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DanUK Trend Trading Journal 2010

  • #201
  • Mar 18, 2010 11:48am Mar 18, 2010 11:48am
Quoting Tenapenny
Do you think it's a trend or will he pull back?
Nice one!
  • #202
  • Mar 18, 2010 11:53am Mar 18, 2010 11:53am
Quoting coolshades
nothing happening at my end. flat all positions and waiting for the next set up. audusd has a long way to fall before i would go long, cable and euro ranging.. nothing much really.
I've got a few positions on; will go in to detail later tonight if I get a chance.

I closed my countertrend E/U trade for 100 and switched short after price rejected the 1.3800 key s/r level. I am now heading south from 1.3750 and hoping that it is trend continuation time!!

I've also taken the decision to move to dailies rather than H4... will expand on those thoughts later too if time allows!

Regards,

Dan
  • #203
  • Mar 18, 2010 2:51pm Mar 18, 2010 2:51pm
Took a short on EU this morning, 1.3654 hit target of 1.3590 this afternoon. A quick 64 pips in the bag. Longer term, I'm still not sure for next week. Any ideas?
  • #204
  • Mar 19, 2010 6:15pm Mar 19, 2010 6:15pm
what do you think of long NZD/USD at 0.7050. Looking at the H4 chart.

Thank you.
  • #205
  • Mar 20, 2010 2:55am Mar 20, 2010 2:55am
Quoting Entropy'
what do you think of long NZD/USD at 0.7050. Looking at the H4 chart.

Thank you.
There could be more dollar strength next week, watch out for news. Could possibly see 0.7000 hit over the coming week so will keep my eye on this one.
  • #206
  • Mar 20, 2010 4:06am Mar 20, 2010 4:06am
Quoting Entropy'
what do you think of long NZD/USD at 0.7050. Looking at the H4 chart.

Thank you.

At the same time, it looks like a sell on the daily chart!
Attached Image (click to enlarge)
Click to Enlarge Name: NZD_USD Spot.png Size: 17 KB
All flesh is as grass
  • #207
  • Mar 20, 2010 4:43am Mar 20, 2010 4:43am
Quoting dod
At the same time, it looks like a sell on the daily chart!
Agreed!
  • #208
  • Mar 20, 2010 2:24pm Mar 20, 2010 2:24pm
Quoting dod
At the same time, it looks like a sell on the daily chart!
So, you are saying that the 0.7000 is a better entry point?

The NZD/USD fails to make lower lows on the daily starting from 22nd of feb, then, it broke to the upside, breaking the 0.7000 barrier. Perhaps, the new uptrend is in place until that bearish daily trendline gets touched.

Thanks for all your thoughts, though.
  • #209
  • Mar 21, 2010 2:44am Mar 21, 2010 2:44am
Quoting Entropy'
So, you are saying that the 0.7000 is a better entry?


Hi,

It's not one I trade but if I was going to take a long at the moment I would probably place an entry at 0.7100 and let price pick it up if the upward momentum resumes. But as has been mentioned the daily chart looks bearish so if I did take that trade I would be very aware of possible trade barriers.

But as I am looking to trade daily charts I guess I would prefer a sell in the 1.72/1.73 area!

Regards,

Dan
  • #210
  • Mar 21, 2010 4:21am Mar 21, 2010 4:21am
Hi Dan.
A few posts back you mentioned that you were thinking of trading daily charts only (in pref to 4H). Can you elaborate/expand on your thoughts here?
Thanks
Mitch

Quoting DanUK
Hi,

It's not one I trade but if I was going to take a long at the moment I would probably place an entry at 0.7100 and let price pick it up if the upward momentum resumes. But as has been mentioned the daily chart looks bearish so if I did take that trade I would be very aware of possible trade barriers.

But as I am looking to trade daily charts I guess I would prefer a sell in the 1.72/1.73 area!

Regards,...
  • #211
  • Mar 22, 2010 6:42am Mar 22, 2010 6:42am
Quoting Entropy'
So, you are saying that the 0.7000 is a better entry point?

The NZD/USD fails to make lower lows on the daily starting from 22nd of feb, then, it broke to the upside, breaking the 0.7000 barrier. Perhaps, the new uptrend is in place until that bearish daily trendline gets touched.

Thanks for all your thoughts, though.

Sorry, I missed your question. No, the entry point I used was 0.7100, around where the red line is on my chart. That's also near where the 50% retacement is. I was trying to follow the procedure of letting price go beyond a predetermined round number, and then catching it, if and when it returned. But I'm no expert on this time frame - or any time frame, for that matter.
All flesh is as grass
  • #212
  • Mar 22, 2010 9:27am Mar 22, 2010 9:27am
Quoting Entropy'
So, you are saying that the 0.7000 is a better entry point?

The NZD/USD fails to make lower lows on the daily starting from 22nd of feb, then, it broke to the upside, breaking the 0.7000 barrier. Perhaps, the new uptrend is in place until that bearish daily trendline gets touched.

