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Trend Trading Chart Thread

  • #1,401
  • Jun 2, 2010 12:53pm Jun 2, 2010 12:53pm
Right, i've came to a conclusion on how i will trade forex! after weeks of arguing with myself, i've decided that i will try and catch trend reversals with fundamentals. Except i must wait for the trend to change and then and ONLY then trade it . Also, i'm making it so that if a understand a trend, fundamentally, i allow myself to trade it until the fundamentals change.
  • #1,402
  • Jun 2, 2010 1:54pm Jun 2, 2010 1:54pm
Just above previous bar lows of the 26th March @ 4850 incase i picked the wrong S&R area, 350 sl is large but it is with the trend i am trying to establish some long term positions.

Quoting coolshades
What kind of sl on cable? I had a 250 pip sl and i still got stopped out
  • #1,403
  • Jun 2, 2010 2:02pm Jun 2, 2010 2:02pm
Quoting DanUK
Hi bez,


GBP/JPY - Same sort of thing as EUR/JPY really; 140 would be an ideal entry but I would also watch 135 .


Dan
Hi Dan,

On your comments about gbp/jpy what would make you trade 135 and not wait for 140? Would your purely wait for PA or drop to a smaller time frame to see a rejection, or something else?
  • #1,404
  • Jun 2, 2010 2:22pm Jun 2, 2010 2:22pm
What % risk is that if I can ask?

Quoting bez3000
Just above previous bar lows of the 26th March @ 4850 incase i picked the wrong S&R area, 350 sl is large but it is with the trend i am trying to establish some long term positions.
  • #1,405
  • Jun 2, 2010 2:28pm Jun 2, 2010 2:28pm
Quoting coolshades
What % risk is that if I can ask?
Sure, i try and trade @ 5% but i only trade a micro account so when i had 100 sl my pip value was higher than it is now. I have reduced it to try and trade longer term as Dan has been doing. I will be staying with the micro account for some time to come with SL this LARGE
  • #1,406
  • Jun 2, 2010 2:36pm Jun 2, 2010 2:36pm
ok. anyone in on ucad at 1.04?

Quoting bez3000
Sure, i try and trade @ 5% but i only trade a micro account so when i had 100 sl my pip value was higher than it is now. I have reduced it to try and trade longer term as Dan has been doing. I will be staying with the micro account for some time to come with SL this LARGE
  • #1,407
  • Jun 2, 2010 3:31pm Jun 2, 2010 3:31pm
commander,

did you do a lot of back testing, statistical analysis, what not, before arriving at this daily method and your position sizing?

ps: i hope you finish counting your money fast, cause the posts on here are piling.
  • #1,408
  • Jun 2, 2010 7:02pm Jun 2, 2010 7:02pm
OK Coolshades.

U/C Yes I am watching this one.

Also watching A/U 0.4300



Crazzy
  • #1,409
  • Jun 2, 2010 10:26pm Jun 2, 2010 10:26pm
Quoting coolshades
ok. anyone in on ucad at 1.04?
Watch out for the bearish candle on H1. I would prefer 1.03
  • #1,410
  • Edited 1:42am Jun 3, 2010 12:46am | Edited 1:42am
yes, it was 1.03 i meant. typo.

cp - au 0.43?


on AU, i will now be looking at a bpc trade at 8500. i will need the daily to break above 8500 and then will place a pending sell at 850

Quoting carrot_yuli
Watch out for the bearish candle on H1. I would prefer 1.03
  • #1,411
  • Jun 3, 2010 7:20am Jun 3, 2010 7:20am
Hi guys,

Sorry haven't been able to post much this week - work has been crazy hectic and my spare time hasn't been much better!

I will try and answer a few questions in the following posts.

Regards,

Dan
  • #1,412
  • Jun 3, 2010 7:23am Jun 3, 2010 7:23am
Quoting Sylar
Nice trade Commander

I would like to clarify your entries... Your entries are those Red lines not red arrow... Correct?

Pictures (or rather charts) is really worth a thousands word or rather thousand pips

S&R coincides with RN & your entries are on the pulldown after the breakout aka BPC to the RN. Simple & Nice

At the rate you are goin commander u can start your own dance academy


Pip Well
Sylar
Hi Sylar,

Yes the lines are the entry price... the arrows are just for visual assistance to confirm direction and more or less when I entered the trade.

Regards,

Dan
  • #1,413
  • Jun 3, 2010 7:35am Jun 3, 2010 7:35am
Quoting zoli
Excellent work Dan!

