DanUK Simple EUR/USD Trading Journal 2009 | Page 28 | Forex Factory

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DanUK Simple EUR/USD Trading Journal 2009

  • #541
  • Oct 1, 2009 11:45pm Oct 1, 2009 11:45pm
im thinking it will bounce form 50 % fib line up to the resistance at 1.4600
  • #542
  • Oct 2, 2009 6:11am Oct 2, 2009 6:11am
Order placed to buy at 1.4550 based on an uptrend, a 50% retracement and hitting a round number 1.4500 twice and not closing below it.
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  • #543
  • Edited 6:30am Oct 2, 2009 6:26am | Edited 6:30am
I'm also trading the USD/CHF sold from 1.0400, moved up to 1.0450 and the 50% retrace level, EUR/USD and USD/CHF are mirror images of each other, when one is bearish the other is inevitably bullish, check the charts posted on the left side of the picture. The top chart is EUR/USD and the bottom is USD/CHF.
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  • #544
  • Oct 2, 2009 6:34am Oct 2, 2009 6:34am
Just went long at 1.4500 on E/U. I have also a short position opened on G/U at 1.6105. I saw G/U increased a little, by 50 pips or so, but I hope it will resume the downtrend.
  • #545
  • Oct 2, 2009 7:07am Oct 2, 2009 7:07am
This may not be the right thing to do, but being Friday and price hitting inner trendlines I chose to close out both trades, EUR/USD +50 pips and USD/CHF +70 pips. I was originally going to take The EUR/USD to 1.4700 and see what happend when it arrived there and the USD/CHF to1.027, again it's Friday and trendlines decided for me to get out at this point, as I type this I see price pushing throught those trendlines, however, for ME, it felt the right thing to do. I won't cry over lost pips but rejoice in the one's the market was good enough to give me.

I hope everyone else is capturing pips to give themselves a good weekend, see you all next week.
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  • #546
  • Oct 2, 2009 9:00am Oct 2, 2009 9:00am
I am trying to figured out if G/U follows a real downtrend or just is bouncing in a big range. If it's the second option, I think it just reached the bottom and will start to grow. I hope not What do you think?

Also, for E/U seems a good retracement was made and price should go up again. But maybe it's also a down trend.
  • #547
  • Oct 2, 2009 11:02am Oct 2, 2009 11:02am
Quoting fxacs
Just went long at 1.4500 on E/U. I have also a short position opened on G/U at 1.6105. I saw G/U increased a little, by 50 pips or so, but I hope it will resume the downtrend.
Nice trades Fxacs! I am in a similar E/U trade (long from 1.4550) and my similar G/U trade (short from 1.6050) has just closed for +100 pips.

Congratulations guys, a few good trades I see here today.

Regards,

Dan
  • #548
  • Oct 4, 2009 3:08am Oct 4, 2009 3:08am
Dan,

how many tests of the 50% fib do you normally wait for, or are you ok with one bar closing above/below it before pulling the trigger?

Quoting DanUK
Nice trades Fxacs! I am in a similar E/U trade (long from 1.4550) and my similar G/U trade (short from 1.6050) has just closed for +100 pips.

Congratulations guys, a few good trades I see here today.

Regards,

Dan
  • #549
  • Oct 4, 2009 11:32pm Oct 4, 2009 11:32pm
Quoting coolshades
Dan,

how many tests of the 50% fib do you normally wait for, or are you ok with one bar closing above/below it before pulling the trigger?
Hi,

Seeing a double bounce on an hourly chart would be my ideal setup but I will place a trade based on the first bounce if I think the setup (based on location) is right. The reason for this is that if we get a strong move away then waiting for a second bounce would cause me to miss the trade. I'm not one for chasing every single trade but a strong move indicates a lot of orders being hit and therefore a better probability trade, in my opinion!

