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DeMark TDST Trading

  • #261
  • Dec 1, 2009 11:34am Dec 1, 2009 11:34am
Quoting FXSnipe
foggytrader, im also long around the a little lower than that I have been guilty and always seem to chicken of trades too early , working on myself, just out of curiosity any good book you read that really helped you in your trading?
Ah yes, chickening out of trades. The only thing that can stop that is experience and confidence. No book can help you there to my knowledge. Personally, I was lucky, I had a really good mentor (if you’re reading this you know who you are YZ) and he basically taught me everything I know although that wasn’t really enough. I always say to people that the main hurdle I had to overcome in trading was being able to lose. You must accept that most of the time you will have loosing positions, the trick however is to keep going regardless and if your money management and techniques are right you will eventually make a profit. When you have a losing trade and your next setup presents itself, don’t remember the losing trade, think positive and believe that this is going to be the winning trade. You must go into trading each signal with a clear and open mind and don’t allow past experiences to cloud your judgement. With trading you make decisions in the moment, sometimes they will pay off and other times they won’t, unfortunately it is not an exact science but if you keep making a profit week in week out then eventually you will overcome the apprehension that keeps you out of trades. I do believe that the way I trade DeMark however is as good as any a method of trading to help you overcome this.


Cheers
Foggytrader
  • #262
  • Dec 1, 2009 11:51am Dec 1, 2009 11:51am
Attached Image


GBPCHF

I moved my stop to breakeven on this one, we have moved 130 pips from my entry at todays peak and come up against a TDST resistance level at 1.6619 on the 15 minute chart. Although I don't see this as a great barrier to the bulls, I am in near the low of the day and should this area be challenged again I would think the bulls are losing the battle. I have set my long-term target for this one at the 1st Fibonacci projection level of 1.7720.

Attached Image (click to enlarge)
Click to Enlarge Name: 01.12.09-DeMark-15-min.jpg Size: 213 KB


Cheers
Foggytrader
  • #263
  • Dec 1, 2009 3:46pm Dec 1, 2009 3:46pm
Attached Image


AUDUSD

My commentary from Sunday night still holds, and I see the bearish weekly thrust opportunity is fading and until I see either a break of the lower daily BAT support at 0.8893 or an attempt at the weekly TDST resistance level of 0.9790 I see no reason to get involved here.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD.Daily.01.12.09.jpg Size: 192 KB


Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD.Weekly.01.12.09.jpg Size: 227 KB


Cheers
Foggytrader
  • #264
  • Dec 1, 2009 4:05pm Dec 1, 2009 4:05pm
Attached Image


EURGBP

I was planning to wait until we either take out the upper BAT resistance at 0.9287 or we remove the last bullish thrusts low (0.9037) to a close before I got involved here. However, today we have completed the 9th bar of a TD sell setup and we have failed to close above the 50% retracement level for 3 days now giving me a clear signal that the bears are ready to take this pair lower. Therefore, I am now actively seeking opportunities to go short on this pair.

Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP-01.12.09.jpg Size: 217 KB


Cheers
Foggytrader
  • #265
  • Dec 1, 2009 4:17pm Dec 1, 2009 4:17pm
Attached Image


EURJPY

Although I was looking to go long yesterday and today and we had two opportunities both of which were successful I will now stand aside here and wait for further developments. We are bearish on both the daily and weekly so I would prefer to wait for higher levels to sell with a view of a move to 119.23 into next year.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY-Daily-01.12.09.jpg Size: 213 KB


Cheers
Foggytrader
  • #266
  • Dec 1, 2009 4:22pm Dec 1, 2009 4:22pm
Attached Image


Still absoloutly no reason to get involved here on the bull or the bear side of this market. Until we get down to the daily BAT support level of 1.4319 there is not much going on here.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD-Daily-01.12.09.jpg Size: 199 KB


Cheers
Foggytrader
  • #267
  • Dec 1, 2009 4:30pm Dec 1, 2009 4:30pm
Attached Image


GBPCHF

As I posted today I was looking to go long and got a quick signal this morning and I was filled at 1.6490. We are now some 100 points from my entry level so I have moved it to breakeven and I will now continue to look for more long opportunities. After completing the 9th bar of a TD Buy setup today at the same time as the EURGBP completes a 9th bar of a TD Sell setup I am happy to stick to my long pound, short EURO/CHF.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPCHF-Daily-01.12.09.jpg Size: 210 KB


Cheers
Foggytrader
  • #268
  • Dec 1, 2009 4:39pm Dec 1, 2009 4:39pm
Attached Image


GBPJPY

I had been hoping to get long at lower levels on Monday and today however this never materialised. I did get a signal to go long at 144.12 with a stop at 143.71 but like I say I would have prefered to go long at lower levels but we will see how it goes. Unlike EURJPY where I am taking a back seat, I am more bullish of the pound accross the board so I am happy to still look for longs on this pair at current levels but will keep tight stops as the overall outlook for this particular pair is bearish.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY-Daily-01.12.09.jpg Size: 311 KB


Cheers
Foggytrader
  • #269
  • Dec 1, 2009 4:45pm Dec 1, 2009 4:45pm
Attached Image


As you will know I was looking to go long and did get long at 1.6411 on a 30 minute entry but was tricked by the daily close yesterday and was stopped out at breakeven. Not to dwell on this I am still happy to get involved on the bull side of this market until we go through the trend breakout point at 1.6689 then I will stand aside.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD-Daily-01.12.09.jpg Size: 216 KB


Cheers
Foggytrader
  • #270
  • Dec 1, 2009 4:55pm Dec 1, 2009 4:55pm
Attached Image


Having removed the low of the bullish outside bar I will now take a back seat here and wait for either a test of the TDST support at 1.0263 or a close back above today's bearish thrusts high at 1.0577.