So how did you come to the conclusion to long this thing at the first place? If I am looking at your first position, I could say it was a potential short entry for the bearish trend continuation.

At that time there was no strong up trend established compared to the prewios down trend? How did you end up being bullish though?

Your explanation will help a lot.

cheers
Hi Zoli,

My decision was based on the break of the long term trendline and the inability of price to stay below the S/R level I see at 1.0200 - as per the attached chart.

Looking back at it I should probably have entered a little higher for better confirmation that 1.0200 held but it turned out ok in the end!

Hope this chart helps.

Regards,

Dan
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.gif Size: 28 KB
  • #1,414
  • Jun 3, 2010 7:45am Jun 3, 2010 7:45am
Quoting coolshades
commander,

a couple of queries on usdchf. what's the significance of 1.5? is it the congestion area?

secondly, the daily of friday closed well above 1.5, nearly at 1.6 (atleast on MT4), so 1.5 did hold, if that's what you were looking at.

given that close above 1.5, where would you place the trade?
1.15 is just an area I see as important support/resistance.

You asked about the entry on the 31st May so I shall answer from that day's point of view... I would have placed my entry above the bar of the 28th and gone long as it broke. As it happens the 31st was a Bank Holiday and not a particularly good day to trade... unless you happen to have a really good setup which I don't think the USD/CHF is at the moment.

Ideally I would have liked to see price clear 1.15 and then come back down to retest it and enter at that time.

Regards,

Dan
  • #1,415
  • Jun 3, 2010 7:49am Jun 3, 2010 7:49am
Quoting carrot_yuli
Dan, can you show our stop loss too? and how yo trail your SL?
Quoting carrot_yuli
thanks for you chart, it really gives me another reminder how simple trading really is.


Hi carrot,

My stop loss varies... when I get more time I will go into a bit more detail but I will have to produce a number of charts to do it and I haven't got the time at the moment.

Basically I will use previous highs/lows to place my hard stop... but I will also watch for trendline and key support/resistance breaks. If price breaks these in the opposite direction and closes beyond them I will tighten my stop loss. This will then be positioned so as to minimise loss from negative positions and maximise profits from positive positions whilst also placing it strategically so that I don't get stopped out too early... i.e. I try and stay with the trend for as long as I can.

Regards,

Dan
  • #1,416
  • Jun 3, 2010 7:54am Jun 3, 2010 7:54am
Quoting bez3000
Thanks for the charts Dan very useful, can i ask how often you wait for PA? Is it only on some pairs if the trend is not that strong?

Thanks again for the help with my charts
Hi bez,

When a pair is trending nicely... like E/U tends to I usually place an order at the level or just watch for price to bounce off a level and then enter.

I only tend to wait for PA as confirmation when a trend is not clear, as you suggested, or if I am not certain about the entry level.

Hope that makes some sense!

Regards,

Dan
  • #1,417
  • Jun 3, 2010 7:57am Jun 3, 2010 7:57am
Quoting coolshades
commander,

on your entries, you seem to be entering when a daily bar either closes above/below a s/r level and then a retest of s/r level. ie: do you place a pending order at the s/r level when the 1st daily closes above/below?
Hi coolshades,

This depends very much on the importance of the level and how the bar closes. There is no set rule but I like to see price close beyond a major level and stay there - to kind of prove the break is real - and then place an entry for the retest.

Regards,

Dan
  • #1,418
  • Jun 3, 2010 8:02am Jun 3, 2010 8:02am
Quoting bez3000
Dan can you give me some more info on these trades as i don't see any clear trend? Did you trade them with PA?
Hi bez,

The first entry wasn't a typical trend based entry. I had previously been long but price was unable to break the 0.9300 resistance level - which it had been trying to do for months. My first entry was based on the reasoning that 0.9300 was holding at the moment. The trigger was the small pin-like bar that formed on the 26th April off the 0.9300 and a small/developing resistance trendline.

The second entry at 0.9000 was big round number resistance and 50% retracement. I ended up closing out and stupidly missed the pin bar that followed; that would have been a great re-entry!

Regards,

Dan
  • #1,419
  • Jun 3, 2010 8:05am Jun 3, 2010 8:05am
Right I'm off to a meeting now... will continue my replies later guys!

Regards,

Dan
  • #1,420
  • Jun 3, 2010 8:25am Jun 3, 2010 8:25am
Hi
Sold A/U 0.8450
And a buy on U/C 1.0380

Wish me luck, I might need it.

The crazzy one
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