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Silent Service Method

  • #13,141
  • Oct 4, 2011 12:34am Oct 4, 2011 12:34am
OK guys, I need a little help here.....I've been wanting an iPad for awhile now, and this morning I dumped my coffee on my laptop....so it's "most likely" toast.

So I thought, what the he'll, let's buy that iPad...and now I've got charts, and some basic indi's I don't even use, but no line studies, trendlines, channels, SR, nada.

I downloaded an MT5 app, that is OK, but slow in processing and loading...oh, and no line studies...the Oanda iPhone app works better than the iPad app, and that's my broker, but how can I trade without any real capacity for TA?

If anybody knows where to find a good iPad/iPhone app that allows for line studies, I would appreciate any help.

PS, and get this, the Oanda iPad app doesn't allow you to log out, so anyone can pick up your device and trade your account!
  • #13,142
  • Oct 4, 2011 7:38am Oct 4, 2011 7:38am
Quoting Low
OK guys, I need a little help here.....I've been wanting an iPad for awhile now, and this morning I dumped my coffee on my laptop....so it's "most likely" toast.

So I thought, what the he'll, let's buy that iPad...and now I've got charts, and some basic indi's I don't even use, but no line studies, trendlines, channels, SR, nada.

I downloaded an MT5 app, that is OK, but slow in processing and loading...oh, and no line studies...the Oanda iPhone app works better than the iPad app, and that's my broker, but how can I trade without any real capacity...

You might have to look at third-party vendors to find what you are looking for. Unfortunately, that might mean more money. To be honest, I don't have an iPad, and know little to nothing about them.
  • #13,143
  • Oct 4, 2011 7:40am Oct 4, 2011 7:40am
Looking at the charts today, I can see the EUR/USD bounced a bit, but fell again......(smaller time frames) This shows me how much trouble the EUR is still in. (no surprise there) Because of this, I am only selling at this point, but I think the market is oversold at this point, and a bounce would be wonderful to sell from.

The most important thing to remember is that NFP is this Friday, and with last month's disappointment, this one will be scrutinized heavily. Because of this, the later we get into the week - the less trading opportunities we will see. (I believe this at least) Of course, the news flow out of Europe can always change things.

None the less, this could be a good week to be a little extra cautious........

Trade well, and smartly.
  • #13,144
  • Oct 4, 2011 7:55am Oct 4, 2011 7:55am
New blog post on the page....blog section of course.
  • #13,145
  • Oct 4, 2011 6:22pm Oct 4, 2011 6:22pm
Quoting clockwork71
You might have to look at third-party vendors to find what you are looking for. Unfortunately, that might mean more money. To be honest, I don't have an iPad, and know little to nothing about them.
After the shock of my own possible stupidity wore off, I went looking and found "trade interceptor", which fits the bill just fine. I don't know if I would recommend it, because it's still too early to tell, but it definitely has the look and feel of mt4, though maybe with a few less bells and whistles.

The Oanda apps are nearly as unwatchable as their desktop counterparts, but all I really care about is the execution and pricing.

So, I'm happy to announce I'm 100% settled with my iPad for trading. I don't need all that much for the most part anyways.

----And in regards to the euro, even with NFP, I'll sell it higher if I get a good opportunity.
  • #13,146
  • Oct 5, 2011 9:12am Oct 5, 2011 9:12am
Quoting Low
.

----And in regards to the euro, even with NFP, I'll sell it higher if I get a good opportunity.
Agreed, I think we need a bounce at this point. I would love to sell from higher, but I can only wait. i suspect I will have very little to do until next week though - this NFP announcement is going to be pretty big as the last one disappointed.

Chris
  • #13,147
  • Oct 6, 2011 1:39pm Oct 6, 2011 1:39pm
Hi,

Im relatively new to this thread but read through the first 100 odd pages over last few days. Excellent information.

I have a question on SL placement on entry.

From what I understand, the entry is based on PA around the major SR areas. So we take the major areas off the weekly chart and then we look for confirmation with PA around these SR areas off the short timeframes.

An entry may be X number of pips below/above the confirmation bar. Eg. 15 pips below a pin bar on testing an SR area.

