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  • #701
  • Dec 7, 2010 1:03pm Dec 7, 2010 1:03pm
Quoting DanUK
...I am a bit disappointed to hear about the Skype room.
So sorry to hear this, Dan. Please feel free to remove my post about the Skype room (FF won't allow me to). I never intended to draw attn away from this wonderful thread. I would like to continue to stay with this thread and read every post and contribute.

The idea with the Skype room was to be able to get quicker responses for upcoming trades that would have a valid entry before a reply in this thread would come.

Kind Regards,
Neo
Sentiment: Short on cash. Long on hope.
  • #702
  • Dec 8, 2010 3:42am Dec 8, 2010 3:42am
Hi Neo.

Although I agree with Dan about the skype issue (It wouldn't be so accessible to us guys in the UK and other parts of the world) I very much appreciate your contribution to this thread and find your vidoes extremely helpful, long may they continue (please)

Paul
  • #703
  • Dec 8, 2010 4:54am Dec 8, 2010 4:54am
Hi Everyone,

I think the solution to the skype proposal would simply be to contribute to a watch list on this particular thread as paulwales previously mentioned.

This would enable anybody that is online to be able to quickly access potential setups but at the same time not take things away from this thread.

Obviously the watch list should not be a replacement for your analysis, but simply highlight potential trading ideas to the mass, you would then simply go to the chart and see if the setup makes sense to you and trade accordingly.

I liked the initial idea by NeoRio but I can see Dans concerns as well.

I hope that is of value :-)
  • #704
  • Dec 8, 2010 6:23am Dec 8, 2010 6:23am
Hi,

I have a theory which I was hoping you guys and girls could provide some feedback on. I have just posted this in NightMoves thread but since this veer similar I thought I'd post it here too.

I believe that Trend trading is more suited to daily charts where as trading the swings and retracements is probably better done on th 4hr.

The reason I say this is that when a trend gets into motion it really goes and hence pull backs on the daily can be a rare occurrence. So would it be right to say that you can trade in the direction of the major trend but enter on the pull backs on the 4hr chart.

I know that the daily and 4 hour can be trending in opposite directions and obviously that is something that you need to take into account but generally speak does what I say make sense?

I think maybe this is what Dan talks about when he refers to entering on a signal from a lower timeframe but maybe he could confirm?

If this is the case earlier in the thread Dan mentioned that when the thread is mature he would add this functionality... Maybe now is a good time to start?


Thanks
  • #705
  • Dec 8, 2010 6:46am Dec 8, 2010 6:46am
Good call on the euro turning down Neo.
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
Always Learning
  • #706
  • Dec 9, 2010 2:22am Dec 9, 2010 2:22am
Hi All,

I am new to forex but already with a bias for Price Action. My limited forex training comes from forums and from using a demo account for a couple of months. I have just finished reading the whole thread and I found it very interesting and educative. Thank you DanUK for sharing your knowledge!
I would like to be part of the group and learn from you.

However, I sense the risk that this thread deviates from its initial direction. Use of indicators, patterns, smaller time frames, etc., is often included in the discussion which takes away the focus from DanUK's method.
Please keep this thread on track! Thank you!

Regards,
WindPip
  • #707
  • Dec 9, 2010 3:51am Dec 9, 2010 3:51am
However, I sense the risk that this thread deviates from its initial direction. Use of indicators, patterns, smaller time frames, etc., is often included in the discussion which takes away the focus from DanUK's method.
Please keep this thread on track! Thank you!

Regards,
WindPip[/quote]


Hi windpip, I was thinking the same thing.
  • #708
  • Dec 9, 2010 3:34pm Dec 9, 2010 3:34pm
I'm going to try and do a little catch-up on posts as I have neglected this thread a bit lately... starting here:

Quoting NeoRio
Not sure if you had a chance to see the videos I posted. In this video, if you forward to the 2 minute mark, I asked about candle formations. I was hoping you might comment a little bit about the usage of candle patterns for a confirmation on entry. If you don't mind me asking, what inspired you to use candle patterns for further confirmation after the 50% fib level, S&R levels and TL's? As you know, Jacko (and others) relied quite heavily on the 50% Fib retracement...
Hi NeoRio,

Going back before the "credit crisis" trends, particularly in the Euro seemed to be a lot more stable. I used to enter based on a bounce off of a s/r level but with the increased volatility of the current economic climate I decided to look for extra confirmation... hence my introduction of candlestick patterns. You are right in that you do give up pips whilst waiting for the completed signal but overall I believe the extra confirmation keeps you out of most bad trades and you are therefore rewarded with lower losses.

