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Silent Service Method

  • #12,721
  • Jul 20, 2011 6:07pm Jul 20, 2011 6:07pm
Taking a look at EUR/CHF, it appears that we are heading towards the next sell zone I have listed. I have two lines at 1.18 and 1.20 - representing the entire resistance area.
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  • #12,722
  • Jul 20, 2011 6:55pm Jul 20, 2011 6:55pm
Quoting clockwork71
Taking a look at EUR/CHF, it appears that we are heading towards the next sell zone I have listed. I have two lines at 1.18 and 1.20 - representing the entire resistance area.
Agreed....its in my sights too.....just waiting for the appropriate PA.......then dump it.....
  • #12,723
  • Jul 20, 2011 11:22pm Jul 20, 2011 11:22pm
I am thinking of uploading a new video everyday that will look at the best set up for the day or something like that.....maybe what I am watching, etc. Also, I will be asking for a handful of people to beta test the private forum, which will become the public one later, in order to get feedback on the training videos, etc. I will keep you guys up to date on this obviously.

Chris
  • #12,724
  • Jul 21, 2011 9:59am Jul 21, 2011 9:59am
CAD is looking very interesting. If it can close below 0.9450 - this things falls a few handles.....
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  • #12,725
  • Jul 21, 2011 4:19pm Jul 21, 2011 4:19pm
Congrats on the UCad trade Chris!
  • #12,726
  • Jul 21, 2011 4:41pm Jul 21, 2011 4:41pm
There was a time that I struggled to place a trade because I felt like I had missed the trigger. Living in Australia has it's advantages, the beautiful climate and beaches and so on... but the one thing that really pisses me off is knowing price is sitting right a S/R area and you know that something is going to happen sooner or later, but you glance over at the clock and it says 10pm, you have to work the next day.... you decide you'll wait for the next 4 hour candle to close and see what it looks like... It's midnight and nothing has happened yet, The Eur/US are now both open and in action but nothing has actually happened yet.... all the while your getting more tired, talk about loosing sleep!
Then the next morning you wake up tired as all shit and you look at the chart with your nice hot cup of coffee and kaboom, you see your trigger and then you see what you missed out on and the opportunity is come and gone with a couple of hundred pips from the start line, you get a twisted feeling in your gut and wish you had of placed a pending order, but where? That's the part that drives me nuts at the best of times.... you can't just place a stop anywhere and hope it'll do, in rare cases yes you could, depending on the technical side of things, but in most cases you would not set a blind order not knowing the high or the low of the day or the exact trigger. I have done and been burnt on this on more than one occassion.

So how do I work around this? There is no exact answer, but a lot of it has to do with momentum and small risks, when I see my a trigger and missed it, the trend is down and I can see the next support at a couple of hundred pips away, I break up the action and look for smaller S/R areas, these are excellent areas to either a) add on or b) get in!
I tend to do a lot of this on lower time frames, I know it's been said a hundred times before, but unless you know what your doing I would not recommend it.
However if you have worked out the smaller key areas you can anticipate a move on a 15M chart, I tend to look for price patterns and divergences combined with some other indicator, maybe a Fibo or trend line or both! Also price action does show it's hand on the 15M chart too, actually it shows it on ALL time frames, obviously the further down you go the less reliable it is. I have snagged some fantastic Pin bars and outside bars etc on the 15M.
As you probably know on a 15M chart your stop will be or should be a lot smaller than the intial 4 hour/Daily trigger bar. I have gotten quiet good at perfecting this entry basis and it has allowed me to increase my risk size to suit, a lot of the time also price is already in motion and it's not long before I can be at break even and go with the flow.

This is not ment to deviate from the thread but rather add a second way of getting into the trade after receiving the bigger origional trigger.

Just a little ramble for the week,

Have a nice weekend!
  • #12,727
  • Jul 21, 2011 6:42pm Jul 21, 2011 6:42pm
Quoting clockwork71
I am thinking of uploading a new video everyday that will look at the best set up for the day or something like that.....maybe what I am watching, etc. Also, I will be asking for a handful of people to beta test the private forum, which will become the public one later, in order to get feedback on the training videos, etc. I will keep you guys up to date on this obviously.

Chris
That's a great news for us newbies Chris. I really appreciate all the efforts you are putting in w/o any obvious financial returns. But as you know, good karma only brings good things. I am sure you are successful in your trading and hope it gets better and better for you and you are financially rewarded.

