Silent Service Method | Page 507 | 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

  • #10,121
  • Jul 29, 2010 4:50pm Jul 29, 2010 4:50pm
Got a set of free tickets for tonight's show in Columbus. I am afraid I gotta go. And drink beer. Outdoors in the blazing heat. Just the way a show should be.

"Trample the weak, hurdle the dead." (Name of his tour this year. lol)

Inserted Video
  • #10,122
  • Edited 6:42pm Jul 29, 2010 6:30pm | Edited 6:42pm
Quoting Arfer Daily
Still don't like trendlines? I seem to remember I spotted this one just before Chris did. For me it just "feels" right for it to reach that bottom trendline and reverse. I'm not in the trade at the moment so I can afford to speculate on a hunch!
Nope, I am aware of them but I only really trade off horizontal S/R - much more reliable IMO. I might be biased tho - I am in this and my TP is 1 - lol.

Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.jpg Size: 90 KB
  • #10,123
  • Jul 30, 2010 12:07am Jul 30, 2010 12:07am
Quoting clockwork71
You would be hard pressed to find much better than TradeStation. Of course, it comes down to whether or not the price is worth it. I don't think so to be honest......but I would love to have it myself.
Actually I can see the value for stocks and futures.
Position trader - Anything intraweek is just noise...
  • #10,124
  • Jul 30, 2010 12:08am Jul 30, 2010 12:08am
Quoting clockwork71
Got a set of free tickets for tonight's show in Columbus. I am afraid I gotta go. And drink beer. Outdoors in the blazing heat. Just the way a show should be.

"Trample the weak, hurdle the dead." (Name of his tour this year. lol)
That's my kind of day out.
Position trader - Anything intraweek is just noise...
  • #10,125
  • Jul 30, 2010 12:13am Jul 30, 2010 12:13am
Quoting stewrigh
Nope, I am aware of them but I only really trade off horizontal S/R - much more reliable IMO. I might be biased tho - I am in this and my TP is 1 - lol.

Attachment
Each to their own I suppose. That bottom trendline is definitely not a strong one so you could easily disregard it and parity looks more likely. I just like to be aware of the possibilities of trendline s/r.

Although the ma's on your chart caught this move you have to admit that the trendline was pretty strong too, you could have used either in this case.

I have looked back a long way and found that a 3 or more touch trendline in combination with horizontal s/r gives a very high probability trade. (would you expect different?)
Position trader - Anything intraweek is just noise...
  • #10,126
  • Jul 30, 2010 12:15am Jul 30, 2010 12:15am
Quoting InfinitySL
I've heard good things...but you're right, it's pricey.

It's "free" if you do the following every month:

 

  1. Futures: 10 round-turn futures or futures option contracts -or- 50 round-turn single stock
  2. Equities: 5,000 shares
  3. Equity & Index Options: 50 contracts
  4. Forex: 10 round-turn lots or 100 round-turn mini lots

They really just mean...If you give us lots of commissions we give you the platform "free", Otherwise it's $100/month!

That said, they have 27yrs of intra-day tick data on pretty...

Isn't it very indicator based though? You can't really program an automated system for trendline and horizontal s/r analysis can you?
Position trader - Anything intraweek is just noise...
  • #10,127
  • Jul 30, 2010 1:18am Jul 30, 2010 1:18am
Quoting tobias24
/something totally different: there was a music video some time ago, i dont remember the song, but in the video some housewife was cooking, and the video was build up like a receipt. any one remember this and can remember artist and title? sorry for posting here, but maybe someone here knows it
Sorry to butt in,but is this what you were after,very nice thread btw,have enjoyed reading it.

http://www.lyricsfreak.com/m/melba+m..._20269865.html
  • #10,128
  • Jul 30, 2010 1:31am Jul 30, 2010 1:31am
If you want a more irreverant version try this

Inserted Video
  • #10,129
  • Jul 30, 2010 5:57am Jul 30, 2010 5:57am
Quoting Deputy Dawg
Sorry to butt in,but is this what you were after,very nice thread btw,have enjoyed reading it.

http://www.lyricsfreak.com/m/melba+m..._20269865.html
no, not at all
  • #10,130
  • Jul 30, 2010 5:59am Jul 30, 2010 5:59am
Quoting clockwork71
http://www.investopedia.com/articles...edit-debit.asp

A good explanation of rollover. Unless you want to deliver the face value of the currency, like a bank does....you need to do the rollover. If you didn't do this, you would have to cover your position. So if you bought 100k EUR/USD.....you would need to actually exchange your 100k of USD to get those EUR.

