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Back to Work - Trading Forex in 2013

  • #21
  • Feb 4, 2013 7:37am Feb 4, 2013 7:37am
Just entered long on the break of the Daily pin on AUDCHF, SL below pin, TP up near last swing high.
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  • #22
  • Feb 7, 2013 7:43am Feb 7, 2013 7:43am
Quoting bez3000
Just entered long on the break of the Daily pin on AUDCHF, SL below pin, TP up near last swing high.
SL hit
  • #23
  • Feb 8, 2013 10:38am Feb 8, 2013 10:38am
Hi Garry,

Sorry it took a while to reply!

I like your trades... but I don't think I would have taken the AUD/USD or the EUR/NZD trades. It's easy of course to say this after the event but looking at these two setups I don't see a clear trend on the chart. The AUD/USD was tricky... it looked like it might be going up but I think it was consolidating more than trending. The EUR/NZD though I would have stayed well away from.

That's just my opinion of course... I prefer to trade the charts that have a clear and obvious trend wherever I can. I feel these trades are the safest bets... nothing is guaranteed of course, but my theory is that if there is a trend then there is likely to be some kind of fundamental factor driving that trend and that factor is unlikely to change overnight!

Hope that helps!

Regards,

Dan


Quoting bez3000
Now a couple a losers:

It's these couple of trades i am looking for more comments and analysis to see if i could have prevented them i.e. would you have taken them Dan? And if not why etc...?

In Order:
AUDUSD
EURNZD

Thanks
Garry
  • #24
  • Feb 8, 2013 10:44am Feb 8, 2013 10:44am
Trade Update

Trade No. 7 - Buy EUR/USD @ 1.3415 - possibly played my stop too tight and got closed at breakeven yesterday.

I am now looking for another signal to buy EUR/USD and sell USD/CHF. EUR/GBP and EUR/CAD also look appealing to me for a long.
  • #25
  • Feb 8, 2013 11:35am Feb 8, 2013 11:35am
Thanks for the feedback Dan very much appreciated.

Quoting DanUK
Hi Garry,

Sorry it took a while to reply!

I like your trades... but I don't think I would have taken the AUD/USD or the EUR/NZD trades. It's easy of course to say this after the event but looking at these two setups I don't see a clear trend on the chart. The AUD/USD was tricky... it looked like it might be going up but I think it was consolidating more than trending. The EUR/NZD though I would have stayed well away from.

That's just my opinion of course... I prefer to trade the charts that have a clear and obvious trend wherever I can. I feel...
  • #26
  • Feb 8, 2013 11:44am Feb 8, 2013 11:44am
You did very well getting out at BE, i entered long EURUSD @ 1.34060 with a tight SL @ 1.33650 which has been hit. Did you watch price arrive at the resistance turned support area on the Daily then drop to the 4h for entry signal as i did?
I am long USDCAD @ 0.99743 from the BUOB.
EURGBP is dropping hard straight through the 0.8500 level, heading for the next level i see @ 0.8400, looking for reaction then for a long.
I agree EURCAD looks good but i will pass as already in USDCAD and i am long AUDCAD @ 1.03079 which i can see is consolidating but i liked the level and the PA.

Please keep posting Dan, i intend to learn and improve my trading from your posts.

Quoting DanUK
Trade Update

Trade No. 7 - Buy EUR/USD @ 1.3415 - possibly played my stop too tight and got closed at breakeven yesterday.

I am now looking for another signal to buy EUR/USD and sell USD/CHF. EUR/GBP and EUR/CAD also look appealing to me for a long.
  • #27
  • Feb 11, 2013 11:18am Feb 11, 2013 11:18am
Quoting bez3000
You did very well getting out at BE, i entered long EURUSD @ 1.34060 with a tight SL @ 1.33650 which has been hit. Did you watch price arrive at the resistance turned support area on the Daily then drop to the 4h for entry signal as i did?
I am long USDCAD @ 0.99743 from the BUOB.
EURGBP is dropping hard straight through the 0.8500 level, heading for the next level i see @ 0.8400, looking for reaction then for a long.
I agree EURCAD looks good but i will pass as already in USDCAD and i am long AUDCAD @ 1.03079 which i can see is consolidating but...
I am out of my USDCAD long @ 1.00750 for 2xR profit. AUDCAD is in profit and SL moved to BE.
Also long EURUSD again @ 1.34000 with a target @ 1.36800.
  • #28
  • Feb 11, 2013 12:31pm Feb 11, 2013 12:31pm
On average, how much do you earn a day?
  • #29
  • Feb 11, 2013 2:47pm Feb 11, 2013 2:47pm
I'm sorry I'm not going to answer that question - I don't think it is professional to disclose that kind of information. I will say however that I don't trade for a living; this is all going to my early retirement fund!

