DanUK Simple EUR/USD Trading Journal 2009 | Page 39 | 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

  • #761
  • Nov 4, 2009 9:30am Nov 4, 2009 9:30am
Quoting DanUK
I find it's best to only pay attention to swing highs and swing lows that show up on a daily chart - otherwise things get overcomplicated. Of course I could be wrong and we could be seeing a trend change but that is not the safest trade - the safe trade is to bet on the trend.

Regards,

Dan
I agree. These extremes on the daily chart are often seen as the strongest areas of supply and demand and I often look to get in at the top of the candle making the daily swing low. For example, I got in the euro at 650 which was the highest point of the candle that made the previous swing low. But they don't always get hit. Sorry, detracting from your thread.
  • #762
  • Nov 4, 2009 9:47am Nov 4, 2009 9:47am
Quoting herzog21
on the D chart there were congestion past 6 days plus the h4 chart were showing bearish bias.
how do u see a bullish bias from all these?
care to enlighten?
No problem... don't forget we are looking to trade the longer term trend - the main principle of this trading method is that the longer term trend will hold so we are simply trying to get in on that action but at a discount.

If you pull up an H4 chart showing approximately the last 300 bars you will see that the chart is rising from bottom left to top right = bullish bias; look to enter a long position at a discounted price using trendlines, the 50% retracement level and round numbers to guide you.

The most recent bearish activity is simply a retracement in the longer term up trend (in theory at least).

Regards,

Dan
  • #763
  • Nov 4, 2009 9:48am Nov 4, 2009 9:48am
Hopefully this should help...
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-11-04_1545_EU.png Size: 42 KB
  • #764
  • Nov 4, 2009 9:56am Nov 4, 2009 9:56am
if this breaks the 1.485 resistance, it might well go to 1.5.. might take a speculative long if it does so given that i missed the earlier bus.

Quoting DanUK
Hopefully this should help...
  • #765
  • Nov 4, 2009 10:01am Nov 4, 2009 10:01am
I see it. at the time of my entry, my chart showed possible resistance at 38% and 50% fibo. and coupled with the bearish candle, i went long.
was my analysis wrong?
attached is my chart
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 22 KB
  • #766
  • Nov 4, 2009 10:12am Nov 4, 2009 10:12am
Quoting herzog21
I see it. at the time of my entry, my chart showed possible resistance at 38% and 50% fibo. and coupled with the bearish candle, i went long.
was my analysis wrong?
attached is my chart
Hi,

I'm not sure what you mean - you mentioned a bearish candle but you went long? At what price did you enter?

Regards,

Dan
  • #767
  • Nov 4, 2009 10:17am Nov 4, 2009 10:17am
my mistake. i meant to say short at 1.4725 at 1900GMT coupled with jacko's signal which gave me the confidence i was right.
at least i thought so....
  • #768
  • Nov 4, 2009 10:22am Nov 4, 2009 10:22am
Quoting DanUK
It's looking pretty good at the moment. Fingers crossed we might see a bit more action before the day is over!

The trick is patience... waiting for the right moment to get back into the trend. That's all there is to it!!

Regards,

Dan
Nice trading again dan like you say stick with the trend and only the trend no subjective guessing as to when it is going to change.High probability outcomes is what we are after and sticking with the trend and the excellent entry signals you have provided will give us those high probability winning trades.
  • #769
  • Nov 4, 2009 10:22am Nov 4, 2009 10:22am
dan how did yo go long when the price broke the support line on the 4hr and daily?


what do u look for?
  • #770
  • Nov 4, 2009 10:31am Nov 4, 2009 10:31am
a close above the strong s/r line of 1.4650 ish, would have been good for me to go long at 1.47.

pls note there WASNT a 50% fib at 1.47 and i think all the confusion stems from that.

the 50% fib was taken only as a thumbrule to get in on a discount. if you can get in lower, then all the better.

Dan - correct me if i am wrong.

Quoting IliaM
dan how did yo go long when the price broke the support line on the 4hr and daily?


what do u look for?
  • #771
  • Nov 4, 2009 10:39am Nov 4, 2009 10:39am
where are ur s & r drawn ? myne is at 1.4700 aug 17 - oct 28
  • #772
  • Nov 4, 2009 10:49am Nov 4, 2009 10:49am
draw a horizontal line that touches high of 30/9, 1/10, low of 7/10, on h4 chart and see how price is reacting to that line.

Quoting IliaM
where are ur s & r drawn ? myne is at 1.4700 aug 17 - oct 28
  • #773
  • Nov 4, 2009 11:11am Nov 4, 2009 11:11am
so why did u not use the line i used?

the longer term suport?
  • #774
  • Nov 4, 2009 11:32am Nov 4, 2009 11:32am
for the record, i didnt take that trade. however attached chart should tell you why i would have entered at 1.47. i would also have closed that trade by now (yes deviating from Dan's method) but this same chart would tell you why i would have closed it.



Quoting IliaM
so why did u not use the line i used?

the longer term suport?
Attached Image (click to enlarge)
Click to Enlarge Name: eurousdh4.jpg Size: 144 KB
  • #775
  • Nov 4, 2009 11:37am Nov 4, 2009 11:37am
i see now what ur saying i totally didnt see the horizantal S and R

hmmm so now would be a good place to sell because its on top of the range?
  • #776
  • Nov 4, 2009 11:43am Nov 4, 2009 11:43am
we trade the trend here Dan's style :- ) counter trend trades are totally your discretion.

see what i have mentioned earlier about missing the bus.

Quoting IliaM
i see now what ur saying i totally didnt see the horizantal S and R

hmmm so now would be a good place to sell because its on top of the range?
  • #777
  • Nov 4, 2009 11:48am Nov 4, 2009 11:48am
oh i totally get you about the ct.

hey what u think about GU price at the moment. i think trend is down. how would u draw ur lines there?
  • #778
  • Nov 4, 2009 2:22pm Nov 4, 2009 2:22pm
The oldest support line on the daily(300 periods) has not been broken. Just retraced too...
Attached Image (click to enlarge)
Click to Enlarge Name: 2009-11-03_1813.png Size: 27 KB
  • #779
  • Nov 4, 2009 5:12pm Nov 4, 2009 5:12pm
gu has been hard to navigate recently but have taken a sell @16550 it's struggled to hit 16700 and now seems to be rejecting 16600 also daily trend line seems to be holding so looks to me anyway gu heading south let's see what happens.
Attached Image (click to enlarge)
Click to Enlarge Name: ggg22.jpg Size: 114 KB
  • #780
  • Nov 5, 2009 6:22am Nov 5, 2009 6:22am
G'day all,

Some good comments regarding the EURO trade. It was definately a long play. If for nothing else, you'll see from my chart below that 1.4700 was tested at least 5 times, so the support was there and was strong...and it was at 61.8 fib level too.

Cheers,
Art...
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_long.jpg Size: 201 KB
0 traders viewing now