Here is the rub: All brokers do this. The difference is whether or not you actually see it. When you are trading with institutions, you have to play...
thank you very much for making this clear.
i strongly believe there are no dumb question, the only dumb question is the one not asked.



wish you much fun on the concert!
  • #10,131
  • Jul 30, 2010 8:12am Jul 30, 2010 8:12am
Quoting Arfer Daily
Actually I can see the value for stocks and futures.
Agreed. I suppose I should have said it that way. Forex not as much, but things like volume and 200 EMAs can be helpful in stocks, etc.
  • #10,132
  • Jul 30, 2010 9:18am Jul 30, 2010 9:18am
Is there much benefit to a long term trader of using an ECN broker? Just been reading a few (more) trading books and I know it's obvious (or should be) but if you routinely trade 10 lots you're paying your broker $200 for the privelidge before you can break even and that's on only a 2 pip spread. Imagine trading eurnzd with a 15 pip spread! Or what about Jacko and his 150 lot trades. "Right Mr Jackson, you want to sell EurUsd for 150 lots? Ok, that's $3000 please.".

For my part I've always more or less ignored spread, especially since trading longer and longer term. If I'm looking for a 1000 pip trade it makes no difference if my trade starts 2 or 3 pips down right from the start. I always set the stop to a round number from the open price so I will lose 200 or 300 pips including the spread. I've lost the spread as well but in my head it means next to nothing.

Anyway, back to the question, is there really an advantage to me of using an ECN broker?

By the way, Alpari offer a "pro" account which is supposed to be ECN. Whether it is or not I don't know. The minimum trade size is 3 lots but they do offer a lot more pairs. It worries me slightly that a bucketshop is offering an ECN account, I smell fish. They are a good broker on a micro account and I would definitely consider moving up to a "classic" account which is CFD's as well but it's a minimum trade size of 0.1 which I'm not quite up to yet. I'm pretty confident of my strategy, I just need to let it accumulate more funds before I start using bigger sizes. The best thing I like about them is no Sunday bar but I suppose now I'm trading weeklies it doesn't matter.
Position trader - Anything intraweek is just noise...
  • #10,133
  • Jul 30, 2010 11:52am Jul 30, 2010 11:52am
Quoting Arfer Daily
Is there much benefit to a long term trader of using an ECN broker?
If you haven't read already, this thread is pretty decent:
http://www.forexfactory.com/showthread.php?t=8046

But to be quite honest with you, I'm not entirely sure there's a huge difference long-term between the two. So you buy/sell euro w/ 1.5pip bid-ask + commission or you pay 2-3pips and then they slip you a pip on the execution. At the end of the day it's all the same. Also, keep in mind that most ECN brokers give you volume discounts off of commissions if you're doing big size and/or big volume (I don't do either, so I get their standard rates - LOL). So it probably evens out in the end...

I actually just went and compared my "ECN" broker to my "dealer" broker (MB Trading vs. Oanda). I didn't see a whole lot of difference, in fact the Oanda quotes generally look better and there's no commission. I may actually ask the MB Trading rep what's going on w/ that... Anyway, see attachment:

Attached Image
  • #10,134
  • Jul 30, 2010 12:19pm Jul 30, 2010 12:19pm
Quoting Arfer Daily
Is there much benefit to a long term trader of using an ECN broker? Just been reading a few (more) trading books and I know it's obvious (or should be) but if you routinely trade 10 lots you're paying your broker $200 for the privelidge before you can break even and that's on only a 2 pip spread. Imagine trading eurnzd with a 15 pip spread! Or what about Jacko and his 150 lot trades. "Right Mr Jackson, you want to sell EurUsd for 150 lots? Ok, that's $3000 please.".

For my part I've always more or less ignored spread, especially since trading...

The one thing that could be different depending on brokers is swap. In general, it seems the ECNs pay a little better than the typical bucketshop set up. This would of course depend on the players involved.

Also, some ECNs offer protected funds.....which almost none of the others do.

Another big difference is the order types that are available. For example, few bucketshops offer a Market-if-touched order. Or better yet, my favorite conditional orders......like when price gets to 1.25, move my stop up to entry price, etc.

