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DanUK Simple EUR/USD Trading Journal 2009

  • #401
  • Sep 16, 2009 3:42am Sep 16, 2009 3:42am
Quoting fxacs
Sorry for that. I meant the 50% fib on the 4H chart.
Hi,

Sorry I was asleep when you replied.

I have attached a chart that might help to explain what I meant... what I was saying is that shorting UJ at the 91 level would be a fair play however I would be careful that we are near the bottom of a (daily period) channel (indicated on my chart by the red trendline). This is where price could struggle so I would be prepared to move your stop loss to breakeven now. If we break through then your trade will hopefully remain open but if the red trendline causes a problem then you have removed your risk by moving your stop loss.

Hope that makes more sense.

Regards,

Dan
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-09-16_UJ.png Size: 29 KB
  • #402
  • Sep 16, 2009 6:05am Sep 16, 2009 6:05am
Hi all,

Did anyone take a trade on G/U? We've had a double rejection of the 50% area so I have taken a long at 1.6450.

@ Fxacs - Did you go for the U/J trade in the end?

Regards,


Dan
  • #403
  • Sep 16, 2009 7:01am Sep 16, 2009 7:01am
Hi Dan,

Am I right in assuming that the reason you put lines every 50 pips is to "visually" see better where you would enter had price bounced at say (for example) 1.2000 and gone up to 1.2050? youd wait for a bounce of 1.2 and once price reached 1.2050 to the pip that would confirm your entry? Is this correct?

Reason I ask is because when looking at 4h - 1h theres enough "space" between 50 - 100 pip zones, so it works great on these timeframes (i think...), but when you go up to dailies it obviously is way to tight to trade of these 50 - 100 pip lines, so I assume you trade purely of 4h and observe the 1h to "see" price better correct? Say for example you want to trade the dailies with the trending method, would you apply the same principle but with maybe bigger "space" between one zone to the next, like instead of 50pips you look for say 500 pip zones or more...? does this make sense lol?

Also, since you trade based on bounces and 50 pip confirmations (if ive got it right) how and where do you incorporate pa entry signals (pins, buobs....) into the mix? Reason I ask is because pa is "usually" entered once the candle has completed, so in essence it wouldnt be at exactly 50 pip intervals. OR do you trade pa seperately...?

I think thats the difference between J16 and Jacko, since one trades pa and another trades bounces if im correct...?

Hope this makes sense lol!! ive got a knot in me head ha!

Not questioning you budie, you clearly have it figured out IMO its just im learning along the same lines so id like to know how you combine all since you dont always enter based on pa signals aswell.

I know youve explained it but i still get a bit confused...

cheers Dan

PD: I added a few charts to see if you could verify ive got this right if you could please. I know in some posts back you didnt enter but i just want to get this concept clear if possible...

PDD: Sos for the long post lol!! told ya id be pestering
Attached Image(s) (click to enlarge)
Click to Enlarge Name: W1.png Size: 63 KB
Click to Enlarge Name: 4h.png Size: 63 KB
  • #404
  • Sep 16, 2009 7:49am Sep 16, 2009 7:49am
Hi Pipalicious,

I think the best way for me to answer your questions would be to go through them and put my answers in red...



Hi Dan,

Am I right in assuming that the reason you put lines every 50 pips is to "visually" see better where you would enter had price bounced at say (for example) 1.2000 and gone up to 1.2050? youd wait for a bounce of 1.2 and once price reached 1.2050 to the pip that would confirm your entry? Is this correct? Yes, that is correct. It is a visual thing that I find helps me.

Reason I ask is because when looking at 4h - 1h theres enough "space" between 50 - 100 pip zones, so it works great on these timeframes (i think...), but when you go up to dailies it obviously is way to tight to trade of these 50 - 100 pip lines, so I assume you trade purely of 4h and observe the 1h to "see" price better correct? Say for example you want to trade the dailies with the trending method, would you apply the same principle but with maybe bigger "space" between one zone to the next, like instead of 50pips you look for say 500 pip zones or more...? does this make sense lol? I do trade the 4H chart but keep my eye on the dailies to give me a better idea of the big picture. And yes, if you wanted to trade dailies the principle is the same... you just need to adjust your position (stop) size to what would be appropriate.

Also, since you trade based on bounces and 50 pip confirmations (if ive got it right) how and where do you incorporate pa entry signals (pins, buobs....) into the mix? Reason I ask is because pa is "usually" entered once the candle has completed, so in essence it wouldnt be at exactly 50 pip intervals. OR do you trade pa seperately...? I don't really trade price action setups the J16 way (although I do separately... but that's a whole other story!) but I do keep my eye on the bars... if I see something that is signalling a move in the direction of the trend and it's in an area that I am interested in then it adds more weight to my decision. Also if I see some major PA forming against a trade of mine I will take that into consideration too... I won't pull a trade off the table because of it but I will get ready too if the PA is confirmed.

I think thats the difference between J16 and Jacko, since one trades pa and another trades bounces if im correct...?

Hope this makes sense lol!! ive got a knot in me head ha!

