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DanUK Simple EUR/USD Trading Journal 2009

  • #341
  • Aug 21, 2009 3:57am Aug 21, 2009 3:57am
Quoting GJP
I put an order in to exit my trades late last night Aussie time. My reasoning was they were both pretty much range bound. I had a choice to wait it out and the possibility of them reversing back to my stops or taking out more pips at the higher end of there respective ranges. Due to the fact the EUR/USD had been a bit whippy lately, I decided to protect what I had.

Result : EUR/USD 160 pip profit. USD/CHF 102 pip profit.

Dan, when trading your method, do you ever close your trades out as I have just done or do you always stick to the method...
Hi GJP,

Congratulations on your trades!

My G/U trade closed out at breakeven. My E/U trade is still open.

Normally I will only exit a trade using a trailing stop loss however when we are stuck in heavy congestion and you are pressing up against some major support or resistance and can't seem to break it then protecting your profits is definitely a good plan!

Regards,

Dan
  • #342
  • Aug 21, 2009 4:02am Aug 21, 2009 4:02am
Quoting drandycollings
Short at 4225 (in bed at 4250)
SL 50 pips (still struggling with giving it 100)
TP 4000 ish

Rationale
1. Daily TL broken to downside
2. H4 making both LHs and LLs TL currently down from 4447 down to 4266
3. 50% retracement from 4467 to 4086

Still on demo not good enough to go live!

Andy
Hi Andy,

Sorry I didn't reply yesterday I wasn't feeling too well! I would be cautious of taking a trade in that area at the moment. As I see it, if you want to short the Euro at the moment 1.4300 would be a better place to look at (although I wouldn't do it without some confirming price action).

For me the uptrend is still the more dominant force but in the markets current range I would only take a position at the upper or lower boundaries.

Hope that is of some use to you.

Regards,

Dan
  • #343
  • Aug 21, 2009 4:49am Aug 21, 2009 4:49am
Hi guys,

The past 2 weeks were very important to me, as a beginner trader.
I made some good calls and bad calls, I was closed several times on G/U but managed to come back.

The first week I got a hole of 250 pips, when the market dropped, then came back, market dropped again ... finally I am 100 pips profit (E/U + G/U) comparing to my start 2 weeks ago.

I think I have 90% chances to manually close my positions today, at least G/U, because, to be honest, the market behavior is way to strange to be in a trade right now.
  • #344
  • Aug 21, 2009 4:11pm Aug 21, 2009 4:11pm
Thanks Dan, I see my prediction turned to custard and you were right. Will quietly stick to demo for a while.

Thanks
  • #345
  • Aug 22, 2009 12:11pm Aug 22, 2009 12:11pm
Quoting fxacs
Hi guys,

The past 2 weeks were very important to me, as a beginner trader.
I made some good calls and bad calls, I was closed several times on G/U but managed to come back.

The first week I got a hole of 250 pips, when the market dropped, then came back, market dropped again ... finally I am 100 pips profit (E/U + G/U) comparing to my start 2 weeks ago.

I think I have 90% chances to manually close my positions today, at least G/U, because, to be honest, the market behavior is way to strange to be in a trade right now.
Congratulations on your success! The way I see it is that if you can mange to keep your head above water during these hard times then you will make a killing when we get back into a good trend!
  • #346
  • Aug 23, 2009 1:27pm Aug 23, 2009 1:27pm
Thank you Dan. I hope to ride a real trend soon We all hope ...
  • #347
  • Aug 23, 2009 11:40pm Aug 23, 2009 11:40pm
Hey Dan did you get the PM I sent you?
  • #348
  • Aug 25, 2009 4:46am Aug 25, 2009 4:46am
Quoting GJP
Hey Dan did you get the PM I sent you?
Hi GJP,

I did and I have finally replied! Sorry for the slow response!