ECNs in general can and should be a lot more "hands off", which could be an advantage for traders like yourself?

Chris
  • #10,135
  • Jul 30, 2010 12:21pm Jul 30, 2010 12:21pm
Quoting InfinitySL
If you haven't read already, this thread is pretty decent:
http://www.forexfactory.com/showthread.php?t=8046

But to be quite honest with you, I'm not entirely sure there's a huge difference long-term between the two....
By the metric of spreads alone, Oanda is really hard to beat on a lot of pairs to be honest....it's one of two reasons I would consider trading with them. The other is the ability to trade in increments of "1 unit size."

The platform might be the worst in the business though. lol
  • #10,136
  • Jul 30, 2010 12:25pm Jul 30, 2010 12:25pm
Quoting Arfer Daily
By the way, Alpari offer a "pro" account which is supposed to be ECN. Whether it is or not I don't know. The minimum trade size is 3 lots but they do offer a lot more pairs. It worries me slightly that a bucketshop is offering an ECN account, I smell fish. They are a good broker on a micro account and I would definitely consider moving up to a "classic" account which is CFD's as well but it's a minimum trade size of 0.1 which I'm not quite up to yet. I'm pretty confident of my strategy, I just need to let it accumulate more funds before I start...

Wow. Do you mean 3 full size lots, or $30/pip. That's horrible if true. I assume you mean $3/pip......

Dukascopy will allow you to trade as little as $1/pip. I agree with the being concerned about being a bucketshop and ECN. The only thing I can think is they also are able to hedge against you in the interbank. I really don't know why there would be both to be honest with you.

I should preface that thought with the fact that I have never traded with Alpari, and as such don't have an opinion on the one way or the other.
  • #10,137
  • Jul 30, 2010 12:39pm Jul 30, 2010 12:39pm
Quoting clockwork71
By the metric of spreads alone, Oanda is really hard to beat on a lot of pairs to be honest....it's one of two reasons I would consider trading with them. The other is the ability to trade in increments of "1 unit size."

The platform might be the worst in the business though. lol

I would recommend Oanda to anyone who is just starting out. Their demo is exactly like their real accounts. I've even gotten excellent customer service in regards to my demo account. The position size granularity is also excellent. And even though their charting sucks for opportunity-identification, it's super-easy to move stops, TP's, and pending orders visually, on the chart. Their excution is also top-notch.

I do wish they had more order types, but otherwise they have been fantastic.

Oh, and my favorite part, their order enttry window calculates your stop value relative to position size and stop distance, so I can determine where my stop should go, and then adjust the lot size to meet my desired risk, without doing calculations on the side.

I'm sure I'll try other brokers down the road, but I'm also sure I'll always have some money in my Oanda account.
  • #10,138
  • Jul 30, 2010 12:43pm Jul 30, 2010 12:43pm
http://i28.tinypic.com/30tqtxg.png
  • #10,139
  • Jul 30, 2010 12:47pm Jul 30, 2010 12:47pm
Quoting InfinitySL
If you haven't read already, this thread is pretty decent:
http://www.forexfactory.com/showthread.php?t=8046

But to be quite honest with you, I'm not entirely sure there's a huge difference long-term between the two. So you buy/sell euro w/ 1.5pip bid-ask + commission or you pay 2-3pips and then they slip you a pip on the execution. At the end of the day it's all the same. Also, keep in mind that most ECN brokers give you volume discounts off of commissions if you're doing big size and/or big volume (I don't do either, so I get their...
Really good answer, thanks. That's why I love this thread.
Position trader - Anything intraweek is just noise...
  • #10,140
  • Jul 30, 2010 12:49pm Jul 30, 2010 12:49pm
Quoting clockwork71
Wow. Do you mean 3 full size lots, or $30/pip. That's horrible if true. I assume you mean $3/pip......

Dukascopy will allow you to trade as little as $1/pip. I agree with the being concerned about being a bucketshop and ECN. The only thing I can think is they also are able to hedge against you in the interbank. I really don't know why there would be both to be honest with you.

I should preface that thought with the fact that I have never traded with Alpari, and as such don't have an opinion on the one way or the other.
According to their website it's 3 full lots minimum trade size. It's for pro's you know!
Position trader - Anything intraweek is just noise...
8 traders viewing now