DanUK Simple EUR/USD Trading Journal 2009 | Page 20 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Trading is this Simple? Finally Explained simple and clearly! 46 replies

DanUK's Advanced Trend Trading Strategy 1,222 replies

DanUK's Intraday Experiment 279 replies

DanUK Trend Trading Journal 2010 433 replies

Eur Simple Trades High Risk Journal 26 replies

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

DanUK Simple EUR/USD Trading Journal 2009

  • #381
  • Sep 14, 2009 2:56am Sep 14, 2009 2:56am
Quoting albchr
Hi Dan,

Hope you don't mind me popping a post in here. I was invited to have a look at your thread by Baz and I just started reading it this morning. When I saw this question by Sten, I thought I'd offer a solution that has worked very well for me.

Like you, I use MT4 and I move my stops manually as I'm at my computer trading all the time. It's my full time job now. For those rare occasions when I have to leave and a trade is running, I use this "Partial Close" EA which allows me to set up to 4 TP's (in pips), move my stop (in pips) at each...
Hi Chris,

Thank you for the information, this looks very useful. I will have to have a look into it and see if I can get it to work for me.

Congratulations on your success and your position as a full time trader. I don't mind you posting in here at all; please feel free to drop by any time!

Regards,

Dan
  • #382
  • Sep 14, 2009 3:08am Sep 14, 2009 3:08am
Quoting Pipalicious
Hey Dan!

Thanks for your thread. Your doing great and ive read through it all. Its good to see how you think mate

Ive been demoing for a couple months and pretty much trading major S/R and pa, sort of a mix of J16, Clockwork, mbqb11 and Jacko a bit...

However, even though youŽve mentioned it a few times, I cant seem to "get" the reason of using a 100 pip "fixed" stop on your trades. I know jackoŽs using it, but, how do you come up with that number? Has it got to do with ADR or something else im missing? I like the "mechanical" aspect...
Hi,

That's ok - if you don't ask the questions you won't find the answers! Thank you for your kind words also.

Originally I started using a 100 pip stop loss because that is what the stop loss was as defined by Jacko's rules at the time. In my earlier days I too wondered if it would be better to adjust the stop loss (my thinking was to increase the size). I wouldn't argue with anyone who thought that perhaps a 150 pip or 200 pip stop would be more appropriate, particularly on other currency pairs such as GBP/USD. However, I decided not to change the stop size because it was working for me - and I think that is the key; you need to use something that works for you. If you are not comfortable with a certain stop size or method you need to find something you are comfortable with because, as you said, the exit is a major part of the equation and is often the difference between a winning trade and a loosing trade.

I do also use the Anti-Hedge strategy so that is another reason why I stick with the 100 pip stop.

And finally... the other and possibly most important reason is that with the two currencies I mainly trade (EU and GU) I am looking for a bounce of about 50 pips for an entry. So for example if I think 1.6600 will hold as support I am looking for price to show me it has turned and I will enter at 1.6650. So then in theory having my stop 100 pips away keeps it safely behind the 1.6600 which I am assuming will hold as support if it retests before going my way.

Hope that makes sense!

Regards,

Dan
  • #383
  • Sep 14, 2009 3:18am Sep 14, 2009 3:18am
Quoting fxacs
Hello Dan,

It seems a reatracement is currently in place for G/U. I hope the trend will continue to be up. For E/U only a small correction was made, but there is still time. What is your analysis for this week start ?
Hi Fxacs,

G/U is currently struggling against the support trendline, although so far it is only a short term trendline so caution is advised. My bias is long though.

I am still in a trade on E/U and for me I hope it continues to go up! But I am sure we will get a proper sized retracement soon and when we do it will be time to look for another long position (assuming price doesn't just drop off the scale!).

Overall I have a long bias on both pairs but I try not to predict what will happen! I'm not that good.... yet

Regards,

Dan
  • #384
  • Sep 14, 2009 3:34am Sep 14, 2009 3:34am
Thanks for info. Indeed, G/U evolution is not yet clear.

