DanUK's Advanced Trend Trading Strategy | Page 41 | 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

  • #801
  • Dec 16, 2010 2:28pm Dec 16, 2010 2:28pm
Quoting paulwales
Hi Mark.

Dan favours S&R (Location) above anything else, especially at round numbers, so in hindsight I should have waited until a break through 111.00 (another 20 pips) His favoured Fib retracement is 50% as well.

So for this particular trade, putting together strong S&R, 50% Fib, bearish OB, (Although not the best) and heading towards the 111.00 as I write. I should feel confident. But as a relative newbie I still have my fingers crossed. Interested in Dans thoughts.

Regards
Paul
Ah, perhaps I should have read this before I cautioned the trade, lol! Not to worry though - I think it has a good chance of working out.

I just wanted to clarify though...

A bearish outside bar would have had a higher high than the previous bar and a lower close.

In this case we did not have a higher high but the actual body of the candle did engulf the body of the previous candle (and had a lower close) and therefore qualifies as a bearish engulfing bar/candle.

Regards,

Dan
  • #802
  • Dec 16, 2010 2:30pm Dec 16, 2010 2:30pm
Quoting lukyman
Hi Dan et-al. Just found this thread and thought I'd say hello. Have skimmed thru and found it really interesting. When I have time I will try and study it. I am very new to trading but will try and keep any questions to a minimum.
Thanx
Hello lukyman,

Feel free to ask... this is a learning thread so you are quite welcome!

Regards,

Dan
  • #803
  • Dec 16, 2010 4:40pm Dec 16, 2010 4:40pm
Hi one and all.
Thought I'd offer this to the thread.
Hope this fits with Dans criteria.
Shorter term trend line clearly broken.
Longer term still valid.
Sitting on key 0.7400 level.
Resistance turned into support.

Regards

Paul
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nzd.gif Size: 19 KB
Click to Enlarge Name: nzd2.gif Size: 21 KB
Never underestimate an idiot.
  • #804
  • Dec 17, 2010 12:58am Dec 17, 2010 12:58am
Hi Paul,

I hope you are using low leverage if you are using real money while you learn! I actually think it is good to trade with real money whilst you are learning but only if you are using very low leverage and can afford to lose the whole lot lol!

Hi Dan.

I'm not risking much at all but it is real money, I would rather learn this way to get used to the disappointments along the way, but hopefully will have less of those compared to wins. I will look at the account and pip value at the end of every month.

Not a good start though, the E/J went against me for a 45 pip loss.

Better luck next time. I think in hindsight I would have waited for a price drop through 111.000 (round number) which never happened.

Regards
Paul
  • #805
  • Dec 17, 2010 1:24am Dec 17, 2010 1:24am
Hi one and all.
Thought I'd offer this to the thread.
Hope this fits with Dans criteria.
Shorter term trend line clearly broken.
Longer term still valid.
Sitting on key 0.7400 level.
Resistance turned into support.


Hi Paul.

Thanks for your contribution. This is certainly one to watch.

Regards
Paul.
  • #806
  • Dec 17, 2010 5:27am Dec 17, 2010 5:27am
Quoting paulwales
Hi one and all.
Thought I'd offer this to the thread.
Hope this fits with Dans criteria.
Shorter term trend line clearly broken.
Longer term still valid.
Sitting on key 0.7400 level.
Resistance turned into support.


Hi Paul.

Thanks for your contribution. This is certainly one to watch.

Regards
Paul.

Hi paul, its the quote button in the bottom right of the post you want to quote that you are looking for, rather than copying and pasting
  • #807
  • Dec 17, 2010 7:24am Dec 17, 2010 7:24am
Quoting NaughtyPip
Hi paul, its the quote button in the bottom right of the post you want to quote that you are looking for, rather than copying and pasting
Got it. Thanks NP. That's made life a bit easier.

Regards
Paul
  • #808
  • Dec 17, 2010 8:10am Dec 17, 2010 8:10am
Quoting uncle gromit
Hi one and all.
Thought I'd offer this to the thread.
Hope this fits with Dans criteria.
Shorter term trend line clearly broken.
Longer term still valid.
Sitting on key 0.7400 level.
Resistance turned into support.

Regards

Paul
Hi Paul,

To me this looks like a short. I tend to gauge the trend on the daily chart and the flow at present is down.

The breaking of the daily trendline would suggest to me that lower prices are ahead. Just my humble opinion... I could be wrong of course!

Regards.

Dan
  • #809
  • Dec 17, 2010 8:12am Dec 17, 2010 8:12am
Quoting paulwales

Not a good start though, the E/J went against me for a 45 pip loss.

Better luck next time. I think in hindsight I would have waited for a price drop through 111.000 (round number) which never happened.

Regards
Paul
Hi Paul,

Where did you place your stop? On my feed, this short should still be in play.

Regards,

Dan
  • #810
  • Dec 17, 2010 9:08am Dec 17, 2010 9:08am
Hi Paul,

To me this looks like a short. I tend to gauge the trend on the daily chart and the flow at present is down.

The breaking of the daily trendline would suggest to me that lower prices are ahead. Just my humble opinion... I could be wrong of course!

Regards.

Dan[/quote]

Afternoon Dan,

I totally agree with you on the break of the daily trendline.
It just seemed appropriate to show the really big picture on the weekly as well.

Regards

Paul
Never underestimate an idiot.
  • #811
  • Dec 17, 2010 9:57am Dec 17, 2010 9:57am
Quoting DanUK
Hi Paul,

Where did you place your stop? On my feed, this short should still be in play.

Regards,

Dan
Hi Dan.

