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Silent Service Method

Quoting mypipbull
I still remember my neophyte days spending all that time in front of charts scaled in minutes.....such a waste.
You will get no argument out of me on that one!
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...
If it helps the next step in my learning curve was adding on the pullbacks and building a bigger position.

Still trying to get my head round hedging but thats next.
Quoting stewrigh
If it helps the next step in my learning curve was adding on the pullbacks and building a bigger position..
Yeah pyramiding is an interesting concept, definitely something I will look into when I get more comfortable with this longer term approach. I have mostly stayed away due to not being able to effectively impliment pyramiding due to my account size and risk profile i.e. a new position of say 20% original stake is below my 1k minimum lot size (depending on the stop loss location).
Worth a look at when my account grows. Thanks for your input.
Quoting mypipbull
Yeah pyramiding is an interesting concept, definitely something I will look into when I get more comfortable with this longer term approach. I have mostly stayed away due to not being able to effectively impliment pyramiding due to my account size and risk profile i.e. a new position of say 20% original stake is below my 1k minimum lot size (depending on the stop loss location).
Worth a look at when my account grows. Thanks for your input.
Yes, I would highly recommend looking into it when you get the chance, but I would also say that you need a strongly trending market to do it. (Or at least a steadily trending market.)
Anyone else think that the debt deal will turn events around?

I have been watching the charts closely and the initial reaction was good for the US, but I think that was more of a news event type of reaction, and now that it's settled in everything will resume as it was.... down we go again ?
I'm waiting to see what NFP brings, but the Aussie is looking good for a chance to go long, despite what the news is saying.
Quoting VitaminBeer
Anyone else think that the debt deal will turn events around?

I have been watching the charts closely and the initial reaction was good for the US, but I think that was more of a news event type of reaction, and now that it's settled in everything will resume as it was.... down we go again ?
I'm waiting to see what NFP brings, but the Aussie is looking good for a chance to go long, despite what the news is saying.
AUD is gaining mainly gaining from the economy there, and even more easily seen - gold. It has almost become a safe haven currency because of that.
Quoting VitaminBeer
.....but the Aussie is looking good for a chance to go long...
I agree, in fact I like the AUD/JPY at the moment. Has got me interested for a possible long for the following reasons:
1) Uptrend
2) 82 nice round number
3) Daily Pin formed
4) Previous Support
5) 50% Fib retracement
6) Good upside potential (up to 90)

Im looking for some 4H action to trigger a long, breakout of pin etc.
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Quoting mypipbull
I agree, in fact I like the AUD/JPY at the moment. Has got me interested for a possible long for the following reasons:
1) Uptrend
2) 82 nice round number
3) Daily Pin formed
4) Previous Support
5) 50% Fib retracement
6) Good upside potential (up to 90)

Im looking for some 4H action to trigger a long, breakout of pin etc.
Haven't looked yet, but that BoJ intervention certainly helped!
Haha it's been shorted again already.

GBP/NZD caught my attention, anyone else?
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Quoting Rk33333
Haha it's been shorted again already.

GBP/NZD caught my attention, anyone else?
Nope - I'm in EURNZD
A reminder:

Tomorrow is Non-Farm Payroll Friday, and with all of the panic out there today it is probably wisest to stay out of the markets if you are not already in it.
Quoting clockwork71
A reminder:

Tomorrow is Non-Farm Payroll Friday, and with all of the panic out there today it is probably wisest to stay out of the markets if you are not already in it.
Aye. I'll be closing out my euro shorts here... while I still think we have a long way to go down, a bounce is probable here due to daily demand zone (although we slipped a bit under it).

I'm going to take tomorrow off and enjoy the Dublin Irish Festival. You going to visit at all Chris?
Quoting Venice
Aye. I'll be closing out my euro shorts here... while I still think we have a long way to go down, a bounce is probable here due to daily demand zone (although we slipped a bit under it).

I'm going to take tomorrow off and enjoy the Dublin Irish Festival. You going to visit at all Chris?
I wish I could......working all damn weekend. Might try to get there Saturday night if I can..... since I am only in Grandview. Forgot you were in Columbus!

PS -

I closed my EUR/USD shorts as well, figured it wasn't worth it. Having said that - it will be trading at 1.01 when I wake up......you know how it goes.
New blog video.....
This might be worth a weekend read: http://www.standardandpoors.com/serv...ervalue3=UTF-8
Now that the downgrade has hit........

Here is a question: How long do you think it will be before other countries get even more downgrades? I would suspect we are about to see a shitload of EU countries get it as well. (Those who haven't already.)

France has a Triple A rating. Hmmm........

S&P has been embarrassed by the recent credit crisis and their seemingly blind eye to corruption involving that. I would bet they are pretty cognizant of the fact that their credibility is in doubt. I would think they had to think about the US for quite some time before they did that. Now that the Goliath has been put down - I don't think they will hesitate to start playing whack-a-mole with the financial system.

I rarely recommend books in this thread. Buy this one. Now.

http://www.amazon.com/Endgame-Debt-S...2660328&sr=8-1
Ok, so I have the bare bones "sketched out" on my new free education site/forum. I am going to let ten people in at first, then another batch, and another.....until we get the bugs worked out.

Be advised - if you are picked, there is quite a bit of info there, but there is still a lot more to go. If you are interested in helping me test this thing out, send me a message. I will only ask that you make a few posts, and let me know what worked, if something didn't, etc......

Shot me a PM, and I will post in this thread when I have my first ten people. I am especially interested in people that have almost no trading experience - the material that is posted is geared more towards them at the moment. There will be more advanced stuff, but I am still trying to put it altogether.

As a side note, all of this market uncertainty, which has been pretty certain as far as I can tell....(sell XXX/CHF every time it pops.....) has actually produced the best month I have ever had, as I just checked my spreadsheet. Let's put it this way: In the last 30 days, I almost matched what would be considered a good year.

Anyway, you newbies feel free to hit me up......you are especially welcome. Oh, and I almost forgot - I will ask you some questions down the road as well, to find out if the material and forum was of any help to you guys.....


Cheers,
Chris
Gday Chris
Just a quick post to say a word of thanks for this thread.
I am a relative newcomer to trading and have had my "learner" plates on for the last 9 months.
I did have some luck and stumbled across Price Action at the beginning and for the last 8 months have been learning PA and S&R methods.
But - and here is the catch - i mainly focused on the daily and 4 hourly charts to analyze and trade - the reason is that other commercial members that teach PA/SR techniques rely on the shorter timeframes.
What i have found is that the daily S&R is somewhat weak and i found it hard to rely on areas. This made my trades lose or break even more often than not.
For the last 4 weeks i have steadily worked through this thread and your chart/trade examples and by focusing on the Weekly timeframes it is like someone has flicked the light switch on for me!
Going back through dozens of charts for FX, and other CFDs you can see the strength of the weekly S&R.
So thanks for opening my eyes and shaving a few years off my learning curve in the process.
If i wasnt a Junior member - I'd PM you for the trial on your website as i reckon it would be well worth the effort.

P.S. - I wish you would post your older videos you made on your website about drawing S&R lines on charts. I cant find them anywhere.

Cheers
Journeyman
First 5 spots are taken. Please remember, I need you to try out the site - that means posting, etc as well. I understand there won't be a ton of messages, but that will change over time as I let more in.

Chris
hmmm......
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