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Silent Service Method

  • #12,861
  • Aug 7, 2011 11:37am Aug 7, 2011 11:37am
Dear Chris,
I am writing to thank you for the best thread on the internet and unselfish guidance that you provide to the people most of whom you’ve never met and probably will not meet ever. It took me 3 months to read your thread from the start and I do not regret any second of it.
Thanks again for this amazing thread and insights that you give.
Inom
p.s. I could not send you a PM because of my Junior member status. I would love to participate in testing your new free site and should I mention that I have no live trading experience?
  • #12,862
  • Aug 7, 2011 12:38pm Aug 7, 2011 12:38pm
Quoting clockwork71
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...
Yes, out the remainder of the triple A club I agree that France is closest to a downgrade. The UK might not be entirely safe either.
  • #12,863
  • Aug 7, 2011 12:39pm Aug 7, 2011 12:39pm
Quoting clockwork71
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...
I'd be interested of course, but I don't qualify as a newbie. When the time comes I'll be happy to join.
  • #12,864
  • Aug 7, 2011 1:18pm Aug 7, 2011 1:18pm
Quoting o990l6mh
I'd be interested of course, but I don't qualify as a newbie. When the time comes I'll be happy to join.
Sent you the instructions......a lot of what is there is probably under your level - but I would like the feedback more than anything else.
  • #12,865
  • Aug 7, 2011 1:19pm Aug 7, 2011 1:19pm
I have my ten members so far. I will be asking for more in a few days, maybe towards the end of the week.....I will post when I am ready again.

Chris

inom - sent you instructions via the email link here, if you didn't get it - let me know....
  • #12,866
  • Aug 7, 2011 1:55pm Aug 7, 2011 1:55pm
Quoting clockwork71
I have my ten members so far. I will be asking for more in a few days, maybe towards the end of the week.....I will post when I am ready again.
Dear Chris,

Have been following your tread for some time now as a non-member and do like your approach of the markets very much.
Also like to help you out with your education site, in the new batch.
I have some trading experience, but not profitable.
Thanks for all the work you do for us newbies!!
Cees.
  • #12,867
  • Aug 7, 2011 3:54pm Aug 7, 2011 3:54pm
Quoting Dukaat
Dear Chris,

Have been following your tread for some time now as a non-member and do like your approach of the markets very much.
Also like to help you out with your education site, in the new batch.
I have some trading experience, but not profitable.
Thanks for all the work you do for us newbies!!
Cees.

Thanks mate....
  • #12,868
  • Aug 7, 2011 3:56pm Aug 7, 2011 3:56pm
The open tonight will be very interesting. However, it is probably not a place for new traders, in fact - it's not a place for old ones either. I mean, the USA has never been downgraded, so who knows how this turns out? Ironically, a flight to safety might mean a run back to the USD. And then there is the whole EU thing that seems like it is about to hit hard as well. This will be a very interesting week to say the least.
  • #12,869
  • Aug 7, 2011 4:21pm Aug 7, 2011 4:21pm
Quoting clockwork71
The open tonight will be very interesting. However, it is probably not a place for new traders, in fact - it's not a place for old ones either. I mean, the USA has never been downgraded, so who knows how this turns out? Ironically, a flight to safety might mean a run back to the USD. And then there is the whole EU thing that seems like it is about to hit hard as well. This will be a very interesting week to say the least.
Agreed. I watched your weekend vid and I agree USDCHF is the pair to watch. Since I'm in the middle of moving I managed to miss the opening drop, but these are interesting times ahead for sure.
  • #12,870
  • Aug 8, 2011 1:53am Aug 8, 2011 1:53am
Hey Chris,

I had taken a full bar lose on EURUSD daily trade.

Engulfing pattern on RN @ 1.43. In the attached picture it didn't break but on my broker's feed it did.

Would appreciate your analysis.

Kind regards,
2pipsfx
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD daily.JPG Size: 83 KB
PRICE is Lord, King, Queen and Country
  • #12,871
  • Aug 8, 2011 6:12am Aug 8, 2011 6:12am
Quoting 2pipsfx
Hey Chris,

I had taken a full bar lose on EURUSD daily trade.

Engulfing pattern on RN @ 1.43. In the attached picture it didn't break but on my broker's feed it did.

Would appreciate your analysis.

Kind regards,
2pipsfx
I'm not Chris, but I'll share my thoughts anyway. The location isn't all that good since the bar formation occurred in the middle of a congestion zone, ie a zone where there's no clear idea of whether supply or demand will win out.
  • #12,872
  • Aug 8, 2011 7:22am Aug 8, 2011 7:22am
For starters, you couldn't pay me enough to trade the EUR/USD at the moment. There is far too much risk involved. I mean, you have the Euro falling apart through all of the debt issues, and the US just got downgraded. That is the first thing I think when you bring this trade up. It is different to trade the USD and the EUR against other currencies, but against each other - there is too much noise at the moment.

