Trend Trading Chart Thread | Page 28 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Are you a trend trader or a counter-trend trader? 29 replies

Trading bounces off daily chart trend lines 13 replies

Trend trading with 55EMAs on the Daily Chart 10 replies

Is Grid Trading (combined trend following and counter trend) Profitable? 3 replies

Attachments: Trend Trading Chart Thread
Exit Attachments

Trend Trading Chart Thread

  • #541
  • Jan 5, 2010 4:25pm Jan 5, 2010 4:25pm
Quoting lmturek11
IMHO Dan's question is the most important question because before it can be answered you have to have your definition of a trend. Is it left to right, using a trendline, highs and lows, breaking out of a channel, other? For most currencies is the last month to six weeks just a bigger retrace or the part of trend change? Looking forward to the forums discussion.
Hi,

The first thing we look at is a simple left to right glance... is price going up or down (looking at about 300 bars of a chart). Personally I do also take into account whether or not we are making higher highs or lower lows etc and whether or not we have an obvious trendline in place.

The question is... what can we see looking at the AUD/USD chart?

Oh... and just for fun, have a look at this chart... shooting star forming at the resistance trendline - could be looking at a significant point here.

Regards,

Dan
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD_2010-01-05.png Size: 30 KB
  • #542
  • Jan 6, 2010 4:14am Jan 6, 2010 4:14am
am also keeping an eye on this.
  • #543
  • Jan 6, 2010 4:38am Jan 6, 2010 4:38am
Quoting coolshades
am also keeping an eye on this.
Funny I was just thinking about posting a chart - I'm in long at 91.60 after rejection of trendline at 91.35

Regards,

Dan
  • #544
  • Jan 6, 2010 5:00am Jan 6, 2010 5:00am
am in at 92.5 on the close above 50% fib on h4. lets see. might be a tad late an entry.



Quoting DanUK
Funny I was just thinking about posting a chart - I'm in long at 91.60 after rejection of trendline at 91.35

Regards,

Dan
  • #545
  • Jan 6, 2010 6:23am Jan 6, 2010 6:23am
long at 92.0 after rejection of trendline (rounded to 91.5) plus 50 pips to confirm direction.

quite strong resistance overhead at 93.50 (downward sloping trendline, joining 6 april and 7 aug 2009)

glad to see I'm not the only one
  • #546
  • Jan 6, 2010 6:41am Jan 6, 2010 6:41am
its just a matter of being patient for pairs to start trending and then being mechanical about it.

waiting for audusd to retrace now for another go.

Quoting bluehorizon
long at 92.0 after rejection of trendline (rounded to 91.5) plus 50 pips to confirm direction.

quite strong resistance overhead at 93.50 (downward sloping trendline, joining 6 april and 7 aug 2009)

glad to see I'm not the only one
  • #547
  • Jan 6, 2010 6:42am Jan 6, 2010 6:42am
There may be resistance before 93.50 from a slightly steeper resistance line from Aug 08 on the Daily.
Thanks for your help, warmth and straight talking Heather.
  • #548
  • Jan 6, 2010 6:53am Jan 6, 2010 6:53am
when to exit is discretion, however in dan's system, the moving of stop losses is pretty mechanical and what happens then will happen.

unless dan has changed the system.

Quoting Kanderpro
There may be resistance before 93.50 from a slightly steeper resistance line from Aug 08 on the Daily.
  • #549
  • Jan 6, 2010 9:18am Jan 6, 2010 9:18am
Hi Dan cool thread,

I am also a member of Jacko's group and was with J16 as well, this is a great idea having a thread to look at Jacko's method on different currency pairs. Can i ask are you a full time trader at the moment or possibly working toward that?

Can i get your opinion on the trade i am in at the moment:

I am in this trade short @ 9242 for the following reasons:

  1. Trading with the trend
  2. Bounce of 50% fib and resistance line
  3. Broken through a strong PPZ line
  4. At the top of the channel.

Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.JPG Size: 127 KB
  • #550
  • Jan 6, 2010 10:01am Jan 6, 2010 10:01am
hi bez,

i am not Dan, however my take:

for me USDJPY is currently trending upwards. it might be a fully established trend, a retracement, whatever, i dont care. for me the low of over 4 years was reached on 27th nov and after that it has only been upwards. so i will continue to trade only longs unless there is a significant change in direction.

i think Dan is a full time trader (and boy that makes me so green that i generate chlorophyll)

Quoting bez3000
Hi Dan cool thread,

I am also a member of Jacko's group and was with J16 as well, this is a great idea having a thread to look at Jacko's method on different currency pairs. Can i ask are you a full time trader at the moment or possibly working toward that?

