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DanUK's Intraday Experiment

  • #261
  • Mar 10, 2011 1:57pm Mar 10, 2011 1:57pm
After getting my ass kicked by the E/U today I took a little revenge trade selling E/J @ 114.74 (below the good looking shooting star in my chart) targeting 114.50.
Attached Image (click to enlarge)
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  • #262
  • Mar 10, 2011 2:04pm Mar 10, 2011 2:04pm
I possibly should have quit whilst I was ahead but I couldn't resist a sell on EUR/GBP @ 0.8595.

Normal procedure applies... 2/3's off at 1:1 (if it makes it) then targeting 0.8550 for 1:3 return on the remainder.
Attached Image (click to enlarge)
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  • #263
  • Edited 4:18pm Mar 14, 2011 3:57pm | Edited 4:18pm
Well, last Thursday's E/G short closed for a loss making it my first losing day (at -1%).

I didn't have time to take any trades on Friday.

All in all the week ended well... up 9.3% (compared to 10.12% for the week before).

I have taken only two trades today...

No 26 - Long AUD/USD @ 1.0069 (2/3's taken off at 1:1, 1/2 still running to upper target).

No 27 - Short GBP/USD @ 1.6168.

I have noticed that a couple of times that I have had trades open late in the US session that have spilled over into Asia before going into profit tend to end up as losses... that looks like it could be the case with my G/U trade. I haven't got a defined rule on this yet but it is something worth keeping an eye on!

Dan
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 26 AU_2011-03-14.png Size: 28 KB
Click to Enlarge Name: 27 GU_2011-03-14.png Size: 28 KB
  • #264
  • Mar 15, 2011 7:22am Mar 15, 2011 7:22am
So, the remaining 3rd of my AUD/USD trade (No 26) hit my stop so the trade ended +0.5% in the end.

My GBP/USD trade (No 27) hit both targets for about +2.2%.

I have two trades open right now... (I have just closed 2/3's of the E/U trade at 1:1).
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: GU_2011-03-15.png Size: 31 KB
  • #265
  • Mar 15, 2011 8:53am Mar 15, 2011 8:53am
Missed this beautiful short on USD/CAD earlier...

Just posting to remind myself to pay attention!!
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  • #266
  • Mar 15, 2011 2:23pm Mar 15, 2011 2:23pm
Quoting DanUK
So, the remaining 3rd of my AUD/USD trade (No 26) hit my stop so the trade ended +0.5% in the end.

My GBP/USD trade (No 27) hit both targets for about +2.2%.

I have two trades open right now... (I have just closed 2/3's of the E/U trade at 1:1).
EUR/USD hit both targets. First target hit 1:1 for +26 pips and the remaining 3rd hit TP for +105 pips (1:4) which is a net 3%. I then made an attempt to short E/U at the demand level (shown below) but this failed.

GBP/USD has hit first target @ 1:1 for +40 pips and has the final third currently floating at about +80 pips.
Attached Image (click to enlarge)
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  • #267
  • Mar 16, 2011 8:28am Mar 16, 2011 8:28am
After getting burned on my last E/U trade I was a bit cautious about getting back in but something was telling me to short again (voices in my head maybe!). So I sold the hourly pin bar that formed off of the slightly higher demand level and this trade is doing ok so far. 2/3's have been taken off at 1:1 for +33 pips and the remainder is still open.

I have only taken one trade today... long USD/CAD as shown below. Price is currently struggling against a minor demand level (and has missed my initial target by 5 pips!).
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EUR_USD_2011-03-16.png Size: 35 KB
Click to Enlarge Name: USD_CAD_2011-03-16.png Size: 33 KB
  • #268
  • Mar 16, 2011 9:13am Mar 16, 2011 9:13am
Time for one more... then back to work!

Long EUR/CHF.

I have moved my stop to breakeven on E/U as the entry has been retested and moved back down... if it comes back again I see it going to a higher zone so will re-enter if I get a signal to!
Attached Image (click to enlarge)
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  • #269
  • Mar 16, 2011 10:26am Mar 16, 2011 10:26am
Quoting DanUK
Time for one more... then back to work!

