Silent Service Method | Page 642 | 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

  • #12,821
  • Jul 30, 2011 8:50pm Jul 30, 2011 8:50pm
I have been looking at monthly charts tonight, and I am still bearish the EUR in general, but the EUR/USD looks bullish oddly enough. I do not want to hold Euros period. However, it looks like the Dollar is even shittier. Amazing. The Fed should be burned to the ground.

Anyways, I refuse to own the Euro. There are simply too many issues in the bond markets at this time. Italy and Spain are seeing rates just as high as they were before the "solution". I think Europe will have another crisis very soon, as in a couple of months tops.

And it seems that Europe is a mess that only the Germans are going to be able to clean up. And they will eventually get tired of it. Besides, I don't trust people that wear Lederhosen. It's that simple as far as I am concerned.

Actually, my national team is coached by Kalifornia Klinsmann now.....maybe the Germans can save something more important than Europe - my national side.

Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd.png Size: 55 KB
Click to Enlarge Name: eurchf.png Size: 46 KB
  • #12,822
  • Jul 31, 2011 5:06am Jul 31, 2011 5:06am
Quoting clockwork71
Thanks Aaron....

You use FX Trade, don't use their MT4?

And I think I found another reason to switch, they offer Android platform.......IBFX doesn't.
Yes, you're welcome, Chris. As you're probably aware, FX Trade is their server-side and MT4 is their client-side platform. I'm a scalper, so I only use FX Trade for live trading because in my experience there's considerably less slippage with it than MT4, overall. Other than that it's good ol'MT4 and I use it during the weekends to backtest (mainly because it preserves a far greater swath of price historicity than FX Trade).

Speaking of price historicity, they recently added more time-frames to the FX Trade platforms: a 10M, 4H and 8H. At a glance all pairs offered on the FX Trade platform are available on the MT4. Plus, they make it simple to transfer funds between the platforms, which can be done online in a very timely manner. Of course MT4 being MT4, it doesn't deal in "Units" for position sizing like FX Trade, so you'd still be clearing in "Lots." They have both a practice and live MT4 platform as well.

I haven't utilized their Apps, but a friend of mine says they continue to work great on his new iPhone, so there very probably wouldn't be an issue with their Android app. (He's a tech expert/contractor by profession with major wireless companies and that's what he said.)

That's all I can think of at moment in reply to your query, but if something pertinent comes to mind in this regard, I'll post it. Of course, if you have any other questions about my experience with Oanda or seek further clarity on my above comments, I'd be happy to reply.

Ciao for now!
  • #12,823
  • Jul 31, 2011 5:12am Jul 31, 2011 5:12am
Thanks buddy.....
  • #12,824
  • Jul 31, 2011 7:37am Jul 31, 2011 7:37am
Quoting Soca
At a glance all pairs offered on the FX Trade platform are available on the MT4.
Actually, one of the few weird things I've encountered with them is that I can't for the life of me get AUDCHF on MT4 whereas it's been part of their FXTrade pairs selection for a long time.

As far as I've checked all other pairs exist in both MT4 and FXTrade. Maybe it's just me, I haven't bothered investigating it further.
  • #12,825
  • Jul 31, 2011 12:12pm Jul 31, 2011 12:12pm
Quoting o990l6mh
Actually, one of the few weird things I've encountered with them is that I can't for the life of me get AUDCHF on MT4 whereas it's been part of their FXTrade pairs selection for a long time.

As far as I've checked all other pairs exist in both MT4 and FXTrade. Maybe it's just me, I haven't bothered investigating it further.
Actually, not so long, according to the following post on Oanda's blog and from what I recall in a bulletin it was just this month or last they added that pair along with over-a-dozen exotics to FX Trade:

http://fxtrade.oanda.com/community/f...;f=50;t=000093

Admittedly I'm a bit out-the-loop when it comes to their appreciating list of pairs and redundancy across platforms, but if the above link doesn't satisfy, then I think the next step would be to simply call them for a first-hand explanation and confirmation on the matter. In my experience their customer service has been well-informed, kind and helpful.
  • #12,826
  • Jul 31, 2011 1:24pm Jul 31, 2011 1:24pm
Quoting Soca
Actually, not so long, according to the following post on Oanda's blog and from what I recall in a bulletin it was just this month or last they added that pair along with over-a-dozen exotics to FX Trade:

http://fxtrade.oanda.com/community/f...;f=50;t=000093

Admittedly I'm a bit out-the-loop when it comes to their appreciating list of pairs and redundancy across platforms, but if the above link doesn't satisfy, then I think the next step would be to simply call them for a first-hand explanation and...
I stand corrected, it's a pretty new pair. You're right. The link also explained the reason it's not on MT4 yet.

