Tommorow Dax cash
Buy @ 7508
Sell @ 7351 Oco order.
Intial target 7558 or 7298
Stops 45 away from entry
The sell oco was intially a stop, worked out from a daily chart, but given the account and the spread of these prices, I'm not comfortable putting this through as a stop. I certainly wouldn't use such a wide stop myself to begin with. I try to actively manage a trade until at least it is in a comfortable position and for me that may mean going in and out a few times before being happy with it. Am trying to get a large trade going, so also using larger frames than I normally work with.
I think all indices are going up over the next few days. (kiss of death there then) and had the direction right on the last dax trade, but at the wrong point in its cycle, so what turned out being a small profit turned into a larger loss with me being taken away from the screen at the wrong time, or it would have been cut a lot quicker and re entered at a more appropriate time and price.
Couldn't get any trades in today as there was nothing I 'liked' under the current opening hours for placing trades. Only one I did like had already been placed. Yep, I would have been short on that one. Sods law in action again. Although now I fancy an up move for cable.
Buy @ 7508
Sell @ 7351 Oco order.
Intial target 7558 or 7298
Stops 45 away from entry
The sell oco was intially a stop, worked out from a daily chart, but given the account and the spread of these prices, I'm not comfortable putting this through as a stop. I certainly wouldn't use such a wide stop myself to begin with. I try to actively manage a trade until at least it is in a comfortable position and for me that may mean going in and out a few times before being happy with it. Am trying to get a large trade going, so also using larger frames than I normally work with.
I think all indices are going up over the next few days. (kiss of death there then) and had the direction right on the last dax trade, but at the wrong point in its cycle, so what turned out being a small profit turned into a larger loss with me being taken away from the screen at the wrong time, or it would have been cut a lot quicker and re entered at a more appropriate time and price.
Couldn't get any trades in today as there was nothing I 'liked' under the current opening hours for placing trades. Only one I did like had already been placed. Yep, I would have been short on that one. Sods law in action again. Although now I fancy an up move for cable.
If possible, please exit if the market (FTSE) looks like reversing (still bearish at time of post)- otherwise, exit at market close.