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DanUK's Advanced Trend Trading Strategy

  • #681
  • Dec 3, 2010 12:07pm Dec 3, 2010 12:07pm
Quoting JayTrader
How far back do you usually leave a stop on the longer term trades so it is not affected by news like NFP? I have a nice profit building on a couple of trades with a 150 pip trailer, and don't want to mess these up.
Thanks in advance for any answers
When I trade off a daily chart Im probably not gonna move my stop to b/e until its about 250 in the green, and then ill move it up 250 every time it makes another 250. I used to move it up in 100 pip increments but you end up getting stopped out for too small a profit.

I think DanUK only moves his stop to make it a free trade, i.e. break even, other than that he wont move it at all and will aim for atleast 1000 pips.
  • #682
  • Dec 3, 2010 12:19pm Dec 3, 2010 12:19pm
Quoting elis
what do you think about short on E/U when it arrives to 1.3456 area .
at this point there is:
61.8 fib retrace
strong horizontal resistence line
trand line resistence
200 ema little bit above

any ideas ?

i attach the 4H chart
It looks like a nice little spot, id probably wait for some sort of candle setup on the daily though for confirmation, fundamentally things seem a little unclear at the moment as to euro sentiment vs the dollar. PLus its december. But id wait to see what everyone else says on this before making a decision.

Cheers
  • #683
  • Dec 3, 2010 12:39pm Dec 3, 2010 12:39pm
I have adjusted my stops and will let things ride. Its hard transitioning from taking profit at certain intervals to sitting on your hands and doing nothing. I also agree with your comments on elis charts, that there is not a clear picture of a direction yet
Quoting NaughtyPip
When I trade off a daily chart Im probably not gonna move my stop to b/e until its about 250 in the green, and then ill move it up 250 every time it makes another 250. I used to move it up in 100 pip increments but you end up getting stopped out for too small a profit.

I think DanUK only moves his stop to make it a free trade, i.e. break even, other than that he wont move it at all and will aim for atleast 1000 pips.
Always Learning
  • #684
  • Dec 3, 2010 4:15pm Dec 3, 2010 4:15pm
Quoting JayTrader
How far back do you usually leave a stop on the longer term trades so it is not affected by news like NFP? I have a nice profit building on a couple of trades with a 150 pip trailer, and don't want to mess these up.
Thanks in advance for any answers
I've been burned one too many times on NFP days, so I took the wimpy way out and closed all my trades 2 hours before NFP. I had 110 on the AU, 60 on the NU, 60 on the UJ and 40'ish on EU/GU. I originally had SL's between 100-200 pips away. In retrospect I see that all of these trades (had I left them on) would have gained at least 100 more pips each with NFP. But that would have been by chance and I wasn't willing to risk it on a whim. I was actually anticipating better US news after the last G20 meetings and all the talk in the US about the dollar needing to be strengthened. A prime example of letting all the rumored news I hear cloud my judgment.

Regards
Sentiment: Short on cash. Long on hope.
  • #685
  • Dec 3, 2010 4:19pm Dec 3, 2010 4:19pm
Quoting elis
what do you think about short on E/U when it arrives to 1.3456 area .
at this point there is:
61.8 fib retrace
strong horizontal resistence line
trand line resistence
200 ema little bit above
I think Naughty Pip made some good points...especially about the slow December trading month and the uncertainty of the Euro vs the Dollar.

I would say that the "strong resistance" line you refer to is not really that "strong". A strong resistance line should have at least 2 points in time when it was retested...if not more. It looks like that swing low was the only time price stopped there.

My TLs are drawn a little differently than yours, but it does look like the D1 TL as well as the H4 TL show the 1.3470'ish area as being a potential point for hesitation. The 200ema gives some more confluence in that area.