Long EUR/CHF.

I have moved my stop to breakeven on E/U as the entry has been retested and moved back down... if it comes back again I see it going to a higher zone so will re-enter if I get a signal to!
EUR/CHF Failed. I'm getting paranoid about posting things live here! It seems that almost every trade I post "live" turns around on me!

USD/CAD and EUR/USD are still running.
  • #270
  • Mar 16, 2011 4:26pm Mar 16, 2011 4:26pm
Why was I not short here????
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  • #271
  • Mar 19, 2011 3:29am Mar 19, 2011 3:29am
Quoting DanUK
All in all the week ended well... up 9.3% (compared to 10.12% for the week before).
So this is where you've been hiding from us, Dan! Impressive little trade blog you have going on here. It's nice to see you trading very similar to your D1/H4 position trading method. Great results I might add, too.

Kind Regards,
Neo
Sentiment: Short on cash. Long on hope.
  • #272
  • Mar 22, 2011 2:22pm Mar 22, 2011 2:22pm
Quoting NeoRio
So this is where you've been hiding from us, Dan! Impressive little trade blog you have going on here. It's nice to see you trading very similar to your D1/H4 position trading method. Great results I might add, too.

Kind Regards,
Neo
Hi Neo,

Thanks! I keep meaning to pop into the trend trading thread but I have been so pressed for time lately I just haven't had the chance!

In fact yesterday evening was the first trade I've taken since last Wednesday!

It was a bit of a late one and didn't manage to get a screenshot of it but the basics were as follows... GBP/USD Short @ 1.6313, stops at 1.6330 and final target of 1.6262. I just managed to take 2/3's off at 1:1 before the trade turned around on me - so ended +0.5% (chart below).

I'm weighing up a couple of trades at the moment and will post them if I enter. I am thinking about taking a short on Cable... currently at a supply area (although it's been ranging for a while) and a possible long on EUR/GBP... currently at demand.

I've got a feeling I may occasionally refer to supply and demand around the wrong way!

Last week, although I only traded three days I actually had my best return (just) at +10.15% for the week - mainly due to a couple of good trades that had better R:R! I'm trying to refine my entries a bit now to go for good setups that also have reasonable potential profit margins! So far so good... but I think beginners luck is an element in play at the moment! I'm cautiously prepared for everything to go wrong soon lol!

Regards,

Dan
Attached Image (click to enlarge)
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  • #273
  • Mar 22, 2011 4:41pm Mar 22, 2011 4:41pm
Quoting DanUK
It was a bit of a late one and didn't manage to get a screenshot of it but the basics were as follows... GBP/USD Short @ 1.6313, stops at 1.6330 and final target of 1.6262. I just managed to take 2/3's off at 1:1 before the trade turned around on me - so ended +0.5% (chart below).
Would it be possible to list the basic criteria you use to enter your trades? Just a simple point form would be great...from what I see your style on the M15 is very similar to your ATT style on D1/H4, but I'd appreciate seeing if you are approaching the setups differently. I see you're using a couple more indicators.

Quoting DanUK
I've got a feeling I may occasionally refer to supply and demand around the wrong way!
What Sam Seiden calls Supply/Demand, the rest of us call Support/Resistance!

Quoting DanUK
Last week, although I only traded three days I actually had my best return (just) at +10.15% for the week - mainly due to a couple of good trades that had better R:R! I'm trying to refine my entries a bit now to go for good setups that also have reasonable potential profit margins! So far so good... but I think beginners luck is an element in play at the moment! I'm cautiously prepared for everything to go wrong soon lol!
That's great. What time of the day did you do your trading?--or during what session?

Best Regards,
Neo
Sentiment: Short on cash. Long on hope.
  • #274
  • Mar 23, 2011 8:25am Mar 23, 2011 8:25am
Quoting NeoRio
Would it be possible to list the basic criteria you use to enter your trades? Just a simple point form would be great...from what I see your style on the M15 is very similar to your ATT style on D1/H4, but I'd appreciate seeing if you are approaching the setups differently. I see you're using a couple more indicators.