The question is, would the SL be placed on the other side of the pin bar? What if the pin bar is off the daily chart? This can mean a large SL - possibly over 100 pips. Is this how you would recommend approaching entry and SL placement?

thanks in advance.
  • #13,148
  • Oct 6, 2011 8:35pm Oct 6, 2011 8:35pm
Quoting Lobo2010
Hi,

Im relatively new to this thread but read through the first 100 odd pages over last few days. Excellent information.

I have a question on SL placement on entry.

From what I understand, the entry is based on PA around the major SR areas. So we take the major areas off the weekly chart and then we look for confirmation with PA around these SR areas off the short timeframes.

An entry may be X number of pips below/above the confirmation bar. Eg. 15 pips below a pin bar on testing an SR area.

The question is, would the SL be placed on the...
For starters, thanks for showing up to the thread.....

The first thing that you must understand is that the amount of pips for the stop loss doesn't make a difference. You need to start thinking in terms of percentage, not pips. For example.....

Let us say you buy the EUR/JPY at 105, and you stop loss needs to be 130 based upon the size of a hammer. You target or the eventual take profit is 390 pips. If you risked 1%, and got your target - you just gained 3%. (not including any swap.) In other words, the amount of pips isn't the issue - it is how much you are risking. While I tend to risk only 1% or so on a trade, it is an entirely personal thing for each one of us.

As far as where to place that stop loss, yes....it should go on the other side of the bar that you are trading from. Further more, I like adding the round number as protection if it is close. What I mean is this:

Lets say you are trading a EUR/USD pinbar/hammer that has a range from 1.35 at the top to 1.3321 at the bottom. I would enter on a break above the 1.35 level, perhaps at 1.3520 or so. My stop loss would be at 1.3285 or so. Why? Because it not only makes the market break the bottom of that hammer, but it also makes it break a lot of stop loss orders at the 1.33 level in order to get me. The market tends to have a lot of stop loss orders at large numbers, so you might as well make them work for you as well!

I hope this helps. I am normally quicker to respond, but happen to be on the road at the moment. I will check in tomorrow as well........and be back to normal on Monday.

Welcome to the thread!

Chris
  • #13,149
  • Oct 7, 2011 3:44pm Oct 7, 2011 3:44pm
Quoting Low
After the shock of my own possible stupidity wore off, I went looking and found "trade interceptor", which fits the bill just fine. I don't know if I would recommend it, because it's still too early to tell, but it definitely has the look and feel of mt4, though maybe with a few less bells and whistles.

The Oanda apps are nearly as unwatchable as their desktop counterparts, but all I really care about is the execution and pricing.

So, I'm happy to announce I'm 100% settled with my iPad for trading. I don't need all that much for the most part...
Hi Low,

Glad you got it working on your iPad, I too bought one and wanted to try out the charts on it, I had a similar problem to you, no TA or anything as such, was pretty useless and my broker only had an iPhone version to make matters worst.
I have a server I've setup at home with a domain name and now I just use remote desktop to access my charts on the server and I can do everything I would normally do on a normal computer, including the full use and complexity of MT4.

I will have to try out that gadget you found for local use. Good luck.

----

Btw anyone watching Usd/Cad? I find this one quiet interesting, and Friday just made it better, I sold this pair a couple of days ago, more or less a counter trend that was in dire need of a good bounce, I targeted the 50%-61.8% Fibo for my Support and TP area, and now a double pin bar has produced itself on the 4 Hr and a big daily pin. What I see now is indecision in between the 1.0700 and 1.0300 areas, we ready to range again maybe? I like setups like these because you can bounce in between these areas for ages and they make for easy money if you can get the timing right
  • #13,150
  • Oct 8, 2011 9:40am Oct 8, 2011 9:40am
Quoting VitaminBeer
Hi Low,

Btw anyone watching Usd/Cad? I find this one quiet interesting, and Friday just made it better, I sold this pair a couple of days ago, more or less a counter trend that was in dire need of a good bounce, I targeted the 50%-61.8% Fibo for my Support and TP area, and now a double pin bar has produced itself on the 4 Hr and a big daily pin. What I see now is indecision in between the 1.0700 and 1.0300 areas, we ready to range again maybe? I like setups like these because you can bounce in between these areas for ages and they make for easy...
Historically, this pair loves to bounce around in ranges. This is because the two economies are so intertwined. (At least the Canadians are so intertwined in the USA's economy.) I wouldn't be surprised at all if this is what happens. However, if we can break north of 1.07 - that is major monthly resistance, and this pair will suddenly become a long-term buy. This will only happen with bad economic news though.....
  • #13,151
  • Oct 8, 2011 4:36pm Oct 8, 2011 4:36pm
New post in the "blog" section of the page....

