DanUK's Intraday Experiment

I am re-opening this journal in an attempt to document my next endeavour into the world of intraday trading… please refer to the updated first post for explanation and then come back here for trades…

My first trade was long GBP/USD @1.6270.

Two thirds of the position taken off at 1:1 and the remainder left to run to hit the upper target...

Second trade was to sell USD/CAD from supply back down to demand level... short @ 0.9762.

First target was achieved quite quickly but it took until Friday for the final target to hit.

Third trade was long USD/JPY @ 81.74; first and second targets hit the following day.

Long EUR/USD @ 1.3857

2/3 off at 1:1 with remainder off at 1:2.

Long GBP/USD @ 1.6286

This is a good example of "proactive" trade management! Price gave quite a solid rejection of previous support at 1.6305 so I tightened my stop loss to close out if price continued to fall... which is what happened.

I am currently trading at 1.5% risk per trade (so a successful outcome, 2/3 off at 1:1 and 1/3 off at 1:2 results in 2% profit) which meant that this trade came out at 0.65% profit (not great but better than a loss).

Sold USD/JPY @ 82.40

This was my first loss -1.5% (which coincided with my second loss... see next trade)...

Short GBP/JPY @ 133.95

Stupid exposure to JPY resulted in my second -1.5% loss!

My earlier trade (Trade No 2) took a while but eventually hit it's target on Friday.

The target was the lower demand level which I then took as a long trade @ 0.9712. Due to uncertainty on this one I didn't really want to leave it open over the weekend so I took the whole trade off at 1:1. I may regret that on Monday if price continues to shoot up, but what's done is done!

Final one for the week was long USD/CHF @ 0.9267. This one was slightly different in that I traded a "support turned resistance" level.

This one achieved the 2/3 target at 1:1 quite quickly and I have left the remainder on targeting 1:2.

All in all this was a really good week. Out of the 9 trades only 2 ended up as full losses (-3% combined). The week ended up +9.12% although the remaining 1/3 of this last trade has the potential to reduce or increase that figure next week depending what happens when the market opens.

I am trading quite aggressively at the moment as it is only a small live account that I can afford to blow if necessary! I also know that there will be times when I won't have as much opportunity to trade so one must make hay whilst the sun shines!

Ok that's it for now... I will continue trading and posting as close to live trades as I can, next week.

Hi Dan,

Interesting stuff, can i just check a few things with you?
Are you just trading S&R on the 15m time frame, or is there more to it than that?
Are you using MACD or volume at all?
Can you layout why you entered and exited a trade?
Are you drawing S&R levels from a higher time frame?

Hope you don't mind the questions?

Sold USD/JPY @ 82.05 after testing support turned resistance, targetting lower demand level.

Sold AUD/USD @ 1.0174 after rejection of supply area... will be managing careful with these potential zones in mind...

Sold EUR/USD @ 1.4008 targetting lower level

AUD/USD trade is 2/3 off @ 1:1, USD/JPY is not looking too healthy right now!

USD/JPY closed for a loss -1.5%
EUR/USD closed at breakeven
AUD/USD hit full target +2.5%

I am now long USD/CAD @ 0.9715 (Trade No 13)

Hi Dan,

I have had a look at the "price is everything" forum and it does look interesting. I have also looked up Sam Seiden on who the forum seems to be based. Sam has an interesting take on support and resistance trading referring to it as supply and demand which i guess it is. Any more info on how you are adapting this style to your intraday trading?

Hi mate,

Sorry for the slow reply.

Yes, I am using the Sam Seiden version of s/r (supply and demand in his terms) - essentially taking what is shown on the 15m charts and trading them from the highs to the lows and vice versa as best I can! This can be applied to any time frame... it just happens to be 15m that suit me at the moment.

I am using MACD for divergence confirmation and volume in the same way as I did when I was experimenting with VSA (high volume into supply/demand levels). Neither are essential to the method but both add an extra degree of confidence in the trade if I see them!

Entries are based on what I deem to be rejection of the supply/demand levels... this includes analysing price action stuff (pin bars etc) and just generally watching how price reacts at the level. Multiple long-wicked bars and things like that.

I hope that makes some sense. I don't mind questions at all - just remember though that I am still learning with this one so don't take my word as gospel!!

Regards,

Dan

Nearly missed that one... I've read/watched a lot of Sam Seiden stuff over the years but I've never managed to trade that way - it's always been my goal to be able to trade pure supply and demand levels and the "price is everything" thread really helped to bring things together for me.

Slight change of plan on loonie... price failed to break the supply level so I am now short @ 0.9729.

Target is lower level (as shown) or possibly down to 0.9700 if price moves in my favour for that long!