Daily Dax

[daxdaytrader]

I should of been holding the short that I didn't take yesterday pm. Dow theory says we continue with the trend until it breaks. Also we closed with a small swing up to a key price level, that was also near the highs price trend line. The close did not show any evidence of bullishness. There was some decent accumulation as we came through these old fib levels mid morning (shown on my prior chart). So a couple of prices to look for buying.

 

[firewalker99]

Hinge

Price range is getting narrower... I don't like converging hinges...
If it has to be a triangle, than rather a descending or ascending triangle...

 

[mzpresi]

DAX today

I have bought yesterday at market closing 6013 and have sold today for 5965.50 at market opening.

 

[foale]

why dont you like triangles Firewalker?

 

[rossored]

mzpresi's posts deleted/merged into this thread.

 

[mzpresi]

DAX today

I have sold at market opening 5965.5 and have bought for 5922 at market closing.

 

[foale]

Well done mzpresi 40 + points
Thats more than I did today.

 

[foale]

nice bounce off 11480 dow we are very oversold in the 30 60 120 and 240 time periods
and 11480 key support in 30 120 and 240 so its significant.

Dow gave it a good test then moved up. came within 2 of my stop ...phew

 

[firewalker99]

I have sold at market opening 5965.5 and have bought for 5922 at market closing.

If I may ask, based on what do you buy at opening/closing?

 

[firewalker99]

why dont you like triangles Firewalker?

Well half af the time they aren't really triangles, like in this case, it didn't turn out to be one, in other times the breakout is a false one... Although I must admit, when you find a genuine one it can be quite a nice move...

 

[firewalker99]

5935-5940

Red dots are short entries, 3rd one however a lower probability one
Green dot is possible long entry it that would not have been EOD

 

[firewalker99]

Excellent chart firewalker99. I find 3 - 5 days to be an excellent short term trading timeframe to hold a trade.

Thanks. Btw, I like the cars on your site topIQ
I prefer intraday trading, I find it less risky in the sense of psychological discomfort... Knowing the average daily range of the DAX has been up to 100 points and more (now lately it's been much less), I could get burned quite quickly...

 

[firewalker99]

narrowing range

6 month chart, daily bars

 

[foale]

Starting to lose a bit of its initial shine..
Feels like a few shorters seeing a chance

also a bit of a gap up at the open..
dunno how much appetite for further gains
unless a spirt in the US futures

 

[foale]

Where have all the posters gone.?

Immediate direction unclear - feels like we are drifting this morning.

 

[firewalker99]

Where have all the posters gone.?

Immediate direction unclear - feels like we are drifting this morning.

Here's my first entry for the day
Long at 5975.
Out now due to German Ifo Business Climate Index at 10am

 

[daxdaytrader]

Well done firewalker. My plan said to buy support around 75. I got in prematurely at 78, held onto it, but had to leave for work, so only collected a few points off the rally.

 

[tzewaic]

Just to say I got burnt today as i went short today on this.

 

[foale]

Sorry to hear that...tzewaic..I hope you loss was small relative to capital..

There will always be losing days..
I just try to learn something from them..

Next time you trade you could always post on here...what your reasoning is...
I find its always good to get some feedback.

 

[hornblower]

Just to say I got burnt today as i went short today on this.

tzewaic
you need to look at price action, to see whats is going on
look at a 15 min chart
put a 100cci with 10 ema on your chart
you will see the dax it was never going to be a short yesterday

try lots of indicators in different time frames
good luck
h