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DanUK Simple EUR/USD Trading Journal 2009

  • #221
  • Jul 29, 2009 8:35pm Jul 29, 2009 8:35pm
Hi Dan,

Seems to me that EUR/USD and GBP/USD are to erratic to trade at the moment. Certainly for trend trading anyway. I've been looking at a few other pairs and EUR/AUD looks a likely candidate.
  • #222
  • Jul 30, 2009 2:00am Jul 30, 2009 2:00am
Quoting GJP
Hi Dan,

Seems to me that EUR/USD and GBP/USD are to erratic to trade at the moment. Certainly for trend trading anyway. I've been looking at a few other pairs and EUR/AUD looks a likely candidate.
Hi GJP,

Yes over the last couple of weeks I have not seen any real opportunity to take any "trend" based positions on these pairs. This morning (GMT) however I am long in both!

Long GBP/USD from 1.6400

Long EUR/USD from 1.4050

Regards,

Dan
  • #223
  • Jul 30, 2009 3:31am Jul 30, 2009 3:31am
Quoting DanUK
Hi GJP,

Yes over the last couple of weeks I have not seen any real opportunity to take any "trend" based positions on these pairs. This morning (GMT) however I am long in both!

Long GBP/USD from 1.6400

Long EUR/USD from 1.4050

Regards,

Dan
What do you mean by "trend" positions ? You mean by the book position in trend trading? I suppose during last few weeks you've traded smaller trends ... is that why you cannot call them positions for trend trading?

Thank you.
  • #224
  • Jul 30, 2009 4:04am Jul 30, 2009 4:04am
Quoting fxacs
What do you mean by "trend" positions ? You mean by the book position in trend trading? I suppose during last few weeks you've traded smaller trends ... is that why you cannot call them positions for trend trading?


Hi,

Yeah - I mean in accordance with my normal trading rules, i.e. as traded/discussed in this thread I haven't seen any recent opportunities to trade.

During these times (i.e. heavily ranging periods) I don't trend trade. I trade Price Action/Support & Resistance setups until the trend continues. I don't post those trades in this journal though as I don't want to confuse things. I also keep those trades in a separate account as it is not my “bread & butter” – just something to keep me on my toes whilst waiting for a good trend setup.

Regards,

Dan
  • #225
  • Jul 31, 2009 2:52am Jul 31, 2009 2:52am
Hello Dan,

Are there any special rules for Price Action/Support & Resistance ? I am not talking about entry points, but SL or other strategy ...?

Thank you.
  • #226
  • Jul 31, 2009 7:28am Jul 31, 2009 7:28am
Hi,

Well it depends on market conditions and how much time I have to trade. I trade two types of PA/SR when I am in between trend trades.

If I am short of time I trade using daily support and resistance zones and daily/4 hourly price action setups. I tend to target the next s/r zone for exits or trail it using s/r zones if I feel there is an underlying trend in place. My trading method is somewhere in between James16 Chart Thread and the Silent Service Method.

If I have lots of time to trade (which is rare at the moment) I also trade the 5 and 15 minute charts using trendlines, pivots and psych levels and price action setups. Again, for exits I use the next level as a target or I use the levels to trail my exit if there is an obvious trend. I learned this method on Acumen's Trendlines, Pivots and Psych Levels Revisited thread with help from Islander and Eyevoltage (who both trade this sort of method on a daily basis and are very good at it).

There are days when I think these type of setups might takeover as my main trading… but when G/U or E/U are trending they are very easy to trade so I tend to stick with the trend. They say it’s your best friend you know!

Regards,


Dan

  • #227
  • Jul 31, 2009 11:31am Jul 31, 2009 11:31am
After a long, long, long wait we've finally gotten some movement! Up around 300 on GU at the moment and 200 on EU. Fingers crossed we keep moving - I want to see that range in my rear view mirror as soon as possible!
  • #228
  • Jul 31, 2009 2:37pm Jul 31, 2009 2:37pm
Hey Dan,

I was referred to your thread by a fellow trader. Good thread, indeed. Keep up the good work, man.

Cheers and GL

JPNEK
  • #229
  • Jul 31, 2009 2:58pm Jul 31, 2009 2:58pm
Thanks Jpnek! Glad you enjoyed it!
  • #230
  • Jul 31, 2009 3:03pm Jul 31, 2009 3:03pm
Quoting DanUK
Thanks Jpnek! Glad you enjoyed it!
Hey Dan,

Thanks for the prompt reply.

If I may ask, are you planning to leave this current E/U Long running with a TSL... I have a falling H4 resistance TL around 1.4280ish and would certainly T/P at this level...

Cheers,
  • #231
  • Jul 31, 2009 3:23pm Jul 31, 2009 3:23pm
Quoting Jpnek
Hey Dan,

Thanks for the prompt reply.

If I may ask, are you planning to leave this current E/U Long running with a TSL... I have a falling H4 resistance TL around 1.4280ish and would certainly T/P at this level...

