Silent Service Method | Page 489 | 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

  • #9,761
  • Jul 15, 2010 1:45pm Jul 15, 2010 1:45pm
Quoting calderone
I jumped in on a dragon short today twice. I didn't have a reason-just saw price falling. First time I made quick pips. Second time I was too late in the game and got my fingers burn a little. I know better and am ashamed of myself. lol

Just use restraint I was unable to use. lol
Since we're making confessions and all....I got my a** handed to me last night trying to short gold with too tight a stop. Sure, I know better, but gold just brings out the gambler in me.

I might even have to close out some of my more profitable long-term trades to get the balance back up to a respectable level.
  • #9,762
  • Jul 15, 2010 3:05pm Jul 15, 2010 3:05pm
BP finally looks like they got it together. The well isn't spewing oil anymore.....should be interesting to see what this does to oil, and stocks. The BP stocks are up about 7% on the announcement.
  • #9,763
  • Jul 15, 2010 3:09pm Jul 15, 2010 3:09pm
Quoting clockwork71
BP finally looks like they got it together. The well isn't spewing oil anymore.....should be interesting to see what this does to oil, and stocks. The BP stocks are up about 7% on the announcement.
Part of their master plan. lol No, seriously-it must suck operating like an amateur and getting your arse handed to you.
  • #9,764
  • Jul 15, 2010 3:09pm Jul 15, 2010 3:09pm
Here are the two charts, weekly and daily......No trade at all!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: beans.png Size: 27 KB
Click to Enlarge Name: beansday.png Size: 38 KB
  • #9,765
  • Jul 15, 2010 3:10pm Jul 15, 2010 3:10pm
Quoting Low
Since we're making confessions and all....I got my a** handed to me last night trying to short gold with too tight a stop. Sure, I know better, but gold just brings out the gambler in me.

I might even have to close out some of my more profitable long-term trades to get the balance back up to a respectable level.
Well, let's just stick with our plans and excercise a little restraint eh? I'll make a pact with you on thant one.
  • #9,766
  • Jul 15, 2010 3:20pm Jul 15, 2010 3:20pm
Quoting calderone
Well, let's just stick with our plans and excercise a little restraint eh? I'll make a pact with you on thant one.
I'm in.

Spent my first year fighting the market, now it's left me alone to fight myself.
  • #9,767
  • Jul 15, 2010 3:30pm Jul 15, 2010 3:30pm
Quoting Low
I'm in.

Spent my first year fighting the market, now it's left me alone to fight myself.
thats the hardest one to fight with
i think thats the thing you have to beat to be really succesful.
i will start writing my trades down on real paper. i think if you write your trades down, you just cant erase it just like that like you can in your mind. i hope this gives me another boost in learning.
btw watch nzd/usd and aud/usd. finally some action. lets see what the next week will bring us.
  • #9,768
  • Jul 15, 2010 3:55pm Jul 15, 2010 3:55pm
Quoting clockwork71
Agreed. Having said that....here is my new analysis of the EUR/USD pair:
1.3000 is almighty powerful area ,also 38.2% of longer term and 61.8% of current run, good band of resistance, a reversal here could be sharp (key reversal) or it could bounce around and re-test, buying time....
Excelent thread, even though i trade shorter term.
Biggest joker
  • #9,769
  • Jul 15, 2010 4:04pm Jul 15, 2010 4:04pm
Quoting clockwork71
BP finally looks like they got it together. The well isn't spewing oil anymore.....should be interesting to see what this does to oil, and stocks. The BP stocks are up about 7% on the announcement.
Not to mention the Goldman Sach's settlement ($550mm) has that stock up over $12.50 (~9%). It will be interesting if we break today's pinbar and that bearish pattern I posted on the S&P gets invalidated.

Speaking of Goldman...their fine research analysts added SYT to their conviction buy list today -- Not sure how I feel about that...but obviously the stock liked that news.

Huge break lower on UUP (Dollar bullish ETF). Dollar ain't looking so bullish lately...

Kicking myself for closing out the Eur/USD, GBP/USD & GBP/CAD trade just a tad too early...Oh well, onto the next one!
  • #9,770
  • Jul 15, 2010 4:12pm Jul 15, 2010 4:12pm
I think we are all in similar situations.

I have reached the point where I can go all day without looking at a chart because I know that looking at the chart is not going to affect the market and I trade on the daily time frame, so the only time I need to look at the chart is right after the close of the day.

I can read the trend, the SR, the PINS, outside bars etc.

I know how to manage my risk to preserve my capital.

I let my winners run, unless there is a valid TP.

I pick my entries without emotion based only on the entry signals I see, and therein lies the problem.

Now it is time to find the entry signals, and then... LOOK FOR ALL THE REASONS NOT TO ENTER THE TRADE.

I believe this is truly the next step in my learning. Once I learn the warning signs and learn what entries not to take I expect my win/loss ratio to go from 50/50 to 60/40 or maybe even 70/30.

I have been taking snapshots of the charts for every trade I make. Now I am going to go through them and find all of the signs I missed.

It's time to separate the winners from the losers.

I am going to be posting a lot of charts and asking for opinions, after all, that is why we are here.

Thanks,
J

Quoting tobias24
thats the hardest one to fight with
i think thats the thing you have to beat to be really succesful.
i will start writing my trades down on real paper. i think if you write your trades down, you just cant erase it just like that like you can in your mind. i hope this gives me another boost in learning.
btw watch nzd/usd and aud/usd. finally some action. lets see what the next week will bring us.
  • #9,771
  • Jul 15, 2010 4:13pm Jul 15, 2010 4:13pm
Quoting baron193
1.3000 is almighty powerful area ,also 38.2% of longer term and 61.8% of current run, good band of resistance, a reversal here could be sharp (key reversal) or it could bounce around and re-test, buying time....
Excelent thread, even though i trade shorter term.

