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  • #401
  • Oct 6, 2010 5:31pm Oct 6, 2010 5:31pm
Quoting DanUK
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

Dan, you didn't wait for the retracement on this trade, why is that? I am waiting for a retracement on the Daily time frame, have I missed something?

Cheers.
gjp
  • #402
  • Oct 7, 2010 12:27am Oct 7, 2010 12:27am
Hi guys - sorry I got interrupted yesterday whilst responding to questions and PM's - I will get back to it shortly!

Regards,

Dan
  • #403
  • Oct 7, 2010 12:52am Oct 7, 2010 12:52am
Short EURCHF on 4hr outside bar off upper trend line @ 13375
Looking for a reversal on the dialy trend back to the weekly short trend.

Lower high if this holds.

I was looking at the 134 resistance level and upper trend line, and a second touch of the trend line gave me the comfidence to enter short based on a 4hr outside bar. SL is in place 10 pips above the high 13432 +15 (13447) pips which is a risk of 72pips

Just to add will be watching the lower H4 trend line... looks strong

http://i982.photobucket.com/albums/a...URCHFshort.jpg
  • #404
  • Oct 7, 2010 1:57am Oct 7, 2010 1:57am
Pls dun mind i'm using the pivot indicator for my S&R

Please have a look at the chart below...EG weekly is approaching weekly down trendline as well as the monthly R1...

wad do u guys think about it?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eg weekly.gif Size: 15 KB
Click to Enlarge Name: eg daily.gif Size: 16 KB
  • #405
  • Oct 7, 2010 2:15am Oct 7, 2010 2:15am
EU is approaching Monthly R1, wait & c if it could break thru it onot...

while GJ could possibly break thru the monthly pivot

UJ approaching Monthly S1 &

UC hopefully break thru Monthly S1

Let's see if all these trades could form....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu daily.gif Size: 14 KB
Click to Enlarge Name: gj daily.gif Size: 17 KB
Click to Enlarge Name: uj daily.gif Size: 17 KB
Click to Enlarge Name: uc daily.gif Size: 15 KB
  • #406
  • Oct 7, 2010 2:58am Oct 7, 2010 2:58am
IMO eurchf could go either way at the moment, a trend line will brake very soon and only then will it show it's intension. I am on the sidelines waiting for it to show me the way

Quoting Duke900
Short EURCHF on 4hr outside bar off upper trend line @ 13375
Looking for a reversal on the dialy trend back to the weekly short trend.

Lower high if this holds.

I was looking at the 134 resistance level and upper trend line, and a second touch of the trend line gave me the comfidence to enter short based on a 4hr outside bar. SL is in place 10 pips above the high 13432 +15 (13447) pips which is a risk of 72pips

Just to add will be watching the lower H4 trend line... looks strong

...
Attached Image (click to enlarge)
Click to Enlarge Name: EC.png Size: 38 KB
  • #407
  • Oct 7, 2010 3:59am Oct 7, 2010 3:59am
Quoting Pirabuji
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
Hi Pirabuji,

I placed a sell order but it never triggered. During the day I monitored price on the H4 charts and placed a long based on the bullish engulfing bar off of 0.8700 and simultaneous break of the daily trigger short.

It's one of those times when you can look to trade in either direction... but that is getting onto the more advanced part of the method that I wish to avoid for now (as it happens the EUR/GBP is still in a band of s/r in the 0.8700/0.8800 area and may still head back down - if that happens I will continue selling).

For people new to the method I would recommend sticking with existing and reliable trends only.

Regards,

Dan
  • #408
  • Oct 7, 2010 6:19am Oct 7, 2010 6:19am
Quoting dan89
I think a retrace to the .9800 level will be likley before a bounce up.What do you guys think ?

Weekly
Attachment

Daily
Attachment
Update +200 pips. Pin bar at 9800 level.

Attached Image (click to enlarge)
Click to Enlarge Name: usdcadup.jpg Size: 158 KB
  • #409
  • Oct 7, 2010 10:39am Oct 7, 2010 10:39am
Nice daily pin forming at weekly resistance
Attached Image (click to enlarge)
Click to Enlarge Name: reversals.gif Size: 46 KB
  • #410
  • Oct 7, 2010 3:37pm Oct 7, 2010 3:37pm
Quoting bez3000
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?

Hi bez3000,

Our s/r differ slightly but general outlook is the same so I would say yes it is good analysis!

At the moment I still see this pair as being in a band of s/r in the 0.8700 - 0.8800 area and as such has the potential to go back down however we are in the situation that price has exceeded the previous swing high and broken the s/r level around 0.8500 suggesting an uptrend could develop. I bought into this as price broke out of the multi-inside bar setup that arose on the pullback to retest 0.8500 after the break and I have added to it (all be it on the H4 charts) as price broke the 0.8700 level (mentioned in earlier posts).

Regards,

Dan
  • #411
  • Oct 7, 2010 3:40pm Oct 7, 2010 3:40pm
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.
Hello Fx_Pipin,

Yes, I think you were right to highlight this as a possible setup and I did look to sell the bearish engulfing bar that formed on the 4th however it didn't trigger and has since been invalidated.

Regards,

Dan
  • #412
  • Oct 7, 2010 3:53pm Oct 7, 2010 3:53pm
Hi Dan, thanks for the great thread - subscribed!