I'm gutted having seen where E/J has fallen. Due to my leverage I placed my stop just above the high of the day at 111.65. I guess it should have been 112.20 region.
Never mind. That's why I'm here.....To learn.

Not too much lost and we do have to learn to take them.

Regards
Paul.
  • #812
  • Dec 17, 2010 11:44am Dec 17, 2010 11:44am
Quoting uncle gromit

Afternoon Dan,

I totally agree with you on the break of the daily trendline.
It just seemed appropriate to show the really big picture on the weekly as well.

Regards

Paul
Gotcha!
  • #813
  • Dec 17, 2010 1:29pm Dec 17, 2010 1:29pm
Quoting paulwales
Hi Dan.

I'm gutted having seen where E/J has fallen. Due to my leverage I placed my stop just above the high of the day at 111.65. I guess it should have been 112.20 region.
Never mind. That's why I'm here.....To learn.

Not too much lost and we do have to learn to take them.

Regards
Paul.
Hi Paul,

That's ok - I'm sure we've all done that once or twice! The important thing now is not to rush into any new trade because you feel you missed out on this one... remain objective at all times!

For future trades I would recommend placing your stop above the high (or low if it is a long). That way you avoid getting stopped out early whilst the trade is playing out.

It may be that position sizing with your broker won't allow this in which case I would recommend considering Oanda. I'm not sure if I'm allowed to recommend a broker but when it comes to position sizing Oanda are really good... unlike other brokers they do not work on the traditional lot size; they use their own sizing which means you can tailor your position so that it meets your % risk to literally within a couple of pennies! I don't like their charts though so!

Just something to think about!

You are of course correct though - taking losses is part of the game!

Regards,

Dan
  • #814
  • Dec 17, 2010 2:41pm Dec 17, 2010 2:41pm
Quoting DanUK
...The important thing now is not to rush into any new trade because you feel you missed out on this one... remain objective at all times!
Very good advice, Dan. This has been my tendency when losing a trade...and the cause for my ruin many-a-time.

Quoting DanUK
For future trades I would recommend placing your stop above the high (or low if it is a long). That way you avoid getting stopped out early whilst the trade is playing out.
Sorry Paul, to hear you got stopped out. I am in profit now with +60 pips on this EJ short...I had the same draw down you did and I felt like pulling the plug, but decided to let my stop stay where it was originally placed (above the high of the swing +5 pips)...thankfully price has dropped back down as originally anticipated. I'll set my stop to BE +5 and let this one stay on over the weekend.

Kind Regards
Sentiment: Short on cash. Long on hope.
  • #815
  • Dec 17, 2010 3:33pm Dec 17, 2010 3:33pm
Got stopped out today at breakeven. Todays high was just 7 pips above my stop.
  • #816
  • Dec 17, 2010 5:48pm Dec 17, 2010 5:48pm
Quoting DanUK
As clear as mud!? Time and practice will of course help with things so keep at it!
Hi Dan,
Thank you for the input!
I will continue building my daily charts and follow the thread. As you said, practice will make it better.
Regards,
WindPip
  • #817
  • Dec 18, 2010 12:08am Dec 18, 2010 12:08am
Quoting DanUK
Hi Paul,

To me this looks like a short. I tend to gauge the trend on the daily chart and the flow at present is down.

The breaking of the daily trendline would suggest to me that lower prices are ahead. Just my humble opinion... I could be wrong of course!

Regards.

Dan


Hope your right Dan, I entered that trade a few days ago.
  • #818
  • Dec 18, 2010 2:12am Dec 18, 2010 2:12am
Quoting GJP
Hope your right Dan, I entered that trade a few days ago.
GJP, remember...Dan's not responsible for any trades we may take. The ultimate decision to take or not take a trade is each person's to make. This is not a signal service, but rather a thread devoted to training how to do Advanced Trend Trading and using current examples to help in the process.

Kind Regards,
NeoRio
Sentiment: Short on cash. Long on hope.
  • #819
  • Dec 18, 2010 3:25am Dec 18, 2010 3:25am
i've only just shorted eurusd off an H4 pin bar at 1.34, i have never pyramided to a winning position so in order to break into 'riding it all' i'm going to scale out at the lows and back in when another signal forms.
what i will do is look for good entries of s/r , once those hit their targets i will scale out most of them, say 2/3 and then when another trade comes along i will add the 2/3 back in but further away, kind of an out of volatility trailing stop on the trend.

i am only trading eurusd dan, do you think only one pair is enough?
i will mainly be using the 8/21 emas of daily charts to help with trend,generally it seems to work
  • #820
  • Dec 18, 2010 3:58am Dec 18, 2010 3:58am
Quoting NeoRio
Very good advice, Dan. This has been my tendency when losing a trade...and the cause for my ruin many-a-time.


Sorry Paul, to hear you got stopped out. I am in profit now with +60 pips on this EJ short...I had the same draw down you did and I felt like pulling the plug, but decided to let my stop stay where it was originally placed (above the high of the swing +5 pips)...thankfully price has dropped back down as originally anticipated. I'll set my stop to BE +5 and let this one stay on over the weekend.

Kind Regards
Thanks Neo. No major disaster, I am determined to get this right and losing will become part of that learning curve, as long as I manage my money correctly and listen to you guys to see where I went wrong. So thanks all for your feed back and good luck with your short E/J Neo.

Dan, Thanks for the Oanda link, I will check it out as at the moment I can only trade in full pound lots.

I will just monitor things now guys and start making a journal of pairs to watch and what I would have done. Then start back trading again in the new year. So taking Neo and Dans advise of not rushing into another trade.

If I don't post again next week, I wish you all a merry xmas and a very prosperous new year.

Kind regards
Paul
1 trader viewing now