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Click to Enlarge Name: USDCAD-Daily-01.12.09.jpg Size: 194 KB


Cheers
Foggytrader
  • #271
  • Dec 1, 2009 5:00pm Dec 1, 2009 5:00pm
Attached Image


Looks like I will be staying on the sidelines here for a while, I will post any developments as they happen but there is nothing setting up for a while.

Attached Image (click to enlarge)
Click to Enlarge Name: Daily-01.12.09.jpg Size: 200 KB


Cheers
Foggytrader
  • #272
  • Dec 2, 2009 1:08am Dec 2, 2009 1:08am
Quoting foggyTrader
[font=Verdana][size=2]Ah yes, chickening out of trades. The only thing that can stop that is experience and confidence. No book can help you there to my knowledge. Personally, I was lucky, I had a really good mentor (if you’re reading this you know who you are YZ) and he basically taught me everything I know although that wasn’t really enough. I always say to people that the main hurdle I had to overcome in trading was being able to lose. You must accept that most of the time you will have loosing positions, the trick however is to keep going regardless...

Thanks for the response much appreciated
  • #273
  • Dec 2, 2009 1:17am Dec 2, 2009 1:17am
Attached Image


GBPJPY

As I said last night, I would have prefered to be long at lower levels however my long entry at 144.12 held overnight and I have now moved it to breakeven as this market remains bearish and moves to the downside could come fast.

Attached Image (click to enlarge)
Click to Enlarge Name: 02.12.09-DeMark.jpg Size: 194 KB


Cheers
Foggytrader
  • #274
  • Dec 2, 2009 1:22am Dec 2, 2009 1:22am
I had moved my stop to TDST support at 144.25, got stopped out for a few pips gain, hindsight is easy but I prefer to trail stop losses. and use TDST as trail levels
  • #275
  • Dec 2, 2009 1:25am Dec 2, 2009 1:25am
Quoting FXSnipe
I had moved my stop to TDST support at 144.25, got stopped out for a few pips gain, hindsight is easy but I prefer to trail stop losses. and use TDST as trail levels
Yes, well TDST support levels can be good areas to trail stops and resistance levels can be good to trail sell positions. As you know I look for longer-term targets although I am planning to add the 2% risk strategy into the new year.

Cheers
Foggytrader
  • #276
  • Dec 2, 2009 1:29am Dec 2, 2009 1:29am
Attached Image


GBPUSD

We have just seen GBPUSD close below TDST support on both the 5 minute and the 15 minute chart. I have singled out the 1.6504 on the 5 minute and 1.6498 on hte 15 miute chart as an ideal area to buy into weakness should we get a bounce there.

Attached Image (click to enlarge)
Click to Enlarge Name: Dec-02-09-DeMark.jpg Size: 178 KB


Attached Image (click to enlarge)
Click to Enlarge Name: Dec-02-09-DeMark-B.jpg Size: 197 KB


Cheers
Foggytrader
  • #277
  • Dec 2, 2009 1:34am Dec 2, 2009 1:34am
Attached Image


EURGBP

I am looking to sell this pair now and have singled out the 0.9106 TDST resistance level as an ideal opportunity.

Attached Image (click to enlarge)
Click to Enlarge Name: Dec-02.09-DeMark.jpg Size: 163 KB


Cheers
Foggytrader
  • #278
  • Dec 2, 2009 3:19am Dec 2, 2009 3:19am
Things are panning out as anticipated however no action on the DeMark front as of yet. EURGBP came within 2 pips of my prefered selling level before coming off somewhat and we now have a new selling level at 0.9103 to keep an eye on. GBPJPY and GBPCHF have also provided new buying levels at 144.45 and 1.6558 respectively and thus far GBPUSD has no interesting levels.

Attached Image
EURGBP - Short
Attached Image
GBPCHF - Long
Attached Image
GBPJPY - Long
Attached Image
GBPUSD - Long

I will update you when there are any developments,

Attached Image (click to enlarge)
Click to Enlarge Name: Overall-02.12.09.jpg Size: 377 KB


Cheers
Foggytrader
  • #279
  • Dec 2, 2009 3:35am Dec 2, 2009 3:35am
Attached Image


GBPJPY - Hypothetical Forward Testing Update

Just a quick update to illustrate that hypothetically my GBPJPY would have met the 2% initial target level at 144.94 on my entry from last night and the second unit would now be a breakeven. Shown below is my trade management file I hope to have computed into scripts in the next week or so but so far the forward testing looks very promissing.

Attached Image (click to enlarge)
Click to Enlarge Name: trade-management.jpg Size: 219 KB


Cheers
Foggytrader
  • #280
  • Dec 2, 2009 3:39am Dec 2, 2009 3:39am
foggytrader, im so angry with myself right now, but again I need to cool off , I have already banked 200 pips on GBPJPY but it really pisses me off whne I realise that I could have banked over 500 pips
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