Thanks baron.....
  • #9,772
  • Jul 15, 2010 4:14pm Jul 15, 2010 4:14pm
Quoting jharvey407
I think we are all in similar situations.

I have reached the point where I can go all day without looking at a chart because I know that looking at the chart is not going to affect the market and I trade on the daily time frame, so the only time I need to look at the chart is right after the close of the day.

I can read the trend, the SR, the PINS, outside bars etc.

I know how to manage my risk to preserve my capital.

I let my winners run, unless there is a valid TP.

I pick my entries without emotion based only on the entry signals I see,...
Well put, and this is a big step in your trading....trust me on this one.

Chris
  • #9,773
  • Jul 15, 2010 4:20pm Jul 15, 2010 4:20pm
Quoting clockwork71
Agreed. Having said that....here is my new analysis of the EUR/USD pair:
I love it when you keep agreeing with me! Even though we were both horribly wrong the first time. Nevermind, it's just one trade.
Position trader - Anything intraweek is just noise...
  • #9,774
  • Jul 15, 2010 4:21pm Jul 15, 2010 4:21pm
Quoting 4xAddict
Hi All,

My take on the Euro is that the 1.28-1.30 area will be of significance as I said a few weeks back.

Given the time of year and resulting volatility amplifying moves we may even see E/U as high as 1.32-1.35 area however, just when everyone starts to second guess themselves because the Market moved against them more than expected is in my experience a telling signal that the big guys are preparing to move it in the right direction again after clearing the easy money off the table.

When people like Jim Rogers et al start saying the Euro...
Good analysis, welcome back, hope you enjoyed your holiday.
Position trader - Anything intraweek is just noise...
  • #9,775
  • Jul 15, 2010 4:26pm Jul 15, 2010 4:26pm
Quoting clockwork71
Here are the two charts, weekly and daily......No trade at all!
Maybe a pending long order above the pins would've been a nice breakout trade? LOL.
Position trader - Anything intraweek is just noise...
  • #9,776
  • Jul 15, 2010 4:29pm Jul 15, 2010 4:29pm
Quoting 4xAddict
Hi All,

My take on the Euro is that the 1.28-1.30 area will be of significance as I said a few weeks back.

Given the time of year and resulting volatility amplifying moves we may even see E/U as high as 1.32-1.35 area however, just when everyone starts to second guess themselves because the Market moved against them more than expected is in my experience a telling signal that the big guys are preparing to move it in the right direction again after clearing the easy money off the table.

When people like Jim Rogers et al start saying the Euro is...
Welcome back.....sorry, just saw this post.
  • #9,777
  • Jul 15, 2010 4:51pm Jul 15, 2010 4:51pm
Quoting jharvey407
Oh boy am I irritated!

I went long EURUSD at 1.2676 looking for 1.2900.
But.. I didn't like the way the price behaved at 1.2700.
So.. I closed my long at -15 pips.
Then.. I went short off of the rejection at 1.2700.
Then.. The price went up to 1.2900 stopping me out of my short!

Grrrr...

Well, it's all a learning experience.
Mate your analysis and instinct has been spot on for the last couple so try not to second guess yourself

accepting SLs as a potential drawdown in this kind if Market is pretty hard for everyone but my thoughts are if you were confident at the time, you had your reasons so stick it out
  • #9,778
  • Jul 15, 2010 5:13pm Jul 15, 2010 5:13pm
I agree with you that it is not all doom and gloom out there but still can't get past the impact that loose monetary policy is having.

Railroads are a good sign as you say but the Baltic dry shipping index is miles off it's highs and given a major chunk of supply chains originate in the far east, this is a large concern to me.

Normally flow through takes 3-6 months to hit the local Market once the Chinese get hit. If Baltic is down the shipped inventory volumes will be dropping with it, just due to lag it won't hit numbers for a month or two.

About intel, I found out off a mate who is a bit of an IT boffin. Intel have had components in the 3g, 3Gs and now the 4.

http://www.tgdaily.com/hardware-feat...one-4-teardown

it isn't the bulk of the componentry by any stretch but is certainly being watched by NASDAQ bulls IMO.

I agree there are certainly areas that will grow in the face of future issues. Uranium producers and the commodity itself stands to benefit a lot in the next 12 months as many of chinas planned reactors get commenced.

Lithium is another.

Interesting that Goldman's came out today reducing their projected forecast for the USD going fwd. Wonder how long it will be till they pile back into it again ? Theiving b@2tards.
  • #9,779
  • Jul 15, 2010 5:18pm Jul 15, 2010 5:18pm
Appologies in advance as i haven't got the time to read all through this valuable thread, i did see someone mention the timing of this move (assuming it means time of year) which is what went through my mind as well, but did not want to mention, i think it is the right time of year for a bit of "consolidation" fake outs etc, but you never know of course...
The weekly 'sticks have provided a good picture on the EUR/USD and the reality is the good old trend has provided plenty of opportunities to enter long, the 4 hour did show a good sign right down as far as 1.1970 ish with the weekly resulting in a KR (previous KR week did not have such action).
Biggest joker
  • #9,780
  • Jul 15, 2010 6:24pm Jul 15, 2010 6:24pm
I updated my blog for all those interested....
10 traders viewing now