Regards,

Dan
  • #349
  • Aug 25, 2009 5:15am Aug 25, 2009 5:15am
Another bouncing week. No strong trend yet. For now, I am waiting, no transactions opened.
  • #350
  • Aug 25, 2009 8:14am Aug 25, 2009 8:14am
Quoting fxacs
Another bouncing week. No strong trend yet. For now, I am waiting, no transactions opened.
Hi Fxacs,

Yes it would be sensible to wait before placing any more trades using the trend following strategy at the moment; far too much chop!

I am however long EU @ 1.4310 and long GU @ 1.6410 today based on support, resistance and price action. I can't post a chart at the moment but as soon as I get a chance I will!

Regards,

Dan
  • #351
  • Aug 26, 2009 5:57am Aug 26, 2009 5:57am
Hello all,

I decided also to enter long at 1.4330 for EU (I waited for a small confirmation) and 1.6340 for GU.

10 min after I post my trades price started to drop again Isn't that cute?
  • #352
  • Aug 26, 2009 7:48am Aug 26, 2009 7:48am
Quoting fxacs
Hello all,

I decided also to enter long at 1.4330 for EU (I waited for a small confirmation) and 1.6340 for GU.

10 min after I post my trades price started to drop again Isn't that cute?
Hi fxacs,

My positions yesterday were only small scalps in comparison to my normal trading setup. I have attached an image of my EU trade. It was based on a pin bar at the 1.43 area - I went long above it at 1.4310 targeting 1.4340 with a tiny 15 pip stop loss!

I had a similar trade on GU too that I have posted.

As I said earlier, these types of trades are not my "bread & butter" but something I do to fill the time whilst waiting for a proper trend to emerge!

Regards,

Dan
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2009-08-26_EU.png Size: 38 KB
Click to Enlarge Name: 2009-08-26_GU.png Size: 41 KB
  • #353
  • Aug 26, 2009 9:52am Aug 26, 2009 9:52am
Unfortunately I used 100 SL just like when trading the trend. But this was no trend

This is another mistake I've made, to trade in this circumstances using the same strategy (SL) as for trend trading.

Still learning ...
  • #354
  • Aug 26, 2009 10:25am Aug 26, 2009 10:25am
looking like we should wait for some pull backs,on cable and the euro,and catch some of this dollar bull
student
  • #355
  • Aug 26, 2009 3:25pm Aug 26, 2009 3:25pm
Hi Dan,
My thinking from reading the Jacko forum is from around 1.4300
50% fibo on the weekly chart is this is now a down trend.
and so we should be shorting the e/u.

cheers Gary
  • #356
  • Aug 27, 2009 2:44am Aug 27, 2009 2:44am
Quoting garyfb
Hi Dan,
My thinking from reading the Jacko forum is from around 1.4300
50% fibo on the weekly chart is this is now a down trend.
and so we should be shorting the e/u.

cheers Gary
Hi Gary,

I wouldn't argue with that. For me it's too early to say we are in a down trend but a retest of 1.4300 and then a move down would confirm the possibility of entering into a new down trend.

I will be watching that area and waiting for some confirming price action and if I like what I see I will be short too!

Regards,

Dan
  • #357
  • Aug 27, 2009 2:50am Aug 27, 2009 2:50am
My thoughts are similar for G/U too, although this pair has already shown confirmation of a possible down trend. I will be looking for a possible short in the 1.6300 area.
  • #358
  • Aug 27, 2009 9:47am Aug 27, 2009 9:47am
Thanks Dan,
Looking around 1.4300 to sell again.
  • #359
  • Aug 31, 2009 4:54pm Aug 31, 2009 4:54pm
It's all gone quiet in here guys. I'm guessing your all sitting it out at the moment. Anybody know what that upward spike in the EUR/USD was all about on Friday? I bet it took a few people out.
  • #360
  • Sep 1, 2009 8:04am Sep 1, 2009 8:04am
Quoting GJP
It's all gone quiet in here guys. I'm guessing your all sitting it out at the moment. Anybody know what that upward spike in the EUR/USD was all about on Friday? I bet it took a few people out.
Hi GJP,

Yeah, the trend is not so clear so things are a bit on the quiet side. I am short GBP/USD from 1.6300 but no position on E/U at the moment.

Regards,

Dan
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