I'm looking at the doji candle forming up on the EG just below resistance at 0.8800...

I'm reading this pair differently on a daily basis as price action develops!

What are your thoughts on the short side?

Regards
  • #413
  • Oct 7, 2010 3:53pm Oct 7, 2010 3:53pm
Quoting benem
Hallo guys ,anyone looking at the Pin on Aud/Jpy??
Hi benem,

Actually yes this is a trade I have taken. It's not perfect and it may well go against me but it's one that I am willing to let breathe.

My reasoning is that price failed to break through the 75.00 level after trying for several weeks and has since bounced up and over the next important level at 80.00.

Now bez3000 did mention that it is at a swing high and therefore not a good idea to trade... this is true (well actually it's not quite at the high but on a shallow retracement) but my theory is that it may be showing that the 80.00 level will hold and higher prices are ahead. If that is true we may see this go up to 85.00, maybe 90.00, maybe beyond. So in my eyes it is worth a shot.

I could be wrong of course... it happens! But I am willing to take the risk when such opportunities arise.

Regards,

Dan
  • #414
  • Oct 7, 2010 3:59pm Oct 7, 2010 3:59pm
Quoting seifo005
Hi Dan;
What you think about this setup for the EUR/GBP weekly chart ?
Peace
Hi seifo005,

If it makes it that high I wouldn't be surprised for it to hit 90.00 - now in that scenario my preference would be to see the level break out upwards and for the developing uptrend to continue but I will watch price and see what it tells me... if it hints at moving south I will listen.

Regards,

Dan
  • #415
  • Oct 7, 2010 4:01pm Oct 7, 2010 4:01pm
Quoting GJP
Dan, you didn't wait for the retracement on this trade, why is that? I am waiting for a retracement on the Daily time frame, have I missed something?

Cheers.
gjp
Hi GJP,

I entered on the H4 retracement. However, as mentioned before - H4 timeframes are only to be used once you are used to and profitable on the dailies - they are to be used in addition to the daily setups.

Regards,

Dan
  • #416
  • Oct 7, 2010 4:05pm Oct 7, 2010 4:05pm
Quoting Duke900
Short EURCHF on 4hr outside bar off upper trend line @ 13375
Looking for a reversal on the dialy trend back to the weekly short trend.

Lower high if this holds.

I was looking at the 134 resistance level and upper trend line, and a second touch of the trend line gave me the comfidence to enter short based on a 4hr outside bar. SL is in place 10 pips above the high 13432 +15 (13447) pips which is a risk of 72pips

Just to add will be watching the lower H4 trend line... looks strong
Hi Duke900,

I didn't get any bearish setups on my feed today but I would agree that we are at a location where something could happen!

Now I must ask - are you profitable trading the daily timeframe? If yes then great but if not you shouldn't be looking for H4 setups yet.

Regards,

Dan
  • #417
  • Oct 7, 2010 4:09pm Oct 7, 2010 4:09pm
Quoting goldenFishie
Pls dun mind i'm using the pivot indicator for my S&R

Please have a look at the chart below...EG weekly is approaching weekly down trendline as well as the monthly R1...

wad do u guys think about it?
Hi goldenFishie,

I think this is a possible area of interest but do yourself a favour and drop the pivot indicator. Learn to spot support and resistance with the very best indicator there is - your eyes.

Learning to trade is about learning to read a chart and all the while you are using something else to read the chart for you (i.e. indicators) you will be stopping yourself from truly learning and understanding how to do it yourself.

Regards,

Dan
  • #418
  • Oct 7, 2010 4:12pm Oct 7, 2010 4:12pm
Quoting dan89
Update +200 pips. Pin bar at 9800 level.

Attachment
Good work! This is what it's all about - you identified a level that had a good chance of supporting the trend and you entered once price hinted (with the pin bar) that the level would hold. Congratulations, I hope this turns into a big winner for you (unfortunatley I didn't get a trigger ).

Regards,

Dan
  • #419
  • Oct 7, 2010 4:14pm Oct 7, 2010 4:14pm
Quoting panfried
Hi Dan, thanks for the great thread - subscribed!

I'm looking at the doji candle forming up on the EG just below resistance at 0.8800...

I'm reading this pair differently on a daily basis as price action develops!

What are your thoughts on the short side?

Regards
Hi panfried,

If I may quote from an earlier post...

"At the moment I still see this pair as being in a band of s/r in the 0.8700 - 0.8800 area and as such has the potential to go back down however we are in the situation that price has exceeded the previous swing high and broken the s/r level around 0.8500 suggesting an uptrend could develop. I bought into this as price broke out of the multi-inside bar setup that arose on the pullback to retest 0.8500 after the break and I have added to it (all be it on the H4 charts) as price broke the 0.8700 level (mentioned in earlier posts)."

Regards,

Dan
  • #420
  • Oct 7, 2010 4:29pm Oct 7, 2010 4:29pm
Quoting DanUK
Good work! This is what it's all about - you identified a level that had a good chance of supporting the trend and you entered once price hinted (with the pin bar) that the level would hold. Congratulations, I hope this turns into a big winner for you (unfortunatley I didn't get a trigger ).

Regards,

Dan
Thanks Dan... appreciate the reply. I couldnt resist and took profit at that level (200 ish pips). Mainly due to the bearish pin bar that formed at the prvious swing high ... looks like a double top is forming ...
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