Regards,

Dan
  • #550
  • Oct 4, 2009 11:33pm Oct 4, 2009 11:33pm
Oh and I should add that I don't trade off the 50% level exactly - I use the nearest round number to the 50% level!
  • #551
  • Oct 5, 2009 4:02am Oct 5, 2009 4:02am
yes missing the trade was where i was coming from. so when price reaches your target points, you drill down to the hourly and then enter on h4? or try get an earlier entry on the hourly?


Quoting DanUK
Hi,

Seeing a double bounce on an hourly chart would be my ideal setup but I will place a trade based on the first bounce if I think the setup (based on location) is right. The reason for this is that if we get a strong move away then waiting for a second bounce would cause me to miss the trade. I'm not one for chasing every single trade but a strong move indicates a lot of orders being hit and therefore a better probability trade, in my opinion!

Regards,

Dan
  • #552
  • Oct 5, 2009 7:28am Oct 5, 2009 7:28am
Quoting DanUK
Hi Ricky,

Please see this post: http://www.forexfactory.com/showpost...9&postcount=10 for the general entry requirements - if you have any questions please feel free to ask.

Regards,


Dan
Hi Dan been reading some of the posts and love this style of trading,sorry to ask but what is a 77 cross system.
Podge
  • #553
  • Oct 5, 2009 7:37am Oct 5, 2009 7:37am
Quoting coolshades
yes missing the trade was where i was coming from. so when price reaches your target points, you drill down to the hourly and then enter on h4? or try get an earlier entry on the hourly?
Yes - my analysis is done using the 4 hour charts but with a glance at the daily and weekly to give me a better idea of where we are. When price approaches my entry target then I will drop down to the H1 charts - this is not for analysis, just easier for me to gauge how price is reacting on an H1 chart.

Regards,

Dan
  • #554
  • Oct 6, 2009 7:49am Oct 6, 2009 7:49am
Well traded dan and anyone else who took the 1.4550 locked in +100pips now
  • #555
  • Oct 7, 2009 7:40am Oct 7, 2009 7:40am
Hello Dan,

Please tell me, when you are using 100 pips SL, moving it manually, I think each time the trend reverse you "lose" 100 pips , so you never get the top unless you manually close the position. Is this right?

I am asking this because lately I have some good trades on G/U and E/U, but if calculate the amount lost due to SL then ...

In fact, I think the SL policy can be dropped once you see price has reached a resistance level and keep bouncing. Each time that happened, the price went back and I lost some good pips from the profit.
  • #556
  • Oct 7, 2009 8:38am Oct 7, 2009 8:38am
Quoting fxacs
Hello Dan,

Please tell me, when you are using 100 pips SL, moving it manually, I think each time the trend reverse you "lose" 100 pips , so you never get the top unless you manually close the position. Is this right?

I am asking this because lately I have some good trades on G/U and E/U, but if calculate the amount lost due to SL then ...

In fact, I think the SL policy can be dropped once you see price has reached a resistance level and keep bouncing. Each time that happened, the price went back and I lost some good pips from the profit....
Hi fxacs,

I agree aswell. However, id point out that the manual TSL is mechanical in nature, which is good to avoid involving "emotions". But, ive been having similar experiences as you lately, although im new at this method.

All i can say IMHO is to keep going and trust the method. Give it time to get enough trades and statistics behind you, then go over them and see what would of happened had you manually closed your trade when you felt the time was right and it had reached a potential obstacle.

Its all to do with practice, experience and getting to know how the market breaths. Thats why I like this method and how Dan mainly focuses on 2 currencies. Simple, straigh forward and easy enough to learn the markets personality.

Hope this helps, sure did me!
  • #557
  • Oct 7, 2009 12:48pm Oct 7, 2009 12:48pm
Quoting fxacs
Hello Dan,

Please tell me, when you are using 100 pips SL, moving it manually, I think each time the trend reverse you "lose" 100 pips , so you never get the top unless you manually close the position. Is this right?

I am asking this because lately I have some good trades on G/U and E/U, but if calculate the amount lost due to SL then ...

