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Trend Trading Chart Thread

  • #1,001
  • Mar 24, 2010 4:19pm Mar 24, 2010 4:19pm
Quoting DanUK
I would like to try and breathe a little life back into this thread! Those who have been following my 2010 journal will know that due to the fact that I no longer have time to study H4 charts and babysit H4 trades I have amended my trading to suit daily charts.

Here is a brief summary of my current trading style:

Step 1 – Key Support & Resistance Levels

[color=black][font=Verdana]In my opinion horizontal support and resistance levels are the key to the...
Hi Dan,

This longer term trading adding to original positions is part off what I have been doing on GU and EU and of course works well in strong trend with only mild pullbacks to obvious PPZ areas. I tihnk the only difference is that I looke for PA on lower time frames when we reach a higher time frame PPZ area in order to try and get in with a smaller stop etc.

One question - how do you determine your risk for the original position and subsequent positions - i.e. do you base your risk on the extreme stop or the recent swing high / PPZ area and do you risk the same % of your account per position added?

All the best
Mark
  • #1,002
  • Mar 24, 2010 4:42pm Mar 24, 2010 4:42pm
Quoting lovejoy80
Hi Dan,

This longer term trading adding to original positions is part off what I have been doing on GU and EU and of course works well in strong trend with only mild pullbacks to obvious PPZ areas. I tihnk the only difference is that I looke for PA on lower time frames when we reach a higher time frame PPZ area in order to try and get in with a smaller stop etc.

One question - how do you determine your risk for the original position and subsequent positions - i.e. do you base your risk on the extreme stop or the recent swing high / PPZ area...
Hi Mark,

Position sizing has been a tough one for me. I am used to having a fixed 100 pips representing 2% per trade.

However this type of trading does not use a fixed number of pips... it's not that linear. So presently I place a position based on 100 pips representing 1% of my account and each time I add it is the same position size. My stop will vary depending on where it is and R:R is totally different to what I am used to! Fixed rules seem to be a thing of the past!!

As an example, I started selling E/U from 1.4500 this year and max net drawdown was about 80 pips from the start. That position is currently up around 3300 pips so I am up 33% with max drawdown being under 1%!

I hope that helps to make things clear! I must admit I struggle to explain things in typed form!!

Regards,

Dan
  • #1,003
  • Mar 24, 2010 5:05pm Mar 24, 2010 5:05pm
Quoting DanUK
Hi Mark,

As an example, I started selling E/U from 1.4500 this year and max net drawdown was about 80 pips from the start. That position is currently up around 3300 pips so I am up 33% with max drawdown being under 1%!

I hope that helps to make things clear! I must admit I struggle to explain things in typed form!!

Regards,

Dan
Dan,

this is cool. Tis is kind of the way the heroe of Rem. of a stock Op. played the game. Needs experience - the thing you have.

I did not post lately. I am busy, I have a new job in a new country in a new language....eh. I am tired all right.

Nevertheless, still trading somewhat less though. I am also in along with you short EU with 2 positions. By time, one gets more determination hopeflully so positions can be added more.

I hoe to come back here soon. I am buying a HTC on Friday and I commited myself to check the market at every 2 hours for 5 minutes. I can allow that at work. I like your new stile.

Good job.
Kind Regards zol
  • #1,004
  • Mar 25, 2010 3:12am Mar 25, 2010 3:12am
closed my long usdchf from 10570 at 10730. am now looking for a retracement to go long again.

i am still trading the h4,100 point sl, anti hedging, system. the only difference is that i exit based on s/r levels rather than manually trailing 100 points, though i also trail 100 points manually (sounds confusing but it isnt).

am also looking to short AU around 9050. i had a short from 9170 and i exited that at 9085 and now looking for new shorts.

eu, is too low for me to enter. will look to enter around 3450 region.
  • #1,005
  • Mar 26, 2010 9:29am Mar 26, 2010 9:29am
No problem nicholas on your take but i have two issues with your take.........

i) Whats the trend?
ii) Why would you think the 60 minute is good enough to reverse a weekly/daily trend?

This was an easy winner, over 200 Pips......am not sure how your trading is but i have been hurt to many a times thinking the 60 minutes can reverse a trend......................

Please look at the basic of this thread and follow them, so that you do not become like what i used to be when trying to trade the 60 minutes.......

cheers and nice weekend

Quoting nicholas
Hope you dont mind ,here is my take ,


60 minute primary trend reversal with primary supports


nicholas
  • #1,006
  • Mar 26, 2010 6:27pm Mar 26, 2010 6:27pm
Looking to short E/U at 1.35400 50% fib or 1.34500 res
what do you think?
  • #1,007
  • Mar 28, 2010 4:56am Mar 28, 2010 4:56am
Personally I am waiting for at least 1.3500. Would definately wait until it's nearer the 50fib.

Quoting crazzypip
Looking to short E/U at 1.35400 50% fib or 1.34500 res
what do you think?
  • #1,008
  • Mar 28, 2010 4:33pm Mar 28, 2010 4:33pm
Quoting jcalow
Personally I am waiting for at least 1.3500. Would definately wait until it's nearer the 50fib.
Agreed! I think an entry in the 1.3500/1.3600 area would be best! Looking at a daily chart that's a heavy s/r zone, 50% retracement at 1.3540 and downward trendline!

