DanUK's Advanced Trend Trading Strategy | Page 3 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Advanced Manual Stop Loss Strategy 2 replies

Advanced Strategy Tester 12 replies

DanUK's Intraday Experiment 279 replies

DanUK Simple EUR/USD Trading Journal 2009 1,005 replies

DanUK Trend Trading Journal 2010 433 replies

Attachments: DanUK's Advanced Trend Trading Strategy
Exit Attachments

DanUK's Advanced Trend Trading Strategy

  • #41
  • Sep 9, 2010 7:41am Sep 9, 2010 7:41am
Quoting mc_nish
you say you use the daily and 4 hour chart but the chart you post as example are one hour chart. do you use the one hour also? i like the way you trade thats the way i was taught
Hi mc nish,

Thank you for your question. I rarely watch 1 hour charts - but it does happen occasionally. I will however only do my trend analysis on 4 hour charts and above.

I would recommend thought that people only watch 4 hours and above as signals are much more reliable on higher timeframes. The only reason I posted the 1 hour chart was to show clearly how price moves between round numbers!

Regards,

Dan
  • #42
  • Sep 9, 2010 7:42am Sep 9, 2010 7:42am
Quoting crazzypip
Hi Dan,
As always great work mate.
You explain it all very well, this is totaly the way I want to trade.
Looking forward to folowing you.
CP
Thank you CP - I look forward to more of your posts here!
  • #43
  • Sep 9, 2010 7:44am Sep 9, 2010 7:44am
Quoting tradpat
VERY GOOD, INDEED, DANUK!

Thank you tradpat! I see you have a thread about candlestick trading too... I will have to stop in and check it out!

Regards,

Dan
  • #44
  • Sep 9, 2010 7:47am Sep 9, 2010 7:47am
Quoting Trotty
Very well explained Dan.

You've done a good job here of explaining a few things that can throw traders who are learning. The trend within a trend (i.e lower TF retracement of larger TF trend) and trendline within a main set of high and low trendlines are very well cleared up. Two pretty simple things to get your head around when explained but I see so many new traders on forums who are totally thrown by these aspect of "proper" trading.

I'll enjoy reading this as it develops.
Thank you Trotty!
  • #45
  • Sep 9, 2010 7:58am Sep 9, 2010 7:58am
Quoting laranja
Hi Dan,

Real good and real simple!

Just one question, specially when you are trading on 4hTF, how many bars candlsticks should the chart for analysis have to define the trend? I mean, I feel that depending on zoom in zoom out your perception might change...
Hi laranja,

Thank you! Yes you are right - in order to understand the trend it is best to zoom out as far as you can to get the "big picture". Also, if you are looking at a 4 hour chart I would move up to daily and analyse where we are in relation to the daily trend too.

Once you know were you are you can zoom in a bit so that you can see how price is moving - as I mentioned before there are often trends within a trend and it is important to understand both the big picture and the current trend!

Hope that makes some sense!

Regards,

Dan
  • #46
  • Sep 9, 2010 8:02am Sep 9, 2010 8:02am
Quoting gododdin
Very clearly explained Dan! Thank you! I tend to stick to daily only, and am a follower of Strat's thread and method. Your approach is similar I think. I'll be watching this thread with great interest...
Hi Gododdin,

Thank you! I too prefer to watch the daily charts (although I do trade H4 as well) as the trend is much more easily definable and reliable.

Regards,

Dan
  • #47
  • Sep 9, 2010 8:02am Sep 9, 2010 8:02am
Quoting bez3000
Looking good Dan, nice new thread
Thanks bez! Hope you will be joining in too!
  • #48
  • Sep 9, 2010 8:03am Sep 9, 2010 8:03am
Quoting Sylar
Commander

Trooper No 1 reporting back for duty

Nice thread as well as the blog too.

By the way i know it's over due... Happy belated B'day
Thanks Trooper! We'll skip the court martial this time!
  • #49
  • Sep 9, 2010 8:07am Sep 9, 2010 8:07am
Quoting coolshades
trooper be on guard, commander court martials for lesser reasons than this!
Lol! Good post - made me laugh!
  • #50
  • Sep 9, 2010 8:09am Sep 9, 2010 8:09am
Quoting Sylar
Sir

For those candlestick formations do you wait for the completion of the candlestick before taking a position?

As a trend trader most of the time you will be on the sideline awaiting for the trend to develop during the consolidation phrase... Would you utilised the same trading strategies i.e. RN, S&R, candlestick formations etc to trade these consolidating phrase?

Reason for asking is an accomplished trader (in my view you are an accomplished trader) will be proficient to feel the market pulse and trade it accordingly (trending or consolidating)...
Hi Sylar,

Thanks for the compliment! Yes I do still trade when price is consolidating but I tend to stick with the trend side of it unless I get a particularly good counter-trend signal (which I will come to later on).