I still don't know how to compute the day bias Never get that method.
  • #385
  • Sep 14, 2009 4:51am Sep 14, 2009 4:51am
Quoting fxacs
Thanks for info. Indeed, G/U evolution is not yet clear.

I still don't know how to compute the day bias Never get that method.
Hi,

What do you mean "I still don't know how to compute the day bias"?

Regards,

Dan
  • #386
  • Sep 14, 2009 5:13am Sep 14, 2009 5:13am
I know you get the bias using the 77 crossing method, which I still don't know it. Sorry if I wasn't very clear.
  • #387
  • Sep 14, 2009 5:16am Sep 14, 2009 5:16am
Quoting DanUK
Hi Chris,

Thank you for the information, this looks very useful. I will have to have a look into it and see if I can get it to work for me.

Congratulations on your success and your position as a full time trader. I don't mind you posting in here at all; please feel free to drop by any time!

Regards,

Dan
Hi Dan,

Yeah it really is very helpful and works great. It's pretty easy to use but should you have any questions, please don't hesitate to ask.

Thank you for the kinds words too Dan. I'm pretty excited (and a bit nervous...lol) about going full time now.
Ghost Rider - WWTBMD?
  • #388
  • Sep 14, 2009 5:24am Sep 14, 2009 5:24am
Quoting fxacs
I know you get the bias using the 77 crossing method, which I still don't know it. Sorry if I wasn't very clear.
Hi Fxacs,

I see what you mean.

I don't use the 77 Cross these days - I used to use them when I started this journal, to help with my decision making, however I have slowly progressed to just using trendlines, support & resistance, round numbers and the 50% fib retracement level.

To identify my daily bias (trend) I use a top down approach. Starting off with the weekly, then daily, then 4 hourly. My trading chart is the 4 hour chart, so once I have looked at the weekly and daily charts (these are good to give you an overall feel as to where we are in the market) I will zoom out to about 300 bars on the 4 hour chart and try to identify the trend.

An uptrend can be identified by higher highs and higher lows (for the trend, these can be best identified on the daily chart). A downtrend can be identified by lower highs and lower lows. Trendlines drawn across the highs and the lows should also help to show direction.

However, if you do use the 77 Cross the way that I used to then the daily bias is simply determined by the location of price in comparison to the daily 25 SMA. Above is long, below is short. Again, I must mention that I do not use any moving averages these days. I used to use them to help me (confidence building) but I feel happy enough to trade without them now.

I hope that clears things up. If not... please ask again!

Regards,

Dan

PS If you want to use moving averages etc then I have nothing against that; the only thing I would say is use them as visual aids only - don't use them to trade off of.
  • #389
  • Sep 14, 2009 5:29am Sep 14, 2009 5:29am
Quoting albchr
Hi Dan,

Yeah it really is very helpful and works great. It's pretty easy to use but should you have any questions, please don't hesitate to ask.

Thank you for the kinds words too Dan. I'm pretty excited (and a bit nervous...lol) about going full time now.
Hi,

Yeah, like going full time in any business venture it's a daunting task BUT if you have the kahoonies to do it then it can be the greatest thing in the world. Good luck to you!

Regards,

Dan
  • #390
  • Sep 14, 2009 6:54am Sep 14, 2009 6:54am
Thank you Dan. I am also using just the basic stuff to trade. Hopefully I will understand more and more I am waiting for a retracement to go in today.
  • #391
  • Sep 14, 2009 10:24am Sep 14, 2009 10:24am
Quoting DanUK
Hi,

That's ok - if you don't ask the questions you won't find the answers! Thank you for your kind words also.

Originally I started using a 100 pip stop loss because that is what the stop loss was as defined by Jacko's rules at the time. In my earlier days I too wondered if it would be better to adjust the stop loss (my thinking was to increase the size). I wouldn't argue with anyone who thought that perhaps a 150 pip or 200 pip stop would be more appropriate, particularly on other currency pairs such as GBP/USD. However, I decided not to change...

Cheers for that Dan.

