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DanUK Trend Trading Journal 2010

  • #61
  • Mar 1, 2010 8:53am Mar 1, 2010 8:53am
Quoting MitchOZ
Hi PippyD

Try this. Copy and save to metratrader4/experts/indicators.
Attachment
Hope this helps.
cheers
Mitch
Mitch,

This does look like Dan's chart. As I suspected you just put enough labels on the bar to mask the default price levels. Kind of clunky but it works.

Maybe I should get into the MT5 beta and make the RN suggestion.

PD
  • #62
  • Mar 1, 2010 12:41pm Mar 1, 2010 12:41pm
Quoting PippyD
Mitch,

This does look like Dan's chart. As I suspected you just put enough labels on the bar to mask the default price levels. Kind of clunky but it works.

Maybe I should get into the MT5 beta and make the RN suggestion.

PD
Hi guys,

Sorry I must be a bit stupid today (heavy weekend lol) as I'm not sure what you mean!! Could someone post an example chart so I know what to look for!

Regards,

Dan
  • #63
  • Mar 1, 2010 2:26pm Mar 1, 2010 2:26pm
Quoting DanUK
Hi guys,

Sorry I must be a bit stupid today (heavy weekend lol) as I'm not sure what you mean!! Could someone post an example chart so I know what to look for!

Regards,

Dan
Sure. Here is the message earlier in this thread where I noticed you chart.

http://www.forexfactory.com/showpost...5&postcount=21
  • #64
  • Mar 1, 2010 2:41pm Mar 1, 2010 2:41pm
Quoting PippyD
Sure. Here is the message earlier in this thread where I noticed you chart.

http://www.forexfactory.com/showpost...5&postcount=21
Ah now I see why I was confused!

The reason the other prices don't show up is because the chart is zoomed out - if I were to zoom in on that chart the other prices along the side would show up!

  • #65
  • Mar 2, 2010 1:30pm Mar 2, 2010 1:30pm
Quoting DanUK
Ah now I see why I was confused!

The reason the other prices don't show up is because the chart is zoomed out - if I were to zoom in on that chart the other prices along the side would show up!

Ah! That explains it. Too bad. It thought maybe there was some secret configuration that I was missing.
  • #66
  • Mar 3, 2010 9:42pm Mar 3, 2010 9:42pm
Good work and great information.

I have been following your threads from a random connection from Jacko's thread.

It seems that your Feb. performance has not been updated, which I can understand since you answer everyone's post which is quite amazing.

I am trying to learn how the TL works but seeing little progress. I do trade demo off S&R lines and trade <2% on the fly and limit my SL and trail my profits or close the trade as it approaches a hesitations as it approaches the next S&R line. I do not draw S&R lines at every round number but zoom out at monthly and weekly and mark only the major infliction points.

Hope to follow your journal, and I hope to establish a set trading system. I feel very loose in my trading, somewhat sloppy since my system is just in my head and I trigger trades from watching price action around my marked S&R lines. I have been trading off of my demo account since Feb. 2010 (had one prior but got deleted by broker), and have had good progress (13 out of 13 trades were profitable), but I feel that without a written trading system on when to enter, exit, and reaction to price action, I feel my trading business will lead to failure.

Any suggestions? I am sure you have felt this sense of lack of direction as you began this business? I have been at it for about a little less than 2 years, just absorbing material, and have been demo trading for about two months.

Thank you, and look forward to your updates.
  • #67
  • Mar 4, 2010 7:14am Mar 4, 2010 7:14am
Quoting Fxknkw987
Good work and great information.

I have been following your threads from a random connection from Jacko's thread.

It seems that your Feb. performance has not been updated, which I can understand since you answer everyone's post which is quite amazing.

I am trying to learn how the TL works but seeing little progress....
Think you've answered your own question. Write a trading plan down, have it in front of you when you trade and stick to it (easier said than done).
  • #68
  • Mar 4, 2010 1:17pm Mar 4, 2010 1:17pm
Quoting Tenapenny
Think you've answered your own question. Write a trading plan down, have it in front of you when you trade and stick to it (easier said than done).
IMHO the writing it down is more important than what is in it Even if you only start with "buy when it is going up and sell when it is going down" it will lead you to define how you tell when it is going up (or down) which will lead you to ........