In fact, I think the SL policy can be dropped once you see price has reached a resistance level and keep bouncing. Each time that happened, the price went back and I lost some good pips from the profit....
Hi Fxacs,

When the market is trending then I never close a position early and the reason for that is because I do not have a crystal ball telling me when the market is going to reverse. If the market is range bound then I would suggest tightening the stop loss when price reaches a proven area of concern.

But I must say I do not recommend messing with your stop loss when the market is trending. One of the best things about using a mechanical stop loss is that you can't mess up your trade if you stick to the rules. Fear and greed will get you killed in this market - but if you stick to the rules you will overcome those obstacles.

There have also been occasions when price has struggled to get through a certain level and if you had messed with the trade and closed out early you would have lost 100s of pips. That is the other side of the coin.

So I would definitely recommend, especially for new traders, sticking with the trailing stop and let the market do the work for you. Trust me, this trading method gets easier and easier the longer you do it - giving back those few pips that you miss out on using the trailing stop is nothing when you are finally making money. Don't let the fear or the greed control your trading!

Hope that helps.

Regards,

Dan
  • #558
  • Oct 7, 2009 12:56pm Oct 7, 2009 12:56pm
Quoting Pipalicious
Its all to do with practice, experience and getting to know how the market breaths. Thats why I like this method and how Dan mainly focuses on 2 currencies. Simple, straigh forward and easy enough to learn the markets personality.
Hi Pip,

Thanks for this post - I think you have an important message here. When we start out on the path to becoming a trader we focus too much on how to squeeze every ounce of profit we can and how to make the most money that we can.

Of course we are all here to make money but if we focus more on actually trading, according to the rules we have set ourselves, then the profit will take care of itself.

I stuck with the 100 pip trailing stop loss because it worked for me. And I'm not saying this to blow my own horn but the returns I am making from trading are unbelievable. I am actually shocked at how much money I have made and how easy trading actually is. And again I must say - I am not saying this to sound like a smug jackass - I am just trying to explain that by following those simple rules just about anyone can make money in this game! It's not because I am some kind of genius it's just that this method is actually very, very, very good!

Regards,

Dan
  • #559
  • Oct 7, 2009 1:46pm Oct 7, 2009 1:46pm
Quoting DanUK
Hi Pip,

Thanks for this post - I think you have an important message here. When we start out on the path to becoming a trader we focus too much on how to squeeze every ounce of profit we can and how to make the most money that we can.

Of course we are all here to make money but if we focus more on actually trading, according to the rules we have set ourselves, then the profit will take care of itself.

I stuck with the 100 pip trailing stop loss because it worked for me. And I'm not saying this to blow my own horn but the returns I am making...
LOL! your such a smug ha!

Seriously though, this method IMO is very very solid. Its simple, easy to grasp and very straight forward. And yes....you are definitely pulling solid %īs every month! oh yes! Im happy for ya mate, seriously! skills + mindset + experience = moooola! and theres more than enough to go around for all of us. I also believe consistant high returns per month IS achievable...with practice.

The trading "incounters" fxacs (correct me if im wrong fxacs) and I have experienced, I believe has to do with greed AND fear. Mindset. Nothing else. Thats why i say to stick to the method and once enough statistics are achieved to go over all the trades and PROVE to oneself that the method IS in fact very very good if sticking to rules.

I seriously think that is key. Proving it to oneself. You could say 100 pips SL is the best anyone can do. BUT, what does the person listening think? Will he take your word or anyone elses? No ofense, but anyone with common sense will TEST and TEST and TEST to PROVE it right. And that is what we need to build confidence and discipline to abide to the "mechanical TSL". LOL! how ironic is that!!

Testing is key.

Loving the thread guys!
  • #560
  • Oct 7, 2009 9:45pm Oct 7, 2009 9:45pm
Thank you Dan. I know I still have to work on myself

What about current situation? E/U seemed to go up again, but there is not enough strength. My position was closed so I am only a spectator, waiting for a good entry point.
The G/U it's still a mess for me and I don't have the guts to enter the market again
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