Regards
Sentiment: Short on cash. Long on hope.
  • #686
  • Dec 4, 2010 3:41am Dec 4, 2010 3:41am
hi, im just wondering do you guys hold your trades over the weekends since you guys have quite large stop losses?

or would you exit and re enter again the following week? thanks.
Whether you can or you can't, you are both right.
  • #687
  • Dec 5, 2010 1:37pm Dec 5, 2010 1:37pm
Quoting fartist
hi, im just wondering do you guys hold your trades over the weekends since you guys have quite large stop losses?

or would you exit and re enter again the following week? thanks.
I hold
  • #688
  • Dec 6, 2010 3:58am Dec 6, 2010 3:58am
Hi Neo,

Dan has previously said he plays price bars even if they are consolidating as long as it is with the trend - http://www.forexfactory.com/showpost...&postcount=491

So that's why I played the bar, i believed it was at a key resistance level. It didn't work out though.

Dan do you have any thoughts on this?

thanks,
P


Quoting NeoRio
I don't trade the ChJ, but I am curious about the area of consolidation that you are reading the OB in....
  • #689
  • Dec 6, 2010 10:05am Dec 6, 2010 10:05am
Great thread DanUK. Just read through it all this weekend and everything you say makes a lot of sense. Also, it brilliantly ties together Fibs & TL in a way I can easily understand. Always had trouble with those two as they seem more an art than a science.

Quoting Pirabuji
Dan has previously said he plays price bars even if they are consolidating as long as it is with the trend - http://www.forexfactory.com/showpost...&postcount=491

So that's why I played the bar, i believed it was at a key resistance level. It didn't work out though.
Looking at the chart, it appears that pair is more in an uptrend having made higher-highs and higher-lows. Also, 83.00 seems to be an area of support. So I might have wanted to see it break below that and retest it before shorting. Anyway, that's just my two cents.

Looking forward to following along in here.
  • #690
  • Dec 6, 2010 1:30pm Dec 6, 2010 1:30pm
Quoting Pirabuji
Hi Neo,

Dan has previously said he plays price bars even if they are consolidating as long as it is with the trend - http://www.forexfactory.com/showpost...&postcount=491

So that's why I played the bar, i believed it was at a key resistance level. It didn't work out though.

Dan do you have any thoughts on this?

thanks,
P
I suppose I'm a bit skeptical about trading candlestick formations when they form in areas of consolidation. I've read Steve Nison's book on Japanese candlesticks...he normally refers to the formations being significant at the top of an up trend, or the bottom of a down trend. When it comes to consolidation, I normally trade the break out of the range. I'm open to better/other ideas though. I don't do a lot of trading on the higher frames when it comes to consolidation, so I'm rather new to knowing how to trade out of consolidation with higher TFs.
Sentiment: Short on cash. Long on hope.
  • #691
  • Dec 6, 2010 4:46pm Dec 6, 2010 4:46pm
For those interested, here is my weekly analysis

NeoRio's Weekly Analysis

P.S. I'm curious to know how many people here would be interested in starting a Skype room to discuss this trading method? I'd be very happy if Dan would be OK with this idea...and if he'd participate in such a room.

Best Regards,
NeoRio
Sentiment: Short on cash. Long on hope.
  • #692
  • Dec 6, 2010 11:38pm Dec 6, 2010 11:38pm
Quoting NeoRio
P.S. I'm curious to know how many people here would be interested in starting a Skype room to discuss this trading method? I'd be very happy if Dan would be OK with this idea...and if he'd participate in such a room.
Sign me up! Instead of cluttering Dan's thread up with charts and such, we could share it amongst ourselves. I'm still in the process of correctly identifying the setups so getting feedback from others would be beneficial.
  • #693
  • Dec 7, 2010 12:01am Dec 7, 2010 12:01am
Quoting NeoRio
For those interested, here is my weekly analysis

NeoRio's Weekly Analysis

P.S. I'm curious to know how many people here would be interested in starting a Skype room to discuss this trading method? I'd be very happy if Dan would be OK with this idea...and if he'd participate in such a room.

