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Silent Service Method

  • #12,461
  • Jun 1, 2011 10:27am Jun 1, 2011 10:27am
Quoting clockwork71
This chart is certainly looking more and more interesting......
Hello CW,

actually I am in the beginning of your thread but I think the AUDUSD decided to break out to the long side. According to your princicples now you wait for an retracement to the upper declining trendline for a long entry ?

Awesome thread btw ....
  • #12,462
  • Jun 1, 2011 4:13pm Jun 1, 2011 4:13pm
Hi Chris, reading the thread through I read about your connection to Wales. I though you might like these...

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  • #12,463
  • Jun 1, 2011 4:14pm Jun 1, 2011 4:14pm
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  • #12,464
  • Jun 1, 2011 4:14pm Jun 1, 2011 4:14pm
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  • #12,465
  • Jun 1, 2011 4:15pm Jun 1, 2011 4:15pm
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  • #12,466
  • Jun 1, 2011 4:16pm Jun 1, 2011 4:16pm
Goldie looking chain, you have to love them! Yes, they are a joke band but hey.

I'm another one that can't find a midget skateboarding on a bar though. Great thread and lots of banter!
  • #12,467
  • Jun 1, 2011 6:33pm Jun 1, 2011 6:33pm
Quoting Dortmunder
Hello CW,

actually I am in the beginning of your thread but I think the AUDUSD decided to break out to the long side. According to your princicples now you wait for an retracement to the upper declining trendline for a long entry ?

Awesome thread btw ....

Thanks.

I normally want to see a close above the line. Depending on the time frame, it will decide the candle time. (I don't have a hard rule for this.) But if you look at the potential flag on the daily chart of AUD/USD, I would like to see a daily candle close above the top part of the flag. While it could leave a fairly large stop loss, it doesn't matter, mainly because the measured move (measure the length of the "pole".) figures for 1,300 pips - or 1.20 or so.....
  • #12,468
  • Jun 1, 2011 6:36pm Jun 1, 2011 6:36pm
Hugh -

Funny......we had a band over here from Philadelphia that was similar.......kind of a rap/rock comedy deal called Bloodhound Gang.....these guys kind of remind me of those cats.
  • #12,469
  • Jun 1, 2011 10:15pm Jun 1, 2011 10:15pm
I get offers occasionally to do random Forex jobs. One I was recently discussing with someone was the moderator of a live trading room. It would be my job to call out trades from noon to 4 pm EST. Anyone want to guess what a job like that pays?

$12.50/hr. Seriously.

  • #12,470
  • Jun 2, 2011 4:11am Jun 2, 2011 4:11am
Quoting clockwork71
I get offers occasionally to do random Forex jobs. One I was recently discussing with someone was the moderator of a live trading room. It would be my job to call out trades from noon to 4 pm EST. Anyone want to guess what a job like that pays?

$12.50/hr. Seriously.

Like a well paid MacJob

You could even have a name tag that says: Chris, MacForex
  • #12,471
  • Jun 2, 2011 6:01am Jun 2, 2011 6:01am
True......it never ceases to amaze me some of the realities of the FX world. This site has pretty decent traffic as well, so the low dollar amount was a true surprise to say the least.
  • #12,472
  • Jun 2, 2011 6:04am Jun 2, 2011 6:04am
Not able to make a call on it yet......but the stock market futures in the US are fairly flat. While some people would say that it is a good signal after the previous day's sell off, the truth is that a strong market would bounce back quicker. That has been the trend over the last two years at least. Of course, tomorrow is Non-Farm Payroll, so all bets are off.

With the lower than expect ADP numbers, the world awaits the NFP - with lowered expectations. One can never truly tell though, as the ADP and NFP aren't always correlated....
  • #12,473
  • Jun 2, 2011 7:50am Jun 2, 2011 7:50am
With a little luck, fading this spike in Nat Gas will work out. If not, I'm kicking the dog!
  • #12,474
  • Jun 2, 2011 1:41pm Jun 2, 2011 1:41pm
hmmmm......
Attached Image (click to enlarge)
Click to Enlarge Name: cad.png Size: 31 KB
  • #12,475
  • Jun 2, 2011 6:34pm Jun 2, 2011 6:34pm
Quoting clockwork71
Thanks.

