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DanUK Trend Trading Journal 2010

  • #401
  • Jun 25, 2010 1:05pm Jun 25, 2010 1:05pm
Quoting coolshades
i took just the one trade.

i have noticed that there is atleast 1-3 good setups in a day so even if one gets stopped out, there are opportunities to make up.

on the long term trend system, there just arent enough entries so hopefully next week will be better.
Yes you're right - and to be totally honest this is something I've always struggled with trend trading. Also the fact that it takes a long time to book your profit (in the daily method at least).

Although at first short term trading can seem unpredictable; with the right combination of tools I actually find the structure easier to anticipate/analyse and I also prefer the fact that a bad trade is dead quickly and a good trade is normally only a few hours before profit booking time!

I'm not saying I'm ditching long term trading but I am going to keep at the day trading to see how it fares. At the moment it is looking very promising.

I am just concerned though because everybody says "there's never been a trader to make it trading intraday". Perhaps this is just BS put out there by the pros to scare us amateurs!

Regards,

Dan
  • #402
  • Jun 25, 2010 1:06pm Jun 25, 2010 1:06pm
nothing wrong with this trade, if you had taken another long on the subsequent pin you would have been sitting pretty.

i am tending to wait for one green bar to develop after a pinnish bar, unless the pin is perfectly located (as in a trade commander and i posted 2-3 days back), and i will then take a break of the green bar.

there are enough entries around. its a matter of finding time and not hurrying to get into a trade.

for me the main thing to look out for is the development of long tails in key locations such as market tops and bottoms or in consolidation areas.

long tails for me is suggestive of buyers (or sellers) coming in and generally you will have corresponding high volume bars.



Quoting bez3000
I missed that one spotted it to late, i did take a eurjpy trade that didn't work out chart below.
Any input into why would be appreciated, maybe its just one of those things?
  • #403
  • Jun 25, 2010 1:08pm Jun 25, 2010 1:08pm
Quoting DanUK
Trade complete... should be fairly self explanatory (but will answer questions if not lol!)... right at the end of London so not ideal time for me but the setup and potential were just too appetizing! 1:3 achieved on this one!
BEOB at round number bar after high volume???? Hope thats right, i am lagging behind you and coolshades with this i think but i will get there.
  • #404
  • Jun 25, 2010 1:11pm Jun 25, 2010 1:11pm
Quoting DanUK
I am just concerned though because everybody says "there's never been a trader to make it trading intraday". Perhaps this is just BS put out there by the pros to scare us amateurs!

Regards,

Dan
Dan i think there are some intraday traders who make good money, have you read "New Market Wizards"? some of the guys interviewed trade intraday.
  • #405
  • Jun 25, 2010 1:12pm Jun 25, 2010 1:12pm
for me with intraday, the issues are several fold.

 

  1. finding time
  2. getting pressurised into taking a trade
  3. if a trade loses, then the whole head banging aspect and getting into revenge trades which invariably are losers
  4. long term trading eliminates a lot of that

however if entries on long term are few and far between as in the current weeks, then a decent intraday system helps keep the payments coming in.

ofcourse my intraday trades (i think i have taken only 3-4 in all ) are not enough to earn a big mac. if i am consistent enough, then will start trading with a larger a/c in july, intraday.

i think invariably everyone comes back and keeps having an on/off love affair with intraday trading simply because of the issues you and i have mentioned.

i think the key is to trade both in separate accounts else one is likely to blow up accounts - for me atleast.

btw, if you search twitter for 50pips, you will find one of the most consistent intraday professional traders i have ever known. and no, he does not drown in indicators.

on FF, good intraday traders, who trade without indicators are, Wormboy (full time trader), direct-trade(full time trader) both of them swing as well intraday trade... and i am sure there are many more. but i know these two.



Quoting DanUK
Yes you're right - and to be totally honest this is something I've always struggled with trend trading. Also the fact that it takes a long time to book your profit (in the daily method at least).

Although at first short term trading can seem unpredictable; with the right combination of tools I actually find the structure easier to anticipate/analyse and I also prefer the fact that a bad trade is dead quickly and a good trade is normally only a few hours before profit booking time!

I'm not saying I'm ditching long term trading but I am going...
  • #406
  • Jun 25, 2010 1:15pm Jun 25, 2010 1:15pm
i would have taken the trade on the break of the beob, however, the key signal was the long tails i mentioned and it being a relative congestion area.

i was in the train, so missed this.