I agree with your opinion about Oanda, I like them as well.
Only thing I wish is that they hurry up so I can transfer to their UK outfit and trade metals again with more than 1:1 leverage. I actually did use their live chat a week or so ago to inquire as to how far they had gotten in the process and the prognosis was that non US citizen's accounts would be offered the move within one or a few weeks. In other words it should be any day now.
  • #12,827
  • Jul 31, 2011 2:16pm Jul 31, 2011 2:16pm
Quoting o990l6mh
I stand corrected, it's a pretty new pair. You're right. The link also explained the reason it's not on MT4 yet.

I agree with your opinion about Oanda, I like them as well.
Only thing I wish is that they hurry up so I can transfer to their UK outfit and trade metals again with more than 1:1 leverage. I actually did use their live chat a week or so ago to inquire as to how far they had gotten in the process and the prognosis was that non US citizen's accounts would be offered the move within one or a few weeks. In other words it should be any day...

Yeah I read that change in the metals....sucks really. But I have been trading minis and micros in the futures markets......
  • #12,828
  • Jul 31, 2011 2:47pm Jul 31, 2011 2:47pm
Quoting clockwork71
Yeah I read that change in the metals....sucks really. But I have been trading minis and micros in the futures markets......
That's where I'm headed as well in the next year or so.
  • #12,829
  • Aug 1, 2011 12:38pm Aug 1, 2011 12:38pm
Quoting o990l6mh
That's where I'm headed as well in the next year or so.

I have actually found that the futures are highly technical. You will love trading them.
  • #12,830
  • Aug 1, 2011 12:43pm Aug 1, 2011 12:43pm
a long time since i posted here....
but just one word of advice concerning futures:
please be careful about what you are doing. take good care of your MM and use SL all the time. good luck.
meine augen sind die sterne
  • #12,831
  • Aug 1, 2011 1:43pm Aug 1, 2011 1:43pm
Is there a babyfutures board or something for those of us that know nothing about futures?

Do you get brokers that let you trade ultra-mini-microlots like e.g. oanda does with forex?
  • #12,832
  • Aug 1, 2011 5:05pm Aug 1, 2011 5:05pm
Quoting clockwork71
I have actually found that the futures are highly technical. You will love trading them.
Hi Chris,

I have never traded future. Is there any reason why futures are more technical than underlying metal/oil? I thought future contracts are dependent on underlying asset and will only be as technical as the asset. I could be wrong.

As I understand, future contract gives you opportunity to buy/sell in the future but you pay some premium to lock in that contract. I get confused with terminology and always think that if I buy and do not create sell order properly they might deliver big oil cans at my door :-)

Not sure how CFDs, Futures and Options are different from each other. Spot, CFDs, options everything is allowed here in Australia so we have good options.

appreciate any thoughts. Do you have any video on how to trade futures :-)

cheers
  • #12,833
  • Aug 1, 2011 6:09pm Aug 1, 2011 6:09pm
Quoting Rk33333
Is there a babyfutures board or something for those of us that know nothing about futures?

Do you get brokers that let you trade ultra-mini-microlots like e.g. oanda does with forex?
No. Futures are all regulated and standard-sized. There are micro futures out there, for example the micro gold which is 10 ounces. Anyone who tells you can trade less than the standard size for that market is a CFD dealer....which is a totally different animal.
  • #12,834
  • Aug 1, 2011 6:15pm Aug 1, 2011 6:15pm
Quoting Imphilomath
Hi Chris,

I have never traded future. Is there any reason why futures are more technical than underlying metal/oil? I thought future contracts are dependent on underlying asset and will only be as technical as the asset. I could be wrong.

As I understand, future contract gives you opportunity to buy/sell in the future but you pay some premium to lock in that contract. I get confused with terminology and always think that if I buy and do not create sell order properly they might deliver big oil cans at my door :-)

Not sure how CFDs, Futures and...
I don't approach trading futures any different than anything else. The money management is a little bit different in so much as there is a fixed or defined tick size on each contract......so you need to make sure you have a decent amount of money in your account to cover your trades.

CFDs are basically a made-up market. They react to futures markets, but are not bound by much as far as I can tell. *** It is a little different in Australia as the ASX has CFDs on it, and they are of course regulated. *** Ironically, Americans still aren't allows to trad CFDs at that exchange.

