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DanUK's Advanced Trend Trading Strategy

  • #861
  • Dec 24, 2010 12:03pm Dec 24, 2010 12:03pm
Quoting DanUK
My checklist, goes something like this...

1. Are we with the trend?

2. Has price retraced to a key support/resistance level?

3. Has price retraced to a fib level?

4. Has price retraced to a trendline?

5. Has price formed a "trigger"?
Good checklist. By "trigger" do you mean a candle formation? If so, would you mind listing your favorite candle formations in their order of priority?

Thanks
Sentiment: Short on cash. Long on hope.
  • #862
  • Dec 24, 2010 4:43pm Dec 24, 2010 4:43pm
merry xmas to all
  • #863
  • Dec 26, 2010 6:18am Dec 26, 2010 6:18am
Quoting NeoRio
Good checklist. By "trigger" do you mean a candle formation? If so, would you mind listing your favorite candle formations in their order of priority?

Thanks
From reading the neginning of the thread, as far as I am aware dan only trades pinbar ( shooting star and hammer) and outside bar (engulfing patterns). For me these patterns are the only ones that are credible.

In my opinion there are way too many different candle patterns to consider and I often wonder if steve nison really actually practices what he preaches in his books or whether he just needed to fill 200 pages of formations in order to make his book go for more than $40 a piece.
  • #864
  • Dec 26, 2010 1:28pm Dec 26, 2010 1:28pm
Quoting DanUK
I wish! My life would be sweeeeeeeeet then! But alas I'm afraid it is not (codable)!
Now, there is a challenge. http://cdn.forexfactory.com/images/s..._the_floor.gif

Hehe, not even I think this is codable into an ea. I might be able to offer the occasional little thingy to help. We shall see; I am only on P7 so far, so still a bit of reading to go.

  • #865
  • Dec 26, 2010 1:30pm Dec 26, 2010 1:30pm
Quoting NaughtyPip
I often wonder if steve nison really actually practices what he preaches in his books or whether he just needed to fill 200 pages of formations in order to make his book go for more than $40 a piece.
Heh, I've heard from several sources that Steve is not a trader, so I imagine you're right.
Sentiment: Short on cash. Long on hope.
  • #866
  • Dec 28, 2010 11:41am Dec 28, 2010 11:41am
Quoting andelumut
@ DanUk,,

how about my analysis,,??
i hope GU continue downtrending
Hi andelumut,

Yes I agree, G/U looks like it is heading down at the moment. The level I was looking for (that was hit today) was 1.5500 - which you can see from the attached chart is one of those important levels that price seems to find!

Regards,

Dan
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  • #867
  • Dec 28, 2010 11:46am Dec 28, 2010 11:46am
Any thoughts about the daily pb that is forming on eurgbp? I know it hasn't really retraced much yet but is sitting at res level at 8550 to 8600 area.
Attached Image
  • #868
  • Dec 28, 2010 11:58am Dec 28, 2010 11:58am
Quoting NeoRio
Good checklist. By "trigger" do you mean a candle formation? If so, would you mind listing your favorite candle formations in their order of priority?

Thanks
Hi NeoRio,

Yes I do mean a candle formation. My favourite candlestick pattern would be the hammer/shooting star followed by the bullish/bearish outside bar and the bullish/bearish engulfing bar. Any of them at an "area of interest" is a good looking trade to me.

I do also pay attention to inside bar setups but I only tend to trade them when I am adding to an existing position that is already in profit - I don't tend to trade them otherwise. The reason being is that the setup itself already signals indecision so the trade is not as "certain" was a good reversal setup (such as a shooting star).

That's about it though, I don't tend to trade anything more than those few - and that is simply down to my own experience in using them as "tools". So far, I have found them to be more reliable than other formations. I believe that by limiting myself to trading from the best locations with setups that I have confidence in I am more likely going to limit the number of trades I take and reduce my "exposure" in that sense.

Regards,

Dan
  • #869
  • Dec 28, 2010 12:00pm Dec 28, 2010 12:00pm
Quoting NaughtyPip
From reading the neginning of the thread, as far as I am aware dan only trades pinbar ( shooting star and hammer) and outside bar (engulfing patterns). For me these patterns are the only ones that are credible.

In my opinion there are way too many different candle patterns to consider and I often wonder if steve nison really actually practices what he preaches in his books or whether he just needed to fill 200 pages of formations in order to make his book go for more than $40 a piece.
That's right... being picky about your trading parameters works two ways - it helps to increase your chances of a positive trade by taking better setups and reduces your likelihood of large drawdown by limiting your exposure to the market.

Regards,

Dan
  • #870
  • Dec 28, 2010 12:02pm Dec 28, 2010 12:02pm
Quoting SteveHopwood
Now, there is a challenge. http://cdn.forexfactory.com/images/s..._the_floor.gif

Hehe, not even I think this is codable into an ea. I might be able to offer the occasional little thingy to help. We shall see; I am only on P7 so far, so still a bit of reading to go.

