't let every Tom Dick and Harry bid prices back up to the levels the want to short at.

Our last "rally" was on pretty anemic volume....I think that tells the story.
  • #9,195
  • Jun 15, 2010 1:13pm Jun 15, 2010 1:13pm
Quoting Low
When I look at a chart of the DOW or S&P it's clear all the volume has been on the sell-side since December...but that doesn't mean the big boys won't let every Tom Dick and Harry bid prices back up to the levels the want to short at.

Our last "rally" was on pretty anemic volume....I think that tells the story.
yup, seen lots of "volume divergence" over the last 2 weeks in both the index commodites and the indexes themselves.
  • #9,196
  • Jun 15, 2010 4:46pm Jun 15, 2010 4:46pm
Hope u enjoy it, Personally i do every time i listen him
Inserted Video
  • #9,197
  • Jun 15, 2010 4:54pm Jun 15, 2010 4:54pm
Just noticed this after the close. Right on the 50% retracement of the march lows and highs. Gimme some price action and I am on it with an option.

We will see I guess
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  • #9,198
  • Jun 15, 2010 6:41pm Jun 15, 2010 6:41pm
Quoting kulu
Just noticed this after the close. Right on the 50% retracement of the march lows and highs. Gimme some price action and I am on it with an option.

We will see I guess
I have read that $135 a share is roughly book value on this company. Also, let's not forget that GS is the "golden" stock of Wall Street. I would suspect that we will be a move up from here - certainly in the realm of possibility.
  • #9,199
  • Jun 15, 2010 6:44pm Jun 15, 2010 6:44pm
Quoting egkid
Hope u enjoy it, Personally i do every time i listen him
http://www.youtube.com/watch?v=jf_mHlJfPv8
When The Bow Tie speaks, I listen.
  • #9,200
  • Jun 15, 2010 7:05pm Jun 15, 2010 7:05pm
Quoting TraderDavo
I think we are headed to the blue rectangle to form PA off of the turquoise channel. This number (if it continues to be guided by the green trendline) should be right around 1.49-1.50. This would also correspond with very nice daily S/R (and psych S/R at a very nice round number of 1.5), which I have highlighted with the skinny blue rectangle.
I've been watching this GU setup for some time and agree completely with TraderDavo's analysis several pages back. I'm definitely looking to short, but only time will tell.

I've noticed a few more things in the chart patterns while flipping between timeframes and thought I'd post them here, just in case anyone's interested.... I'm sure the Elliott Wave and Chaos guys would have a field day with this, but for those of us who don't pay any attention to (or understand) such things it just gives a bit of insight into the bigger picture and maybe even some idea of future direction.

I should add - I'll be waiting for the market to show me where it's heading with price action as usual, rather than trying to predict anything! I just find it fascinating how something 'random' is actually quite the opposite.

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Thanks for this great thread Chris and for being so generous with your time and knowledge. I haven't posted much but have been following since the beginning - it's completely changed the way I view the markets.

Anyway, hope I'm not cluttering the page. Good trading to all!
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