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Attachments: DanUK Simple EUR/USD Trading Journal 2009
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DanUK Simple EUR/USD Trading Journal 2009

Not a bad week - final one for the month ended up as:

EUR/USD +100
GBP/USD +300

Total +400
February was a harder trading month than January. E/U was particularly hard as it spent the latter part of the month bouncing between the 1.26 and 1.29 area. However I ended up in profit so I can't really complain!

EUR/USD

Total Pips Won: 400
Total Pips Lost: 200

Profit: 200

GBP/USD

Total Pips Won: 1000
Total Pips Lost: 300

Profit: 700

TOTAL

Total Pips Won: 1400
Total Pips Lost: 500

Profit: 900
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.png Size: 17 KB
Attached Image
Good job Dan

PC

Quoting DanUK
February was a harder trading month than January. E/U was particularly hard as it spent the latter part of the month bouncing between the 1.26 and 1.29 area. However I ended up in profit so I can't really complain!

EUR/USD

Total Pips Won: 400
Total Pips Lost: 200

Profit: 200

GBP/USD

Total Pips Won: 1000
Total Pips Lost: 300

Profit: 700

TOTAL

Total Pips Won: 1400
Total Pips Lost: 500

Profit: 900
Less is more...
Update...

So far March has been kind! I've been lucky enough to bag 200 pips on each pair so far and I currently have two positions open with stops at breakeven. I hope to get my stop into a positive position before NFP data comes out tomorrow as I don’t like to initiate any new positions around that time!

On a side note I have been playing around with price action formations on lower time frames lately and they have been working out very nicely. I might start posting them here at some point as my main trading strategy is pretty boring and I don’t get to post many nice charts of the trades as it is such simple stuff! Not that there is anything wrong with that of course – I just want to make this journal a bit more colourful!!
Dear Journal...

I have been guilty of neglecting you again! I have spent a lot of time posting on another thread here at FF these last couple of weeks as I have gotten involved with a really good short term trading strategy and as a result I have been neglecting my journal a bit! So I apologize to my journal and to the very tiny handful of people who have shown an interest in what I am doing here!

So what's been going on in March? Although it was a slow start, the FOMC's "kiss of death" on the USD last night caused the EURO to fly! Lucky for me I have had a long position since 1.2800 which started back on the 12th March and my stop is currently at 1.3600. I'm sure we are due for some kind of correction on this latest move up so I can't see many more pips coming from it, but I really can't complain!

Although I have been long E/U for a little while now, my bias with G/U has been short… up until yesterday. As G/U often follows suite I initiated a long at 1.4200 today as it seemed to be a good s/r level. That trade got closed out a couple hours ago at 1.4500 and I'm happy with that!
  • Post #66
  • Quote
  • Edited 8:12am Mar 20, 2009 4:35am | Edited 8:12am
Update...

EUR/USD Long still open UPDATE: Closed @ 1.3600 for 800 pips

GBP/USD Long @ 1.4460 (after 1 hour hammer closing above 1.4450) UPDATE: Closed at breakeven
Hi Dan

Are your results still based on 77 cross and 100 trail stop or any modifications applied?
Regards
Quoting howard
Hi Dan

Are your results still based on 77 cross and 100 trail stop or any modifications applied?
Hi Howard,

I primarily trade with the longer term / daily trend and I do still use the 77 cross with a 100 trail stop. I do however only use it as a guide to likely entry points inline with the current trend. I also use the monthly pivot point to help with my decision making process. I also use Jacko's Anti-Hedge strategy.

Generally if we are in a trend and price is on the right side of the monthly pivot I will take entries in the trend direction. If we are on the wrong side of the trend I will take countertrend moves but I am less likely to use the anti hedge strategy.

Hope that helps! Any questions, I'm happy to help.