Quoting JJpwf
On average, how much do you earn a day?
  • #30
  • Feb 11, 2013 2:48pm Feb 11, 2013 2:48pm
Good work! I like a long on the E/U but not quite ready to get in yet!

Quoting bez3000
I am out of my USDCAD long @ 1.00750 for 2xR profit. AUDCAD is in profit and SL moved to BE.
Also long EURUSD again @ 1.34000 with a target @ 1.36800.
  • #31
  • Feb 12, 2013 10:32am Feb 12, 2013 10:32am
Quoting bez3000
I am out of my USDCAD long @ 1.00750 for 2xR profit. AUDCAD is in profit and SL moved to BE.
Also long EURUSD again @ 1.34000 with a target @ 1.36800.
Out of AUDCAD @ Break Even.
  • #32
  • Feb 12, 2013 3:33pm Feb 12, 2013 3:33pm
I am going to post a summary of trades at the end of each month as I have done in the past but haven't formatted it for the internet yet... will get to it soon! I am currently up around 16% so far this year which I am more than happy with.

I am now looking to take two more positions... I have pending orders placed to buy EUR/USD and short USD/CHF. Will post some charts tomorrow if they get hit. Each trade will be a standard 2% risk aiming for 4% return on each if they work out!
  • #33
  • Feb 13, 2013 12:26am Feb 13, 2013 12:26am
Hello, Dan! Interesting, simple and effective. I'll keep an eye on your posts. Subscribed.
A good trade is when I Break Even. A great trade is when I Take Profit.
  • #34
  • Feb 14, 2013 1:16am Feb 14, 2013 1:16am
Quoting bez3000
Also long EURUSD again @ 1.34000 with a target @ 1.36800.
Out At BE!
  • #35
  • Feb 20, 2013 7:19pm Feb 20, 2013 7:19pm
1.3200 looks like a potential attractive buy for E/U
  • #36
  • Edited 7:28am May 25, 2013 3:34am | Edited 7:28am
Hi Dan,

Got a question for you please if you do visit this thread again. I am currently reading a few of your threads (thanks by the way for doing the threads) and it would appear there are some subtle changes from thread to thread (the trend trading threads) starting from your trend trading journal of 2009 up to this. If you do not mind, and to address my confusion, could you please summarize your method as it is right now (how it has evolved)? Below is my brief understanding / questions:

1. You use the weekly to plot significant S&R zones
2. You use the daily to determine the direction of the trend, and trade mostly off the daily.
3. You enter on a PA candle at your plotted S&R. Do you still use entry based on Fib retracement (i.e. if PA candle at a Fib level, but not at your plotted S&R level)?
4. Your initial stop loss is at the low/high of the trigger candle.
5. (Most important) Trade management. Do you aim for a minimum R:R or do you move your stop loss to BE, and then leave the trade to run, adding on to your positions and moving your stop, until taken out or until you close the trade manually when you believe the trend is about to change.
6. Do you trade in the direction of the trend only, or do you trade counter-trend?
7. Do you use the anti-hedge strategy?

Many thanks
Dan
  • #37
  • May 26, 2013 12:22pm May 26, 2013 12:22pm
Hi Dan,

Just to add to my questions above. It would appear you now aim for a TP. Do you not let your winning trades run anymore until they get stopped out or until you close it manually when you think the trend is reversing?
  • #38
  • Last Post: May 30, 2013 3:13am May 30, 2013 3:13am
Quoting DanUK
I traded very little in the forex market last year, due to large (and exhausting) expansion in my other business I had little time or interest in trading (although I did continue to invest in the stock market). I have now built up the necessary support giving me back a little more time to return to forex trading! I continue to trade a very simple trend based system... support and resistance, trend lines and gauging price action/reaction at areas of interest. I trade 2% risk per trade and aim for a minimum 1:1 risk to reward ratio (higher if I feel...
Hi Dan,

You stated above "...(although I did continue to invest in the stock market)." Is it this same method you use for trading the stock market? Also which stocks (US stocks?) and which broker(s) do you use for the stocks? Thanks
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