Not questioning you budie, you clearly have it figured out IMO its just im learning along the same lines so id like to know how you combine all since you dont always enter based on pa signals aswell.

I know youve explained it but i still get a bit confused...

cheers Dan

PD: I added a few charts to see if you could verify ive got this right if you could please. Yes your charts look good to me. I think you got it right! I know in some posts back you didnt enter but i just want to get this concept clear if possible...

PDD: Sos for the long post lol!! told ya id be pestering No problems!




Hope that is of some use to you!

Regards,

Dan
  • #405
  • Sep 16, 2009 12:36pm Sep 16, 2009 12:36pm
Quoting DanUK
Hi all,

Did anyone take a trade on G/U? We've had a double rejection of the 50% area so I have taken a long at 1.6450.

@ Fxacs - Did you go for the U/J trade in the end?

Regards,


Dan

Hello Dan,

Yes, I entered U/J, but a little late, to wait for a confirmation. At some point, due to some good news released by FED, USD started to go up and U/J reached the 50% fib level on H4, somewhere around 91.50. But I didn't want to enter then and I waited for a confirmation. I went short at 91. When I was in profit of 80 pips or so I decided to put a tight SL and was closed at 90.50. I am satisfied with my trade since it was a test.

After being fooled on G/U I took a decision based more on emotion that cold thinking and entered long at: 1.6490. Since then I am waiting. Of course, 1.6450 was better, but as I said I wasn't thinking like a machine, but more like a human
  • #406
  • Sep 16, 2009 1:26pm Sep 16, 2009 1:26pm
Quoting fxacs
Hello Dan,

Yes, I entered U/J, but a little late, to wait for a confirmation. At some point, due to some good news released by FED, USD started to go up and U/J reached the 50% fib level on H4, somewhere around 91.50. But I didn't want to enter then and I waited for a confirmation. I went short at 91. When I was in profit of 80 pips or so I decided to put a tight SL and was closed at 90.50. I am satisfied with my trade since it was a test.

After being fooled on G/U I took a decision based more on emotion that cold thinking and entered long at:...
Hi,

Congratulations on the U/J success. That's pretty much how I would have played it. Once we got to that trouble zone the best thing to do was tighten your stop loss so that if the trend did reverse, which it did, you got out with a profit.

The question now is; are we going to see a break of the 4H down trendline and go on a bull run up to the top of the daily channel? Time will tell... all we can do is trade it as we see it.

Back to G/U... 1.6490 may not have been a bad place to enter. Depending on how you move your stop, you get to hide your stop a little behind 1.6400 which is also now behind a new/developing 4H trendline. Now all you have to do is set up an alert to let you know when price is at an area of interest for you and go grab a beer and relax! Actually, I'm not sure what time zone you're in... you might be sitting down to breakfast for all I know; in which case you might want to forget the beer!

Regards,

Dan
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-09-16_UJ.png Size: 33 KB
  • #407
  • Sep 16, 2009 1:36pm Sep 16, 2009 1:36pm
Hello Dan,

From your username I get you are in GMT area. I am GMT + 2, so a little to the east

Currently my SL is at 1.6390, but I am not sure I get the thing with alert ...

Anyway, thanks again for this thread and for all your time you took to enlighten us (at least me).
  • #408
  • Sep 16, 2009 1:40pm Sep 16, 2009 1:40pm
Quoting fxacs
Hello Dan,

From your username I get you are in GMT area. I am GMT + 2, so a little to the east

Currently my SL is at 1.6390, but I am not sure I get the thing with alert ...

Anyway, thanks again for this thread and for all your time you took to enlighten us (at least me).
Sounds like you're ok for that beer then!

There are some websites where you can set an alert to you get an email or text message when price gets to a certain area. You can also set an audio alert in Metatrader to do the same thing. Or you can just check in every couple of hours or so... just don't mess with the trade until you have a good reason to do so!

Regards,

Dan
  • #409
  • Sep 16, 2009 5:07pm Sep 16, 2009 5:07pm
Hi Dan,

Thanks for all your great posts. Your charts and comments are the best I've seen. I'm really inspired by the simplicity of your trend trading techniques and I'm going to try to adopt your style over the coming weeks.

I'm an indicator guy at the moment and trade 5 min timeframes with glances at higher TF to keep me out of trouble. I do meet my daily targets most days but it's hard work and I rarely make more than 20 pips in one go. Never really had the guts to go for the big swings using wider stops but I'm now willing to give it a try thanks mainly to yourself and Jacko.

Look forward to discussing setups...

Cheers,

Dave (Yorkshire UK)
  • #410
  • Sep 16, 2009 6:01pm Sep 16, 2009 6:01pm
Quoting DanUK
Sounds like you're ok for that beer then!

There are some websites where you can set an alert to you get an email or text message when price gets to a certain area. You can also set an audio alert in Metatrader to do the same thing. Or you can just check in every couple of hours or so... just don't mess with the trade until you have a good reason to do so!

