DanUK Simple EUR/USD Trading Journal 2009 | Page 34 | Forex Factory

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DanUK Simple EUR/USD Trading Journal 2009

  • #661
  • Oct 19, 2009 9:21am Oct 19, 2009 9:21am
Quoting castlerock
Hi pip, just fx at the moment the pair's I've been doing are GU EU UJ UC watching AU NU EJ GJ and a couple of others and applying this method and so far results are just as good as the GU EU results which i don't see why not you could apply this to anything that trends just look at Dans results as for adding anything to this method when i pull up the 50%fib i do like to see it fall on or near previous S/R levels which the 50%fib has an uncanny habit of doing apart from that trying to keep as close as i can to this method.

cr....what are your SL like? i think i am trading in the same manner as u. i draw TLs off the 4h chart but use 1h chart to get in the trend with a fixed 30pips SL. not successful. got burnt this morning on the rebound.
guess i have to switch back to demo-ing and experiment with a SL i am comfortable with.
  • #662
  • Oct 19, 2009 9:23am Oct 19, 2009 9:23am
Stopped out GU break even.
  • #663
  • Oct 19, 2009 10:05am Oct 19, 2009 10:05am
100pips SL working well with this method.
  • #664
  • Oct 19, 2009 10:48am Oct 19, 2009 10:48am
Quoting castlerock
Hi pip, just fx at the moment the pair's I've been doing are GU EU UJ UC watching AU NU EJ GJ and a couple of others and applying this method and so far results are just as good as the GU EU results which i don't see why not you could apply this to anything that trends just look at Dans results as for adding anything to this method when i pull up the 50%fib i do like to see it fall on or near previous S/R levels which the 50%fib has an uncanny habit of doing apart from that trying to keep as close as i can to this method.
Thanks castle,

Just to clarify...

Do you ONLY use the fib 50 or do you keep an eye out for 61.8 aswell? I get the impression just the 50...? Reason I ask is because i "seem" to see a lot of setups that IF they pass the 50 will usually react to 61.8...

Also, is this the sort of trade you look for? (chart att.). Or is there anything else that you like to see?

Thanks again for your time CR.

Your doing great! I over complicate things. Back to basics hehe.
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  • #665
  • Oct 19, 2009 11:21am Oct 19, 2009 11:21am
pip,

i would sell u/c at the 50% fib in my chart. castle has this great idea of trying to see if the 50% fib falls at any s/r level and by my charts, the 50% falls at that particular level.

this system can be applied to any trending market. i myself made 120 pips today on the audusd and the nzdusd. i deliberately closed those two early since they were near the recent high, but right now if my trades were still running, i would have been + 220 pips now.

Dan himself uses this system for stocks too i think.

a 100 pip s/l works fine for most forex pairs.

this particular system ignores all fibs except the 50%.

we should be aware of the risks of overcomplicating the system by adding too many wrinkles.

btw this thread is for eu and gu, there is a separate thread started by Dan for other pairs.



Quoting Pipalicious
Thanks castle,

Just to clarify...

Do you ONLY use the fib 50 or do you keep an eye out for 61.8 aswell? I get the impression just the 50...? Reason I ask is because i "seem" to see a lot of setups that IF they pass the 50 will usually react to 61.8...

Also, is this the sort of trade you look for? (chart att.). Or is there anything else that you like to see?

Thanks again for your time CR.

Your doing great! I over complicate things. Back to basics hehe.
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  • #666
  • Oct 19, 2009 11:26am Oct 19, 2009 11:26am
did anyone get on this wagon?

i missed the bleeding pair
  • #667
  • Oct 19, 2009 11:31am Oct 19, 2009 11:31am
Quoting coolshades
did anyone get on this wagon?

i missed the bleeding pair
Yeah. i was able to get about 60 pips out of this before taking me out. I could have gotten 90pips but was sleeping. i figure i would tighten my stops since it was getting near those bar highs there.
  • #668
  • Oct 19, 2009 3:00pm Oct 19, 2009 3:00pm
I have a sell ctop on cable at 6350. Price has cut a small range up at 6400, which is the 61.8% fib of the recent leg down, old s+r on daily and the third touch of this downward trendline in the daily.
Price has broken above the range but has not gone far before stalling. Even if this eventually continues its upward move i am thinking that we could possibly see at least a retracement back down to the 6100 area, which would give me enough room to get some pips or to move to BE.