Chris
  • #13,152
  • Edited 7:34am Oct 9, 2011 7:22am | Edited 7:34am
Hi Chris

Great thread and thank you for contributing your time and knowledge to people such as myself

I was was going through your charts and videos, and I was wondering, how do you interpret charts and candle formations (eg pinbar etc) with daily bars not using a 5pm New York close?

I noticed you use (or have used) GFT and have recommended Oanda, which both use different daily closes.


Cheers

Adam
WARNING: Don't follow me as I'm just learning
  • #13,153
  • Oct 9, 2011 8:52am Oct 9, 2011 8:52am
Quoting adam777
Hi Chris

Great thread and thank you for contributing your time and knowledge to people such as myself

I was was going through your charts and videos, and I was wondering, how do you interpret charts and candle formations (eg pinbar etc) with daily bars not using a 5pm New York close?

I noticed you use (or have used) GFT and have recommended Oanda, which both use different daily closes.


Cheers

Adam
Adam,

Thanks for the kind words. I have gotten this question before, and it is a common one. The answer is simple, but takes a moment or two of thinking to understand what I mean:

Time has no meaning.

In other words, it isn't that the shape of the bar is magical - it isn't. Rather, it is the underlying condition. If you have a shooting star at a large psychological number like 1.40, think about what that means. It means that there was a push to get through the 1.40 level, but it has failed. It doesn't matter if the bar closes at 5pm, GMT, or GMT -1. It all means the same thing: failure on the part of the bulls. When the bottom of that bar breaks, it means those people are all losing money at this point. They then get out of the long position, and help push prices down. It really is that simple.

You will hear people in this thread talk about "2 day pinbars" or "8 hour pinbars". This is the same concept, but by combining two bars to get the same result. In other words, if you have two bars that combined form a pinbar, it still means that the bulls (in the scenario above) are losing money when it breaks to the downside.

I hope this made sense. It is an easy concept, but can get a little esoteric at times...

Chris
  • #13,154
  • Oct 9, 2011 3:01pm Oct 9, 2011 3:01pm
Thank you
WARNING: Don't follow me as I'm just learning
  • #13,155
  • Oct 11, 2011 12:25am Oct 11, 2011 12:25am
Although most people are worrying about the Euro right now, the cable looks interesting from a short-term perspective.....
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  • #13,156
  • Oct 12, 2011 9:29am Oct 12, 2011 9:29am
I went ahead and "opened" the educational section. It can be found by going to the front page of my site, and clicking on "educational section". All of the info is free, and in video form where possible. I should also add that the section is still evolving, and there will be constant changes in it.

Please register, this way I can send out my flash emails to let you know when something new has happened. I also should point out in order to respond, you need to register.

Please remember, there is no magic here, just simple and straightforward information that helps me personally.

Thanks guys.....and be patient - I am getting there.
  • #13,157
  • Oct 12, 2011 4:03pm Oct 12, 2011 4:03pm
New video on the blog covering some things I see in the market.

Chris
  • #13,158
  • Oct 13, 2011 11:05am Oct 13, 2011 11:05am
New blog post. Quiet day.
  • #13,159
  • Oct 14, 2011 12:28pm Oct 14, 2011 12:28pm
Another blog post. I am thinking about doing them almost everyday.....

Chris
  • #13,160
  • Oct 16, 2011 11:28am Oct 16, 2011 11:28am
My apologies to anyone who has watched the latest forum video - got a new toy. Had to use it.

Also, this will be a big week for the EUR/USD I believe. The closer we get to the 1.40 area, the more interesting this could get. I think that the rally has been far too parabolic, and nothing has actually been settled, has it????

We will see!

Chris
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