Regards,

Dan
Hey DanUK,
Any recommendations as to websites that can alert me when price hits a certain area that i want. Thanks
  • #411
  • Sep 16, 2009 7:07pm Sep 16, 2009 7:07pm
You might give alertfx.com a try.
  • #412
  • Sep 16, 2009 8:38pm Sep 16, 2009 8:38pm
DanUK, I just read through your post, excellent! Just to say that you can set an email alert in Metatrader:in the "Alert"-tab, rightclick an "create", then choose "email" from the "Action" dropdown box.Condition: In the Main Menu, under "Tools" and then "Options", select the email tab and complete. I hope this helps. Best reards, Ludo
Quoting DanUK
Sounds like you're ok for that beer then!

There are some websites where you can set an alert to you get an email or text message when price gets to a certain area. You can also set an audio alert in Metatrader to do the same thing. Or you can just check in every couple of hours or so... just don't mess with the trade until you have a good reason to do so!

Regards,

Dan
  • #413
  • Sep 17, 2009 1:46am Sep 17, 2009 1:46am
Quoting Sutts
Hi Dan,

Thanks for all your great posts. Your charts and comments are the best I've seen. I'm really inspired by the simplicity of your trend trading techniques and I'm going to try to adopt your style over the coming weeks.

I'm an indicator guy at the moment and trade 5 min timeframes with glances at higher TF to keep me out of trouble. I do meet my daily targets most days but it's hard work and I rarely make more than 20 pips in one go. Never really had the guts to go for the big swings using wider stops but I'm now willing to give it a try...
Hi Dave,

Thank you for your kind words; I am always pleased if I have been able to help someone out.

I must admit I too used to trade lower timeframes. It can be done with success but it is hard work and requires a lot of screen time - that was the major clincher for me. I found the transition to using big 100 pip stops strange when I was used to using 10 or 20 pip stops but the freedom that this style of trading provides is a really massive bonus. And ultimately I think that it is the freedom that we are all seeking!

Look forward to more posts from you.

Regards,

Dan
  • #414
  • Sep 17, 2009 1:48am Sep 17, 2009 1:48am
Quoting rtiger29
Hey DanUK,
Any recommendations as to websites that can alert me when price hits a certain area that i want. Thanks
Hi,

I would go with shotshell's recommendation (thank you shotshell) of alertfx.com.

Regards,

Dan
  • #415
  • Sep 17, 2009 1:49am Sep 17, 2009 1:49am
Quoting ludo willems
DanUK, I just read through your post, excellent! Just to say that you can set an email alert in Metatrader:in the "Alert"-tab, rightclick an "create", then choose "email" from the "Action" dropdown box.Condition: In the Main Menu, under "Tools" and then "Options", select the email tab and complete. I hope this helps. Best reards, Ludo
Hi Ludo,

Thank you for this; I did not realise that this feature existed. I will be trying this out straight away!

Thanks again,

Dan
  • #416
  • Sep 17, 2009 1:51am Sep 17, 2009 1:51am
GBP/USD Trade Update

I have now moved my stop up to breakeven on my G/U trade. Hopefully today will be the decider... either we are going to go up or I'll get closed! Time will tell!

Regards,


Dan
  • #417
  • Sep 17, 2009 3:11am Sep 17, 2009 3:11am
Dan

wrt to EU would you say its right now in a no trade zone, since its worth going long only if there is a significant dip?

having said that, on the weekly charts, if it breaches 1.48 ish, then there is pretty much blue sky :-)

Quoting DanUK
GBP/USD Trade Update

I have now moved my stop up to breakeven on my G/U trade. Hopefully today will be the decider... either we are going to go up or I'll get closed! Time will tell!

Regards,


Dan
  • #418
  • Edited 7:07am Sep 17, 2009 5:10am | Edited 7:07am
Quoting coolshades
Dan

wrt to EU would you say its right now in a no trade zone, since its worth going long only if there is a significant dip?

having said that, on the weekly charts, if it breaches 1.48 ish, then there is pretty much blue sky :-)
Hi,

Yes I would agree with what you are suggesting. If price retraces now I will be looking to get in long again at a discount. However, as you mentioned, if price can get above and stay above the 1.48-1.49 area then I would think about getting in if price failed to go back below that s/r area.

Hope that makes sense!

Regards,

Dan
  • #419
  • Sep 17, 2009 7:55am Sep 17, 2009 7:55am
Quick Update...

E/U is heading back down to that trendline... I wonder if this could be the one that breaks???

G/U is currently battling a 4H down trendline... if we get below 1.6500 I want to see the 4H up trendline hold if we are going to see something higher.
  • #420
  • Sep 17, 2009 9:18am Sep 17, 2009 9:18am
Quoting DanUK
Quick Update...

E/U is heading back down to that trendline... I wonder if this could be the one that breaks???

G/U is currently battling a 4H down trendline... if we get below 1.6500 I want to see the 4H up trendline hold if we are going to see something higher.
Hey DanUk

On the 4hr G/U, is there a triangle forming there. I think i have my trend lines in the right location. Just wanted to know if you were seeing the sae thing. So we could go either way on that pair, just a matter of waiting then?
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