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DanUK Trend Trading Journal 2010

  • #241
  • Mar 24, 2010 6:33pm Mar 24, 2010 6:33pm
Dan:

I am glad that you moved to daily because that's what I want to concentrate because of my full time day job. I always follow your thread. Looking for more charts and explanation of the trades, you are taking as that will help us a lot to learn.

FX_California
Quoting DanUK
No problem... one E/U chart attached; I have highlighted the s/r levels used to trade from.

Regards,

Dan
  • #242
  • Mar 25, 2010 3:01am Mar 25, 2010 3:01am
Quoting coolshades
yes this is what i was getting at. at what point would you start closing your positions...

i would say that this method is not necessarily for those new on the forex journey, though ofcourse every one has to find their own equilibrium.
Indeed. The exit method is an advanced way to do it... I would recommend that a newbie should stick with a single entry and use a trailing stop for trade management. Much easier to f*** up your trade doing it my way if you don't have the experience to do so lol!
  • #243
  • Mar 25, 2010 3:07am Mar 25, 2010 3:07am
Quoting MitchOZ
Hi Dan. Just a couple of points of clarification.
In terms of identifying key horizontal S&R levels, apart from daily TL, do you still use/consider things like 50% retrace levels? If so, I take it you are only concerned with daily swings or would you still look at H4 swing for example to look for possible further entry points?
Thanks for sharing.
ps. seriously, what does a dance commander do?
Cheers
Mitch
Hi Mitch,

I will draw the horizontal levels by opening up a blank chart, zooming out, starting with monthly, then weekly and then daily. Once that is done I look at swing highs/lows etc to draw a trendline (or a couple if the situation warrants it).

I do take note of the 50% swings but only on a daily chart and they seem to occur with less frequency when compared to H4 trades which is why my primary entry is based on horizontal levels.

I hope that makes sense!

But on to the more important matter... you must obey the dance commander, givin' out the order for fun, you must obey the dance commander, you know that he's the only one who gives the orders here,
alright! Check it out:

Inserted Video




Regards,

Dan
  • #244
  • Mar 25, 2010 3:34am Mar 25, 2010 3:34am
Quoting DanUK
Hi Mitch,

I will draw the horizontal levels by opening up a blank chart, zooming out, starting with monthly, then weekly and then daily. Once that is done I look at swing highs/lows etc to draw a trendline (or a couple if the situation warrants it).

I do take note of the 50% swings but only on a daily chart and they seem to occur with less frequency when compared to H4 trades which is why my primary entry is based on horizontal levels.

I hope that makes sense!

But on to the more important matter... you must obey the dance commander, givin'...
I can see you have more time on your hands now that you are trading off the dailies!

Ken
  • #245
  • Mar 25, 2010 3:54am Mar 25, 2010 3:54am
Ha ha ha pi****g myself laughing nice one.
And i love your changes to your strategy, i will give it a try next week :-)

Quoting DanUK
Hi Mitch,

I will draw the horizontal levels by opening up a blank chart, zooming out, starting with monthly, then weekly and then daily. Once that is done I look at swing highs/lows etc to draw a trendline (or a couple if the situation warrants it).

I do take note of the 50% swings but only on a daily chart and they seem to occur with less frequency when compared to H4 trades which is why my primary entry is based on horizontal levels.

I hope that makes sense!

But on to the more important matter... you must obey the dance commander, givin'...
  • #246
  • Mar 25, 2010 8:46am Mar 25, 2010 8:46am
Man that's hilarious !! And here I'm thinkin all this time what a well rounded/balanced person you must be. Must be all that cold whether you poms have to endure !!

Keep up the good work mate !!!

cheers
from Down under

Quoting DanUK
Hi Mitch,

I will draw the horizontal levels by opening up a blank chart, zooming out, starting with monthly, then weekly and then daily. Once that is done I look at swing highs/lows etc to draw a trendline (or a couple if the situation warrants it).

I do take note of the 50% swings but only on a daily chart and they seem to occur with less frequency when compared to H4 trades which is why my primary entry is based on horizontal levels.

I hope that makes sense!

But on to the more important matter... you must obey the dance commander, givin'...
  • #247
  • Mar 25, 2010 9:03am Mar 25, 2010 9:03am
OMG!!! What did I unleash ...

Quoting DanUK
Hi Mitch,


But on to the more important matter... you must obey the dance commander, givin' out the order for fun, you must obey the dance commander, you know that he's the only one who gives the orders here,
alright! Check it out:

http://www.youtube.com/watch?v=vboGDSUGCyY



Regards,

Dan
  • #248
  • Mar 25, 2010 9:07am Mar 25, 2010 9:07am
And What about round numbers??? I would thing they are still very much in play?

