Hi XJ8, I think what you're describing or suggesting here is the formation of a downward sloping channel... this is quite possibly the case and if so it'll make for a nice play. I like it when price forms a nice channel! Regards, Dan

DanUK Simple EUR/USD Trading Journal 2009

Hi Sylar, Sorry for the slow reply, it's been a hectic day for me! As you probably noticed, G/U was a no go today. Some very dovish speak from old Gov' King seemed to pound the pound! From a technical aspect there was no buying opportunity either... ...

DanUK Simple EUR/USD Trading Journal 2009

Hi, I decided to pull the plug on my U/J trade last night. The reason being that U/J tends to respect the 50% fib retracement level in a trend... and when I saw the trade get stopped at the 50% level (see attached chart) I decided to get ready for ...

Trend Trading Chart Thread

Hi, The idea of using a 100 pip stop loss is that it is appropriate to the type of trade being taken here. Ideally we are trying to follow a trend and the theory goes that 100 pips should be large enough to avoid "market noise" but not so big that ...

Jacko's Forex House of Pleasure and Pain

Hi IliaM, What makes you think G/U is in a down trend? I still see G/U as trading in a range and would therefore prefer a short position higher up, perhaps somewhere in the 1.6600 area - however, I am currently in a long trade on this pair so I ...

Trend Trading Chart Thread

Hi guys, If I may make a small request... to avoid any confusion for people new to this method or to my journal I would prefer it if we could keep most conversations on this thread connected to G/U or E/U trades. I have actually started a second ...

DanUK Simple EUR/USD Trading Journal 2009

Hi, Yeah absolutely - what you are saying makes sense to me. My preference however would be a retracement down to the 1.4400 - 1.4500 area. I can't see the particularly steep trendline that we are currently riding holding for much longer. But I ...

DanUK Simple EUR/USD Trading Journal 2009

Hi Fxacs, I wouldn't argue with what you are saying... however what I would say is that if you find that a particular pair, such as G/U in your example, isn't doing roughly what you think it should then I would advise not trading that pair until it ...

DanUK Simple EUR/USD Trading Journal 2009

Hi, Yes I am a firm believer in sticking to your rules absolutely. The reason for this is simple; you can easily over think a trade... you can over think a trade so that it is right and you can over think a trade so that it is wrong! This is also ...

DanUK Simple EUR/USD Trading Journal 2009

Hi, I have a small position long on U/J from 91.00. I'm not sure about G/C though - what makes you think long on this one? Regards, Dan

DanUK Simple EUR/USD Trading Journal 2009

For those interested in USD/JPY the down trendline has just been retested... is it worth going long?

Trend Trading Chart Thread

Hi, I tend to look for swing highs and swing lows rather than candle highs and lows. I'm not keen on placing a long on E/U at the moment. For me it is too risky; there is a good chance we could go down from here. If we get a decent sized retracement ...

DanUK Simple EUR/USD Trading Journal 2009

You should be in a position to move your stop to breakeven now so you are in a great position and have removed your risk. And like coolshades says, don't watch it... just let it go. Some of my best trades have been trades that I haven't even looked ...

DanUK Simple EUR/USD Trading Journal 2009

In an ideal world yes I would like to see price come down to the 1.44 - 1.45 area. That level is the 50% retracement area, it is the prior resistance highs that may now provide support and depending on how long price takes to move down (assuming it ...

DanUK Simple EUR/USD Trading Journal 2009

You mean for a long position? Yes it is worth considering. Although I would add that it is a little more risky because an uptrend has not yet been established... we are assuming that the break of the H4 down trendline is signalling a move up. We ...

Trend Trading Chart Thread

PS... Is anyone in the A/U trade?

Trend Trading Chart Thread

I actually missed the trade on A/U... if I had paid a little more attention I may have taken it but I was too focused on my G/U position at the time. If you look at 0.8600 it shows up as a "major" s/r level - that is you can see it working as an ...

Trend Trading Chart Thread

Yeah there's no way I would be shorting the Euro at the moment; far too risky in my opinion. It is a hard one to call when price doesn't retrace when you might expect it to. Often a trade setup just looks far to good to be true... like a retracement ...

DanUK Simple EUR/USD Trading Journal 2009

Yes I would like to think we might squeeze at least 100 pips out of this one. The first obstacle I see is around 1.6400 which is around the 50% of the latest swing and an intermediate resistance trendline. If we make it through that the next ...

DanUK Simple EUR/USD Trading Journal 2009

Hi, Yes I will be watching for a break and retest. It's not my preferred entry into the market but it's hard to ignore the upward momentum at the moment! Regards, Dan

DanUK Simple EUR/USD Trading Journal 2009