Dan
Buy EUR/USD @ 1.3500

Buy Pending GBP/USD @ 1.4400
  • Post #70
  • Quote
  • Edited 1:42pm Mar 25, 2009 11:23am | Edited 1:42pm
Update:

EUR/USD Buy (from 23rd March) - closed at breakeven

GBP/USD Buy Pending GBP/USD @ 1.4400 (from 23rd March) - cancelled

New positions:

EUR/USD Buy @ 1.3500 (Stop moved to breakeven)

GBP/USD Buy @ 1.4550 (Stopped out at breakeven)
  • Post #71
  • Quote
  • Edited 6:36am Mar 27, 2009 6:24am | Edited 6:36am
Was unable to post this yesterday...

Update:

EUR/USD Buy (from 25th March) - closed at 1.3600 for +100

GBP/USD Buy (from 25th March) - closed at breakeven

New positions:

EUR/USD Sell @ 1.3600

Reson for switching bias to sell - price unable to stay above resistance level @ 1.3600 - which is the 50% retrace area of the move down from 1.4700 to 1.2450; decided to short based on long term trading bias (aka Jacko styley).

GBP/USD Sell @ 1.4480

Reson for sell - bearish engulfing bar formed on daily chart at a swing high in a long term downtrend, s/r level at 1.4500 so waited for break below. Entered at 1.4480.
This March I decided to tone down my trading a little, reducing the number of entries a little in order to pick the best places to enter. This seems to have resulted in a lot less losses (but then I could have just been lucky - I know I was on the 20th with the Euro!).

March has certainly been very kind!

EUR/USD

Total Pips Won: 1300
Total Pips Lost: 0

Profit: 1300

GBP/USD

Total Pips Won: 1100
Total Pips Lost: 100

Profit: 1000

TOTAL

Total Pips Won: 2400
Total Pips Lost: 100

Profit: 2300
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.png Size: 15 KB
Attached Image
Hi DanUK:

Very impressive result. Are you still on demo? I read earlier that you follow little bit JohnDoe, Jacko and James. I tried couple of months John doe system but it did not give any consistent result. Also, I see that he had stopped maintaining journal..not sure whether he has stopped using the system or not. But it appears that you are doing well. It would be helpful, if you some time post a chart and explain your own trading style.

Thanks,

-FX_California
Quoting DanUK
This March I decided to tone down my trading a little, reducing the number of entries a little in order to pick the best places to enter. This seems to have resulted in a lot less losses (but then I could have just been lucky - I know I was on the 20th with the Euro!).

March has certainly been very kind!

EUR/USD

Total Pips Won: 1300
Total Pips Lost: 0

Profit: 1300

GBP/USD

Total Pips Won: 1100
Total Pips Lost: 100

Profit: 1000

TOTAL...
Quoting FX_California
Hi DanUK:

Very impressive result. Are you still on demo? I read earlier that you follow little bit JohnDoe, Jacko and James. I tried couple of months John doe system but it did not give any consistent result. Also, I see that he had stopped maintaining journal..not sure whether he has stopped using the system or not. But it appears that you are doing well. It would be helpful, if you some time post a chart and explain your own trading style.

Thanks,

-FX_California
Hi FX California,

Thanks for your comments. This certainly isn't the journal of a pro trader or anything like that, which is why I haven't gone into great detail about how I trade! For me this is still a learning-journey and my style of trading is changing as I go along. Not my method of trading - that remains the same, it's just the more I learn the more I am able to identify where I want to trade without the use of indicators etc.

I started this journal with a demo account and after the first two months I decided to open a very small trading account in order to ease into the psychological aspect of trading real money.

When I first started this journal I had been trying to trade using Jacko's method of trend-trading however I wasn't fully confident in what I was doing which is why I used Johndoe's system to help me with my trading decisions. The system can work really well, for example the long I took from 1.2800 on E/U last month that netted 800 pips was based on a signal from Johndoe's system that I wouldn't have taken if I was just trading Jacko's method.