Thanks again !!
  • #12,728
  • Jul 21, 2011 6:44pm Jul 21, 2011 6:44pm
Quoting VitaminBeer
There was a time that I struggled to place a trade because I felt like I had missed the trigger. Living in Australia has it's advantages, the beautiful climate and beaches and so on... but the one thing that really pisses me off is knowing price is sitting right a S/R area and you know that something is going to happen sooner or later, but you glance over at the clock and it says 10pm, you have to work the next day.... you decide you'll wait for the next 4 hour candle to close and see what it looks like... It's midnight and nothing has happened...
Thanks VitaminBeer. I am in OZ as well so these thoughts and sharing ideas helps a lot. Thanks for sharing. Would love to hear more about how you do this so I can learn from it.

cheers
  • #12,729
  • Jul 21, 2011 9:03pm Jul 21, 2011 9:03pm
Quoting VitaminBeer
... but the one thing that really pisses me off is knowing price is sitting right a S/R area and you know that something is going to happen sooner or later, but you glance over at the clock and it says 10pm, you have to work the next day....
Simple fix VB.....move to WA! The extra few hours can help!
This scenario is probably all too common with other as well as myself....often missing the primary entry point.
I find putting a trade on after the move is underway mentally quite difficult even though the may still be plenty of potential reward left in the trade. When you think about it getting in a bit late is sort of a good thing....as price has confirmed your suspisions to a certain degree.

When I miss the primary entry I simply chop down to smaller timeframes (4H and 1H) and look for a 123 pattern to trade (secondary entry). This seems to work pretty well sometimes however, since your SL is at point 3 and not point 1 then the outcome is a bit riskier......so I tend to reduce my % risk on that trade.......sometimes you get lucky and you can end up with a higher return than a primary entry.......sometimes not.
I still do struggle with this type of trade (fear of loss)....but am starting to overcome it......

Good post anyway VB......
  • #12,730
  • Jul 21, 2011 10:58pm Jul 21, 2011 10:58pm
Quoting VitaminBeer
There was a time that I struggled to place a trade because I felt like I had missed the trigger. Living in Australia has it's advantages, the beautiful climate and beaches and so on... but the one thing that really pisses me off is knowing price is sitting right a S/R area and you know that something is going to happen sooner or later, but you glance over at the clock and it says 10pm, you have to work the next day.... you decide you'll wait for the next 4 hour candle to close and see what it looks like... It's midnight and nothing has happened...
No worries B, it's alright that you bring this up.....totally. I say use anything that works for you....it's that simple.

I sometimes will do something like this as well.....only in my case - it is a lot sloppier. For example, if I am paying attention to 1.40 in the EUR/USD (hypothetical) for shorts, and the Europeans have already broken though while I slept, I will often short it anyways.

This assumes a couple of things though. Mainly, it assumes that the level I am concerned about was a major one. If it isn't, then I just let it go. But if it is something I feel leads to a 500 pip move, and we are only 80 pips into it - why not? I just make the position a little smaller is all. Think of it as taking a trade with a sh**load more leeway in the mix.

I should also mention that this assumes you are trading with the trend. This is because you are more likely to succeed as the trade progresses and continues along the path of least resistance. Again, if you are trading counter-trend, entering like this is reckless at best.

Just a few thoughts, but like VB said gang - make sure you have some seat time on the charts before attempting anything like this....

Chris
  • #12,731
  • Jul 21, 2011 11:00pm Jul 21, 2011 11:00pm
Quoting Imphilomath
That's a great news for us newbies Chris. I really appreciate all the efforts you are putting in w/o any obvious financial returns. But as you know, good karma only brings good things. I am sure you are successful in your trading and hope it gets better and better for you and you are financially rewarded.

Thanks again !!
Thanks bud. I should be posting these coming this weekend or so. I will post here to let you all know as per usual.

Chris
  • #12,732
  • Jul 21, 2011 11:03pm Jul 21, 2011 11:03pm
Quoting mypipbull
Simple fix VB.....move to WA! The extra few hours can help!
This scenario is probably all too common with other as well as myself....often missing the primary entry point.
I find putting a trade on after the move is underway mentally quite difficult even though the may still be plenty of potential reward left in the trade. When you think about it getting in a bit late is sort of a good thing....as price has confirmed your suspisions to a certain degree.
Every once in a while, someone posts something that should be a sticky post in this thread. I think this is one of them. Not only should VB move to Fremantle, the bit about being a little late can help with confirmation. Remember, when we approach a support or resistance area - it's a binary question. Either it holds, or it doesn't. (In the end, and yes - it can chop around.....but I am speaking after the fact.)

By entering on a smaller S/R area, and in harmony with the market, you will find this is very possible.