Cheers,
Normally I leave the TSL running and let it take me out - the reason being that I find sticking with a TSL takes out the human error element of fear and greed. However where we have been stuck in a range and we are currently at the top of it I will tighten my stop and watch to see what kind of price action formation we get. Same goes for GU!
  • #232
  • Aug 2, 2009 5:49am Aug 2, 2009 5:49am
hi dan,jpnek,i closed my e/u trade out,also seeing thats as far it got,i have taken my profits,going to wait now to see what happens monday,after london open everything is telling me its going down from here,so im going to see what the charts say.dan had a good week on cable too and closed that trade too,taken the money.with cable it could go higher dont know.going to wait to see what price action and the charts tell us.nice to take the pips,close out and have a stress free weekend being flat.friday was crazy ,friday end of month,gl trading guys lets see what this month brings
student
  • #233
  • Aug 2, 2009 3:43pm Aug 2, 2009 3:43pm
Hey guys,

As it happened I decided to close my trades too, because of the current market condition - it is something I rarely do but this time I feel the market called for it.

I've been thinking about starting a thread in the forum section to discuss this type of trading but on any pair or market that is trending well. I thought we could put it in the interactive trading section and then anyone can post/contribute as and when.

What do you think? Send me a PM or let me know here. Perhaps we could get this up and running this week and start to broaden the horizons a little.

Regards,

Dan
  • #234
  • Aug 2, 2009 6:02pm Aug 2, 2009 6:02pm
Hi Dan, good trades mate. I managed to get in on the EUR/USD but missed out on the GBP/USD as it had already left the station. Was hoping for some retracement but the train just kept going. I have stayed in the EUR/USD and moved the stop up 100 pips. Lets see what Monday brings, Will try to get in the EUR/AUD at 1.71000 Sell that is. This pair seem to have a nice trend going. Do you look at other pairs or just stick strictly to EUR/USD GBP/USD?
  • #235
  • Aug 2, 2009 11:31pm Aug 2, 2009 11:31pm
I had 1.42000 as a major resistance area for the EUR/USD so if it retraces back to there it could be a good buying point. What do you reckon Dan?
  • #236
  • Aug 3, 2009 12:23am Aug 3, 2009 12:23am
Quoting DanUK
Hey guys,
As it happened I decided to close my trades too, because of the current market condition - it is something I rarely do but this time I feel the market called for it.
Hey Dan,

Good decision mate. Why give back to the market your hard earned pips... At which price did you close the trade?

Since I'm currently short biased, I took a Short at my H4 Resistance TL (at 1.4300) http://www.forexfactory.com/showpost...postcount=8668. Let's see how this plays out. Currently 60 pips in the green.

Cheers,
  • #237
  • Aug 3, 2009 12:29am Aug 3, 2009 12:29am
Quoting DanUK
I've been thinking about starting a thread in the forum section to discuss this type of trading but on any pair or market that is trending well. I thought we could put it in the interactive trading section and then anyone can post/contribute as and when. What do you think? Send me a PM or let me know here. Perhaps we could get this up and running this week and start to broaden the horizons a little.
I'd be pretty much interested in this. Which crosses are you planning to trade? Will you stick to higher TFs (H4 and up)? Will they be Jacko style trades only... TLs, 50% fibs, S/Rs?

Cheers,
  • #238
  • Aug 3, 2009 3:31am Aug 3, 2009 3:31am
Quoting GJP
Hi Dan, good trades mate. I managed to get in on the EUR/USD but missed out on the GBP/USD as it had already left the station. Was hoping for some retracement but the train just kept going. I have stayed in the EUR/USD and moved the stop up 100 pips. Lets see what Monday brings, Will try to get in the EUR/AUD at 1.71000 Sell that is. This pair seem to have a nice trend going. Do you look at other pairs or just stick strictly to EUR/USD GBP/USD?
Looks like that G/U train is still heading up! So we're both waiting to get in again - however I am glad to see it go as I want to see the back of this range we've been stuck in asap!

I am starting to look at more pairs which is why I started the thread in the interactive trading section. E/A interests me too so I will have a closer look at this later today.

Regards,

Dan
  • #239
  • Aug 3, 2009 3:35am Aug 3, 2009 3:35am
Quoting GJP
I had 1.42000 as a major resistance area for the EUR/USD so if it retraces back to there it could be a good buying point. What do you reckon Dan?
Yes I had that on my radar too - although ideally I would like to see it move to the 1.4150 area, this would also then coincide with the 50% fib retracement and the trendline I have drawn.
  • #240
  • Aug 3, 2009 3:40am Aug 3, 2009 3:40am
Quoting Jpnek
Hey Dan,

Good decision mate. Why give back to the market your hard earned pips... At which price did you close the trade?

Since I'm currently short biased, I took a Short at my H4 Resistance TL (at 1.4300) http://www.forexfactory.com/showpost...postcount=8668. Let's see how this plays out. Currently 60 pips in the green.

Cheers,
Hi Jpnek,

I closed my EU trade at 1.4250 and GU at 1.6700. I must admit that I don't normally close trades early but due to the recent range bound situation and wanting to have a stress free weekend I decided to close out for a good profit (500 pips in total).

Good luck with your trade!

Regards,

Dan
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