Quoting bez3000
BEOB at round number bar after high volume???? Hope thats right, i am lagging behind you and coolshades with this i think but i will get there.
  • #407
  • Jun 25, 2010 1:17pm Jun 25, 2010 1:17pm
yes another point is that its easy to overtrade in intraday. key is to have a goal, maybe just one successful trade and that's it.
  • #408
  • Jun 25, 2010 1:17pm Jun 25, 2010 1:17pm
Quoting bez3000
BEOB at round number bar after high volume???? Hope thats right, i am lagging behind you and coolshades with this i think but i will get there.


You will get there... takes a little while but eventually it will click.

My trade... I already had the background information to support the theory that prices were going up... that was the earlier selling and push off of the pins of of S1 that coolshades highlighted.

Price then consolidated for a bit around 1.2300... forming a kind of bull flag (of you're into chart patterns!).

We then saw a high volume sell that closed about half way back up the bar... I believe this is known as an upthrust bar (regardless of direction). This was followed by a bullish pin... giving me an indication that the high volume selling was a fakeout; you could well have entered on the break of this - I didn't because 1.2300 was too close.

We then saw a bearish pin (although not a tradable one) and a bullish push up (the BEOB you indicated). That closed above 1.2300 and looked good for a buy. Based on the background (and the fact that I had already had a win today) I gave this one a little breathing room and aimed for R1 for a 1:3 trade. It could have been even better if I was around for the pins off of S1 but I am certainly very happy with my results!

Regards,

Dan
  • #409
  • Jun 25, 2010 1:18pm Jun 25, 2010 1:18pm
I have almost finished the Tom williams book on VSA, very interesting but i think i will have to read it again for look else were. I understand how it works volume in relation to price spread etc but i am having a hard time putting it into a tradeable situation at the moment. Maybe just being inpatient i like to grasp things quickly but this i am not so quickly!
  • #410
  • Jun 25, 2010 1:25pm Jun 25, 2010 1:25pm
Quoting DanUK
You will get there... takes a little while but eventually it will click.

My trade... I already had the background information to support the theory that prices were going up... that was the earlier selling and push off of the pins of of S1 that coolshades highlighted.

Price then consolidated for a bit around 1.2300... forming a kind of bull flag (of you're into chart patterns!).

[color=black][font=Verdana]We then saw...
Man, you read this stuff so well think i just need to put the hours of screen time in.
My Daly trades have not been going very well got stopped out of cable AGAIN! and i am still short eu from 300 say no more
  • #411
  • Edited 1:48pm Jun 25, 2010 1:29pm | Edited 1:48pm
i didnt take this trade. i have no idea why, because when this was developing i was around to look at charts.

anyway, the circled bit is the area i would have been looking at and looking for price to close above s1. price did, and i would have taken the break of the first bar that closed above S1.

that would have gotten stopped, however, i would have re-entered on break of the subsequent bar, because it closed bullish, had a long tail, and this trade would have gone to god knows how many 1: X

here is a condensed version of that volume book.

http://www.forexfactory.com/attachme...hmentid=238959



DONT get pressured into wanting to master volume. i am largely ignoring volume in the last two days and i think i am ok.

EDIT: and, a suggestion (feel free to ignore), dont risk more than 2% on intraday. i know you risk more on long term,but thats different.
Attached Image (click to enlarge)
Click to Enlarge Name: cable_15m_june2010.png Size: 31 KB
  • #412
  • Jun 25, 2010 1:34pm Jun 25, 2010 1:34pm
Quoting bez3000
I missed that one spotted it to late, i did take a eurjpy trade that didn't work out chart below.
Any input into why would be appreciated, maybe its just one of those things?
Bez, I think your set-up has been correct but your entry has been too tight.

If you had entered above the top of first pin adding the spread you would not have got a fill on the next bar to be stopped out on the same bar, but you would get a fill on the third bar and target has been reached.
Regards
  • #413
  • Jun 25, 2010 2:25pm Jun 25, 2010 2:25pm
Quoting DanUK
Yes you're right - and to be totally honest this is something I've always struggled with trend trading. Also the fact that it takes a long time to book your profit (in the daily method at least).

Although at first short term trading can seem unpredictable; with the right combination of tools I actually find the structure easier to anticipate/analyse and I also prefer the fact that a bad trade is dead quickly and a good trade is normally only a few hours before profit booking time!