Can i get your opinion on the trade i am in at the moment:

I am in this trade short @ 9242 for the following reasons:

  1. Trading with the trend
  2. Bounce of 50% fib and resistance line
  3. Broken through a strong PPZ line
  4. At the top of the channel.

  • #551
  • Jan 6, 2010 10:04am Jan 6, 2010 10:04am
Quoting bez3000
Hi Dan cool thread,

I am also a member of Jacko's group and was with J16 as well, this is a great idea having a thread to look at Jacko's method on different currency pairs. Can i ask are you a full time trader at the moment or possibly working toward that?

Can i get your opinion on the trade i am in at the moment:


I am in this trade short @ 9242 for the following reasons:

  1. Trading with the trend
  2. Bounce of 50% fib and resistance line
  3. Broken through a strong PPZ line
  4. At the top of the channel.

Hi,

I agree with your reasons for this trade however I am currently in a long position on this pair based on the H4 charts; I'm targeting the 93.00 level.

I do also take note of candlestick patterns (more often these days as the markets are a little less trendy at the moment) so if the daily chart shows a bearish reaction in the 93 - 93.50 area I would be thinking short!

Regards,

Dan
  • #552
  • Jan 6, 2010 10:06am Jan 6, 2010 10:06am
Quoting coolshades
i think Dan is a full time trader (and boy that makes me so green that i generate chlorophyll)
LOL! That made me laugh!

I forgot to answer that question... I'm not actually a full time trader. I work for a construction company in the UK that I'm due to take over in the next 5 years; trading is my early retirement plan!

Regards,

Dan
  • #553
  • Jan 6, 2010 10:13am Jan 6, 2010 10:13am
sheesh, either which way he's rolling in it! desperately need an ego boost now.



Quoting DanUK
LOL! That made me laugh!

I forgot to answer that question... I'm not actually a full time trader. I work for a construction company in the UK that I'm due to take over in the next 5 years; trading is my early retirement plan!

Regards,

Dan
  • #554
  • Jan 6, 2010 10:38am Jan 6, 2010 10:38am
Quoting DanUK
LOL! That made me laugh!

I forgot to answer that question... I'm not actually a full time trader. I work for a construction company in the UK that I'm due to take over in the next 5 years; trading is my early retirement plan!

Regards,

Dan
Thanks or the reply guys i will keep reading the thread as it looks like we have a couple of snow days ahead.
  • #555
  • Jan 6, 2010 10:44am Jan 6, 2010 10:44am
Quoting DanUK
Hi,

I agree with your reasons for this trade however I am currently in a long position on this pair based on the H4 charts; I'm targeting the 93.00 level.

I do also take note of candlestick patterns (more often these days as the markets are a little less trendy at the moment) so if the daily chart shows a bearish reaction in the 93 - 93.50 area I would be thinking short!

Regards,

Dan
Dan can i ask you reasons for going long an the H4 chart? Just want to understand your reasoning.
Thanks again.
  • #556
  • Jan 6, 2010 11:11am Jan 6, 2010 11:11am
Quoting coolshades
sheesh, either which way he's rolling in it! desperately need an ego boost now.


Don't worry my friend; with your trend trading skills I have no doubt you will be too!!
  • #557
  • Jan 6, 2010 11:14am Jan 6, 2010 11:14am
coming back to topic, i think if daily usdjpy closes as an engulfing pair, then we are good.

Quoting DanUK


Don't worry my friend; with your trend trading skills I have no doubt you will be too!!
  • #558
  • Jan 6, 2010 12:09pm Jan 6, 2010 12:09pm
Quoting bez3000
Dan can i ask you reasons for going long an the H4 chart? Just want to understand your reasoning.
Thanks again.
Hi Bez,

I think a chart would be the easiest way of explaining...
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-01-06_UJ.png Size: 30 KB
  • #559
  • Jan 6, 2010 1:38pm Jan 6, 2010 1:38pm
Near enought snap on the charts bought at 91.50 at break even now hope you had good xmas,new year dan, coolshades and everyone else on here. here's hoping for a good 2010 for us all.
Attached Image (click to enlarge)
Click to Enlarge Name: jyppy2.jpg Size: 119 KB
  • #560
  • Jan 6, 2010 1:55pm Jan 6, 2010 1:55pm
Also bought eu at 14350 thought there was good resistance at 14300 a 50% retrace of that down move on h4 chart might take us to 14650/14700 we don't know yet if eu is on a downtrend yet if not i think i have got in a good spot time will tell.
Attached Image (click to enlarge)
Click to Enlarge Name: wwwttr.jpg Size: 131 KB
0 traders viewing now