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  • #669
  • Oct 19, 2009 10:27pm Oct 19, 2009 10:27pm
cr and coolshades, seeing you are a big believer of 50%fibo, i would like to ask yr opinion on gu.
currently gu is on what look to be a temporary support on 50%fibo drawn from 5th aug(highest) to 13th aug(lowest)
there is also a resistance at thr 1.6450 range. so.....is it a buy or sell?
currently to me the trend is unclear.
  • #670
  • Oct 20, 2009 1:36am Oct 20, 2009 1:36am
unclear to me too and hence i am staying out.

Quoting herzog21
cr and coolshades, seeing you are a big believer of 50%fibo, i would like to ask yr opinion on gu.
currently gu is on what look to be a temporary support on 50%fibo drawn from 5th aug(highest) to 13th aug(lowest)
there is also a resistance at thr 1.6450 range. so.....is it a buy or sell?
currently to me the trend is unclear.
  • #671
  • Oct 20, 2009 5:34am Oct 20, 2009 5:34am
Quoting steveshutts
I have a sell ctop on cable at 6350. Price has cut a small range up at 6400, which is the 61.8% fib of the recent leg down, old s+r on daily and the third touch of this downward trendline in the daily.
Price has broken above the range but has not gone far before stalling. Even if this eventually continues its upward move i am thinking that we could possibly see at least a retracement back down to the 6100 area, which would give me enough room to get some pips or to move to BE.

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I agree with your analysis on the GU, buyers are currently trying to break the downward trenline, if they fail, then I would agree that a sell at 1.6350 to 1.6100 minimum (50% of the upward move and previous resistance) is a real possibility.
  • #672
  • Oct 20, 2009 6:24am Oct 20, 2009 6:24am
I'm also in the camp looking to sell around 1.6450. Good luck to us all.
  • #673
  • Oct 20, 2009 6:50am Oct 20, 2009 6:50am
Since price seems to be staying above 1.6400 the move up may continue a little longer, possibly to the next high of 1.6550 or even 1.6650, where we may get an opportunity to sell, just now, my finger is off the trigger until direction is established.
  • #674
  • Oct 20, 2009 8:31am Oct 20, 2009 8:31am
I sold GU at 1.6454. It was doing well until GU decided to run up to match EU. I now wonder if it will test 1.6500 just like I wonder whether EU will test 1.5000. XJ8, thinking you might be right in your analysis. Nevertheless, I'll sit back and let the trade play itself out.
  • #675
  • Oct 20, 2009 10:40am Oct 20, 2009 10:40am
Sell order just trigered at 1.6400.

Lets see what cards the market shows us
  • #676
  • Oct 20, 2009 10:45am Oct 20, 2009 10:45am
Sold gu @16400
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  • #677
  • Oct 20, 2009 11:12am Oct 20, 2009 11:12am
Good shout @16450.
  • #678
  • Oct 20, 2009 11:33am Oct 20, 2009 11:33am
Pip i see you are also in @1.6400 interesting the different points of view today.
  • #679
  • Oct 20, 2009 11:41am Oct 20, 2009 11:41am
am still sitting this out. i am now watching eurusd for the 1.485 l level and audusd for the 9150 level


Quoting castlerock
Pip i see you are also in @1.6400 interesting the different points of view today.
  • #680
  • Oct 20, 2009 11:52am Oct 20, 2009 11:52am
good spot to be watching on both pairs also watching thees areas.
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