Regards,

Dan
  • #51
  • Sep 9, 2010 8:11am Sep 9, 2010 8:11am
Quoting 4Xfactor
Wheeeewwww .... I PM'd you several months ago requesting information about a document you said you were going to write outlining an earlier system. Probably got lost in the noise.

Nice to know you're not ignoring me: Come here you!

Get's lonely sometimes out here in cyberspace.

Good luck with this new thread, I will follow with interest and look forward to your generous and informative insights.

Kind regards,
Lol! Sorry I missed that! I do remember talking about creating a document to summarise my trading - hopefully this thread should do that though!

Regards,

Dan
  • #52
  • Sep 9, 2010 8:16am Sep 9, 2010 8:16am
Hi guys,

I'm cluttering the thread a little with all my replies so I would just like to thank everyone else (Ezzy, Tenapenny, Daxness, desperate and Sim) for wishing me/the thread well! I look forward and welcome everyone getting involved in the future!

Regards,

Dan
  • #53
  • Sep 9, 2010 8:16am Sep 9, 2010 8:16am
Hi Dan,
Thanks for starting new thread,very clear explaination and easy to understand.Looking forward to learning more from you.Thanks
Bhupinder
  • #54
  • Sep 9, 2010 8:42am Sep 9, 2010 8:42am
Quoting kk007
Hi DanUK,

I wonder if you have ever read the book called "Candlestick charting explained" (one of top 50 trading books I think), there are sample pages on google. The book have done large scale statistics on the success rate of the reversal candlestick patterns, which is not very encouraging. If you have time, please read and comment the thread below.

http://www.forexfactory.com/showthread.php?t=252472

cheers,
kk007
Hello kk007,

Thank you for the link and great question! I must admit I haven't read the book but I have just had a look at your thread and I must admit I'm not entirely surprised!

I imagine that the statistics are based on trading any candlestick pattern (regardless of where they form) and if that is true I would tend to agree.

However, from my own personal experience I have found that when taken at high probability locations, candlestick patterns are much more effective. That is why I use them in conjunction with my original trend trading method (at trendlines, support/resistance levels etc) in order to increase the likelihood of the setup working out. I do not have any statistics to back up this claim - it is just from my own experience.

Regards,

Dan
  • #55
  • Sep 9, 2010 9:06am Sep 9, 2010 9:06am
Quoting DanUK
from my own personal experience I have found that when taken at high probability locations, candlestick patterns are much more effective. That is why I use them in conjunction with my original trend trading method (at trendlines, support/resistance levels etc) in order to increase the likelihood of the setup working out. I do not have any statistics to back up this claim - it is just from my own experience.

Regards,

Dan
That's gr8, Dan! You just confirmed my thought!
I can't wait to read and learn from you/your posting!
Your unselfishness and willingness to share have no doubt won many of aspiring traders!

Thank you very much.

p.s. I am all ears listening...

Warmest Regards
Lee
  • #56
  • Sep 9, 2010 9:08am Sep 9, 2010 9:08am
Hey Dan...

Welcome back...looking forward to your thread.
  • #57
  • Sep 9, 2010 9:21am Sep 9, 2010 9:21am
Just wanted to post a quick chart of a setup that happened on NZD/USD earlier today; a nice little hammer that formed at the 0.7200 level (trendline and 50% level). Just as a quick example and to prove that I didn't cherry pick my earlier charts - these setups happen very often and they offer a high probability of success.
Attached Image (click to enlarge)
Click to Enlarge Name: nu.gif Size: 24 KB
  • #58
  • Sep 9, 2010 9:26am Sep 9, 2010 9:26am
Quoting DanUK
Hello kk007,

Thank you for the link and great question! I must admit I haven't read the book but I have just had a look at your thread and I must admit I'm not entirely surprised!

I imagine that the statistics are based on trading any candlestick pattern (regardless of where they form) and if that is true I would tend to agree.

However, from my own personal experience I have found that when taken at high probability locations, candlestick patterns are much more effective. That is why I use them in conjunction with my original trend trading...
Hi Dan,

Thanks for your input. I have quite similar opinion as you. It is like what J16 thread always talks about when using pinbars: Location, Location, Location. Glad that people share the same view.

cheers,
kk007
  • #59
  • Sep 9, 2010 11:08am Sep 9, 2010 11:08am
Systems like these are the best, because they are simple and still very effective.. the best indi for becoming profitable are trendlines and res/sup

keep it coming - subscribed.
  • #60
  • Sep 9, 2010 11:23am Sep 9, 2010 11:23am
yes noticed this but happened when i was in dreamland.

in such set ups, how do you enteR? is it break of the pa candle by X pips, or is it open of new candle?

Quoting DanUK
Just wanted to post a quick chart of a setup that happened on NZD/USD earlier today; a nice little hammer that formed at the 0.7200 level (trendline and 50% level). Just as a quick example and to prove that I didn't cherry pick my earlier charts - these setups happen very often and they offer a high probability of success.
2 traders viewing now