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Trend Trading Chart Thread

  • #841
  • Feb 4, 2010 12:00pm Feb 4, 2010 12:00pm
Quoting iezzzwan
Still learning about this system..
But anyone following GBPJPY 4 hours chart? It just completed a recent swing and going back down. Any comments?
Hi,

* * Not trade advice... just my thoughts... * *

I don't trade G/J myself but a quick glance at the charts and I would say the H4 trend is down but the daily is range-bound between the key levels 140 and 150. A break (and hold) below 140 would signal further losses.

The general outlook for GBP this week has been bearish and JPY has been bullish so this would add to the short bias.

I think price action around the 140 level may help here. If we get a bullish reaction off this level then we may see 150 on the horizon but if that doesn't happen that would add further reason to sell!

Regards,

Dan
  • #842
  • Feb 4, 2010 12:05pm Feb 4, 2010 12:05pm
Quoting castlerock
Hi dan nice trades I'm in a couple myself but i have went long already usd/cad at the 1.0600 mark. thought the gu was a nice one at 1.600 still in usd/chf long at 1.0450 and about 20pips short as i wright off +500 pips aud/usd charts were posted at time these trades were taken they are still in play anyone else take the trades dan has just posted they are all nice straight forward keeping with the method trades.
Good work castlerock

1.0800 - 1.0900 may prove to be a problem for U/C but if it is your trade should be well in the black by then!! Current outlook is CAD bearish, USD bullish so that is on your/our side!

Regards,

Dan
  • #843
  • Feb 4, 2010 12:07pm Feb 4, 2010 12:07pm
Quoting zoli
Hi Dan!

I am in with you on EU! Actualy I am short since 4532 on my other account....
I am long on UJ since 89.87 and closed my profit at 80 pips.
I am olso short on AUDCAD since 9499 and added at 9361.

Tha cable position is very nice. It just touched the 50%!!!
Hi Zol,

Congratulations on your trades!

I must admit I am a bit annoyed with myself as I haven't paid enough attention to E/U lately and as a result have missed out on some of the action! Things are back on track now though!!

Regards,


Dan
  • #844
  • Feb 4, 2010 12:15pm Feb 4, 2010 12:15pm
Quoting coolshades
dan, could you post a chart of this?i am not seeing why 6000 has any significance.
Hi Coolshades,

I just realised you meant 1.0600 on USD/CAD - I read 6000 and assumed you were talking about GBP/USD!!

1.06 is not a major level - it's just a support/resistance level I have marked that also acts as an anchor point for the developing trendline (well actually it's 1.0550 for the trendline).

1.08-1.09 could be a show stopper for the U/C up move; it's a major s/r level that could prevent things from going up. If that happens my bias will return to shorts, but for now I see long as my trading bias.

Hope that makes a bit more sense than before!

Regards,

Dan
  • #845
  • Feb 4, 2010 5:02pm Feb 4, 2010 5:02pm
Quoting DanUK
Good work castlerock

1.0800 - 1.0900 may prove to be a problem for U/C but if it is your trade should be well in the black by then!! Current outlook is CAD bearish, USD bullish so that is on your/our side!

Regards,

Dan
Yip got my eye on the 1.0900 already.
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  • #846
  • Feb 4, 2010 5:08pm Feb 4, 2010 5:08pm
Also short EU at 1.3950
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  • #847
  • Feb 4, 2010 5:32pm Feb 4, 2010 5:32pm
Sorry post#845 is usd/chf which happens to be 900 as well as the cad area I'm looking at might be pushing the boat out a bit here but 1.1100 seems to be where the usd/cad could push for can't find any real decent resistance till then.
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  • #848
  • Feb 4, 2010 7:09pm Feb 4, 2010 7:09pm
Hi,
Dan would you place SL @1.3800 or 1.3900 (as this is behind the major resistant) and do you consider adding another position? I think 1.3850 might be a good place to enter another short
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  • #849
  • Feb 5, 2010 4:54am Feb 5, 2010 4:54am
Quoting DanUK
Hi Zol,

Congratulations on your trades!

I must admit I am a bit annoyed with myself as I haven't paid enough attention to E/U lately and as a result have missed out on some of the action! Things are back on track now though!!

Regards,


Dan
Hi Dan, All,

Here is a non poster.......
There is allways a trade ahead! To put it to real lesson: I was short on EU at 5076 with 100 SL. I exitted to BE because of no experience, fear, idiotism, whatever you feel to call me.