And if you start to win straight away then be very carefull it is extremely unlikely that you will come up with the plan that is right for you at the first attempt.
Dance with the market .. I have two left feet
  • #69
  • Mar 6, 2010 2:32am Mar 6, 2010 2:32am
Quoting DanUK
Time will tell! I'm confident that the down trend in euro will continue (for now, at least) so if you do get stopped out you will probably still be able to recover. AUD though is a bit more tricky - I can see arguments for both long and short!

Regards,

Dan

PS I'll send you a pm regarding COT websites as I'm not sure if I should post links publicly (due to the commercial interest etc).
Dan, the downtrend looks to be breaking. At least for now. The COT index reads 6.82 which has recovered a bit from the extreme shorts. Plus the COT reports show adding of longs and closing of some shorts. The long opened are approximately double of what have been closed.
Am, I on the right track, sensei?
  • #70
  • Mar 6, 2010 4:24am Mar 6, 2010 4:24am
Quoting vicky_ag
Dan, the downtrend looks to be breaking. At least for now. The COT index reads 6.82 which has recovered a bit from the extreme shorts. Plus the COT reports show adding of longs and closing of some shorts. The long opened are approximately double of what have been closed.
Am, I on the right track, sensei?
Hi Vicky, could you let me know the sites you are using for the COT reports. Thanks in advance.
  • #71
  • Mar 6, 2010 9:46am Mar 6, 2010 9:46am
Dan,

Quoting DanUK

I'm still an A/U bull and I was looking for the same entry as you at the 50% mark near 88.00. I took the bounce off it and went long at 0.8850. Stop is currently at breakeven so we'll see what happens with that one next week.
Concerning your AUD trades (and the folow up one). On the first chart I'm attaching, I've marked three reasons you might have had for entering; but there is an absence, as shown on the second chart, of any obvious diagonal trendline 'touch'.

Do you use the diagonal trendline more for determining the overall trend than for taking trades 'off'?

From reading your various posts, it looks like you would place the order of importance, for entering trades, as:

1. Horizontal S/R levels.
2. 50% retracement.
3. Round number.
4. Touch of diagonal trendline.
5. Bar formation.

Is that order more or less right?

I trade in a very similar way, but I use an HMA to determine trend direction, as I find drawing reliable lines beyond me!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUD1.gif Size: 14 KB
Click to Enlarge Name: aud2.gif Size: 13 KB
All flesh is as grass
  • #72
  • Mar 7, 2010 10:29am Mar 7, 2010 10:29am
Hi guys,

Sorry I haven't been able to respond lately - I've had a very busy week (work wise) and a plumbing disaster this weekend so my hands have been tied for a while!

I will go through all the posts this evening and try and reply to everyone who has asked me anything! I shall also post February's trades/results... which are looking pretty healthy!

Regards,

Dan
  • #73
  • Mar 8, 2010 12:22pm Mar 8, 2010 12:22pm
So my hectic weekend didn't finish as soon as I expected, hence the delay in posting the results!

February was a good month in my opinion!

Total Pips Won: 1800

Total Pips Lost: 100

Profit: 1700 pips (37%)
Attached Image (click to enlarge)
Click to Enlarge Name: Feb_2010_Results.png Size: 33 KB
  • #74
  • Mar 8, 2010 12:42pm Mar 8, 2010 12:42pm
Quoting Fxknkw987
Good work and great information.

I have been following your threads from a random connection from Jacko's thread.

It seems that your Feb. performance has not been updated, which I can understand since you answer everyone's post which is quite amazing.

I am trying to learn how the TL works but seeing little progress. I do trade demo off S&R lines and trade <2% on the fly and limit my SL and trail my profits or close the trade as it approaches a hesitations as it approaches the next S&R line. I do not draw S&R lines at every round number but...
Hi,

It seems you are on the right path. I highly recommend keeping a journal. Although I don't keep mine as up to date as I should it certainly has helped me to keep organised.

Also, I have found posting charts and explaining the entries has really helped - sometimes we take a trade and it is almost instinctive. It's not until someone asks why that we question our own logic.


Regards,

Dan
  • #75
  • Mar 8, 2010 12:43pm Mar 8, 2010 12:43pm
Quoting vicky_ag
Dan, the downtrend looks to be breaking. At least for now. The COT index reads 6.82 which has recovered a bit from the extreme shorts. Plus the COT reports show adding of longs and closing of some shorts. The long opened are approximately double of what have been closed.
Am, I on the right track, sensei?
Hi vicky_ag,

Yes you are on track. As you suggested, the COT data indicates a reduction of short positions and therefore a temporary pause in the down trend and/or possible change of trend. It's just a warning sign of course and read in conjunction with the technicals it is saying to me that we are taking a breather. If 1.3700 gets breached to the upside we may be in for a larger correction - however if that doesn't happen I would take it as a pause signal only.

