Daily Dax

[foale]

jiggly if your risk is only 3
you must be trading futures as CMC has a 2 point spread...
so one point against and out..

also what is your return...ie target....10 pips
and what determined your exit

agree re some indicators that not good...
though find CCI
commodity channel index useful
again CMC has this

oh and big fib levels
talking of which top to bottom of latest move..

50% retrace is about 4998...add this to the obvious 5000 level..
and highly likely the market will not easily make it over that hurdle

 

[Baruch]

foale,

Why trade Dax with a 2 points spread, when the real one is only 0.5? And you can join the offer/bid. Commission? Well, if you use IB, it's very cheap. Saxo Bank is more expensive, but you get a much better service.

 

[foale]

fair point...though at the moment I am more worried about getting the direction right
rather than whether I am paying 0.5 or 2 points spread...

Odd to see the dax so direction less at this time of the morning...
4970-80

Certainly a 3 point stop would be costing you money this morning

 

[Baruch]

I suppose we are all waiting for ECB this afternoon? :cheesy:

PS. IB = www.interactivebrokers.com (4 euro for 1 contract roundtrip).

 

[dcraig1]

I suppose we are all waiting for ECB this afternoon? :cheesy:

PS. IB = www.interactivebrokers.com (4 euro for 1 contract roundtrip).

Actually, it's cheaper than that if you choose unbundled fees. 3.02 euro if you do fewer than 150 round trips per month. Cheaper if you do more.

 

[Baruch]

Actually, it's cheaper than that if you choose unbundled fees. 3.02 euro if you do fewer than 150 round trips per month. Cheaper if you do more.

Cheaper if you do fewer or more than 150 rounds per month? :cheesy: But I don't like their trading platform, and you have to pay for news, charts etc. And I heard from many traders that they have a lousy service. But cheap? Yes.

 

[Baruch]

A UK Dax broker:

www.etrade.co.uk

They use the Saxo Bank trading station (but in a smaller version).

 

[JonnyT]

You do not have to pay for Charts with IB at all. They are built into the TWS software now. An alternative is Seirra which is well cheap and powerful.

Remeber IB now also do backfill.

If you don't like IBs frontend then use the API to have a custom one. You can write your own (I did) else buy a commercial one for a few dollars.

Why pay an extra few hundred a month?

I've attached this mornings realtime 1 min chart using the charts provided by IB i.e. free

JonnyT

 

[Baruch]

OK - nice to know. But what about streaming newswires? With Saxo/Etrade you get 4 free: Dow Jones, APX, MNI and UBS. It's very nice to know whats happening.

 

[foale]

short the Dax... and the ftse

 

[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.

I like this strategy: Its not good to start wrong in everything, better get out of a loser quick, instead of sitting hoping that it will turn around (but you should let your winners run and run as long as they can).
But you need tight spreads to do that.

 

[foale]

profited nicely from the Dax and to a lesser extent the ftse fall

 

[jiggly]

I like this strategy: Its not good to start wrong in everything, better get out of a loser quick, instead of sitting hoping that it will turn around (but you should let your winners run and run as long as they can).
But you need tight spreads to do that.

cheers livermoore,

but just as you suggested earlier, their are a lot of small losers, even when i am right about the general direction i still get stopped,

the volatility on the dax is a #%$&! you can never be too sure if it is just gonna be a spike or continue moving in the opposite direction to your trade.

having such tight stops is very very frustrating when you get hit and the market moves without you factored in, but seriously gives me a chance to recover from a long series of losses within a couple days.

am trying to experiment with a few other strategies, but i often ask myself, why would anyone want to trade this market??

 

[Baruch]

cheers jiggly,

I dont think its more difficult to trade the dax than cable (gbp/usd), which also moves like a wild animal, but you can trade cable smaller (and therefore with lesser risk when you start). The Dax contract is rather big.
How do you trade the news, like eco reports as nfp tomorrow?

 

[badtrader]

The Dax is like a mouse in the mornings, it only wakes up when it get near to the open of the Dow, then it just tracks it all day. If you want fast moves look at the mini russel2000

 

[jiggly]

cheers jiggly,

I dont think its more difficult to trade the dax than cable (gbp/usd), which also moves like a wild animal, but you can trade cable smaller (and therefore with lesser risk when you start). The Dax contract is rather big.
How do you trade the news, like eco reports as nfp tomorrow?

i avoid them like the plague, i close any open positions prior to major news release then wait for the market to decide the affects, once i feel comfortable with the sentiment i usually wait a few minutes before finding a safe place to enter.

i have had a lot of bad experiences leaving positions open during news announcements and trading the numbers is horrible if there is a revision.

 

[Baruch]

The Dax is like a mouse in the mornings, it only wakes up when it get near to the open of the Dow, then it just tracks it all day. If you want fast moves look at the mini russel2000

If the Dax is like a mouse in the morning, its a mouse which make some big jumps. There are always gaps at the opening. And I think we most of the time see some nice moves after the opening.

But we also have times where cable dont move very much.

I will take a look at the miniRusell2000.

PS. Do you also trade the Dax?

 

[Baruch]

i avoid them like the plague, i close any open positions prior to major news release then wait for the market to decide the affects, once i feel comfortable with the sentiment i usually wait a few minutes before finding a safe place to enter.

i have had a lot of bad experiences leaving positions open during news announcements and trading the numbers is horrible if there is a revision.

Yes, its not easy - but I think following the flow with a tight stop is not a bad idea. We will get a very difficult day tomorrow with the NFP.

 

[badtrader]

If the Dax is like a mouse in the morning, its a mouse which make some big jumps. There are always gaps at the opening. And I think we most of the time see some nice moves after the opening.

But we also have times where cable dont move very much.

I will take a look at the miniRusell2000.

PS. Do you also trade the Dax?

Yes, I was trading when it was at 6000 to 7500,thats when it moved. But I dont trade it anymore.

 

[Baruch]

Yes, I was trading when it was at 6000 to 7500,thats when it moved. But I dont trade it anymore.

Saw a Russll2000 chart - but I cant see all those huge moves...