With regards to my E/U short... once price smashed it's way through key s/r around 1.3700/1.3800 I was ready to consider selling.

These day's I am looking to trade the big moves. It just suits me better to allow the longer term trends to work for me.

Regards,

Dan
  • #709
  • Dec 9, 2010 3:43pm Dec 9, 2010 3:43pm
Quoting Pirabuji
Hi Dan

chart attached, pink arrow shows the bar i took, it looks like a good zone where price has previously supported or resisted, what do you think?

Can i also get your thoughts on this CHFJPY BEOB?

thanks
Hi Pirabuji,

This is a little late I know (apologies for that) but I figure another look at it might help to clarify things.

With regards to the CHF/JPY setup... personally I would have been interested in this if the BEOB had formed higher up off of 85.00. In this case the location wasn't of interest to me.

With regards to the EUR/CHF setup... I've attached a chart of how I read this. In my opinion, price had broken down below 1.3500 and below the recent up trendline. To me this looked like the resumption of the downtrend.

I'm not sure if that is of any help but hopefully you might be able to take something from it!

Regards,

Dan
Attached Image (click to enlarge)
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  • #710
  • Dec 9, 2010 3:49pm Dec 9, 2010 3:49pm
Quoting Sohail786
Anyone going long here? meets all my criteria to go long, but Euro is getting smashed on many Euro pairs, so am thinking might be a pause to a further down move.

comments welcome


thanks sohail
Hi Sohail786,

I mentioned earlier that I was short Euro at this time... my main reason for taking that bias is that once the key support level around 1.37/1.38 was broken it would turn to resistance and sustain a move further down.

In these instances it is the "key" levels of support/resistance that help me define the trend.

Regards,

Dan
Attached Image (click to enlarge)
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  • #711
  • Dec 9, 2010 3:55pm Dec 9, 2010 3:55pm
Quoting HxMark
Hi Dan

Could you clarify what you mean by the break of s/r invalidates swing low. Which swing low are you referring to?

Just trying to make sure I understand fully

Also with your EUR/USD & EUR/CAD trades, have you moved your stops to BE yet and if so when did you move them?

Thanks

Mark
Hi Mark,

Hopefully a chart will make things clearer... swing lows at support... potential swing highs at resistance!

Regards,

Dan
Attached Image (click to enlarge)
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  • #712
  • Dec 9, 2010 4:01pm Dec 9, 2010 4:01pm
Quoting elis
Hello guys

first appologise for my bad english, it is not my first language..
I am new here and was so happy to find this thread, i think it is exactly what i was looking for. i have been trading for about 2 years, trying new method but never actually stick with one , and while jumping from one method to another i have lost a lot of money .
in the last few month i decided to learn and develope my own trading method which is very similar to DanUK metod, no more day trading,no more impulsive in and out,no more not sticking to my ruls.
i...
Hello elis,

Glad to hear you plan to stick to your rules. I have found that having the patience and discipline to stick to one's rules is half the battle!

With regards to lower timeframes... it can be done but honestly the best thing about this trading method is that you don't have to get too specific about things. You don't have to agonize over ten pips here or twenty pips there... there is plenty of profit to be had just trading daily setup candles.

Regards,

Dan
  • #713
  • Dec 9, 2010 4:03pm Dec 9, 2010 4:03pm
Quoting NeoRio
Thanks for the answer. On the D1, price is above the 200EMA (long bias), on the H4 it is below the 200EMA. What I ended up doing was placing POs for both long and short. The long PO is set on the D1 TF and has a 180 SL (with proper MM in place). The H4 has a PO below the spinning top candle with a much tighter SL and more moderate targets for TP1.

I use MYFX for managing the trade. I try to always use a TP1 of greater or equal to the initial SL. TP2 is usually set to run.

Best Regards,
NeoRio
Just to clarify my position on this... trade bias should be determined by the daily charts. Trading H4 setups should only be done in sync with the daily bias.

Regards,

Dan
  • #714
  • Dec 9, 2010 4:08pm Dec 9, 2010 4:08pm
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
Hi Jay,

As I am looking for long term moves 500/1000+ pips at a time news releases, even big ones like NFP, tend not to impact my trading. I wouldn't put on a position just before the release, for obvious reasons, but generally speaking news is not a major issue for me.