I normally want to see a close above the line. Depending on the time frame, it will decide the candle time. (I don't have a hard rule for this.) But if you look at the potential flag on the daily chart of AUD/USD, I would like to see a daily candle close above the top part of the flag. While it could leave a fairly large stop loss, it doesn't matter, mainly because the measured move (measure the length of the "pole".) figures for 1,300 pips - or 1.20 or so.....
Hi Chris,
I have been reading thread for a while and learnt a lot from it:-) I do ask questions sometimes but have not had lot of time trading live :-) Still paper trading.

I have heard close of the candle is very critical, especially relative to the candle size ( e.g. bullish candle close in top 1/3 will be a strong close) and relative to the s/r or big round number line.

It is easy with big round number as they are easier to spot :-).

In the later case, s/r line ( or trendlines) are quite subjective. If there are multiple ways to draw S/R or trendlines, How can I be more confident about which line it should close above/below( this is more general question not necessarily related to this situation) ? Any comments based on your experience will be of lot of help. Always appreciate your help and knowledge sharing.
  • #12,476
  • Jun 2, 2011 7:13pm Jun 2, 2011 7:13pm
Just to let you all know, I am no longer accepting new members to the private site. I just wanted to clear this up before another person joins. I am presently working on a totally new concept and should have something to announce in a couple of months.

If I could figure out how to turn the damn thing off....I would. I will have to work on that. I will still be here, and in fact - should be even more accessible than ever when the new home is done.....

Chris
  • #12,477
  • Jun 2, 2011 7:19pm Jun 2, 2011 7:19pm
Quoting Imphilomath
Hi Chris,
I have been reading thread for a while and learnt a lot from it:-) I do ask questions sometimes but have not had lot of time trading live :-) Still paper trading.

I have heard close of the candle is very critical, especially relative to the candle size ( e.g. bullish candle close in top 1/3 will be a strong close) and relative to the s/r or big round number line.

It is easy with big round number as they are easier to spot :-).

In the later case, s/r line ( or trendlines) are quite subjective. If there are multiple ways to draw S/R...
You are going to hate this answer, because it won't really seem like much of one at the moment. But the truth is, it is the best answer you will ever hear:

Zoom out on the weekly charts. Look for support and resistance lines. You should see a handful on each currency pair that is so stupidly obvious that even your dog could see it.

Those are the areas that you want to pay attention to.

I am doing this off the top of my head, but take a look at these areas:

1.30 in USD/CAD
0.80 in AUD/USD
1.02 in AUD/USD
1.24 in EUR/CHF
115 in EUR/JPY

The reason that is pseudo-impressive is that I know these areas without looking at the charts. Why? Because they are obvious. They are so obvious on the charts that I remember them later.

I could wake up fro a 2 year coma, and if someone told me USD/CAD was struggling to break above 1.30 - I would know to sell it right away.

You may say, "Well those areas don't happen all the time" and you would be right - but that's the point. Trust me, with 20 pairs or more to trade, they happen enough......

I hope that made sense, or at least gets you thinking.

Chris
  • #12,478
  • Jun 2, 2011 8:47pm Jun 2, 2011 8:47pm
Quoting clockwork71
You are going to hate this answer, because it won't really seem like much of one at the moment. But the truth is, it is the best answer you will ever hear:

Zoom out on the weekly charts. Look for support and resistance lines. You should see a handful on each currency pair that is so stupidly obvious that even your dog could see it.

Those are the areas that you want to pay attention to.

I am doing this off the top of my head, but take a look at these areas:

1.30 in USD/CAD
0.80 in AUD/USD
1.02 in AUD/USD
1.24 in EUR/CHF
115...
Thanks Chris :-) That makes sense.
  • #12,479
  • Jun 3, 2011 7:17am Jun 3, 2011 7:17am
The USD/CAD blew through the top of that pinbar........invalidating a possible sell set up in general. However, as of 10:30 am - we are falling back down. This is a real good example of why I don't trade NFP days....
  • #12,480
  • Jun 3, 2011 10:47am Jun 3, 2011 10:47am
Quoting clockwork71
The USD/CAD blew through the top of that pinbar........invalidating a possible sell set up in general. However, as of 10:30 am - we are falling back down. This is a real good example of why I don't trade NFP days....
Looking at the 4H bars now make it hard to believe that I actually shorted EURUSD during NFP and made money...

That was a one off though, I usually never trade the news.
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