I am in since but with half position. Neverthe less, that is live and I can see how a single precise shot can make up the monthly profit of a humble beginner striving to consistency in this business.

So, guys, please forgive my lasiness. Please find here some nice document, I hope you enjoy it! This is the fullfiling article for those who rate high the 50% retracement. I seriously like this writing. I find it simple, really easy to comprehend and it seems to be the thing we are interrested in. There are some nice little tricks also for you to play with.

Z
Attached File(s)
File Type: pdf GoodmanIntroReturnPDF.pdf   1.4 MB | 5,448 downloads
Kind Regards zol
  • #850
  • Feb 5, 2010 8:24am Feb 5, 2010 8:24am
Hi lads, here is my position on AU. I entered short at 9499. As It went down, I added at 9360, therefore my position now is 9430.

I feel that this can be a potential runer. We are making lower highs and made the first low. The old support line is long ago broken and now we broke down a ne, alternative support line too. There is an old top and bottom in the way acting as support. If it breaks down we can make a lower low. That is what I want to see. If that happens the target is 9000. I hope it happens. Also, if happens I may sell again if it corrects after some 70-100 pips back to indicated zones.

I must admit, it was difficult to me not to enter on this NFP day - this is a rule I made for myself and I also do not trade on Fridays, only manage existing trades. But, at the end, it looks lke I made these rules for a reason.
I could not have made profit today, rather loss. I exitted 80% of my EU and UJ short but not this one. Impatience........

I think what makes us the nice profit is sitting on our asses. Once we got into a trade and made it to BE, just manage it and do not allow to yourself to exit only because the profit seems to be nice!!!!
Let the trade to play itself out. Let it go... I shall learn to do this eventually.....

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Kind Regards zol
  • #851
  • Feb 5, 2010 9:15am Feb 5, 2010 9:15am
Quoting carrot_yuli
Hi,
Dan would you place SL @1.3800 or 1.3900 (as this is behind the major resistant) and do you consider adding another position? I think 1.3850 might be a good place to enter another short
Hi Carrot,

The simple answer would have been to place your stop at 1.3800 however I was actually thinking about adding at 1.3850 as you suggested (so 1.3900 would have been the better choice) - I don't normally do that but it is a "key" level and the trend was/is well and truly down. Unfortunately I didn't get a retracement up to 1.3850 and so did not add to my position!

I did manage to grab a trade on USD/CAD today though...
Attached Image (click to enlarge)
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  • #852
  • Feb 5, 2010 9:22am Feb 5, 2010 9:22am
Quoting zoli
Hi Dan, All,

Here is a non poster.......
There is allways a trade ahead! To put it to real lesson: I was short on EU at 5076 with 100 SL. I exitted to BE because of no experience, fear, idiotism, whatever you feel to call me.

I am in since but with half position. Neverthe less, that is live and I can see how a single precise shot can make up the monthly profit of a humble beginner striving to consistency in this business.

So, guys, please forgive my lasiness. Please find here some nice document, I hope you enjoy it! This is the fullfiling...
Hi Zol,

Thanks for the info... I will have a read through that later tonight. K.I.S.S. is the way forward in this business!

Trading psychology is the make or break aspect of the game. You can learn to trade any system (with enough effort) but it is the psychology that will make you a winner.

With regards to your trade... hopefully you will come out ok because the trend is on your side and it has been running very strong however I would caution against chasing a trade... if I miss a trade or get stopped out too quickly then I would personally pass on it until we get a retracement that fits our method (i.e. 50% level or trendline etc).

The markets are trending well at the moment so if you are struggling with exits/trade management I recommend sticking with the trailing stop loss and only move your stop when the trailing stop says you should!

Regards,


Dan
  • #853
  • Feb 5, 2010 3:02pm Feb 5, 2010 3:02pm
hi everyone, im just trying to practise. i am not sure how to draw this ucad trendlines or fib. there seems to be a number of different ways to draw it?

could someone please post a chart that can help me identify the best fib and trendline to use for it

thanks heaps!
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  • #854
  • Feb 6, 2010 3:19am Feb 6, 2010 3:19am
Quoting supermatt
hi everyone, im just trying to practise. i am not sure how to draw this ucad trendlines or fib. there seems to be a number of different ways to draw it?

could someone please post a chart that can help me identify the best fib and trendline to use for it

thanks heaps!
Hi Supermatt,

Trendlines are very subjective and we all see them slightly differently... so long as we see them heading in the right direction we should be ok!!!

