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Silent Service Method

  • #12,941
  • Aug 17, 2011 8:03am Aug 17, 2011 8:03am
Quoting Dukaat
May I add : outside of FX, ~80% of gaps get filled the same day and the rest usually in 5 to 10 days. This might be even a higher % in FX.
A gap trade is a fade trade. Short a gap up.
Your direction was right. But the gapplay is over when the gap is closed.
To be safe, take halve off at 50% gap fill, and protect profit with stop.
In this case, with a small gap, to make some money you have to trade at
least 15 lots. LOL.

Great explanation.....
  • #12,942
  • Aug 17, 2011 8:06am Aug 17, 2011 8:06am
Watch the 1.45 level in EUR/USD, this could be key for the long-term. I know this seems a bit strange, but there is a flag on this chart......it's a slight bit sloppy, but if it is true and we break well above 1.45 - we are going to 1.65 before it is all said and done. (According to classic technical analysis)

Amazing.....
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  • #12,943
  • Aug 17, 2011 3:44pm Aug 17, 2011 3:44pm
here is a chart that has caught my eye........

EUR/AUD weekly.
Attached Image (click to enlarge)
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  • #12,944
  • Aug 17, 2011 4:50pm Aug 17, 2011 4:50pm
Quoting clockwork71
here is a chart that has caught my eye........

EUR/AUD weekly.
Or is it regaining strenght to breakout from the double bottom?
Which would make sense IF EUR/USD breaks out of flag formation.
Just a thought.
  • #12,945
  • Aug 17, 2011 5:34pm Aug 17, 2011 5:34pm
Video on the blog.
  • #12,946
  • Aug 17, 2011 5:36pm Aug 17, 2011 5:36pm
Quoting Dukaat
Or is it regaining strenght to breakout from the double bottom?
Which would make sense IF EUR/USD breaks out of flag formation.
Just a thought.
No, actually......as the "risk on" trade goes - this will fall as more money will go into Australia. Of course, if gold rises - so does the Aussie. Or.....if there is a serious issue in Europe, this will fall as well. There area a lot of reasons this could fall......

Not to mention the trend.
  • #12,947
  • Aug 17, 2011 7:52pm Aug 17, 2011 7:52pm
Quoting clockwork71
There area a lot of reasons this could fall.....
Not to mention the trend.
Explained very well in the video, thanks!
  • #12,948
  • Aug 18, 2011 2:27am Aug 18, 2011 2:27am
All the big boys are sunning themselves on the beach now, seems quite dead at the moment. Is it likely we'll have to wait until September for better and more reliable price action?
  • #12,949
  • Aug 18, 2011 6:26am Aug 18, 2011 6:26am
Quoting Rk33333
All the big boys are sunning themselves on the beach now, seems quite dead at the moment. Is it likely we'll have to wait until September for better and more reliable price action?
It is very possible. But, you also have to think that the last couple of weeks have been really volatile, and this almost always calls for a bit of rest afterwards....
  • #12,950
  • Aug 18, 2011 12:27pm Aug 18, 2011 12:27pm
Looks like another day in paradise. The markets are out of control again, but then again - was there a time they were? (If you think real hard, you might remember it.)

I normally try to let trades run, but in times like we have been in recently, there is no shame in taking profits a little quicker than usual. It has to do with the nature of the markets, and when they are like this - you can't count on whatever move you are in to last more than about 30 seconds......
  • #12,951
  • Aug 18, 2011 12:56pm Aug 18, 2011 12:56pm
Quoting clockwork71
Looks like another day in paradise. The markets are out of control again, but then again - was there a time they were? (If you think real hard, you might remember it.)

I normally try to let trades run, but in times like we have been in recently, there is no shame in taking profits a little quicker than usual. It has to do with the nature of the markets, and when they are like this - you can't count on whatever move you are in to last more than about 30 seconds......

That long? LOL
  • #12,952
  • Aug 18, 2011 3:21pm Aug 18, 2011 3:21pm
Hey Chris,

What do you think about that setup?

 

  1. Uptrend in the weekly.
  2. PB on 80.0 - 81.0 (great location on the weekly / monthly chart).

I'm in it (demo) and first area to watch is 84.0 RN.

thx,
2pipsfx

Attached Image (click to enlarge)
Click to Enlarge Name: NZDCAD Daily.png Size: 35 KB
PRICE is Lord, King, Queen and Country
  • #12,953
  • Aug 18, 2011 7:51pm Aug 18, 2011 7:51pm
Quoting 2pipsfx
Hey Chris,

What do you think about that setup?

