[TGpop]

damn damn damn i missed some great setups and messed around shorting eurusd.

DAMN! ever missed setups/taken kinda crappy trades dan? (at the same time?"!?)

[DanUK]

Originally Posted by TGpop

damn damn damn i missed some great setups and messed around shorting eurusd.

DAMN! ever missed setups/taken kinda crappy trades dan? (at the same time?"!?)

Yep! Don't feel too bad I've done it before. Normally whilst I've been messing around trying out different ideas and strategies! Not paying proper attention to my trading and as a result I've dipped out. It makes you pay attention next time though lol!

Regards,

Dan

[decades]

be interesting to see what happens if inside bar breaks to long side

[shiko]

Originally Posted by DanUK

Hi shiko,

A bullish engulfing or outside bar can be seen here: http://www.forexfactory.com/showpost...8&postcount=12 the entry is on the break of the high of the setup bar and the stop loss would go below the low.

The reverse is true for a bearish engulfing or outside bar (which can be seen here: http://www.forexfactory.com/showpost...1&postcount=13).

Hope that helps!

Regards,

Dan

Dan, thank you for explanation. Outside bar looks like too big of a risk to me. Unlike pin bar or even inside bar. Never traded it so, I have no experience how to handle this set up.

[shiko]

I personally do not even trade E/U now. It looks like a kind of limbo to me. Looks like it is turning down but possibly up trend might resume. I am watching E/U, U/J, G/J and Usd/Chf.

[fxready]

Suggest for UJ



Good luck.

[HxMark]

Hi FXReady

I'm just a newbie but my interpretation of the USD/JPY is different.

We are in a downtrend, currently around the 61.8 Fib retracement area of the last down swing and at a previous support level of the 83.50 area. I'm on the lookout for price action to give shorting opportunity.

I wouldn't be surprised, however, if my reasoning is flawed. Any other opinions guys???

Cheers

Mark

[DanUK]

Hi guys,

There has not been a great many chances to trade this last week but I believe next week will see some reasonable action so be sure to pay attention!

Here is my thoughts on this week's price action...

But please remember... support/resistance quoted represents "areas" not "to the pip" lines. This is not meant as trade advice, signals or predictions; it is just a summary of my current market outlook...

USD/CHF – Price has been capped just under 1.000. As I mentioned last week; if 1.000 holds the downtrend should continue, however if it breaks a new uptrend looks like it might take hold. I won’t be looking to buy unless 1.000 is broken.

EUR/USD – After last week’s big drop we saw a further move south at the start of the week and then price seemed to retrace towards the end of the week.

Interestingly, Friday saw price come back to re-test the 1.3700 S/R level and ended up forming a shooting star (although it is far from a “perfect” looking candle). If this breaks on Monday I wouldn’t be surprised to see price make it’s way back down to the 1.3200/1.3300 area.

However, if we look at the weekly chart we see a very nice hammer formed off of 1.3500 (and the 50% retracement level) and a break above this may very well see price head back up to 1.4000 and beyond.

GBP/USD – Price continues to linger around the 1.6000 area and so far has managed to stay above the up-trendline.

USD/JPY – Has been bullish all week and has seen the 83.00/83.50 S/R level break – a continued move above this area next week could signal the establishment of a new uptrend. Last time price reversed from this level a new uptrend lasted almost 7000 pips!

AUD/USD – The uptrend still remains intact and as I suggested last week price has held at the 0.9700/0.9800 area. If we look at the weekly chart we can see price formed a reasonable looking hammer off of this area.

USD/CAD – The downtrend (albeit rather sideways at the moment) still remains intact. I suggested last week that I would expect support/resistance at 1.0200/1.0300 to hold if the downtrend is going to continue... which so far it has!

Possible Trades

Here are a couple of possible trades I will be looking at next week (they are not recommendations though so only trade them if you have come to the same conclusion on your own analysis!)…

EUR/USD – Two possible setups mentioned above; the trend is not clear at the moment but I believe the market will show it’s hand next week so I will be ready to trade in either direction.

AUD/USD – Bullish setup off of the weekly hammer.

EUR/CAD – Good looking shooting star off of 1.4000 (actually it missed by 3 pips but looks interesting nonetheless).

USD/SGD – Good looking shooting star off of 1.3000.

NZD/USD – After missing the daily setup (as mentioned earlier by decades) the weekly presents an interesting looking hammer… not a perfect setup mind you but may be worth paying attention to.