That is just my opinion of course and I try to be a little more conservative about entries that some!

Regards,

Dan
  • #1,009
  • Mar 30, 2010 7:43am Mar 30, 2010 7:43am
anyone consider GBP/USD?

bounce of ppz, 50%, round number, with trend, bounce of daily trend line
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 20 KB
  • #1,010
  • Mar 30, 2010 7:46am Mar 30, 2010 7:46am
Quoting Sohail786
anyone consider GBP/USD?

bounce of ppz, 50%, round number, with trend, bounce of daily trend line
Ummmm...yep!

http://www.forexfactory.com/showpost...postcount=1010
Ghost Rider - WWTBMD?
  • #1,011
  • Mar 30, 2010 10:31am Mar 30, 2010 10:31am
Quoting Sohail786
anyone consider GBP/USD?

bounce of ppz, 50%, round number, with trend, bounce of daily trend line
I am in @ 15100
  • #1,012
  • Mar 30, 2010 11:41am Mar 30, 2010 11:41am
all are short on cable based on what? as far as i can see the h4 closed above 50% fib.

Quoting bez3000
I am in @ 15100
  • #1,013
  • Mar 30, 2010 12:15pm Mar 30, 2010 12:15pm
Quoting coolshades
all are short on cable based on what? as far as i can see the h4 closed above 50% fib.
Hello Coolshades,
I'm interested in your reaction above, and am keen to learn.
I assume those who are in at 1.51 are in because of:
1) swing high at 1.5126
2) Trend line at 1.5146
3) 50 Fib at 1.5090
4) Previous swing high at 1.5112
5) RN of 1.51

Do you prefer a closer confluence? Some other reason?

Thanks in advance,
Kan
Thanks for your help, warmth and straight talking Heather.
  • #1,014
  • Mar 30, 2010 12:29pm Mar 30, 2010 12:29pm
Quoting coolshades
all are short on cable based on what? as far as i can see the h4 closed above 50% fib.
Hi coolshades,
As you can see from the chart, i based my entry on the daily chart as price did not close above the 50% and bounced nicely of the trend line.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.png Size: 84 KB
  • #1,015
  • Mar 30, 2010 12:32pm Mar 30, 2010 12:32pm
yes, daily entry is fine. on h4 it has closed below 50% fib only now on the latest h4 candle.

Quoting bez3000
Hi coolshades,
As you can see from the chart, i based my entry on the daily chart as price did not close above the 50% and bounced nicely of the trend line.
  • #1,016
  • Mar 30, 2010 12:33pm Mar 30, 2010 12:33pm
Quoting bez3000
Hi coolshades,
As you can see from the chart, i based my entry on the daily chart as price did not close above the 50% and bounced nicely of the trend line.
Sorry i am in at 15100.
  • #1,017
  • Mar 30, 2010 12:35pm Mar 30, 2010 12:35pm
Quoting coolshades
yes, daily entry is fine. on h4 it has closed below 50% fib only now on the latest h4 candle.
I have been looking at h4 and daily charts to judge entry are you staying with just h4?
  • #1,018
  • Mar 30, 2010 12:37pm Mar 30, 2010 12:37pm
yes so far h4 still works for me. i might move to daily if and when i have time constraints.

dont forget that dan moved to daily not because h4 was unsuccesful but because of time constraints.

i am also in a long on usdchf at 650, off a bounce at trendline (at 580) and close above 50% fib. my 50% fib is at 630 ish. will also look to go short on ucad if price closes at 0150

Quoting bez3000
I have been looking at h4 and daily charts to judge entry are you staying with just h4?
  • #1,019
  • Mar 30, 2010 12:41pm Mar 30, 2010 12:41pm
Quoting coolshades
yes so far h4 still works for me. i might move to daily if and when i have time constraints.

dont forget that dan moved to daily not because h4 was unsuccesful but because of time constraints.
True thats why i am going to follow h4 as well, but look at the pips he has made on the new stratagy:
eurusd = 2500
gbpusd = 3500
In less than 3 months thats loads more than he made in the h4 style. Worth looking at i think.
  • #1,020
  • Mar 30, 2010 12:54pm Mar 30, 2010 12:54pm
yes, it also depends on personality type. i think that style of trading requires a disaster stop and i am not comfortable with that.

if you recollect, it was i who started the debate on his journal by referring to another system. been there done that a year back. its not for me.

i am not discouraging you or anyone. clearly it works for dan and he was/is always an exceptional trader.

h4 for me it is, till i find a reason to change.

lastly, dont be bothered about number of pips others make. focus on your trading, your account growth. everything else is noise.

even this post i am writing is noise.




Quoting bez3000
True thats why i am going to follow h4 as well, but look at the pips he has made on the new stratagy:
eurusd = 2500
gbpusd = 3500
In less than 3 months thats loads more than he made in the h4 style. Worth looking at i think.
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