Options are a totally different animal, and to be honest......much more complicated than this forum could ever attempt to answer. To be honest - I don't buy options very often.

As far as order types, you are simply reversing your position. So if you buy Corn @ 6 1/4, you need to sell it to close out the price. And no, there are a ton of built-in mechanisms to keep you from having to take delivery.......besides, what in the heck are you going to do with 5,000 bushels of corn????

Chris
  • #12,835
  • Aug 1, 2011 8:45pm Aug 1, 2011 8:45pm
Quoting clockwork71
I don't approach trading futures any different than anything else. The money management is a little bit different in so much as there is a fixed or defined tick size on each contract......so you need to make sure you have a decent amount of money in your account to cover your trades.

CFDs are basically a made-up market. They react to futures markets, but are not bound by much as far as I can tell. *** It is a little different in Australia as the ASX has CFDs on it, and they are of course regulated. *** Ironically, Americans still aren't...
HAhaha :-) Yep true. I will have to get into pop corn business instead of Forex if that happens :-)

Thanks Chris for your reply. make sense :-)
  • #12,836
  • Aug 2, 2011 4:51am Aug 2, 2011 4:51am
Talk about uncertainty
  • #12,837
  • Aug 2, 2011 12:44pm Aug 2, 2011 12:44pm
Quoting VitaminBeer
Talk about uncertainty

I will tell you what is certain: I am getting too old to be a contractor. Good Lord, it has been 94 F and extremely humid the last week, and I have been out in it. (It's like Darwin, only with wet air.) I have no idea what has been going on in the markets to be honest......

I do know that sooner or later there is going to be one hell of a bounce in the EUR/CHF......I figured on parity - but not next week!
  • #12,838
  • Aug 2, 2011 6:29pm Aug 2, 2011 6:29pm
Quoting clockwork71
there is going to be one hell of a bounce in the EUR/CHF......I figured on parity - but not next week!
I'm still short this pair from 1.1716 and I have been trailing stops down as price keeps falling.
It's difficult to know where to target as profit taking areas in front of price (below) when price is making these historical lows so I'm just trailing stops above shorter term resistance areas carved out on the 4H chart.
However, I'm getting less and less comfortable about such wide stops even though this pair is a one direction trade. On the 4H charts the gaps between logical resistance areas for stop locations are in the order of 250 pips.
I'm wondering if its worth looking at the 1H chart to find smaller clusters of resistance to keep my stops closer to price to protect from a potential large retracement? (classic fear of 'giving back too much' syndrome kicking in)
Funny how you still get anxious about giving up profit even though you are up 850 odd pips.
Would be interested on others thoughts about profit taking on a trades that are deep in profit.
  • #12,839
  • Aug 2, 2011 7:07pm Aug 2, 2011 7:07pm
Quoting mypipbull
I'm still short this pair from 1.1716 and I have been trailing stops down as price keeps falling.
It's difficult to know where to target as profit taking areas in front of price (below) when price is making these historical lows so I'm just trailing stops above shorter term resistance areas carved out on the 4H chart.
However, I'm getting less and less comfortable about such wide stops even though this pair is a one direction trade. On the 4H charts the gaps between logical resistance areas for stop locations are in the order of 250 pips.
I'm wondering...

This could be one of those times where you could take partial profit at a particular point on a lower time frame chart. Lets say you are trading a full lot......

You could place a stop loss order for something like 1/2 that position just above the 1.10 level, as it should be a major area. If it gets taken out - you still have 50,000 short. Or maybe a set up that is similar to that.

Either way, I think the next massive area is now 1.10 - so I would figure that into the equation either way. The area will probably get retested sooner or later. (My IBFX feed has a 4 hour pinbar that formed last candle.)

By the way - great trade. The first time I had a 700 pip gain changed my trading forever.

Chris
  • #12,840
  • Aug 2, 2011 9:27pm Aug 2, 2011 9:27pm
Quoting clockwork71
This could be one of those times where you could take partial profit .........The first time I had a 700 pip gain changed my trading forever.Chris
Thanks Chris.
I did take some profit just in front of the record low (at the time) of 1.1400 so I am trailing the balance now.
I did look at 1.10, looks like support (twice) that has given away. Will probably look to have a stop at 1.11 just for safe keeping.

Funny you say 700 pips changed it forever.....the first time I bagged 400 pips observing 'your' approach.......it changed my trading forever.
I still remember my neophyte days spending all that time in front of charts scaled in minutes.....such a waste.
20 traders viewing now