Regards,

Dan

[NaughtyPip]

Originally Posted by DanUK

Hi guys,

There has not been a great many chances to trade this last week but I believe next week will see some reasonable action so be sure to pay attention!

Here is my thoughts on this week's price action...

[color=black][font=Verdana]But please remember... support/resistance quoted represents "areas" not "to the pip" lines. This is not meant as trade advice, signals or predictions; it is just a summary of my...

Hi Dan, this is really helpful, I cant thank you enough.

My biggest hurdle at the moment I guess is trying to figure out market sentiment, is the trend continuing, or are we still in retracement, can i look to go long yet, or should i wait. The Eur/usd for example, I was very tempted to take a long at that 50% fib as i thought it was at a great position landing on weekly support aswell, but managed to sit on my hand.

Is this a typical situation where you will not take a long because it hasnt yet returned to the trendline?

Also, if you had been following your old strategy from your 2009 journal where you traded mostly 4 hr charts, (**please anyone reading this paragraph this is a question about dans 2009 4hr chart strategy, dont confuse this with the daily strategy of this thread**) would you have taken this long? or would your sentiment have been short therefore been looking for shorts since you were trading 4 hour charts not dailys? Sorry to ask this here but I really like your old strategy as it suits my account size and level of patience much better, for the time being.

Best Regards.

[laranja]

Originally Posted by DanUK

Hi guys,

There has not been a great many chances to trade this last week but I believe next week will see some reasonable action so be sure to pay attention!

Here is my thoughts on this week's price action...

[color=black][font=Verdana]But please remember... support/resistance quoted represents...

Hi Dan,

Are you considering a short trade on Eur/CAD, based on the daily shooting star?

If so can you elaborate a bit more? I actually see Eur/CAD a bit like Eur/USD,

they both reach the 50% fib from last swing high-low; they both have a hammer on weekly and shooting star on daily... Actually eur/cad is in uptrend for the last 6 month, so trading the shooting star wouldn't it be a countertrend?

Do you consider 1.40 as a big resistance (besides and obvious round number?)

[NeoRio]

Hey folks, hi Dan,

Just wanted to chime in and say howdy. I've subscribed to your thread and look forward to continuing on here. I ran into a post of yours by chance on the Jacko thread a couple weeks ago, Dan. You mentioned your thread...and I'm glad you did, because I was looking for a home to this kind of trading since the Jacko thread has died out.

I started trading the H4 and D1 TFs about 4 months ago when a trading friend got me interested in trading with Fibs and round numbers. He had followed Jacko's thread for a long time and gathered much of his trading method from there as well as other additional methods that complemented what he was doing. I was about to start a Skype room dedicated to this style of trading (as I'm involved in 2 other Skype rooms that help make trading around a specific method more interactive and educational), but I'm very happy to have found this thread as it's just what I was looking for!

I was kind of hoping that as I neared the last pages of the thread (took me a couple weeks to read it all), that I would have seen some H4 TF trades being discussed, but that's OK. I think you've done an excellent job in clearly describing and patiently explaining your method. I believe it was clever of you to limit the trading education to the D1 TF, as that does clarify things quite a bit and keeps out the CTTs (counter trend trades) the H4 presents. I must admit however, in the 4 months that I've been trading the higher frames (much the same way you do), most of my trades have been taken on the H4. I spend a lot of time at the computer trading and working, so it might be a weakness of mine to over trade and look for entries on the lower frames. I do believe though that the higher the TF, the more reliable the signal, ie, The 50% fib retracement is more powerful on the D1 than the H4, etc.

I would like to chime in with comments and also show you how I look at my charts (almost identical to the way you do), and I think it will take much less time if I make a video instead of a ton of pictures.

Kind Regards,
NeoRio

[GJP]

Hi Dan,

Thanks for your latest view's. You mention in your summary of seeing trading signals on the 1D and weekly charts, if one signal was bullish and the other bearish, what would you do? All comments welcome.

Cheers.

[NeoRio]

In an effort to make my chart-showing a little more understandable and easy to follow, I made 4 short videos:

Video 1

Video 2

Video 3

Video 4

Kind Regards,
NeoRio

[JayTrader]

Your videos are Very informative and nicely done
Thanks

Originally Posted by NeoRio

In an effort to make my chart-showing a little more understandable and easy to follow, I made 4 short videos:

Video 1

Video 2

Video 3

Video 4

Kind Regards,
NeoRio

[NeoRio]

I suppose you trade the setups just the same during Thanksgiving week? I received this blog post today about being careful during Thanksgiving http://www.forex4noobs.com/blog/fore...ksgiving-week/

NeoRio