Intraday movement is not of too much concern to me... it is where price made it too at the end of the day that interests me!

Regards,

Dan
  • #715
  • Dec 9, 2010 4:12pm Dec 9, 2010 4:12pm
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.
Hi fartist (could we get a little clarification on that handle... is it fart-ist or f-artist! Sorry... my childish mind is amusing me at the moment),

Under this strategy it is important to hold your positions for as long as they are technically relevant. I will hold my positions over the weekend and for as long as the chart tells me it makes sense to.

Regards,

Dan
  • #716
  • Dec 9, 2010 4:13pm Dec 9, 2010 4:13pm
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
Hi Pirabuji,

Generally speaking I prefer candles that stand out but overall it is the location that is of importance to me. If the setup candle is sub-par but the location is A+ I will trade it.

Regards,

Dan
  • #717
  • Dec 9, 2010 4:16pm Dec 9, 2010 4:16pm
Hi there. I'd appreciate any comments/input on this AU short trade I've been in for a couple days. Please see my chart (below) to see where I entered. I took the break of the D1 bearish candle...but realized I was going rather CT. I had the opportunity to set stops to BE at +80, right before AUD news the other day (and should have), but didn't. I'm currently at +5 pips (better than the -70 after the AUD news). At any rate...curious for comments or other observations on whether I should exit now or hold.

Thanks,
Neo
Attached Image (click to enlarge)
Click to Enlarge Name: au-d1.gif Size: 34 KB
Sentiment: Short on cash. Long on hope.
  • #718
  • Dec 9, 2010 4:18pm Dec 9, 2010 4:18pm
Quoting paulwales
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...
Hi Paul,

Always nice to see a fellow Brit here! I'm pleased to welcome you to the thread and also, as it's your first post, to Forex Factory too!

I look forward to your contributions and welcome all charts and questions. I would also be happy to see people contribute to a "watch list" of potential trades. It seems to me like a sensible progression of the thread.

Regards,

Dan
  • #719
  • Dec 9, 2010 4:23pm Dec 9, 2010 4:23pm
Quoting NeoRio
So sorry to hear this, Dan. Please feel free to remove my post about the Skype room (FF won't allow me to). I never intended to draw attn away from this wonderful thread. I would like to continue to stay with this thread and read every post and contribute.

The idea with the Skype room was to be able to get quicker responses for upcoming trades that would have a valid entry before a reply in this thread would come.

Kind Regards,
Neo
Hi Neo,

I wouldn't want to remove your post... as I wouldn't want to be seen as a thread dictator! If people want to discuss trading in a skype room (or by any other means) I have no right to tell them not too!

However, I do appreciate everyone's contributions to this thread and hope we can continue to build a respectable community of trend traders here. If the day comes that we need to move on to something more specific or dedicated I will of course entertain suggestions but for now I would like to try and see this thread grow a little more and perhaps help a few more people who might otherwise struggle. Being that most of the trading I am advocating takes place off of daily setups I would like to think we would be able to get fast enough responses on this thread, for now at least.

I for one will try to make more of an appearance here in order to keep things going and I would be pleased to see you here too!

Regards,

Dan
  • #720
  • Dec 9, 2010 4:31pm Dec 9, 2010 4:31pm
Quoting NeoRio
Hi there. I'd appreciate any comments/input on this AU short trade I've been in for a couple days. Please see my chart (below) to see where I entered. I took the break of the D1 bearish candle...but realized I was going rather CT. I had the opportunity to set stops to BE at +80, right before AUD news the other day (and should have), but didn't. I'm currently at +5 pips (better than the -70 after the AUD news). At any rate...curious for comments or other observations on whether I should exit now or hold.

Thanks,
Neo
Hi Neo,

I don't like to give out specific advice on what someone should do as there is every chance I could be wrong! However, the way I look at these things is to re-analyze the initial trade. If I feel the initial trade was valid, even if things aren't going my way, I will hold. If however, I review the initial trade and decide that my logic was flawed I will consider closing the position.

I hope that helps. A/U looks undecided on direction at the moment and makes for harder trading. I will personally be looking to candlestick setups to guide me as to the right entry/direction.

Regards,

Dan

PS... I've got to go now as my eye's are getting heavy and I feel the need for a large Jack Daniel's before heading to bed!
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