Great post.
  • #12,733
  • Edited 12:34am Jul 22, 2011 12:10am | Edited 12:34am
I know a few of you are watching Eurchf, so you probly seen this already.

You could even trade it in Oz if we get the right PA

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  • #12,734
  • Jul 22, 2011 4:00am Jul 22, 2011 4:00am
Quoting stewrigh
Missed that one but it only came out Friday - might tighten my stops a bit but that's all.

I thought you meant Jordan aka Price LOL
haha .. yeh i forgot she is an inspiration to my trading too!

RE: EURCHF
A couple of small pins formed on the 1hr at 1.18800 / 50fib
  • #12,735
  • Jul 22, 2011 6:55am Jul 22, 2011 6:55am
I'm short at 1.18362 with stop at B/E
  • #12,736
  • Jul 22, 2011 11:54am Jul 22, 2011 11:54am
Quoting ludwell
I'm short at 1.18362 with stop at B/E
One would think you are quite happy with that....

Although I didn't see the price action for that trade - you have 2 of the most important things on your side: the trend, and the fact that 1.18-1.20 is a huge resistance area.

Good show on not trying to buy the rally. Being patient has paid off so far mate.....
  • #12,737
  • Jul 22, 2011 12:21pm Jul 22, 2011 12:21pm
Quoting clockwork71
One would think you are quite happy with that....

Although I didn't see the price action for that trade - you have 2 of the most important things on your side: the trend, and the fact that 1.18-1.20 is a huge resistance area.

Good show on not trying to buy the rally. Being patient has paid off so far mate.....

Yeah Hope VB got some as well, those hour pins weren't great but they happened about 7.00 pm in Sydney I think.
  • #12,738
  • Jul 22, 2011 1:33pm Jul 22, 2011 1:33pm
Got the fan switched on, now waiting for some sh1t... Looking to drop GBP and EUR too, I quite like the CHF pairs. Got daily confirmation on EUR/CHF so will look to catch it on a retrace on Monday.

Chris, I think you mentioned earlier in this thread that you knew that if one could make a certain percentage they could get work trading for someone? I've been reading up on trading for prop houses but they seem to only get you to scalp spread trades and that these days prop traders get it handed to them by HFT computers that do it faster.
If one perfects their technique (be it swing trading, or any other style and instrument) but is short of seed capital, do you by any chance know how likely it is that a firm will be interested in investing in them with a good proven track record?
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  • #12,739
  • Jul 22, 2011 2:10pm Jul 22, 2011 2:10pm
Quoting Rk33333
Got the fan switched on, now waiting for some sh1t... Looking to drop GBP and EUR too, I quite like the CHF pairs. Got daily confirmation on EUR/CHF so will look to catch it on a retrace on Monday.

Chris, I think you mentioned earlier in this thread that you knew that if one could make a certain percentage they could get work trading for someone? I've been reading up on trading for prop houses but they seem to only get you to scalp spread trades and that these days prop traders get it handed to them by HFT computers that do it faster.
If one...
You will need a track record of about 2 years in order to get people to look at you seriously, unless of course you have an Ivy League education, and are a total douchebag who's father knows someone. But assuming you aren't, time is your best friend. You will have to scour the trading boards for a while, and perhaps a place like elance.com (there are postings there sometimes) in order to find your first job. Let me tell you this upfront: It will suck. It will be a part-time gig at best, but it gives you experience. Once you get past these, you have a real chance to perhaps be looked at by someone a little more legit.

Also, getting your licenses from the NFA as a CTA or something along those lines allows you to trade money for others. If you can produce results, it seems to me that money will find you. However, and let me warn you of this....there are people out there that will bullshit you a lot when it comes to funding you. It just seems to be the way. I have had someone jerk me around a couple of times, and all the while wanting to "talk" about the market.

If he wanted a signal - he could have just asked. I would have told him nothing......

I don't know, I am starting to think about opening my trading prowess to managing money for others, as I have to get licensed for some work I do with an Aussie firm....so I might as well take advantage of it.

Any more questions.....feel free to ask mate.

Chris
  • #12,740
  • Jul 22, 2011 2:40pm Jul 22, 2011 2:40pm
Quoting clockwork71
One would think you are quite happy with that....

Although I didn't see the price action for that trade - you have 2 of the most important things on your side: the trend, and the fact that 1.18-1.20 is a huge resistance area.

Good show on not trying to buy the rally. Being patient has paid off so far mate.....
Cheers. The price action was dubious i know, but the area seemed strong enough. Looks like the daily (GMT) is going to be a bearish pin
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