Daily Dax

[ceydababy]

Exits......

The more i look at these stochastic settings, the more it grows on me. Like i say, i'm looking for the real high probabilty shots on the bigger times frames. Just need to work out an exit point now. I've i made 10pips a day out of each market i did it with i'd be happy. At 100 quid a point it should be a nice earner lol.

When you say you exit at support a resistence levels, do you literally just draw your lines up and then exit when it gets close?

That is about the size of it. Draw up your Support and Resistance lines and watch the price.


The Caviat to that is If the market is coming off heavily or running up quickly then I will be inclined to hold out for maybe a little more. I still look to target Support and Resistance whenever possible because I find these points in the market so reliable.

In the last instance when I got short it was dropping down then running right back up to my starting point again, this made me think that the market maybe had some more steam in it for more of an upside so I came out.

 

[Kevin21]

i just applied these settings to GBP/USD and it looks promising. I drew in the support and resistence lines, then sold it when it had been above 90 and came below it. On this particular trade you would of sold at 2.0619, then you would of ditched it as soon as it hit support at 2.0286. That was on a 4hr graph and the trade lasted from the 24th of july to 26th of july. The next trade was on the 27th of july and was a long one. Bought at 2.0234 and out again on the 30th once it hit the previous support line that it had just past through at 2.288. No trades from then untill the present.

As you can see that would of been 387pips in four days, not including costs etc. It's definately interesting stuff and i'm gonna carry on testing it. Trend following doesn't seem to be cutting the mustard to be honest for what i want...

 

[ceydababy]

I personally believe this system is very strong. I usually trade oil. However, my mentor/trading partner has always traded the dax. I trade oil and do very nicely on a very basic system. I literally use price alone...no indicators, MA's nothing just a price. The chap whom I speak to daily regarding trading matters has always said it is good to have a second string to your bow. So I decided at the end of last week to re-investigate the DAX, following awful experience after awful experience when trading it before.

I tried to use the same method on oil when I started trading the dax in the middle of last week. It then became a case of adapt or die.....So I like yourself took longer term views. I did very nicley friday afternoon.

However, I am more convinced than ever that rather than following a trend if I could just pick tops and bottoms on a 10 minute chart and take what the market was willing to give me that would be great.

Sods law of course as it is has meant that where I have been messing around on the DAX today I have missed a 239point down move on Oil ! C'est la vie...I am now more determined than ever to get profitable on this damn DAX Market.

Cable is an interesting one to day trade, has some real whipsaw action on the 10 minute.

 

[Dinos]

Evening all, just popping in to have a look, everybody OK?

Cey, I use stochastics, had a look at the 39 system along side my standard 14,3,3, on my system, I would have had 2 entries, 1 long and 1 short, on the 39, stochastic, I would find it hard to have got a trade, theres a lot of activity in comparison to the standard 14,3,3.

I'm not saying it doesn't work, obviously, it does from the posters who use it. Am I missing something, eg on the DOW today, can I ask, how, if using the 39 stoch, where would you have made entry, I assume it would have to be a long entry only.

Cheers

 

[Kevin21]

I take it you're spread betting? I'm have similar feelings with spread betting which you do towards the dax. Back in the early days trying simple systems that didn't work very well on small time frames result in me just getting chewed up, but i'm venturing back into SB on the bigger time frames.

 

[ceydababy]

Dow Entry.....

Evening all, just popping in to have a look, everybody OK?

Cey, I use stochastics, had a look at the 39 system along side my standard 14,3,3, on my system, I would have had 2 entries, 1 long and 1 short, on the 39, stochastic, I would find it hard to have got a trade, theres a lot of activity in comparison to the standard 14,3,3.

I'm not saying it doesn't work, obviously, it does from the posters who use it. Am I missing something, eg on the DOW today, can I ask, how, if using the 39 stoch, where would you have made entry, I assume it would have to be a long entry only.

Cheers

I would have got long at around the 13200 level looking to trade in to the 13250 resistance. I would also have got a short trade at around the 13280 level again targeting the 13250 area for support.

I guess everyone works differently but on a 10 minute chart I find this 39 stoch works very well.

Also it is worth pointing out that I am looking to use this as a scalping tool only. If I can pick up a larger move then thats great. However, my first target will always be the first point of Support or Resistance dependent on trade direction obviously. If I can get more of a run then I will try my luck.

