Daily Dax

[foale]

nice bit of strength...well done ddt on your long

 

[daxdaytrader]

I'm holding my call option. With the 5983 area violated, have to consider a retrace to the 5960s and see if it holds. But the distributions still only seem modest. If we can break these highs then hoping for a real blast up.

 

[daxdaytrader]

It's tempting to take profits now, especially with the options market closing soon. However, we have crossed some major resistance to get up here, and the overall trend is still up.

If I were trading futures, I'd certainly move stops up to protect some of this profit.

 

[foale]

last 8 candles up on the Dax 60 min cash...current one might be the first down.

 

[daxdaytrader]

last 8 candles up on the Dax 60 min cash...current one might be the first down.

Looks like this trend is breaking.

 

[daxdaytrader]

Rallied strongly on low oil prices yesterday taking us through all major resistance levels. Holding my long position, looking for little more upside potential, but this may prove optimistic with distributions and plenty of volume in the afternoon and later in evening a retest to the 5983 area. Next fib retracement level at 6057.

Will not be too surprised if next couple of days have narrow range.

 

[foale]

Dow is going to have to stay over the 11600 level
Ccertainly seeing some downward pressure this am
although might just be a test..although its more than I was expecting..

 

[daxdaytrader]

Positive news this morning, and a head and shoulder bottom at the support level.

 

[daxdaytrader]

the long setup there

 

[daxdaytrader]

Some distribution here. Taking profits, although uptrend still looks good - will look for a short later today.

 

[firewalker99]

shorted at 6027
looking for a small profit
congestion area could form potential new resistance level

 

[firewalker99]

the long setup there

indeed a very nice setup

 

[daxdaytrader]

spot on sell price firewalker

 

[firewalker99]

spot on sell price firewalker

for entering a trade I like to zoom in to a smaller time frame (my normal timeframe is 5min), so eg on 2min bar's, I had 5 possibilities to enter at the best possible price, using a limit order

already took profits at 6015, off to lunch now
will be back later, see how it develops further...

 

[firewalker99]

I've made no more trades for the day, will be waiting to see what happens after US markets open...

 

[daxdaytrader]

for entering a trade I like to zoom in to a smaller time frame (my normal timeframe is 5min), so eg on 2min bar's, I had 5 possibilities to enter at the best possible price, using a limit order

already took profits at 6015, off to lunch now
will be back later, see how it develops further...

I watch 2 minute, 15 and 1 hour candlesticks - daily bars for overall picture. I'm a bit weary this afternoon, so no trades for me. I've racked up about 120+ points of movement so far this week, but it's nearly all on miserly options. Probably give it a rest, see how I am tomorrow.

Good luck.

 

[foale]

I have been trying to wearn myself off the shorter end..as its gets you in very timely then after any move it seems to be telling you to get out..
I know shorter time for finetuning entry...but once thats chart is up hard to put it awasy once the trade is opened I find.
15 min my shortest...but 60 120 and daily used too..
indicators not on all charts either otherwise its all contradictory signals

Some success today though not around for the late sell off so most has been made on the longs side. Small cash long at 5913 to take into tomorrow as it was based on my 60 min bar support line
So if Dow falls more overnight, might have a chance of getting out.around even first thing.. Current Dax level inclues a "fear of futher falls overnight factor" is that does not happen, might be a bit of upside to be had. Although those US figures today not to be underestimated.

 

[foale]

after that post...decided to take the 10 on the table and have a good night sleep.closed cash 5923 8:58pm

 

[firewalker99]

Trades of today

Red dots indicate short entry, green dots long entry
Blue dots indicate the exit of the trade. For now I'm only trading one contract (don't want to risk too much after all I've been through).

3 trades today:

1) at the top, a bit risky but shorted with a small profit taking, resulted in +12pt
2) bounced off the H/S support zone from the morning, conservative target was somewhat under the R, result +15pt
3) last trade, entered after a retracement to S, limit MOC order, so only +8pt could have been more

Total = +35pt, for me a very good day although I still need to work a lot on the exit strategy

 

[daxdaytrader]

useful fib levels