The Diary Of Not Even Semi-Serious DAX30 DayTader

[DAX30DayTrader]

8780-8865 viewed as the consolidation phase of the trend, still looking to sell to fill that gap way down at 8723, though its likely to go further than that.

Looking for any decent retracements up to sell into when weakness shows on the pullback.

ps: Could have been short at 08:15, but my heads not in it today.

This is the missed opportunity.... and a bloody good one at that....TYPICAL!

I was scratching around for peanuts yesterday, 5pt moves, and then I miss this one today.

 

[be-positive]

could this b dax heading south from 790

 

[Vasco da Banana]

Basically sideways until Dow opens, I reckon, be-pos.

 

[DAX30DayTrader]

could this b dax heading south from 790

Been out at TESCO getting the shopping in...yes, yes, yes, more bacon, we all know the joke now. You would think I was the only bloke on earth that likes a roll and bacon in the morning.

That's the cool thing about iPhone, trade while your dragged round the shops by the woman. I always think to myself when doing that, how many other people in this place have just made £300 in the last 5 minutes

Anyway, be-positive, don't just focus on the PA thats happening now, you need to look at the left hand side of the chart as well as read what the market has already done price wise and pattern wise, has price over extended quickly in a short period of time? What was the price reaction to this when it happened? What the current price action like? What time is it, is it a good time to expect another decent movement?

You need to read the whole action, and then determine if the set-up or action your watching now is valid or not.

 

[DAX30DayTrader]

Here is what I mean be-positve....

On the chart I have provided below...

Q: Would you buy into A1 after that candle prints?

Q: If yes, then why?

Q: If no,then why?

 

[DAX30DayTrader]

If your answer to Q: 3 was no (would you buy into A1, If no,then why? ).

Then why would you sell into B2?

 

[DAX30DayTrader]

Price plummeted 60pts in 45 minutes, which is more than the current average daily range for the DAX, not only that, there was clear buying happening on that low with a rejection spike.

Why on earth would you sell into clear buying, especially with the DAX moving its ATR in the first 45 mins.

 

[DAX30DayTrader]

8780-8865 viewed as the consolidation phase of the trend, still looking to sell to fill that gap way down at 8723, though its likely to go further than that.

Looking for any decent retracements up to sell into when weakness shows on the pullback.

ps: Could have been short at 08:15, but my heads not in it today.

My comment in orange above was based on the first sell off candle, maybe even a second, but I did not expect the DAX to drop hard and fast so soon, therefore, you need to think on your feet and re-assess the situation when the tables tun.

The situation changed, and changed quick.

 

[DAX30DayTrader]

I would hold off until 'near' the U.S open now.

I would also be looking for fib retracements from the high/low as my possible resistance points now, then re-assess the price action around these levels.

Also be prepared to change your bias in a heart beat....don't be stubborn and think it can only go down today. Don't force a trade that doesn't exist.

 

[DAX30DayTrader]

In my opinion, if we start trading back above 8800 and can sustain PA above there, then another pop to 8850/60 is likely before another decline.

 

[DAX30DayTrader]

I will leave those thoughts with ya....its bacon time :cheesy:

 

[Purple Brain]

You would think I was the only bloke on earth that likes a roll and bacon in the morning.

Is that Cockney rhyming slang?

That's the cool thing about iPhone, trade while your dragged round the shops by the woman. I always think to myself when doing that, how many other people in this place have just made £300 in the last 5 minutes

Philip Clarke?

 

[DAX30DayTrader]

Is that Cockney rhyming slang?

Philip Clarke?

He wasn't in my TESCO!

 

[Purple Brain]

Posts #385-387. Probably obvious bread & butter stuff to you lot, but insightful for me.

I look for extraordinary (relative to recent) price action with regard to wick/body when I'm in a trade, especially around s/r levels, but I don't use it anywhere near as much (at all?) when planning on entering a trade. Vital information - passed over.

 

[DAX30DayTrader]

The DAX is an ATM machine, you just need to know the pin-code in order to access it.

 

[DAX30DayTrader]

Some price action for you to watch out for in future....there are many more patterns, this is just one.

The difference between C1 and D1 was that C1 was just profit taking, D1 was a reversal signal as the market was being bought...more than profit taking going on!

 

[Purple Brain]

Some price action for you to watch out for in future....there are many more patterns, this is just one.

The difference between C1 and D1 was that C1 was just profit taking, D1 was a reversal signal as the market was being bought...more than profit taking going on!

Yet another lesson on watching individual candles and their development, rather than putting as much reliance as I still do on indicators.

Apologies to those who keep bashing me over the head about this one. And thanks to DAX30 for a fresh reminder. I'm going to wax lyrical now - every candle tells a story.


{anybody who tries to pun wax and candle will get right on my wick}

 

[DAX30DayTrader]

Keep an eye on todays cash opening price

 

[be-positive]

Nick thanks for posts/charts , very clear and interesting , I made a live call @790 but could see it was going nowhere and came out at b/e , but your approach on reversal candle (high/low) take out has opened my eyes further ------- THANKYOU SIR

 

[DAX30DayTrader]

Nick thanks for posts/charts , very clear and interesting , I made a live call @790 but could see it was going nowhere and came out at b/e , but your approach on reversal candle (high/low) take out has opened my eyes further ------- THANKYOU SIR

You got one bit spot on then, you had the ability to recognise it was doing poop and got out, didn't dwell on it and leave it to turn into a lose.

Many would have sat there hoping it would turn around for them and loss 5, 10, 15, 20pts on it. And them blamed the SB firm for reversing price to take them out

Its only a trade, cut the fooker if it doesn't do what you want in the first 5-10 minutes. Though, since I'm a genius, I can often tell within the first 3-5 mins cool: