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DanUK's Advanced Trend Trading Strategy

  • #381
  • Oct 4, 2010 2:40pm Oct 4, 2010 2:40pm
for some reason those last 2 charts that i posted did not update the candles. Anyway is this similar to what you have

Bearish Outside Bar
Trendline
.8700 RN and previous S/R

Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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  • #382
  • Oct 4, 2010 4:37pm Oct 4, 2010 4:37pm
Quoting DanUK
Hi GJP,

What do you mean by "major" s/r areas?

Regards,

Dan

Hi Dan,

By major S/R areas, I mean areas that have been tested many times and stood strong as opposed to S/R areas in a trend that are tested lightly before trend continues.

Cheers.
  • #383
  • Oct 5, 2010 12:04am Oct 5, 2010 12:04am
I should just mention to anyone considering the E/G short - it is not an A+ setup; reason being that the most recent high at the s/r level around 0.8500 has been broken which suggests the trend may be turning.

I would say this trade is a last attempt short - if it fails longs will be in play.

Regards,

Dan
Attached Image (click to enlarge)
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  • #384
  • Oct 5, 2010 12:24am Oct 5, 2010 12:24am
Hi all - I've put together a very simple summary of Dan's method - it's very small - in fact I printed it, laminated it and it fits in my wallet! It doesn't go into any detail at all - just the bare bones of the strategy (I just wanted a check list so that I don't do anything stupid), but feel free to use it as you like, or use it as a basis for making your own more detailed synopsis.

I ran it past Dan first by the way....

Cheers, G
Attached File(s)
File Type: doc Even Simpler2.doc   26 KB | 1,011 downloads
When in doubt, sit on your hands...
  • #385
  • Oct 5, 2010 1:20am Oct 5, 2010 1:20am
Hey Dan,

Great explanation, were you in from the pin from around the 15th of June? Can't tell exact date from your chart. Did you add on the BEOB around 3rd of feb?

Seems like it would have been a great trade, shows it really is worth it to be patient for these trades.

How long have you been trading like this? What have your results been so far?

Thanks,
P


Quoting DanUK
Hi Danku,

Ok... hopefully this little GBP/USD example should explain it a little better.

The first chart shows March/April this year where the previous high (in the downtrend) marked with a red arrow was broken; now this could have been a signal that the trend was changing but I was also interested in how price would react at the key s/r level around 1.5500 - as you can see, in this instance the level held price back and the downtrend continued.

The second chart shows May/June this year - again the previous high (marked by the red arrow)...
  • #386
  • Oct 5, 2010 1:43am Oct 5, 2010 1:43am
Hi Dan

Are you taking this short or are you going to wait on the sidelines to see a trend develop?

If you are staying on the sidelines how would to determine which trend is in motion? My guess is:

If this BEOB goes down to the 0.8500 level and then gives a long signal then treat this as a new uptrend being established.
If the BEOB closes below the 0.8500 then consider the downtrend still in motion and look for opportunities to add.


Thanks,
P


Quoting DanUK
I should just mention to anyone considering the E/G short - it is not an A+ setup; reason being that the most recent high at the s/r level around 0.8500 has been broken which suggests the trend may be turning.

I would say this trade is a last attempt short - if it fails longs will be in play.

Regards,

Dan
  • #387
  • Oct 5, 2010 7:09am Oct 5, 2010 7:09am
Dan i traded this long. my reasoning was that:

  1. It made higher high.
  2. My S&R line at 8610 got broken.
  3. Price moved over 100 pips past S&R then came back to retest.

Would this be a good analysis of this pair Dan?

Quoting DanUK
I should just mention to anyone considering the E/G short - it is not an A+ setup; reason being that the most recent high at the s/r level around 0.8500 has been broken which suggests the trend may be turning.

I would say this trade is a last attempt short - if it fails longs will be in play.

Regards,

Dan
  • #388
  • Oct 5, 2010 10:40am Oct 5, 2010 10:40am
Quoting DanUK
I should just mention to anyone considering the E/G short - it is not an A+ setup; reason being that the most recent high at the s/r level around 0.8500 has been broken which suggests the trend may be turning.

I would say this trade is a last attempt short - if it fails longs will be in play.

Regards,

Dan
Hey Dan,

Great thread!

Correct me if i am wrong but EUR/GBP looks like a great opportunity to enter for a short with low risk. Simply because we have respect of the down trend line, and the 61.8% retracement which is also backed by major resistance.
Attached Image (click to enlarge)
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  • #389
  • Oct 5, 2010 11:01am Oct 5, 2010 11:01am
Just my take on EUR/GBP.

Quoting Fx_Pipin
Hey Dan,

Great thread!

Correct me if i am wrong but EUR/GBP looks like a great opportunity to enter for a short with low risk. Simply because we have respect of the down trend line, and the 61.8% retracement which is also backed by major resistance.
Attached Image (click to enlarge)
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  • #390
  • Oct 5, 2010 6:33pm Oct 5, 2010 6:33pm
Quoting gododdin
Hi all - I've put together a very simple summary of Dan's method - it's very small - in fact I printed it, laminated it and it fits in my wallet! It doesn't go into any detail at all - just the bare bones of the strategy (I just wanted a check list so that I don't do anything stupid), but feel free to use it as you like, or use it as a basis for making your own more detailed synopsis.

I ran it past Dan first by the way....

Cheers, G

Thanks gododdin.
  • #391
  • Oct 5, 2010 6:38pm Oct 5, 2010 6:38pm
Quoting bez3000
Just my take on EUR/GBP.

I agree bez.
  • #392
  • Oct 5, 2010 11:50pm Oct 5, 2010 11:50pm
Hallo guys ,anyone looking at the Pin on Aud/Jpy??
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Patience is essential
  • #393
  • Oct 6, 2010 12:15am Oct 6, 2010 12:15am
Quoting benem
Hallo guys ,anyone looking at the Pin on Aud/Jpy??
Hi benem,

Nice pin bar but not for me, reason being its at a swing high! If this pin was forming at a swing low with the trend it would look allot better to me.
If price had retraced maybe another 50 pips then formed a pin to go long it would look tempting for me.
Thats just my humble opinion.
  • #394
  • Oct 6, 2010 12:37am Oct 6, 2010 12:37am
Quoting bez3000
Hi benem,

Nice pin bar but not for me, reason being its at a swing high! If this pin was forming at a swing low with the trend it would look allot better to me.
If price had retraced maybe another 50 pips then formed a pin to go long it would look tempting for me.
Thats just my humble opinion.
Hi Bez, thanks for the replay...i agree with you, is just 1% of my account....compared to the potential reward...
Bye
Patience is essential
  • #395
  • Oct 6, 2010 8:54am Oct 6, 2010 8:54am
Quoting GJP
Thanks gododdin.
You're welcome!
When in doubt, sit on your hands...
  • #396
  • Oct 6, 2010 10:57am Oct 6, 2010 10:57am
Thanks from me too gododdin, I'v not been trading for a while and that will be a handy check list.
  • #397
  • Oct 6, 2010 11:52am Oct 6, 2010 11:52am
Quoting dan89
for some reason those last 2 charts that i posted did not update the candles. Anyway is this similar to what you have

Bearish Outside Bar
Trendline
.8700 RN and previous S/R

Attachment

Attachment
That's the one!

I placed a pending sell below the BEOB... it didn't trigger and the high of the setup was broken today so I cancelled the order.

I have actually placed a long based on a Bullish Engulfing Candle that appeared on the H4 charts that happened to coincide with the break of the previous setup, so I am currently long from 0.8730 - this delves into how I use the H4 charts in conjunction with the dailies but I don't recommend it until people are familiar with trading and are profitable on the dailies.

Regards,

Dan
Attached Image (click to enlarge)
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  • #398
  • Oct 6, 2010 11:54am Oct 6, 2010 11:54am
Quoting GJP
Hi Dan,

By major S/R areas, I mean areas that have been tested many times and stood strong as opposed to S/R areas in a trend that are tested lightly before trend continues.

Cheers.
Ah! Well in that case then... yes! I tend to go for those strong s/r areas to get into a trade!

Regards,

Dan
  • #399
  • Oct 6, 2010 12:02pm Oct 6, 2010 12:02pm
Quoting Pirabuji
Hey Dan,

Great explanation, were you in from the pin from around the 15th of June? Can't tell exact date from your chart. Did you add on the BEOB around 3rd of feb?

Seems like it would have been a great trade, shows it really is worth it to be patient for these trades.

How long have you been trading like this? What have your results been so far?

Thanks,
P
Hi Pirabuji,

Yes... if you mean 19th Jan and 3rd Feb!

Patience is the key to it... it takes a lot of mental work to get used to the waiting and not letting yourself mess with a trade but it is definitely worth it!

I have only been trading with the "long term" holding this year... prior to 2010 I traded in a similar manner but I trailed my stop much tighter. I would say my results are better with the long term method and stress levels are not even comparable... long term trading, once you get into it really takes the edge off of trading.

Regards,

Dan
  • #400
  • Oct 6, 2010 12:21pm Oct 6, 2010 12:21pm
Hi Dan;
What you think about this setup for the EUR/GBP weekly chart ?
Peace
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