Daily Dax

[foale]

Well either the 4930 area with go..and we will rally to 5000 or the 38 fib retracement support will go andwe head back to 4850 area....

Have to say it feels like toss a coin in that respect..

Good case for being flat I suppose
Probably another move at 8:30 Dow time...

Certainly feels like the spring is tightening

 

[foale]

long dax from 4922 son much resistance to falling yesterday...
should hit the 50% fib retracement at 4953

which should contain it as its an area of previous conjestion

with possible later extension to around 5000 also 61.8 Fib and the top of that
conjestion area

 

[fredm]

long dax from 4922 son much resistance to falling yesterday...
should hit the 50% fib retracement at 4953
which should contain it as its an area of previous conjestion

Another DAX trader here in same position, with same target!

I watch US, and sometimes trade DAX out of hours / overnight moves, but CMC proving difficult for 7-9pm trades. Finspreads OK but spread higher. Anybody using another spreadbetting company for this timeframe which is not loading the out-of hours spread?

 

[foale]

hi fredm

I quess if you are doing a lot of trades 7-9pm then that extra 2 points
is material but I tend to already be in a position pre 7pm..
so am only looking for and exit..and then its only 1 extra point to pay
I can live with that

David

 

[fredm]

hi fredm

I quess if you are doing a lot of trades 7-9pm then that extra 2 points
is material but I tend to already be in a position pre 7pm..
so am only looking for and exit..and then its only 1 extra point to pay
I can live with that

David

I trade the DAX futures so in theory the spread stays the same in/out of hours with CMC - the problem is requotes, price alteration and delays of up to 2 or 3 minutes - really frustrating.
As an example of problem with others, IG has v. good system and 6pt spread in hours but the spread jumps to 12 after 7pm, so an extra 6 points with them.

 

[foale]

Yes agree you do get more requotes after 7pm with CMC...
Took me couple of goes to get out of a small short last night

but on balance...certainty of a wide spread.
against possibility of a point or two slippage
I know which one I prefer

For the record IG have a very good system of "taking your money" !

 

[dcraig1]

I trade the DAX futures so in theory the spread stays the same in/out of hours with CMC - the problem is requotes, price alteration and delays of up to 2 or 3 minutes - really frustrating.
As an example of problem with others, IG has v. good system and 6pt spread in hours but the spread jumps to 12 after 7pm, so an extra 6 points with them.

Am I reading this right ? 6 point spread and more after the cash market is closed ? And requotes/delays as well. The real futures market normally has a half point spread. How can you make any money short term trading ?

 

[fredm]

Am I reading this right ? 6 point spread and more after the cash market is closed ? And requotes/delays as well. The real futures market normally has a half point spread. How can you make any money short term trading ?

Didn't actually say I used IG with their 6/12 point spreads! My original query was because I'd started a trawl of s/b companies systems and spreads to see what else was on offer, and was hoping someone else trading the DAX had identified suitable ones.

Spreads at the normal s/b rates not a problem for me anyway once all factors like tax etc. taken into account. On average only open/close 1-3 DAX trades a day, not constant intraday trading. Often hold overnight to catch the opening DAX gap up/down.

Intraday in-hours 2 point spread would be the s/b norm I think e..g. Finspreads/CMC.

CMC has 5 point spread on futures. I usually never take the requotes though and get a better price a few minutes later, but it's a hassle I don't need hence the original question.

 

[foale]

I cant understand why anyone trades anything with IG
If you choose to be a spreadbetter then CMC
has the tightest spreads...for almost all products
and a not bad graphics package thrown in free

People have quoted to me before about how easy /nice the IG
platform is ..and that they have certainty of entry and exit..
but at what cost...

agree 6 or 12 points spread you have to be a pretty good trader to make money doing that
and even if you are...why pay all that away to the spreadbet company

 

[Baruch]

I you want a 0.5 point spread on the Dax future, you can get it here: www.saxobank.com

 

[Baruch]

this is a kamikazi market, if your on the right side of it you can make fantastic money, but even if your trade was correct in direction you still face quite a high probability of being stopped out, if your entry is not precise, by precise im talking about within 3 ticks anymore ( my personal risk allocation on any trade) then i run the risk of losing my daily allowance very quickly.

So you take your loss in Dax if your position goes against you 3 points (ticks)?

 

[foale]

thanks for that Livermore....trialing it now

Dax finally at 50% fib retracement
looks strong after that fall to sub 4900

 

[Baruch]

thanks for that Livermore....trialing it now

Dax finally at 50% fib retracement
looks strong after that fall to sub 4900

Good luck. You can also try the Global Trader demo from Etrade. It's a Saxo Bank white label.

 

[jiggly]

So you take your loss in Dax if your position goes against you 3 points (ticks)?

Absolutely, no if's or but's, stop set after being filled.

account size allows me upto 6 but like to keep losses as small as possible, not that 3 is just a pocket book static amount, but just that i dont need to risk any more to determine whether the trade will work out or not.

 

[jiggly]

im interested to know how others go about trading this crazy market.

having learnt the majority of this business trading forex, i have found what works for me in that market doesnt work for me with the dax.

i trade Dax futures using 3, 10 and 30 minute timeframes without any indicators, even the odd trendline and MA are obsolete most of the time. MA's do a terrible job at determining trend on an intraday basis as more often than not the dax doesnt have one, trendlines get violated very easily, breaking through them for fun, so i scrapped them, the only guidance i have are support and resistance levels, price and volume.

even indicators get thrown out of sync on gaps and give very delayed signals which leads to whipsaws.

what are your methods??

 

[Baruch]

Absolutely, no if's or but's, stop set after being filled.

account size allows me upto 6 but like to keep losses as small as possible, not that 3 is just a pocket book static amount, but just that i dont need to risk any more to determine whether the trade will work out or not.

OK, but 3 points (lets say from 4.980 to 4.983) is not much room for such a wild animal...You must have a lot of small losses? But if it works, it works.

 

[jiggly]

OK, but 3 points (lets say from 4.980 to 4.983) is not much room for such a wild animal...You must have a lot of small losses? But if it works, it works.

A lot of small loses yes but also a lot of small gains, i practically pick tops and bottoms

( apparently many a text book and technical axiom state that you should never do this, it doesnt work, noone knows when the market will turn, dont wish or second guess it etc etc but they also tell us a lot of jargon about entries and exits which at best of times just dont work either.).

according to my levels then move my stop to break even + 1 as soon as the price bar springs back (sometimes it doesnt, just ploughs straight through entry then stop..ouch) i wouldnt recommend this way of trading to anyone especially novices and i am not saying i know exactly when the market is going to turn, i am just playing the levels and willing to risk upto 3 points to find out if it holds, if not, stop and reverse, and when the market is moving in the direction which i want to enter a trade i am always 2/3 steps behind the crowd so stop loss has now cunningly become 5/6!!!!! I never pay up unless i can forsee a big move and its a runaway market, im bidding beneath it.

you with me??

 

[Baruch]

Thank you for your answer. Do you also trade the opening?

 

[jiggly]

Thank you for your answer. Do you also trade the opening?

im following the market from open up until the americans go to lunch.

i hate the opening because it gaps, and i can never be too sure if the gap will close, i usally wait for about 30 minutes before i even think about trading just to see what it will do. my favourite times to place trades are between 08:30-11:30 & 14:00-17:00 GMT

I have never understood why it gaps, any comments?

do you trade the opening?

how long have you been trading dax for? what works for you in this market?

 

[Baruch]

I am a fx trader, but I am thinking about trading dax too. Gaps? Because Dax closes in the evening, before US does - and before Asia begins to trade.