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DanUK Simple EUR/USD Trading Journal 2009

  • #281
  • Aug 11, 2009 1:13pm Aug 11, 2009 1:13pm
I'm not sure if you are quite there yet! Just in case I have a chart that may help...
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-08-11_1900.png Size: 64 KB
  • #282
  • Aug 11, 2009 1:15pm Aug 11, 2009 1:15pm
Another reason for waiting is that if you don't wait for that price movement of another 50 – 100 pips, you may as well have just entered the original trade with a 200 pip stop loss instead of 100 pips!

Hope that makes sense!
  • #283
  • Aug 11, 2009 3:33pm Aug 11, 2009 3:33pm
Thank you Dan for the graphic.

What I meant by

Quote
So you MUST wait another 50 pips against original order SL because this will let the retracement to complete and prevents closing the AH too by the SL.

is the same thing with what you said

Quoting DanUK
Another reason for waiting is that if you don't wait for that price movement of another 50 – 100 pips, you may as well have just entered the original trade with a 200 pip stop loss instead of 100 pips!

Hope that makes sense!
My English is sometimes very bad and I am sorry
  • #284
  • Aug 11, 2009 4:17pm Aug 11, 2009 4:17pm
hey on post
http://www.forexfactory.com/showpost...&postcount=265

why do u draw trend lines like this, i never seen that and cant understand the reasoning

can some one explain please?
  • #285
  • Aug 12, 2009 12:17am Aug 12, 2009 12:17am
Quoting IliaM
hey on post
http://www.forexfactory.com/showpost...&postcount=265

why do u draw trend lines like this, i never seen that and cant understand the reasoning

can some one explain please?
hope this image has clear explanation why i draw TL.
Attached Image (click to enlarge)
Click to Enlarge Name: EU 12-8.jpg Size: 210 KB
Never sell @ lower upward channel unless breacked and vise versa .
  • #286
  • Aug 12, 2009 12:27am Aug 12, 2009 12:27am
is there any specific rules to draw the lines? or just kinda look at the graph and see where a line would touch the most points?
  • #287
  • Aug 12, 2009 1:36am Aug 12, 2009 1:36am
Quoting IliaM
is there any specific rules to draw the lines? or just kinda look at the graph and see where a line would touch the most points?
for me As u can see i did not use only TL , i add horzintal line too.

Why i do that? .. becase i want to see where the seller and buyer put thier order .. if u contact Support Points to gathers (TL) and combaine them also to support points that price repatdly in one level (Horzintal line )
you will know where big orders pending.

i saw drawing TL is ART more than rules like 1+1=2 ..
Never sell @ lower upward channel unless breacked and vise versa .
  • #288
  • Aug 12, 2009 1:42am Aug 12, 2009 1:42am
hope DanUK like what i post in his thread .. if not please let me know ..
Attached Image (click to enlarge)
Click to Enlarge Name: EU2 12-8.jpg Size: 135 KB
Never sell @ lower upward channel unless breacked and vise versa .
  • #289
  • Aug 12, 2009 1:56am Aug 12, 2009 1:56am
Quoting WedWed
hope DanUK like what i post in his thread .. if not please let me know ..

Price Exactly kiss 1.4115 and i imaddiatly took long .. hope price now go long with my direction.
Attached Image (click to enlarge)
Click to Enlarge Name: EU3 12-8.jpg Size: 146 KB
Never sell @ lower upward channel unless breacked and vise versa .
  • #290
  • Aug 12, 2009 4:01am Aug 12, 2009 4:01am
Quoting WedWed
Price Exactly kiss 1.4115 and i imaddiatly took long .. hope price now go long with my direction.
closed @ BE
Never sell @ lower upward channel unless breacked and vise versa .
  • #291
  • Aug 12, 2009 5:36am Aug 12, 2009 5:36am
Hi Dan

From your profile you work full time - how do you schedule your entries ?

Do you monitor during the evening ?

P
  • #292
  • Aug 12, 2009 1:08pm Aug 12, 2009 1:08pm
So Wed wed, your trading the news today?

jacko thinks thats gambling
  • #293
  • Aug 12, 2009 1:50pm Aug 12, 2009 1:50pm
Price is playing with our heads I say we wait. I am almost sure the trend will continue its course.
  • #294
  • Aug 12, 2009 1:53pm Aug 12, 2009 1:53pm
Quoting garyfb
So Wed wed, your trading the news today?

jacko thinks thats gambling

yes i did gamplaing and put some risk from what i gain today
but this post should be in EU thread not here.. here no gamplaing .. all trade pased on TL and SR and more
Never sell @ lower upward channel unless breacked and vise versa .
  • #295
  • Aug 12, 2009 2:45pm Aug 12, 2009 2:45pm
Quoting Pervaz
Hi Dan

From your profile you work full time - how do you schedule your entries ?

Do you monitor during the evening ?

P
Hi Pervaz,

I am in the fortunate position of being able to monitor the market at work! Although there are the odd times (like today) when I have been out of the office all day and not been able to take advantage of the developments.

If I know I am not going to be around much to trade the 4H charts I will simply zoom out to the daily charts and use them to position my trades.
This will require a bigger stop loss on most occasions but that's ok - just adjust position size to suit.

Regards,

Dan
  • #296
  • Aug 12, 2009 2:56pm Aug 12, 2009 2:56pm
Quoting fxacs
Price is playing with our heads I say we wait. I am almost sure the trend will continue its course.
For now I would say the uptrend in EU remains intact. I was stopped out at a loss today and on further analysis I can see why. Not because the trend has changed yet but because my analysis was slightly off. I should have been looking for a bounce at 1.4100 with an entry at 1.4150. Not to worry… these things happen from time to time!

For price action lovers I have attached a 4 hour chart that would have given you a reason to enter long - had I been around today I would have gone for it.

It also appears that the daily chart is forming a bullish outside bar... something to keep an eye on.

Regards,

Dan
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EU_2009-08-12_4H.png Size: 32 KB
Click to Enlarge Name: EU_2009-08-12_Daily.png Size: 31 KB
  • #297
  • Aug 12, 2009 2:59pm Aug 12, 2009 2:59pm
For those people who don't follow price action setups... (it's a pin bar!)
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-08-12_2057.png Size: 34 KB
  • #298
  • Aug 12, 2009 3:03pm Aug 12, 2009 3:03pm
Quoting IliaM
is there any specific rules to draw the lines? or just kinda look at the graph and see where a line would touch the most points?
IliaM,

Sorry I missed your question earlier. Just for your information... I tend to use the highs or lows that have been supporting the current trend.

Hope that helps!

Regards,

Dan
  • #299
  • Aug 12, 2009 6:44pm Aug 12, 2009 6:44pm
OK I am going in at 1.4200 long
100sl
just from the gut.
wish me well!
  • #300
  • Aug 13, 2009 2:36am Aug 13, 2009 2:36am
Quoting DanUK
For those people who don't follow price action setups... (it's a pin bar!)
There is something strange. I don't see the pin bar on my chart, which is a candlestick chart. I switched to your type of chart and still no pin bar.

Is it because I am using another broker? Is this possible?
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