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Trend Trading Chart Thread

  • #1,741
  • Jul 7, 2010 12:35pm Jul 7, 2010 12:35pm
Longs be aware that we are coming close to the long term bearish outer trendline... I will be tightening my stop here and looking for potential reversal signs.

Same goes for EUR/USD.
  • #1,742
  • Jul 7, 2010 1:22pm Jul 7, 2010 1:22pm
Quoting DanUK
Hi Coolshades,


Something I meant to add earlier - I have taken a short on USD/CHF; H4 trend is down at the moment (daily is not clear). Bearish outside bar formed this morning off of the rather steep trendline and the 1.0600 level and I sold below at 1.0580 (stop at 1.0640 above setup bar). I actually missed a similar entry before at 1.1100 but at that time I was not clear if the trend had changed or not. Looking back it would have been a reasonable trade but I wasn't really watching H4 at the time.

Dan
Nice to see i am getting there, i entered at the same place and have already moved to BE for the same reason http://www.forexfactory.com/showpost...postcount=1735
This makes my day .
  • #1,743
  • Jul 7, 2010 1:27pm Jul 7, 2010 1:27pm
Quoting DanUK
EUR/NZD - I'm not sure how you have your trendline drawn but on my chart the outer trendline was not broken. I got an H4 double high with lower close off of the trendline and closed below 81. I took the break below this bar at 1.8060. Be interested to know if you got in too?

Regards,

Dan
I am just waiting for this pair to close below the 50% and enter short @ 1.7900.
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  • #1,744
  • Jul 7, 2010 1:28pm Jul 7, 2010 1:28pm
Are you long or short on eurnzd and usdchf and at what price?also how are you entering on h4 after following daily? And lastly what kind of sls and how quickly are you moving them



Quoting DanUK
I should also add that I agree - 1.0500 is what I consider a "key" level and I will certainly be moving my stop to BE when we get there. Look for a very good PA signal here and we may be going long again... but I suspect (and this is only a feeling, nothing substantial) that we may be going lower.

EUR/NZD - I'm not sure how you have your trendline drawn but on my chart the outer trendline was not broken. I got an H4 double high with lower close off of the trendline and closed below 81. I took the break below this bar at 1.8060. Be interested...
  • #1,745
  • Jul 7, 2010 1:34pm Jul 7, 2010 1:34pm
Quoting bez3000
Nice to see i am getting there, i entered at the same place and have already moved to BE for the same reason http://www.forexfactory.com/showpost...postcount=1735
This makes my day .
LOL! Nice one! Sorry I missed your post before. Funny that we are in on the same price - great minds think alike I guess!!

Regards,

Dan
  • #1,746
  • Jul 7, 2010 1:35pm Jul 7, 2010 1:35pm
Quoting coolshades
Are you long or short on eurnzd and usdchf and at what price?also how are you entering on h4 after following daily? And lastly what kind of sls and how quickly are you moving them
Hi Coolshades,

If I may refer you to: http://www.forexfactory.com/showpost...postcount=1738 and http://www.forexfactory.com/showpost...postcount=1737

Cheers!

Dan

PS... EUR/NZD is short
  • #1,747
  • Jul 7, 2010 1:54pm Jul 7, 2010 1:54pm
Quoting bez3000
I am just waiting for this pair to close below the 50% and enter short @ 1.7900.
Hi Bez,

If it does (and it looks like it will) then you will need about a 400 pip stop loss so make sure you position yourself correctly.

Also be aware of the potential trade stoppers as per the attached chart (however if they break these levels you could be looking to make several hundred pips here).

Other than that, best of luck to you!

Regards,

Dan
Attached Image (click to enlarge)
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  • #1,748
  • Jul 7, 2010 1:55pm Jul 7, 2010 1:55pm
Moved stop to B/E now.
  • #1,749
  • Jul 7, 2010 3:29pm Jul 7, 2010 3:29pm
wouldnt this apply to your short at 8060 too?

Quoting DanUK
you will need about a 400 pip stop loss


Dan
  • #1,750
  • Jul 7, 2010 3:38pm Jul 7, 2010 3:38pm
Quoting coolshades
wouldnt this apply to your short at 8060 too?
No not really. My position is based on a particular PA setup so I am looking at a 200 pip stop.

Regards,

Dan
  • #1,751
  • Jul 7, 2010 5:15pm Jul 7, 2010 5:15pm
Bez & Coolshades - thank you for participating in our trendline discussion. You were the only two takers which was a little surprising but it does show your commitment to winning which is a good thing.

I've often wondered why we don't get more interest in this thread... we follow a sound method that gives very good opportunities to make a lot of money. The trouble with it I suppose is it takes hard work and understanding to make that money.

I think most people on this forum are looking for a quick fix to their trading woes. It's evident when you see the swathes of sheep following the self-appointed gurus around here.