 

[ceydababy]

I take it you're spread betting? I'm have similar feelings with spread betting which you do towards the dax. Back in the early days trying simple systems that didn't work very well on small time frames result in me just getting chewed up, but i'm venturing back into SB on the bigger time frames.

Yep Spreadbetting....IMO commodities seem more logical. I really don't use any indicators on oil, or any of the other commodity markets I look to take longer term positions in. To be honest I have not traded any other commodity market other than oil, but in testing my simple price system works on all.

With the DAX, DOW etc I find that my stop is often triggered when trying to trade on price alone.

 

[Dinos]

Ceydababy

Thanks for coming back, I agree, we all have our own systems, I interested to how others operate and whether there are opportunities for to improve my trading style.

Can I ask you again, based on trading the extreme eg below 10 and above 90 and rising above/falling below, standard stuff, you mentioned in your reply you may have got a short around 280, how would that be, when the stoch today hasn't been above 60.

Not doubting you in any way, I'm a bit confused here, I can't see it on the charts, I'm looking at the 10 min charts, can you point me in the right direction, cheers

 

[Kevin21]

hmmm i read with great interest. Gonna have a look see at oil... How many points do you average daily?

 

[ceydababy]

hmmm i read with great interest. Gonna have a look see at oil... How many points do you average daily?

50-100 points daily....I used to post some of my trades on here...look at brent crude oil day trading under the commodities section.

I gave up because no one else put their positions on. Plus it was Aggro having to keep coming back here to post.

 

[ceydababy]

Ceydababy

Thanks for coming back, I agree, we all have our own systems, I interested to how others operate and whether there are opportunities for to improve my trading style.

Can I ask you again, based on trading the extreme eg below 10 and above 90 and rising above/falling below, standard stuff, you mentioned in your reply you may have got a short around 280, how would that be, when the stoch today hasn't been above 60.

Not doubting you in any way, I'm a bit confused here, I can't see it on the charts, I'm looking at the 10 min charts, can you point me in the right direction, cheers

Hi dinos.

on my stochastic I had a reading of 6 at 14:40 this afternoon, the following rise over 25 triggering a buy signal. I also had a reading of 96 at 17:40 and the following drop under 75 triggering the sell signal. Just to confirm I am running a 39 1 1 stochastic set up

Thanks

Mark

 

[ceydababy]

damn.....

that long @51 earlier would have paid some real dividends !!

 

[Dinos]

Mark

Many thanks for your responce, I will look at that and add it to my trading set to monitor whether the extra info can give a a better edge

Regards

Dinos

 

[rustic1]

Good Morning


Carrying on from yesterdays chat about stochs

I use Stochs I am testing various ones. Right now 15/8/5 seems to be quite good, I have also worked with 11/4/5 but seems to trick me a bit too much.
I acyually shut down the laptop yesterday when I had hit my target it felt weird & i was itching to see what was happening but I kept my profit and had some time off.
Usually when I keep trading when I have hit my traget I go on to lose it.

So i consider it a step forward

 

[ceydababy]

good morning

Hi Rustic !

Going to have a look at those stoch settings. Have you tried the stoch 39 system yet ? Throw those stochs on to your chart. I have to say they are very acurate.

The dax is very flat at the moment so I understand. Hoping for it to pick up later

good luck


Mark

 

[Ziff]

Hi Rustic !

Going to have a look at those stoch settings. Have you tried the stoch 39 system yet ? Throw those stochs on to your chart. I have to say they are very acurate.

The dax is very flat at the moment so I understand. Hoping for it to pick up later

good luck


Mark

These stoch 39 settings are interesting Mark.....................

Currently short on the dax from 13

 

[Ziff]

These stoch 39 settings are interesting Mark.....................

Currently short on the dax from 13

Closed 2/3 at 02; stop on remainder to be

 

[rustic1]

are the 39/1/1 ones you are talking about? on what time frame? Had a peep on 1 min but looked very irratic as you would expect

 

[ceydababy]

I look at the ten minute and higher. When I trade smaller time scales I can never see the wood forthe trees. As I have said before large balls and an iron nerve are a prerequisite to trade on a 1 minute chart. Ziff are you still using an MA based system ?

 

[Kevin21]

I've got a long trade in the making i think, hopefully i'll get the signal around lunch time i recon...