Silent Service Method

As a trader, I would love to see the UK leave the EU. As a person, even more so. However, as this is a trading thread, I like the idea of a complete panic in the GBP after the British decide they are a sovereign country. Quite frankly, the UK was around before the EU, and will stay afloat. I think any panic will create a long-term buying opportunity.

Please melt down Pound.....

I like the idea of this potential trade, especially if oil rises. We formed a massive shooting star, which looks to be followed by a smaller one. On a break of the lows from the session on Thursday and oil rising - I am a seller. 50% Fib level doesn't hurt either. I am going to target 1.27 or so, would have stop loss just above 1.30 on this one....

I still really like gold. Notice how the market simply cannot fall for any real length of time......(yellow box), and the 50, 100, and 200 EMAs all look healthy. A break above the $1300 level signals we are going much, much higher....

It seems the AUD/USD pair has broken out above serious resistance. On top of that, we just cleared the 61.8% Fib level....

In a complete turnaround, commodity markets asserting to get pummeled as I'm sure you know by now. This of course has to do with the EU referendum in a lot of uncertainty out there. Taking a look at the New Zealand dollar, the fact that we could not keep gains on a day that had a relatively positive move in the commodity markets tells me something is amiss. On top of that, you can see that we should write the middle of the final support zone I have marked on the chart, and have formed something like a shooting star. I believe below the 0.69 level, this market will start selling off.

I really hope the USD/JPY sells off again in reaction to a bad jobs number. The 100 level will scare most traders, as the BoJ isn't happy. This should cause short covering later in the day after NFP....

Not looking for a massive trend change, just 100 pips...

There you go.....we get a bounce right away..... :-)

Hi clockwork ,
thank you for the amazing thread. your thread provided bunch of information and really opened my eyes.
I traded demo using the moving average as support and resistance under 15m tf for 2 months.
i was glued to the screen for hours and tried to capture the small moves but hardly making any paper money
i think the reason that i failed is that
1. everything happens too fast for me to analyze and most of the moves are just noise.
​2. commission and spread is killing me on the small trades.

your method actually makes sense to me. so i decide to try to practice how to draw s/r line/zone first .
this is the support and Resistance lines/zones i draw on my chart. could you tell me what do you think about it ?

and since USD/JPY is in a strong down trend. Will see how the price goes on Monday. see if theres an opportunity to play another bounce move .
cheers !

oh i was gonna say since usd/jpy is in a strong downtrend , should i play the bounce more cautiously ?

Ok, so first things first - yes the lines look good, but in general I will use the 'big figure', so it would be 100.00 and 105.00 and so on. Typically, that is where you find the most noise.

As far as being cautious, yes.....you will need to be. IF we can get a real trend change, it is typically a messy affair. However, I think another bounce is certainly possible, and could lead to a short-term trade. However, I would be quick to get out at the first signs of trouble.

Thanks for you kind words....

Chris

USD/JPY has of course bounced hard, but what I find interesting is that we are forming a hammer just under the 105 level - This normally means we are going to break out sooner or later. I think this pair continues higher, but the profit has already been made....

I expect the Fed to be fairly non-committal today, giving a slightly hawkish stance, but in the end keeping the markets guessing. I think the USD will still outperform European currencies overall, and will certainly outdo exotics and minors like the NOK, ISL, etc......

Hi Chris! My English is bad. I want to thank you for the Silent Service Method! I made 3 consecutive months of profitable on a demo account! I want to ask you whether you can combine the Silent Service Method with the elements of the Martingale?