I'm not saying I'm ditching long term trading but I am going...
Dan,

I believe there is place for several strategies in a traders collection. I did learn VSA very intensively than put is away for some 6 months or so. Than I use it again more and more. It seems to have settled down and I can get more. One have to use it with market structure!

There is place for day trading. You no Malcolmb? That guy knows what he is taling about and he is rather a day trader.

Let us rock!!!!!!!!!!!!!!!!!!
Kind Regards zol
  • #414
  • Jun 26, 2010 3:03am Jun 26, 2010 3:03am
Thanks for the link coolshades, very useful and yes i agree with 2% max.

Quoting coolshades
i didnt take this trade. i have no idea why, because when this was developing i was around to look at charts.

anyway, the circled bit is the area i would have been looking at and looking for price to close above s1. price did, and i would have taken the break of the first bar that closed above S1.

that would have gotten stopped, however, i would have re-entered on break of the subsequent bar, because it closed bullish, had a long tail, and this trade would have gone to god knows how many 1: X

here is a condensed version of that volume book....
  • #415
  • Jun 26, 2010 3:49am Jun 26, 2010 3:49am
I wonder if we could use volume on higher time frames to enhance our trading?
  • #416
  • Edited 8:52am Jun 27, 2010 8:34am | Edited 8:52am
Hi guys,

Thanks for the info on daytraders!

Quoting zoli
There is place for day trading. You no Malcolmb? That guy knows what he is taling about and he is rather a day trader.
Hi zol,

Yes I must admit I've lurked on his thread from time to time and it was actually his clear grasp of VSA that inspired me to look into it (VSA) further... should probably send him a thanks for that!

Quoting bez3000
I wonder if we could use volume on higher time frames to enhance our trading?
Hi bez,

First of all I must say that I haven't looked too deeply into this because at first sight I couldn't see many opportunities to use VSA on long term charts however it was pointed out that alternative feeds for long term charts would be better (such as eSignal or using futures (I think) data) so I will be looking into that soon.

I did think of something else though... what about a combination of the two methods?

Suppose you had a trendline or a 50% level at 1.2300 (just for instance... I'm not referencing any particular currency) and you wanted to place a sell there. Many times I have done this (particularly when I was using the H4 method) and seen price go past that level and I've gone doh!

But what if you could fine tune that entry using VSA/PA on shorter timeframes. Done right and you could be looking at netting 200/300+ pips for 20/30 pips risk! I like that kind of R:R!! Of course there would be plenty of stop outs at BE and a few losses of course but if we really fine tuned entries the wins would outweigh the losses by miles!

Just something I am considering... I may even test this along the way... putting on two positions in that scenario (one for the intraday trade and one for the long term when appropriate).

Of course the original trend trading method was devised so that technical analysis didn't have to be overcomplicated... and I do want to keep it that way so I am not suggesting anyone try this! But I might give it a go!

Regards,

Dan
  • #417
  • Jun 28, 2010 5:14am Jun 28, 2010 5:14am
Hi Dan,


Do you have any more info on the better volume indicator? I understand red=high volume, yellow is low etc...
But what is white climax low? And why are some of the Neutral blue bar longer than others and some have different figures next to neutral? Any info you have or just your understanding of them would be great, thanks.
  • #418
  • Jun 28, 2010 6:21am Jun 28, 2010 6:21am
quick update. no trade for me so far. price has been yo yoing around the pivots on euro and cable for me. dont know if will get time to trade today even if a setup develops. work.

bez- i dont watch any candle other than red or white. more imp than candle colour, is the length of the candle relative to previous candles, and correlate that length to whats happening to price bars.

as i mentioned, the key for me is high volume bars correlating to long tailed bars either at top or bottom or off pivots/resistances/supports or at congestions.
  • #419
  • Jun 28, 2010 10:23am Jun 28, 2010 10:23am
Hi all,

Quiet morning on the intraday front... I am currently long EUR/JPY and will post a chart when I get home - I shall probably start the new journal tonight and will post a link here if I do!

Regards,

Dan
  • #420
  • Jun 28, 2010 11:18am Jun 28, 2010 11:18am
i think i am long for the same reason, same pair, but stopped out.

no other trades for me.

Quoting DanUK
Hi all,

Quiet morning on the intraday front... I am currently long EUR/JPY and will post a chart when I get home - I shall probably start the new journal tonight and will post a link here if I do!

Regards,

Dan
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