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Silent Service Method

  • #9,861
  • Jul 19, 2010 9:53pm Jul 19, 2010 9:53pm
Quoting stewrigh
It never ceases to amaze me the number of times I see something in a completely different way to other traders - does that make me a contrarian - lol.

My take on this is the line I've drawn at about 22 - to me its a line of resistance from way back in 2006 and its just re-tested it.
Well...that's what makes a market!

I've always been partial to #s divisible by 5. With $22, I just don't see it as important recently. In 2006 and 2007, I see it. In '08 it seemed to regularly blow right through that level (on the way up and the way down). Also in 2010 I see it going right through that level a few times.

I could certainly be wrong though.
  • #9,862
  • Jul 20, 2010 1:02am Jul 20, 2010 1:02am
Options offer a great way to play longer term stocks and SI's, but you will need to know how to use the instrument very well.
Biggest joker
  • #9,863
  • Jul 20, 2010 2:42am Jul 20, 2010 2:42am
Gone long off the 4 hour pin on the 50% retrace of the last big upmove.
I didnt take it, but should have. Next time i will.
Watching .72 for an entry south
  • #9,864
  • Jul 20, 2010 7:00am Jul 20, 2010 7:00am
Take a look at the chart....not a particular set up.....but it seems that it's telling us something.
Attached Image (click to enlarge)
Click to Enlarge Name: eur.png Size: 52 KB
  • #9,865
  • Jul 20, 2010 7:38am Jul 20, 2010 7:38am
New housing starts in the US came in at 550,000.

Seriously? As someone who works in the construction/rehab area.....that's about 550,000 too many.
  • #9,866
  • Jul 20, 2010 9:18am Jul 20, 2010 9:18am
New blog post.
  • #9,867
  • Jul 20, 2010 10:39am Jul 20, 2010 10:39am
Quoting clockwork71
New housing starts in the US came in at 550,000.

Seriously? As someone who works in the construction/rehab area.....that's about 550,000 too many.
No doubt, there are far less buyers (with lending changes) and tons of foreclosures on the market.

I have owned my house for 6 years, done everything right, and I will lose my ass on it.
  • #9,868
  • Jul 20, 2010 10:40am Jul 20, 2010 10:40am
Quoting clockwork71
Take a look at the chart....not a particular set up.....but it seems that it's telling us something.
Did anyone trade the EURUSD short on the 4H chart earlier today?

I couldn't pull the trigger. It looked too flat, but there was a nice BEOB off the 1.3 level.
  • #9,869
  • Jul 20, 2010 11:27am Jul 20, 2010 11:27am
i am short eur/usd right now(very small), and got a pretty good entry, too.
i think the candles show its not quite clear which way it will go, but in my opinion it will continue the downtrend from december. i mean nothing really changed right? the stress test should give some impulse to the market.
only one word: spain.
  • #9,870
  • Jul 20, 2010 12:48pm Jul 20, 2010 12:48pm
Quoting unlv_tj
No doubt, there are far less buyers (with lending changes) and tons of foreclosures on the market.

I have owned my house for 6 years, done everything right, and I will lose my ass on it.
Correct, meanwhile.....there were idiots who were paying me to repaint their houses 2 weeks after completion. How could they afford it? The same way they were having privacy fences, decks, and major landscaping done: They borrowed 120% of the cost.

These people are morons. I know there is a lot of blame to go towards the financial sector, but seriously.....How could someone be so stupid?

With the idea of "Houses only go up in value, and I can always refinance....." they were doomed by their own stupidity in the first place a I suppose.

TJ - You will get your money back - but it might be 15 years.
  • #9,871
  • Jul 20, 2010 12:49pm Jul 20, 2010 12:49pm
Quoting unlv_tj
Did anyone trade the EURUSD short on the 4H chart earlier today?

I couldn't pull the trigger. It looked too flat, but there was a nice BEOB off the 1.3 level.
I shorted on a break of that daily pinbar on Friday....so I was already in it. I did see that set up, very interesting indeed.
  • #9,872
  • Jul 20, 2010 12:50pm Jul 20, 2010 12:50pm
Quoting tobias24
i am short eur/usd right now(very small), and got a pretty good entry, too.
i think the candles show its not quite clear which way it will go, but in my opinion it will continue the downtrend from december. i mean nothing really changed right? the stress test should give some impulse to the market.
only one word: spain.
The problem with the stress test is that it will be window dressing. There is no way it's coming out bad. Sorry.
  • #9,873
  • Jul 20, 2010 1:17pm Jul 20, 2010 1:17pm
Quoting clockwork71
I shorted on a break of that daily pinbar on Friday....so I was already in it. I did see that set up, very interesting indeed.
Ah, the daily pinbar on Friday. Good call. I passed on it, due to the size and the fact it formed on a possible profit taking Friday. But the location was supreme, and often that is the most important thing.

Here is a picture of the trade I passed on this morning. It was a tough call, often the other USD pairs will all line up with some kind of decent looking trade, and that was true this morning. The EURUSD was the best of the bunch. I should have pulled the trigger. I have back tested so much and found the 5 AM CST bar to be so powerful in the EURUSD and GBPUSD.

I was fearful that the EURUSD might stay flat around 1.300, so I passed on it. I need to get over the fear of being wrong.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 13 KB
  • #9,874
  • Jul 20, 2010 1:53pm Jul 20, 2010 1:53pm
Quoting unlv_tj
Ah, the daily pinbar on Friday....

All this might be true, but then again.....it could be at 1.31 tomorrow.....it's a matter of "letting go."
  • #9,875
  • Jul 20, 2010 1:58pm Jul 20, 2010 1:58pm
yea sure, they cant announce smth bad, thats quite clear.

are there still loans given to ninja?
  • #9,876
  • Jul 20, 2010 1:59pm Jul 20, 2010 1:59pm
Quoting unlv_tj
I need to get over the fear of being wrong.
Another way to look at this....is to get used to being wrong. I get worried when I'm right "too much"...goes to my head.

I'm OK with being wrong. It's normal. I rely on my "rights" being substantially larger than my "wrongs", outnumbered as they may be.
  • #9,877
  • Jul 20, 2010 2:18pm Jul 20, 2010 2:18pm
Quoting clockwork71
All this might be true, but then again.....it could be at 1.31 tomorrow.....it's a matter of "letting go."
I am over complicating it, it appears.

I am by far the most uptight person I know.
  • #9,878
  • Jul 20, 2010 2:18pm Jul 20, 2010 2:18pm
Quoting Low
Another way to look at this....is to get used to being wrong. I get worried when I'm right "too much"...goes to my head.

I'm OK with being wrong. It's normal. I rely on my "rights" being substantially larger than my "wrongs", outnumbered as they may be.
LOL, I think my subconcious thinks like this, due to cutting so many winners short over the years.

"I can't be right, no way possible, just take the profit and get the hell out before it goes bad"
  • #9,879
  • Jul 20, 2010 2:45pm Jul 20, 2010 2:45pm
I think I'll be holding out to see if we hit 1140.


http://i28.tinypic.com/117be3s.png

http://i31.tinypic.com/33fff9j.png
  • #9,880
  • Jul 20, 2010 3:38pm Jul 20, 2010 3:38pm
Eurusd is hitting critical support now. if it breaks to 1.26 then i'll think about shorts.
But as of now im still looking at longs
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