Best Regards,
NeoRio
Great idea Neo. I have only just come to grips that I must move to the higher TF's in order to have a more consistant success rate. This thread feels so right for my personality.( maybe cuz it's simple) I would jump on the idea for a room with this thread.
  • #694
  • Edited 12:31am Dec 7, 2010 12:27am | Edited 12:31am
Quoting Darreeb
anyone tried ORDER FLOW S&R.. they seem awesome and accurate ..

-------------
DEC 07, 2010

RPT 24hours levels
Why are you posting this here and what does it have to do with DanUK's trading strategy? I saw you post this in 8 other threads today. Stop the spamming already.
  • #695
  • Dec 7, 2010 3:21am Dec 7, 2010 3:21am
Quoting NeoRio
P.S. I'm curious to know how many people here would be interested in starting a Skype room to discuss this trading method?
I've gone ahead and started a Skype room for Advanced Trend Trading. If you are interested in joining, please either post your Skype handle here or PM me.

Kind Regards,
Neorio
Sentiment: Short on cash. Long on hope.
  • #696
  • Dec 7, 2010 7:29am Dec 7, 2010 7:29am
Hi guys,

Sorry I haven't been around to post lately - been so busy at work I just haven't had the time!

I am glad to see the conversations have continued but I am a bit disappointed to hear about the Skype room. Of course, I have no right to tell people what they can or can't do but the intention of this thread was to discuss the trading method and potential setups here... so that traders can interact here and so that newbies can learn here. Moving away to a private chat setup invalidates the reason I started this thread which is why I haven't gone down that road myself.

Just a thought.

Regards,

Dan

PS... I will be back shortly to reply to the questions that have been directed to me.
  • #697
  • Dec 7, 2010 7:35am Dec 7, 2010 7:35am
Hi Neo - would very much like to further discuss, learn, share this method in your skype room.

You can contact me at my skype handle: esmontjr.

Thx, Jay
  • #698
  • Dec 7, 2010 8:50am Dec 7, 2010 8:50am
Neo about the skype i think it is Great idea for more active trader which need to share ideas more freequantly that in posting and maybee we can try to combine the forum and skype together in some way that Dan will agree about.
  • #699
  • Edited 10:47am Dec 7, 2010 9:38am | Edited 10:47am

Quoting DanUK
Hi guys,

Sorry I haven't been around to post lately - been so busy at work I just haven't had the time!

I am glad to see the conversations have continued but I am a bit disappointed to hear about the Skype room. Of course, I have no right to tell people what they can or can't do but the intention of this thread was to discuss the trading method and potential setups here... so that traders can interact here and so that newbies can learn here. Moving away to a private chat setup invalidates the reason I started this thread which is why I...
Always Learning
  • #700
  • Dec 7, 2010 9:42am Dec 7, 2010 9:42am
Hey Dan.

Hello from a fellow Brit (Well, Welshman actually) but probably spend more time in England due to travelling with my job.

Anyway I have spent over a year reading books and forums on forex trading trying to find a way to be comfortable with a way of trading that fits in with my work commitments. I have never demo traded (due to being told that it's unreal and pychologically not the right thing to do) but have practiced on shorter time frames with mixed results. But two things always stand out to me which make a lot of sense, after all this time studying I agree that Price Action and Support & Resistance seem logical and sensible.

So, onto your excellent thread I stumbled and realised this is how I want to START my trading as it fits all of my criteria.

I have spent days just reading your posts and those of the excellent subscribers who are joining you on this journey and I hope to be a part of this. This is my first ever post on FF because I have never read anything that fits so well with what I want to do. I am determined to get this trading right and with all of your experience and the knowledge of your subscribers I can do that. However, I realise I must contribute and find my own way, so I will be drawing up about 10 pairs of currency to start with and will be spending my time drawing lines both S & R and Trend. I have read an excellent book on Candlesticks by Steve Nison so I think I am well practiced in Reversal Patterns etc.

Once I have learned how to post charts on this forum, I will ask what you think if thats OK.

I think then it might be good if we can all start contributing to a "Watch List" and look out for potential trades we all agree with.

Thanks Dan and sorry for being a bit long winded.
Paul.
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