Yes it does make sense, especially when you mention the example of the 1.6600 support level, which essencially does keep your stop behind support/resistance lines before you start trailing. I like that.

Thanks for your quick reply aswell, im fairly new to all this so im happy to have found the right people at the beginning of my "voyage", which has kept me from trading indicator systems. Im focusing just on supply/demand concept.

Ive been lurking and not posting much because of lack of knowledge but as I grow iŽll be posting more and more. So get ready for my pestering lol!

Cheers mate
  • #392
  • Sep 15, 2009 7:04am Sep 15, 2009 7:04am
Yesterday I was fooled on G/U at 1.6550, where I opened a long position thinking that the price retracement is small . I had some signs of price rising, but today ... I got closed.
  • #393
  • Sep 15, 2009 7:51am Sep 15, 2009 7:51am
Quoting Pipalicious

Thanks for your quick reply aswell, im fairly new to all this so im happy to have found the right people at the beginning of my "voyage", which has kept me from trading indicator systems. Im focusing just on supply/demand concept.

Ive been lurking and not posting much because of lack of knowledge but as I grow iŽll be posting more and more. So get ready for my pestering lol!
That's good to hear... although I am not an anti-indicator person I do believe that you can trade perfectly well without any indicators and if you learn to trade that way you will do better for it.

I'll be prepared for the pestering ... I don't mind really though!

Regards,

Dan
  • #394
  • Sep 15, 2009 8:00am Sep 15, 2009 8:00am
Quoting fxacs
Yesterday I was fooled on G/U at 1.6550, where I opened a long position thinking that the price retracement is small . I had some signs of price rising, but today ... I got closed.
GU is still a hard call to make. I can see why you entered the trade yesterday so don't feel bad.

Currently I am measuring the most recent swing from about 1.6111 to 1.6740, so the 50% marker is around 1.6426 - so ideally I am looking for a reaction at 1.6400 or better.

There is still no real discernable trend at the moment so the best place to look for a long position is actually at the lower trendline. For now I recommend to sit tight and wait for the market to show it's hand!

Regards,

Dan
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-09-15_GU.png Size: 51 KB
  • #395
  • Sep 15, 2009 8:40am Sep 15, 2009 8:40am
USD/JPY is closing on 50% fib level. In fact for few minutes that level was reached. I am thinking to short it, since the trend is clearly down.
  • #396
  • Sep 15, 2009 10:05am Sep 15, 2009 10:05am
Quoting fxacs
USD/JPY is closing on 50% fib level. In fact for few minutes that level was reached. I am thinking to short it, since the trend is clearly down.
Hi,

I would be cautious - I don't trade USD/JPY yet (although I am thinking about adding it) however if you take a look at the daily chart we are at the bottom of a downward channel that could cause problems for sellers... unless there is enough pressure to break through.

This was just a quick glance; I am not familiar enough with U/J to be an authority on it!!

Regards,

Dan
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-09-15_UJ.png Size: 34 KB
  • #397
  • Sep 15, 2009 10:37am Sep 15, 2009 10:37am
PS... I'm not saying don't go for it! Just be aware of the big picture if you do!
  • #398
  • Sep 15, 2009 10:47am Sep 15, 2009 10:47am
According to the daily chart you posted price might go up more above 50% fib level and still be in the trend channel. Then, after the price closes to upper border, we can expect to go down again. Am I wrong?
  • #399
  • Sep 15, 2009 12:25pm Sep 15, 2009 12:25pm
Quoting fxacs
According to the daily chart you posted price might go up more above 50% fib level and still be in the trend channel. Then, after the price closes to upper border, we can expect to go down again. Am I wrong?
Do you mean the 50% level of the swing shown on the daily chart (93.99) or the 50% level as seen on the 4 hour (91.74)?
  • #400
  • Sep 15, 2009 2:23pm Sep 15, 2009 2:23pm
Quoting DanUK
Do you mean the 50% level of the swing shown on the daily chart (93.99) or the 50% level as seen on the 4 hour (91.74)?
Sorry for that. I meant the 50% fib on the 4H chart.
0 traders viewing now