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Silent Service Method

  • #10,181
  • Aug 2, 2010 10:29am Aug 2, 2010 10:29am
Quoting clockwork71
Oh yeah - stick with MT4 if it's what you are used to....certainly. I really wish I lived in a country that was free and a little less "protective" of it's citizens. You can "gamble" on the outcome of a sporting event, but can't "speculate" on the price of corn. Go figure.
If the live trading is like the demo I will be very pleased. It is the best mt4 broker I have seen for cfd's.

This way I can trade forex, commodities, indices and a good range of individual stocks without paying through the nose in commision or using position sizes too big for my comfort level. (until I build it up to Samers level).

From what I have seen so far I would definitely recommend them but I'll let you know when I have a live account open. One thing I would say is that the spreads are not the lowest but trading on weekly charts this really doesn't matter.

Just a thought, maybe you can't trade cfd's in the US because they are trying to protect the CME and all the other exchanges who could lose out? Or maybe to do with them not wanting so much speculation bringing too much volatility in commodity markets? If they leave things as they have priced out the majority of retail traders because you have to trade via a proper futures exchange at huge cost and/or position size.
Position trader - Anything intraweek is just noise...
  • #10,182
  • Aug 2, 2010 11:41am Aug 2, 2010 11:41am
My last pound long TP'd overnight for +1371 pips.
  • #10,183
  • Aug 2, 2010 12:04pm Aug 2, 2010 12:04pm
No entry yet, but I'll be watching this one over the 24 hours:

http://i32.tinypic.com/2ewihzc.png
  • #10,184
  • Aug 2, 2010 1:06pm Aug 2, 2010 1:06pm
Quoting Arfer Daily
I still like the look of 1.45 for a short.
That'll be next year at least
  • #10,185
  • Aug 2, 2010 1:09pm Aug 2, 2010 1:09pm
Quoting Low
No entry yet, but I'll be watching this one over the 24 hours:

http://i32.tinypic.com/2ewihzc.png
Id love to see a hammer maybe Thursday. This is going to .93 for sure now
  • #10,186
  • Aug 2, 2010 1:49pm Aug 2, 2010 1:49pm
Quoting Low
My last pound long TP'd overnight for +1371 pips.
Great trade!
Position trader - Anything intraweek is just noise...
  • #10,187
  • Aug 2, 2010 1:51pm Aug 2, 2010 1:51pm
Quoting jicjoc
That'll be next year at least
Like my Warren Buffet quote, I can keep my bat on my shoulder without swinging for as long as it takes til a fat pitch turns up.
Position trader - Anything intraweek is just noise...
  • #10,188
  • Aug 2, 2010 1:54pm Aug 2, 2010 1:54pm
Quoting jicjoc
That'll be next year at least
Hell, that's only 4 months away.
  • #10,189
  • Aug 2, 2010 1:57pm Aug 2, 2010 1:57pm
Quoting Low
My last pound long TP'd overnight for +1371 pips.
Seriously, you suck. Go back to the first post and start over. 1,371 pips is child's play.
  • #10,190
  • Aug 2, 2010 2:02pm Aug 2, 2010 2:02pm
Quoting clockwork71
Seriously, you suck. Go back to the first post and start over. 1,371 pips is child's play.
Yeah, I know.

Next time we'll double that.

I'm in that gbpnzd long again...1st target is around 4K pips.
  • #10,191
  • Aug 2, 2010 2:06pm Aug 2, 2010 2:06pm
So as you know, I went long the EUR/USD earlier. I showed how we have found support at 1.30, and formed a 4 hour pinbar.

So what did I do during all this time? I went to a woodland reserve just outside of Columbus called Blacklick Trails. Why? Because that's why I trade! I trade for FREEDOM, not a "job."

Life is too short to worry about trading. If I ever felt like it was work, or a lot of stress, then why in the hell would I do it? Nobody makes you trade, do they? It's a simple choice. Either it will be a positive or negative in your life.

So far, it's a positive in mine. If it ever becomes the other choice - I am done with it. It's just a tool to get where you are going, not the be-all-end-all of life.

In my estimation, if you cannot get the "unimportance" of trading through your thick skull - you will never get this right.

I know that other "gurus" never say these things, but honestly - it's how it is as far as I can tell. The day I stopped caring so much, was the day it all turned around for me.

Below is a picture of how stressed out I was during the trading day. Not.

PS - it's a crappy cell phone pic. Hey - what can you expect for $600? lol
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  • #10,192
  • Aug 2, 2010 2:07pm Aug 2, 2010 2:07pm
Quoting Low
Yeah, I know.

Next time we'll double that.

I'm in that gbpnzd long again...1st target is around 4K pips.

  • #10,193
  • Aug 2, 2010 3:04pm Aug 2, 2010 3:04pm
Chris, Oil broke higher today. Next resistance 87 that I can see.
Position trader - Anything intraweek is just noise...
  • #10,194
  • Aug 2, 2010 6:00pm Aug 2, 2010 6:00pm
Quoting Arfer Daily
Chris, Oil broke higher today. Next resistance 87 that I can see.
This should be good for CAD. However, USD/CAD is sitting at a ton of support right here. Perhaps there is a better set up somewhere else?

The oil chart shows in solid lines the range we have been stuck in forever. I have it as 72-82 or so. This implies a move towards 92, as it would measure out correctly. (The consolidation areas typically gets added to the previous trend.) The dotted lines represent the next two possible trouble areas for bulls in my opinion.