Fortunately we are different and will be around long after they have failed.

Good luck in your trading.

I may leave this place to you guys now. Perhaps it is time to move on to something else.

Regards,

Dan
  • #1,752
  • Jul 7, 2010 6:32pm Jul 7, 2010 6:32pm
Hi Dan,
I’ve also wandered the same thing, this is one of the best forums on ff.
I hope you are not leaving this place as I think we all miss your insight.
I for one really appreciate your hard work and all the other members.
CP
  • #1,753
  • Jul 7, 2010 6:51pm Jul 7, 2010 6:51pm
Are you talking about just this thread or all of your threads?

If all of them then I'm just left with 2 to follow here that don't make me

Picture Tennis & The Comedy Club. Everything else seems to have wandered to places it wasn't meant to be. I may not contribute much but I follow all the time when I can.

Happy trading!
  • #1,754
  • Jul 7, 2010 6:57pm Jul 7, 2010 6:57pm
I know this is not really a trend trade.
My short U/C at 10555
I made a mistake on the first target, it is 1.04800 38% fib retrace.
second target 1.04200 50% fib.



I am also short now A/U 0.8650. strong res here I think.


CP
  • #1,755
  • Jul 7, 2010 7:12pm Jul 7, 2010 7:12pm
Quoting Fx_Genius
Pending E$ southern trip @ 1.25. Any other takers?
Still in.....

Might add if it does what I think it might. Bounce off 1.275-1.28 and back down. Else I play what I have.
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  • #1,756
  • Jul 8, 2010 12:14am Jul 8, 2010 12:14am
I draw trend lines for weekly, daily and 4hr. I use the lows.

Trading these lines can be very profitable, and you can do away with indicators if you follow a few simple rules...

1. The steeper the line the shorter it lasts, keep your stops tight if it moves away quickly. Keep your stops just above (resistance) or below (support) the line.

2. The price will always move back towards the support or resistance to test it, if there’s been a sizeable move, wait for the consolidation to bring it back to the line, then trade.

2. You need at least three touches (or points in a line) to confirm that it is a support or resistance level. Two is not enough. If the price action moves away fast from the line connected by these points it’s probably the dying gasp, but don’t trade until you hit that line again.

3. A good way to choose an entry is to look for an established line and follow it up with sell orders a few pips below (support) or buy orders above the line (resistance) in the opposite direction.

4. If a “trend” is older and you're not sure if it's going to break or not, wait till you're on the line and then straddle it, that way you can get into an older move. I wouldn’t recommend this though; rather wait for a change in direction. Once you’re into the rhythm you’ll almost always have an open position.

5. If you’re not sure phase in your trades, add to your position every ten or twenty pips.

6. Breaks off support and resistance are generally confirmed by big bars or a big bar, so if you see one on a line you know the “trend” has probably changed.

7. Price does not like support or resistance levels. It mostly tests them and then moves away quickly. You’ll rarely find much price action in the vicinity of the line. If price is hanging around a support or resistance level, it’s likely to break in the opposite direction.

8. If the market is moving up you only trade the support line, if down you only trade the resistance line...

I had this filed away on my pc , I think i copied from jacko's thread. Cheers Auspip
  • #1,757
  • Jul 8, 2010 12:26am Jul 8, 2010 12:26am
huh? why? you stopping trend trading? stopping posting?

Quoting DanUK

I may leave this place to you guys now. Perhaps it is time to move on to
  • #1,758
  • Jul 8, 2010 1:33am Jul 8, 2010 1:33am
DanUK, i have been following your threads for a long time already. Please don stop posting/contributing. After reading through your 2009 threads till now, I have changed my trading plan as it is more of stress-free for me and I don have to monitor it every hour of the day. I must admit I have not been contributing to your thread as I am more into absorbing info and looking hard at my charts trying to spot entries.

I will try to contribute more in the future.
  • #1,759
  • Jul 8, 2010 2:12am Jul 8, 2010 2:12am
Dan don't leave this thread i think it will die without you, you are a great trader and people read and post here for your advice help and guidance. I think between this thread and your intraday thread you have it sewn up pretty well. Anyway surly you would miss us


Quoting DanUK
Bez & Coolshades - thank you for participating in our trendline discussion. You were the only two takers which was a little surprising but it does show your commitment to winning which is a good thing.

I've often wondered why we don't get more interest in this thread... we follow a sound method that gives very good opportunities to make a lot of money. The trouble with it I suppose is it takes hard work and understanding to make that money.

[color=black][font=Verdana]I...
  • #1,760
  • Jul 8, 2010 2:16am Jul 8, 2010 2:16am
By the end of the week growth is freedom.
And the train to the north has not stopped ...
Rollback within the "volatility-liberties" in the pipe.
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