Hi Steve,

Good to see you having a look! Personally, I think the method is more reliant on judgment than anything codable but you are the man for the job if I am wrong! Lol!

Regards,

Dan
  • #871
  • Dec 28, 2010 12:08pm Dec 28, 2010 12:08pm
Quoting jcalow
Any thoughts about the daily pb that is forming on eurgbp? I know it hasn't really retraced much yet but is sitting at res level at 8550 to 8600 area.
Hi jcalow,

I wouldn't be taking any trades at the moment, due to the holiday season, but it is a nice looking bar! If it were at any other time I would still be concerned that you would be trading directly into 0.8500 which I think would be dangerous and only gives this trade around 20 pips (at time of writing) to "breathe".

I am not a critical person (which is probably not a good quality in my efforts to help people learn this method) but if I may suggest... I would recommend clearing your chart a little. I would remove the grid (and those squiggly lines!) to help see price better. To learn and understand the movement of price you need to see it a little clearer! It will help you to get a better feel for the market if you learn to better read price.

Regards,

Dan
  • #872
  • Dec 28, 2010 1:22pm Dec 28, 2010 1:22pm
Quoting DanUK
Hi Steve,

Good to see you having a look! Personally, I think the method is more reliant on judgment than anything codable but you are the man for the job if I am wrong! Lol!

Regards,

Dan
Where I might be able to help is with nanningbob-style 'waiting' ea's. For example, we are hoping for an outside bar to trigger a sell and want to enter at the start of a new candle if the outside bar completes satisfactorily. An ea that measures the bar and sends a one-off trade when conditions are met can save some angst if we cannot be at the computer during the relevant period.

We shall see. I do not know if I can adapt successfully to longer-term trend trading. Basically, I code trading ea's because I am a rubbish trader.

Hoping to learn, though, and always trying.

  • #873
  • Jan 2, 2011 2:15pm Jan 2, 2011 2:15pm
wonder if MOVE will move up
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  • #874
  • Jan 3, 2011 10:25am Jan 3, 2011 10:25am
Quoting jcalow
Any thoughts about the daily pb that is forming on eurgbp? I know it hasn't really retraced much yet but is sitting at res level at 8550 to 8600 area.
Hi, I try to give my look on that symbol.
I can see higher highs and higher lows on the weekly chart, so I think we are in uptrend. But move up is limited by the decreasing trendline, which worked well as resistance on October last year. It would be better to wait for a break of any trendlines which made a triangle together.
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  • #875
  • Jan 3, 2011 10:36am Jan 3, 2011 10:36am
I am already in the long EU trade since 30th of December after engulfing bar sitting on the increesing trendline. So far +130pips, I already moved the SL to BE. The first chart is weekly, the second daily EU.
Attached Image(s) (click to enlarge)
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  • #876
  • Jan 3, 2011 2:09pm Jan 3, 2011 2:09pm
For anyone interested, here is my latest analysis video:

Weekly Analysis

Kind Regards,
Neo
Sentiment: Short on cash. Long on hope.
  • #877
  • Jan 3, 2011 2:17pm Jan 3, 2011 2:17pm
Quoting NeoRio
For anyone interested, here is my latest analysis video:

Weekly Analysis

Kind Regards,
Neo
Thanks Neo and All the best for 2011!
  • #878
  • Jan 4, 2011 12:25pm Jan 4, 2011 12:25pm
On the daily charts, eur/jpy, usd/cad and usd/chf look good right now, any opinions?
  • #879
  • Jan 4, 2011 2:38pm Jan 4, 2011 2:38pm
Hey Homiez,

I'm liking the look of the EU on the D1 for a possible short:

 

  1. Resistance holding at 1.3350
  2. Consolidation around the 61.8 retracement
  3. 200ema confirming the double/triple top
  4. Divergence on the SS
  5. A bearish looking candle forming on the D1

I'll decide in a few hours with the new D1 candle forming if it is a good entry.

Regards,
NeoRio

Attached Image (click to enlarge)
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Sentiment: Short on cash. Long on hope.
  • #880
  • Jan 4, 2011 3:38pm Jan 4, 2011 3:38pm
Quoting NeoRio
Hey Homiez,

I'm liking the look of the EU on the D1 for a possible short:

 

  1. Resistance holding at 1.3350
  2. Consolidation around the 61.8 retracement
  3. 200ema confirming the double/triple top
  4. Divergence on the SS
  5. A bearish looking candle forming on the D1

I'll decide in a few hours with the new D1 candle forming if it is a good entry.

Regards,
NeoRio

you are right on most, but I think if the divergence was bearish, it should rise on price and decrease on the indicator, but it didnt. The rest of arguments is right, but I still believe it is going up. You also must not forget the big support on 1,33
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