Quoting DanUK
Hi Mitch,


I do take note of the 50% swings but only on a daily chart and they seem to occur with less frequency when compared to H4 trades which is why my primary entry is based on horizontal levels.

I hope that makes sense!



Regards,

Dan
  • #249
  • Mar 25, 2010 9:51am Mar 25, 2010 9:51am
Quoting generalz
And What about round numbers??? I would thing they are still very much in play?
Oh yes, my s/r levels always fall on round numbers!
  • #250
  • Edited 3:36pm Mar 25, 2010 1:01pm | Edited 3:36pm
men the EUR isnt giving me a chance to add with a pullback..the 4hr kinda did but i was looking for it to get closer to 3450
  • #251
  • Mar 25, 2010 2:54pm Mar 25, 2010 2:54pm
Quoting bboyomega83
men the EUR isnt giving me a chance to add with a pullback..the 4hr kinda did but i was looking for it to get closer to 4450
That's because I've been adding to my position!

Just kidding... we're close to 500 pips without a significant retracement; you're time should come soon!

Regards,

Dan
  • #252
  • Mar 25, 2010 3:11pm Mar 25, 2010 3:11pm
Maybe the Dance Commander has become too warped; I read this quote the other day (possibly yesterday) and it was a serious comment about talking to women, but does anyone else find this extremely amusing or am I just wrong:

"The way to her heart is loving her through her ears"



It just makes me laugh!
  • #253
  • Mar 25, 2010 5:18pm Mar 25, 2010 5:18pm
Hmmmm just me then!
  • #254
  • Mar 26, 2010 3:46am Mar 26, 2010 3:46am
ha ha ha nice one, no there is nothing wrong with you "Dance Commander" :-) well maybe a little bit, ha ha


Quoting DanUK
Maybe the Dance Commander has become too warped; I read this quote the other day (possibly yesterday) and it was a serious comment about talking to women, but does anyone else find this extremely amusing or am I just wrong:

"The way to her heart is loving her through her ears"



It just makes me laugh!
  • #255
  • Mar 26, 2010 5:55am Mar 26, 2010 5:55am
Hi DanUK can you tell me how you define a trend with your stratagy? I understand higher highes and higher lows etc.... but how many swings would you say makes a trend?
What i am getting at is how do you know its a trend and not just consolidation with a couple of swing highes that will reverse straight away?
  • #256
  • Mar 26, 2010 7:16am Mar 26, 2010 7:16am
Quoting DanUK
That's because I've been adding to my position!

Just kidding... we're close to 500 pips without a significant retracement; you're time should come soon!

Regards,

Dan

Hmm true.

3450 seems to be OK to add. Would you agree Dan?
Kind Regards zol
  • #257
  • Mar 26, 2010 7:18am Mar 26, 2010 7:18am
might not get there. i might add at 3350. short term downward trendline on h4, 50% fib not penetrated, 50% fib being at 3410 ish.


Quoting zoli
Hmm true.

3450 seems to be OK to add. Would you agree Dan?
  • #258
  • Mar 26, 2010 8:21am Mar 26, 2010 8:21am
I am looking to be cautious and wait for 3450 as well.

Quoting zoli
Hmm true.

3450 seems to be OK to add. Would you agree Dan?
  • #259
  • Mar 26, 2010 12:54pm Mar 26, 2010 12:54pm
BIG MONEY DAN!! i got my short order in place to add but it prolly wont pick it up until early next week.

Quoting DanUK
That's because I've been adding to my position!

Just kidding... we're close to 500 pips without a significant retracement; you're time should come soon!

Regards,

Dan
  • #260
  • Mar 27, 2010 8:28am Mar 27, 2010 8:28am
Hi Dan,

my first post here so first of all congratulation on your trading journal.

I also follow Mr. Jachson’s method (similar to yours) and I was posting in his thread that at the moment looks quite dead (and negative!). I like the fact that you are watching more pairs.

I would like your opinion on the following “strategy”, I use E/U.
The E/U daily trendline is around 1.36 at the moment, we can argue on that but I use this number in my example.

As for your method, you would put a sell limit at 1.36 waiting for the retrace. Because nobody know if it will retrace up to there I would like to propose this plan.

I position size my entire trade for 1.36 with 100 pips SL and I want to risk max 1.000 $.
I wait for an initial retrace of 100/150 pips from the recent low (1.33) and I start building up my position:

1.345 1.0 lots 250$
1.35 1.25 lots 250$
1.355 1.65 lots 250$
1.36 2.5 lots 250%

All of them have a 1.37 SL. If this level gets hit than I apply the anti hedge.

Advantages: you are sure you catch any level during the retrace.
Disadvantages: diluting the opportunity.

I would like to know your thoughts please feel free to say it is the worst system ever.

Thanks have a nice weekend
Ogeid
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