I agree about the candle being in the middle of noise. I am a big fan of looking for the simplest pattern or analysis. Currently, I see a bit of a down channel in this pair, and treat it as such. Again.....I haven't traded it in a while though. I am only interested in it when we get to the top of the channel for shorts. If I want to short the EUR, I do it against the CHF here recently.

Although, I see where this trade eventually seems to be working out. But to be honest.....I just don't like the sloppy action in this market.
Attached Image (click to enlarge)
Click to Enlarge Name: eur.png Size: 36 KB
  • #12,873
  • Aug 8, 2011 7:42am Aug 8, 2011 7:42am
Quoting clockwork71
For starters, you couldn't pay me enough to trade the EUR/USD at the moment. There is far too much risk involved. I mean, you have the Euro falling apart through all of the debt issues, and the US just got downgraded. That is the first thing I think when you bring this trade up. It is different to trade the USD and the EUR against other currencies, but against each other - there is too much noise at the moment.

I agree about the candle being in the middle of noise. I am a big fan of looking for the simplest pattern or analysis. Currently, I see...
Thanks Chris,

I was thinking I had spotted a big resistance at the weekly chart so the pattern looked at the right place.


I was thinking you only trade horizontal support and resistance......


I should learn to know what's a good setup and what's not, the problem I still haven't found the way to learn it.


PS - thank you o990l6mh for the explanation.

2pipsfx
PRICE is Lord, King, Queen and Country
  • #12,874
  • Aug 8, 2011 3:57pm Aug 8, 2011 3:57pm
Quoting 2pipsfx
[color=#1f497d][font=Arial]Thanks Chris,

I was thinking I had spotted a big resistance at the weekly chart so the pattern looked at the right place.


I was thinking you only trade horizontal support and resistance......


I should learn to know what's a good setup and what's not, the problem I still haven't found the way to learn it.


[color=#1f497d][font=Arial][size=3]PS...
I don't use trend lines too often, only when they are obvious on the weekly......or large chunks of daily.
  • #12,875
  • Aug 8, 2011 7:14pm Aug 8, 2011 7:14pm
Any thoughts on the dizzying moves in the GBP v Commodity crosses?
They are just screaming short me with PA?
  • #12,876
  • Aug 8, 2011 7:41pm Aug 8, 2011 7:41pm
Another interesting chart for a possible short:

1) Big Downtrend
2) Approaching big round number (1.0)
3) Previous Support & Resistance Zone
4) 38% FIB retracement
5) Parabolic Countertrend run happening
6) GBP/CAD approaching a similar zone

Would have to wait for convincing PA to place a short....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2011-08-09-USDCAD_Weekly.png Size: 10 KB
Click to Enlarge Name: 2011-08-09-USDCAD_Daily.png Size: 12 KB
Click to Enlarge Name: 2011-08-09-GBPCAD_Weekly.png Size: 11 KB
  • #12,877
  • Aug 8, 2011 8:35pm Aug 8, 2011 8:35pm
Quoting mypipbull
Any thoughts on the dizzying moves in the GBP v Commodity crosses?
They are just screaming short me with PA?
While I agree that it's overdone.......go ahead and do it first........I will be right behind you. I promise.

lol
  • #12,878
  • Aug 8, 2011 8:36pm Aug 8, 2011 8:36pm
Quoting mypipbull
Another interesting chart for a possible short:

1) Big Downtrend
2) Approaching big round number (1.0)
3) Previous Support & Resistance Zone
4) 38% FIB retracement
5) Parabolic Countertrend run happening
6) GBP/CAD approaching a similar zone

Would have to wait for convincing PA to place a short....

I actually have USD/CAD on my short list. However..........pay attention to the CL contract. (Light Sweet Crude) If we break 80 USD convincingly, this pair goes higher....
  • #12,879
  • Aug 8, 2011 8:43pm Aug 8, 2011 8:43pm
I don't know if it is just me but everytime I look at a chart, whether it is daily, or weekly, I say this makes since and I enter. The complete opposite of what I think is going to happen will happen. Not only that but it is some crazy obscure thing that happens such as a downgrade. I swear it happens to me every single time. Last time I traded was back in march when pairs dropped for some crazy reason. I make a trade early last week and everything is going as planned then the US gets downgraded. I'm cursed man...straight up cursed. I'm going to do a test. I'm going to Short AUDUSD right now and I guarantee you that this thing will shoot up like there is no tomorrow. Watch!
  • #12,880
  • Aug 8, 2011 9:01pm Aug 8, 2011 9:01pm
Quoting dre3029
I don't know if it is just me but everytime I look at a chart, whether it is daily, or weekly, I say this makes since and I enter. The complete opposite of what I think is going to happen will happen. Not only that but it is some crazy obscure thing that happens such as a downgrade. I swear it happens to me every single time. Last time I traded was back in march when pairs dropped for some crazy reason. I make a trade early last week and everything is going as planned then the US gets downgraded. I'm cursed man...straight up cursed. I'm going...

It might actually......I mean, it is oversold at this point.
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