The second chart is what I believe could be the play on this: CAD/JPY
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  • #10,195
  • Aug 2, 2010 11:55pm Aug 2, 2010 11:55pm
Quoting clockwork71
This should be good for CAD. However, USD/CAD is sitting at a ton of support right here. Perhaps there is a better set up somewhere else?

The oil chart shows in solid lines the range we have been stuck in forever. I have it as 72-82 or so. This implies a move towards 92, as it would measure out correctly. (The consolidation areas typically gets added to the previous trend.) The dotted lines represent the next two possible trouble areas for bulls in my opinion.

The second chart is what I believe could be the play on this: CAD/JPY
Here's my chart of oil. 78 doesn't look like good s/r but it corresponds with a couple of peaks in the past. In fact a few of those s/r levels don't look like anything on this chart but are strong levels in the past, maybe goes to show why oil is tricky to trade?

I noticed the trendline break, albeit not a very strong trendline. This is on the AVA demo feed so I don't know if this is different?

I'm with you on the cadjpy idea. Oil is probably better used as an indicator for forex.
Attached Image (click to enlarge)
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Position trader - Anything intraweek is just noise...
  • #10,196
  • Aug 3, 2010 12:08am Aug 3, 2010 12:08am
Quoting Arfer Daily
Here's my chart of oil. 78 doesn't look like good s/r but it corresponds with a couple of peaks in the past. In fact a few of those s/r levels don't look like anything on this chart but are strong levels in the past, maybe goes to show why oil is tricky to trade?

I noticed the trendline break, albeit not a very strong trendline. This is on the AVA demo feed so I don't know if this is different?

I'm with you on the cadjpy idea. Oil is probably better used as an indicator for forex.
Agreed with this weekly trend line break. The contract you are trading would actually be the continuous weekly, which is more like the "spot" market for lack of better terminology. I was referring to a particular futures contract. (Basically, I believe you have the amalgamation of the different futures contracts.) You also don't have things like the cost of storage marked into longer term futures, etc.

In other words - trade the chart as normal. :-)

I am certainly with you on the trend line break like I said. No matter what you measure it by, oil has just broken out.
  • #10,197
  • Aug 3, 2010 12:41am Aug 3, 2010 12:41am
Quoting clockwork71
Agreed with this weekly trend line break. The contract you are trading would actually be the continuous weekly, which is more like the "spot" market for lack of better terminology. I was referring to a particular futures contract. (Basically, I believe you have the amalgamation of the different futures contracts.) You also don't have things like the cost of storage marked into longer term futures, etc.

In other words - trade the chart as normal. :-)

I am certainly with you on the trend line break like I said. No matter what you measure it...
I'm a bit wary of trading these bucketshop "amalgamation" products. It seems it's much easier for them to do what they want to do with it and get away with it. The gold chart is all over the place. Cadjpy also has 3 or 4 bad tick weeks just left. I'm hoping the live feed is not like that or I'm out of there. I'm sure they will be much more carefuly to "fix" problems with their live feed.

Are you trading with AVA Fx yourself now then, just not the CFD's?
Position trader - Anything intraweek is just noise...
  • #10,198
  • Aug 3, 2010 6:38am Aug 3, 2010 6:38am
Love these summaries that Bespoke puts out. Not really any trade ideas per se, but a good look at what's been doing well (or not) in the various sectors. Some of the 1-month performances are pretty impressive -- The UK up 15% !? Actually that one is less impressive b/c it incorporates their currency performance as well, which has been superb.

Anyway, for your enjoyment (looks like the right side has a typo...should be 1-week, 1-month, YTD):

http://bespokeinvest.squarespace.com...=1280526806187

And the best performing broad asset class this year?? You guessed it: Long-duration US Treasuries! Wait...what?!
  • #10,199
  • Aug 3, 2010 7:14am Aug 3, 2010 7:14am
The recent bullish behaviour of Eurousd especially in the light of all the bearish commentary (everywhere) really has hit home to me how important two elements in tandem are - Price action and Support/Resistance.

Separately neither are worth very much.
Together they are very informative.

Horizontal Support and Resistance are just area's where price may reverse. There is absolutely no guarantee of anything though. Price action makes a reversal more probable (and we are reversal traders pretty much here anyway - j16, clock, nison's candles).

So i suppose the main thing i've taken from this, is to listen diligently and pleasantly to all advice offered, but be very careful to filter out that which is misleading.

How do you know how to filter certain things versus other things?

Now that is a mindfield, each individual will have to cross by his/herself...
  • #10,200
  • Aug 3, 2010 7:46am Aug 3, 2010 7:46am
Quoting Arfer Daily
I'm a bit wary of trading these bucketshop "amalgamation" products. It seems it's much easier for them to do what they want to do with it and get away with it. The gold chart is all over the place. Cadjpy also has 3 or 4 bad tick weeks just left. I'm hoping the live feed is not like that or I'm out of there. I'm sure they will be much more carefuly to "fix" problems with their live feed.

Are you trading with AVA Fx yourself now then, just not the CFD's?
I am with Interactive Brokers, Dukascopy. One of the issues with being American is that you cannot trade CFDs, so it's a regulatory issue on my end. I have played with the live feed, but couldn't add/withdraw money because of said issues in the US. I didn't find much difference between it and any other one I have used.

IBFX has a wicked bad week tick that has been in the feed forever in CHF/JPY, and another in NZD/JPY. (I believe the N/J) It's a common thing really. Interactive Brokers has them so often, as ECNs tend to do, that there is even a "remove bar" option when you click on one.

As far as the amalgamation, it's nothing that the brokers do, it's the same as the continuous contract. If you look up a commod on barchart.com, there is also a continuous option....which is simply the average price of all running contracts. (In very dirt simple layman's terms.)
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