What Sam Seiden calls Supply/Demand, the rest of us call Support/Resistance!


That's great. What time of the day did you do your trading?--or during what session?

Best Regards,
Neo
Hi Neo,

I took the G/U trade short last night in the end (chart attached). 2/3's taken off at 1:1 for +50 pips and the remainder is still running. I believe the longer term trend is up so I will be looking for a signal to buy - at which point I will also cut my short.

With regards to the time of day - I will generally trade any time but mainly use London and/or NY sessions as it suits me best.

I do approach the method slightly differently in that I am willing to trade counter to the longer term trend - because it is more of an intraday strategy I am happy to take both sides of the coin.

The basic criteria for my trades are...

1. Price should be stalling at a fairly obvious supply/demand level! What I mean by obvious is I tend to go for the levels at the more extreme swing highs and lows rather than the inner levels.

2. Sam Seiden does not advocate entry confirmation as far as I know and I hope to be able to trade that way too but for now I am watching price action at the levels. In this particular case (G/U below) I was watching PA on the hourly charts (due to time at the moment I can't trade 15M) and we saw a few pin bars... signalling rejection of the level so I placed an entry below.

3. There should be reasonable space for the trade to run before hitting the opposing supply/demand level. 1:1 is an absolute minimum but I try to aim for 1:2 or 1:3 where I can.

I do also have volume and MACD on my chart but more for confirmation... MACD for divergence (I also sometimes use RSI) and volume in the way I used it in my earlier experiment - high volume bars into a supply or demand level followed by appropriate PA is another thing I like to see (but is not necessarily essential).

I hope that helps to give an idea of what I am trying! The beauty is that this can be done on any timeframe - when I can I trade 15M but if I am struggling I can move up to 1H+. It also chimes in with my trend trading method... for instance I was looking for a long into the Euro back at 1.3750 and using this method I got an entry with a tiny stop (in at 1.3760 with 20 pip stop) which is currently up 360 pips or R:R of 1:18 at the moment (price is currently retracing but am assuming the trend is still up)!

Regards,

Dan
Attached Image (click to enlarge)
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  • #275
  • Mar 23, 2011 4:28pm Mar 23, 2011 4:28pm
Thanks, Dan,

As usual, you are an officer and a gentleman, taking your time to explain and go over things in a very well explained manner.

Best Regards,
Neo
Sentiment: Short on cash. Long on hope.
  • #276
  • Mar 24, 2011 5:16am Mar 24, 2011 5:16am
Well things started well this week but has since turned sour!

I closed my G/U short and went long which got closed out. I also took an A/U short (attached) also got closed out. Combined loss of -3%.
Attached Image (click to enlarge)
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  • #277
  • Mar 24, 2011 8:56am Mar 24, 2011 8:56am
Trying to make this market pay me back! Went long on USD/CAD - quite a tight stop and have taken 2/3's off (1% @ 1:1).

Will try and hold this for a bit if the market allows!
Attached Image (click to enlarge)
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  • #278
  • Mar 24, 2011 10:04am Mar 24, 2011 10:04am
Quoting DanUK
Trying to make this market pay me back! Went long on USD/CAD - quite a tight stop and have taken 2/3's off (1% @ 1:1).

Will try and hold this for a bit if the market allows!
Ok, well that didn't happen! F*****g market!

Closed out at +0.5%
  • #279
  • Mar 25, 2011 10:52am Mar 25, 2011 10:52am
Hi,

You are explain very clearly, thanks,
I also follow your technique

thanks lot

bye
ajentha
  • #280
  • Last Post: Apr 5, 2011 3:49pm Apr 5, 2011 3:49pm
Quoting DanUK
Ok, well that didn't happen! F*****g market!

Closed out at +0.5%
LOL I'm sure youv'e managed to pull it back since Dan.
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