My preferred method of drawing a trendline is using the most obvious outer areas. I then use these "anchor points" to draw my fibs. Of course things aren't always that cut & dry but that is my general guide to it!

Chart should help...
Attached Image (click to enlarge)
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  • #855
  • Feb 6, 2010 2:41pm Feb 6, 2010 2:41pm
Quoting zoli
Hi Dan, All,

Here is a non poster.......
There is allways a trade ahead! To put it to real lesson: I was short on EU at 5076 with 100 SL. I exitted to BE because of no experience, fear, idiotism, whatever you feel to call me.

I am in since but with half position. Neverthe less, that is live and I can see how a single precise shot can make up the monthly profit of a humble beginner striving to consistency in this business.

So, guys, please forgive my lasiness. Please find here some nice document, I hope you enjoy it! This is the fullfiling...
Hi Zol,

I've just read through the Goodman info... very interesting read, thanks! If you are following his work I would say you are anything but lazy! I must admit it takes the 50% concept to a whole new level and is possibly a little over-complicated for me but it is definitely worth taking note of. Do you know where I can read any more of/about his work?

Regards,

Dan
  • #856
  • Feb 6, 2010 2:52pm Feb 6, 2010 2:52pm
thanks dan yeh that helped alot. i also read that goodman pdf, quite interested but yeh i think its abit to complicated for myself

sorry. just another one here im unsure of. gu.. i have the outer trendline drawn seems that inner one is probably abit to steep. But i am unsure of where to draw fib seems there are 3 possible points to draw it on
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  • #857
  • Feb 6, 2010 3:30pm Feb 6, 2010 3:30pm
Quoting supermatt
thanks dan yeh that helped alot. i also read that goodman pdf, quite interested but yeh i think its abit to complicated for myself

sorry. just another one here im unsure of. gu.. i have the outer trendline drawn seems that inner one is probably abit to steep. But i am unsure of where to draw fib seems there are 3 possible points to draw it on
Hi Supermatt,

Please see attached chart... this is just my take on it of course, others may see it differently!

Regards,

Dan

PS... Don't you love Jing!! So simple to use!!!
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  • #858
  • Feb 7, 2010 3:19am Feb 7, 2010 3:19am
fellow trendies,

i hope loads of pips were made on thursday. i see a pin bar on the cable, h4, and pin barish on a few other pairs

a retracement will be good, to enable us enjoy the ride down again.
  • #859
  • Edited 10:59pm Feb 7, 2010 1:47pm | Edited 10:59pm
Quoting DanUK
Hi Zol,

I've just read through the Goodman info... very interesting read, thanks! If you are following his work I would say you are anything but lazy! I must admit it takes the 50% concept to a whole new level and is possibly a little over-complicated for me but it is definitely worth taking note of. Do you know where I can read any more of/about his work?

Regards,

Dan
Dan,

thank you for your post.
I actually shorted EU on the correction of the first bigger down move. It did not make up to 50% only 61.8%. I used a small SL and it turned out that I picked a top. Hmm... not a solid strategy, I got lucky.

Goodman.

You may find these interresting: http://www.fxpraxis.com/

There are 2 books avaliable, dont know the titel now, you can find it or I can send later.
I did have the 2 books avaliable from this guy but lost it since. Once you read the books the practise should be enough. Like you said - simply thing is cool and should work. It is interresting though.

I got to go right now my girlfriend is killing me. I am back later.

Good luck for the next week!

EDIT: ok, so check this out: http://www.amazon.com/Michael-D.-Arc...612139&sr=8-48

By this stage there are a few books avaliable:
Getting started in currency trading - 2 books with the latter a new edition
Getting started in forex trading strategies
The forex chartist companion
Charting the major forex pairs

I read the first 2 books but not the last 2. If you get any, please let us know how you find them.

cheers
Attached File(s)
File Type: doc GSCScs2.doc   134 KB | 334 downloads
File Type: doc CODEX1.3gscschart2.doc   143 KB | 455 downloads
Kind Regards zol
  • #860
  • Feb 7, 2010 8:23pm Feb 7, 2010 8:23pm
Quoting DanUK
Hi Supermatt,

Please see attached chart... this is just my take on it of course, others may see it differently!

Regards,

Dan

PS... Don't you love Jing!! So simple to use!!!
Hi guys...what's a Jing ???????

Ta
Mitch
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