Regards,

Dan
  • #76
  • Mar 8, 2010 12:47pm Mar 8, 2010 12:47pm
Quoting dod
Dan,



Concerning your AUD trades (and the folow up one). On the first chart I'm attaching, I've marked three reasons you might have had for entering; but there is an absence, as shown on the second chart, of any obvious diagonal trendline 'touch'.

Do you use the diagonal trendline more for determining the overall trend than for taking trades 'off'?

From reading your various posts, it looks like you would place the order of importance, for entering trades, as:

1. Horizontal S/R levels.
2. 50% retracement.
3. Round number.
4. Touch of diagonal...
Hi,

You are correct; I use trendlines more as a guide then an entry tool - although I do use them for entries when appropriate. As you have also correctly identified the A/U trade was based on the support level and 50% retracement as per your chart. I think you also have the order of importance right - the only one that I am unsure of is the "round numbers" - in a way it is the most important as I nearly always trade off of them - but from an analytical point of view it is hard to put them in order. I think it’s more like this…

1. Horizontal S/R levels at a round number
2. 50% retracement at the closest round number
4. Touch of diagonal trendline at the closest round number
5. Bar formation at the above

Nothing wrong with an MA to help gauge the trend however my preferred analysis is higher highs/lows / lower highs/lows. I prefer to watch these swings on a daily chart and they tend to be a pretty reliable way to gauge the trend.

Regards,

Dan
  • #77
  • Mar 8, 2010 1:05pm Mar 8, 2010 1:05pm
good going in feb.i have not been trading often enough in feb and maybe in march too due to work commitments.


i use this to get a sense of whats happening

http://www.dailyfx.com/dailyfxplus/i...es_Higher.html

right now i see all the trending pairs to be in pause mode.

i had entered a long on euro at 1.36 but it has stopped out at be. am not into any trade now. i might go long on usdchf , but pa is not conclusive.



Quoting DanUK
Hi vicky_ag,

Yes you are on track. As you suggested, the COT data indicates a reduction of short positions and therefore a temporary pause in the down trend and/or possible change of trend. It's just a warning sign of course and read in conjunction with the technicals it is saying to me that we are taking a breather. If 1.3700 gets breached to the upside we may be in for a larger correction - however if that doesn't happen I would take it as a pause signal only.

Regards,...
  • #78
  • Mar 8, 2010 1:51pm Mar 8, 2010 1:51pm
Quoting coolshades
good going in feb.i have not been trading often enough in feb and maybe in march too due to work commitments.


i use this to get a sense of whats happening

http://www.dailyfx.com/dailyfxplus/i...es_Higher.html

right now i see all the trending pairs to be in pause mode.

i had entered a long on euro at 1.36 but it has stopped out at be. am not into any trade now. i might go long on usdchf , but pa is not conclusive.
Thanks coolshades.

I must admit I have also been known to watch Daily FX's SSI.

It's funny how it works (i.e. on the basis that most retail traders are wrong!) but it does actually work. Take the two extremes for the moment - AUD/USD, nearly 61% short whilst I've had a long on since 0.8850 and USD/CAD nearly 80% traders are long and although I don't have a trade open it's a pair that I would rather be looking for a sell than a buy! Lol!

Regards,

Dan
  • #79
  • Mar 8, 2010 1:52pm Mar 8, 2010 1:52pm
I should also add that I am short G/U from 1.5150 and short E/U from 1.3650.
  • #80
  • Mar 8, 2010 2:34pm Mar 8, 2010 2:34pm
a chart on why you would go short on usdcad?

Quoting DanUK
Thanks coolshades.

I must admit I have also been known to watch Daily FX's SSI.

It's funny how it works (i.e. on the basis that most retail traders are wrong!) but it does actually work. Take the two extremes for the moment - AUD/USD, nearly 61% short whilst I've had a long on since 0.8850 and USD/CAD nearly 80% traders are long and although I don't have a trade open it's a pair that I would rather be looking for a sell than a buy! Lol!

Regards,

Dan
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