The method can get you into a trend at an early stage which is great – but it doesn’t take into account trading basics such as support and resistance, which is where the system falls down. For example last month (19th to 26th ish) E/U was bouncing between 1.35 and 1.37 and Johndoe’s system would have told me to aim higher and place another long order. However taking into account the long term trend and the heavy resistance in the area I decided to take a short from 1.36. Price dropped to almost 1.31.

So at the moment I still use Johndoe’s system to guide me in the right direction but I do not take positions blindly anymore - I am working on support and resistance, and using price action setups (a la James16) to give me a hint as to where the market is headed next.

I hope this post has made some sense. It’s sometimes quite hard to get down on paper what I have in my head! I will also post some charts in the future to give a better idea!

Regards,


Dan
Dan:

Thanks for your reply. You explained very clearly and I appreciate that. Good luck and post your journal as it helps others.

-FX_California

Quoting DanUK
Hi FX California,

Thanks for your comments. This certainly isn't the journal of a pro trader or anything like that, which is why I haven't gone into great detail about how I trade! For me this is still a learning-journey and my style of trading is changing as I go along. Not my method of trading - that remains the same, it's just the more I learn the more I am able to identify where I want to trade without the use of indicators etc.

[color=black]I started this journal with a demo account and after the first two months I...
As promised - a couple of charts!

The EUR/USD (daily) chart shows a bullish engulfing bar closing below the 1.3400 level - an area I have identified as a good support and resistance level.

We also have a GBP/JPY (daily) chart with a shooting star piercing the support and resistance level at 150.

Both trades are sells below the daily bars and are now being managed using the 4 hour charts (and daily if the trades play out longer). I'm not expecting the G/J trade to be a long-term move as it is counter-trend so I will be keeping a close eye on this trade.

I am looking for the E/U trade to move down to 1.3100 and will be watching to see how price reacts at that level. If price can sustain a position below 1.3100 I will be looking for a longer term move down to 1.2900. If price cannot stay below 1.31 (assuming it gets there in the first place!) I will be cautious of E/U heading higher. Time will tell!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu.gif Size: 17 KB
Click to Enlarge Name: gj.gif Size: 15 KB
April has been a fairly slow month so far. Managed to capture a few pips here and there but over all not many trades taken.

At the end of this week E/U looks to be continuing it's downtrend so I will be looking for a retracement next week in order to enter a short as per the attached chart, probably at the 1.3200 area (depending on how the current trend moves).

G/U on the other hand looks like it could be heading higher. Weekly and daily trendlines have been broken. Daily and 4 hourly charts are showing an uptrend with higher highs and higher lows. Considering a long at 1.4600 next week. Extra caution will be taken with G/U in case it is just a deeper correction of the longer term down trend.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EUR_USD_2009-04-18_0008.png Size: 36 KB
Click to Enlarge Name: GBP_USD_2009-04-18_0003.png Size: 32 KB
Quoting DanUK
At the end of this week E/U looks to be continuing it's downtrend [...] Extra caution will be taken with G/U in case it is just a deeper correction of the longer term down trend.
Dan, you are looking to go Short EU and Long GU (not at the same time, though) - but those pairs are corellated...
One Chart is Worth Ten Thousand Words.
Quoting Forex007
Dan, you are looking to go Short EU and Long GU (not at the same time, though) - but those pairs are corellated...
Hi mate,

Agreed; these two pairs definitely tend to follow each other around and as the trend has been down for a long time on both, the G/U trade will be very cautious and depend very much on how price reacts when it gets there. If it smashes straight through then I won't take it; if it shows signs of bouncing off then I will go for it.

I must admit I don't like it all that much when these pairs are moving in opposite directions but I do find that if I over analyze what's going on I start to second guess myself when it comes to pulling the trigger which is something I don't want to happen! Although I realize that not being in a trade is a valid position too!

Regards,

Dan
Quoting DanUK
I must admit I don't like it all that much when these pairs are moving in opposite directions
Check your PM re the above
One Chart is Worth Ten Thousand Words.
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