 

  1. Uptrend in the weekly.
  2. PB on 80.0 - 81.0 (great location on the weekly / monthly chart).

I'm in it (demo) and first area to watch is 84.0 RN.

thx,
2pipsfx


I would say if it can bounce from the lower (80) level, you might have a case for a long here.
  • #12,954
  • Aug 19, 2011 12:27am Aug 19, 2011 12:27am
Hi all,

Just a quick question that might be off topic.

Which brokers do you all use and trust.

The broker threads always turn into arguments and I just want some honest opinions from people who don't blame their losses on brokers.

Read this thread a long time ago, its nice to see its still going strong, with all the original big players.

Cheers.
Ask me again when I know what I'm talking about.
  • #12,955
  • Aug 19, 2011 12:35am Aug 19, 2011 12:35am
Quoting Loooit
Hi all,

Just a quick question that might be off topic.

Which brokers do you all use and trust.

The broker threads always turn into arguments and I just want some honest opinions from people who don't blame their losses on brokers.

Read this thread a long time ago, its nice to see its still going strong, with all the original big players.

Cheers.
FWIW, I use IGMarkets - I like them cos they only make money on the spread(they don't take the other side of your trade).

Don't have much experience with other brokers tho. Used CMC for a while but don't like their platform much.

For my charts I use Saxo bank.
  • #12,956
  • Aug 19, 2011 1:10am Aug 19, 2011 1:10am
Quoting Loooit
Hi all,

Just a quick question that might be off topic.

Which brokers do you all use and trust.

The broker threads always turn into arguments and I just want some honest opinions from people who don't blame their losses on brokers.

Read this thread a long time ago, its nice to see its still going strong, with all the original big players.

Cheers.
Chart with any MT4, trade with oanda. I've never had any problems.
  • #12,957
  • Aug 19, 2011 7:18am Aug 19, 2011 7:18am
Quoting Loooit
Hi all,

Just a quick question that might be off topic.

Which brokers do you all use and trust.

The broker threads always turn into arguments and I just want some honest opinions from people who don't blame their losses on brokers.

Read this thread a long time ago, its nice to see its still going strong, with all the original big players.

Cheers.

I have used Interbank FX, Interactive Brokers, and GFT. I haven't had an issue with any of them. Interactive Brokers is only for larger accounts though, as the minimum size is $25,000 or above sized trades. You can trade smaller sizes but you will find it doesn't quite work correctly and while the spread is almost nothing - you will find the commissions get expensive for small orders.

As a general rule, I would say that most of the larger brokers in the US are fine. They have to be heavily capitalized and are regulated quite heavily. I would avoid any broker that is "registered in the EU", and you look a little deeper and what they means is Cyprus. Cyprus happens to be the easiest place on the planet to get regulated. You will notice a lot of scammers and hokey-looking brokers are regulated there.

As a general rule, stay in the largest countries, and you should be fine. Stay with the biggest brokers in those countries, and your problems should be few. I would consider these to be the US, Australia, Germany, Switzerland and the UK. These are places that brokers actually have to jump through a lot of hoops to get regulated, and can get fined. As a side note, I avoid anything Russian related, period.

It is the same as anything else - you don't want to do business in a country that doesn't have the strongest business laws. After that, stay with the largest brokers and you should be fine.

I seem to remember a few years ago, there were some people going on about this great new broker with really low spreads. I think EUR/USD was like 0.3 pips or something. Sounded great right? One major problem: They were based in Lebanon. To compound this issue, Israel and Hamas were fighting in Lebanon at that time. Even with all of this information, there were plenty of people wanting to try them out because of the "great spreads". Amazing what a little greed will do. I can't remember exactly what happened, but I am about 99% positive that the broker doesn't exist anymore. I wonder if anyone ever got paid?
  • #12,958
  • Aug 20, 2011 8:07pm Aug 20, 2011 8:07pm
For those of you that don't get it, you should check out "From the Front Lines" by John Mauldin. It is a free newsletter, and full of great macro information. Just google "From the front lines John Mauldin" and you can find him. The newest letter is particularly interesting.....

Chris
  • #12,959
  • Aug 21, 2011 4:55am Aug 21, 2011 4:55am
Thanks all for the broker advice,

Happy trading.
Ask me again when I know what I'm talking about.
  • #12,960
  • Aug 21, 2011 4:11pm Aug 21, 2011 4:11pm
Quoting Loooit
Thanks all for the broker advice,

Happy trading.
No worries. Look out for the Jackson Hole meeting from the Fed this week. The whole world is begging for QE3.......if it doesn't come - we could get wild.
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