Thanks for all your thoughts, though.
Well, thanks for all your thoughts and suggestions...it is up by + 50 pips or so now.

Once again, i appreciate all your inputs.
  • #213
  • Mar 23, 2010 5:39am Mar 23, 2010 5:39am
Quoting MitchOZ
Hi Dan.
A few posts back you mentioned that you were thinking of trading daily charts only (in pref to 4H). Can you elaborate/expand on your thoughts here?
Thanks
Mitch
Hi Mitch,

It came about towards the end of last year; after having our second child and moving to our new home I found that I had less and less time (and inclination) to study/analyse charts and with an increasing work load I had less and less time to babysit trades! I therefore decided I needed something a little more long term but I still wanted to make a considerable return on my money.

So, at the start of the year (2010) I opened a separate (smaller) account to start trading dailies. My method is essentially the same - I am still trend trading, using trendlines, support & resistance, retracements, swing analysis etc. The major difference however is that my trading is not so linear... instead of opening up a trade at X and trailing it with a 100 pip stop loss I am now opening a position at X and then adding at Y and again at Z etc. I do place an "emergency" stop loss just in case the worst happens however I do not expect my trades to be closed by it. My exits will be a little more subjective than before and they will be based on the strength/opinion of the trend, swing highs/lows, support & resistance, maximising profit from my open positive positions and minimising loss from my open negative positions.

Hopefully that makes sense. I am planning to write a brief summary of my slightly revised method to make things clear and I will post some charts.

I am not sure how to report the profit and loss at the moment though. For example, at present my net position on EUR/USD is +2500 pips but that is not money banked so I can't really report anything on the position at the moment! I shall have to have a think at the best way to do this!

Regards,

Dan
  • #214
  • Mar 23, 2010 6:23am Mar 23, 2010 6:23am
you are trading without sl?

i am still in my usdchf long and am short in audusd at 9150, after failuer to break 9190-9200 ish and confluence of downward trendline and 9190-9200 line



Quoting DanUK
Hi Mitch,

It came about towards the end of last year; after having our second child and moving to our new home I found that I had less and less time (and inclination) to study/analyse charts and with an increasing work load I had less and less time to babysit trades! I therefore decided I needed something a little more long term but I still wanted to make a considerable return on my money.

So, at the start of the year (2010) I opened a separate (smaller) account to start trading dailies. My method is...
  • #215
  • Mar 23, 2010 6:42am Mar 23, 2010 6:42am
Quoting DanUK
Hi Mitch,

It came about towards the end of last year; after having our second child and moving to our new home I found that I had less and less time (and inclination) to study/analyse charts and with an increasing work load I had less and less time to babysit trades! I therefore decided I needed something a little more long term but I still wanted to make a considerable return on my money.

So, at the start of the year (2010) I opened a separate (smaller) account to start trading dailies. My method is...
Hi Dan

Are Y and Z added when X is in profit or when it is in loss
Regards
  • #216
  • Mar 23, 2010 6:48am Mar 23, 2010 6:48am
i would assume y and z get added on retracements and focus is to add on retracements irrespective of whether x is in loss or not, as long as reasons for original trade still remain valid.

but then i am not Dan!

this does remind me of BWILC.

Quoting howard
Hi Dan

Are Y and Z added when X is in profit or when it is in loss
  • #217
  • Mar 23, 2010 7:29am Mar 23, 2010 7:29am
Hi guys,

To answer your questions...

I do place a stop loss just in case something really bad happens but in most cases I will close my trades manually if and when I feel it is necessary to do so.

Generally speaking I would like to see earlier positions in profit before adding to a trade but that is not a rule.

Some inspiration was drawn from BWILC but I don't want to discuss that too much due to copyright issues that seem to affect threads (feel free to PM me though if you want).

Regards,

Dan
  • #218
  • Mar 23, 2010 9:08am Mar 23, 2010 9:08am
what you probably need to make loud and clear to new followrs is whether this move is because you found the old system no longer profitable or because you could not devote time.

Quoting DanUK
Hi guys,

To answer your questions...

I do place a stop loss just in case something really bad happens but in most cases I will close my trades manually if and when I feel it is necessary to do so.

Generally speaking I would like to see earlier positions in profit before adding to a trade but that is not a rule.

Some inspiration was drawn from BWILC but I don't want to discuss that too much due to copyright issues that seem to affect threads (feel free to PM me though if you want).

Regards,

Dan...
  • #219
  • Mar 23, 2010 9:12am Mar 23, 2010 9:12am
Quoting DanUK
Hi Mitch,

It came about towards the end of last year; after having our second child and moving to our new home I found that I had less and less time (and inclination) to study/analyse charts and with an increasing work load I had less and less time to babysit trades! I therefore decided I needed something a little more long term but I still wanted to make a considerable return on my money.
Please refer to this post
  • #220
  • Mar 23, 2010 9:15am Mar 23, 2010 9:15am
yup. loud and clear enough. back to trading and will go long on usdchf if it drops further.

Quoting DanUK
Please refer to this post
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