DAX price action trading with no indicators

Dave24898

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I will start trading the DAX from tomorrow. I will be using a fast 200 tick chart and daily pivot levels. The style will be based on reversal patterns, trend and range and my risk/ reward ratio will be a minimum of 1:1. I will also use an hourly and daily chart for reference. I will trade for 2/ 3 hours from around 7 GMT and will not be trading everyday. I will be trading a small account initially and the aim will be to grow it gradually starting at 1 euro/ point and I'll post my results here.
Germany 30.png
 
All quiet before the cash open. Swiss Inflation data release at 08.15 and ECB economic bulletin at 09.00. Backdrop of lacklustre growth in Germany and deflation still gripping the eurozone. China the elephant in the room, giving the Fed good excuses not to start rate hikes. More easing from China and ECB? I don't see an argument for the market to move higher.
 
Germany 30.pngDAX finding some support at Y's low and around weekly pivot. Uptrend support possible here, coupled with high volume at price area.

'Economic recovery is proceeding'...haha
 
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Results for first morning. Two trades short. First was a clear reversal and the second reversal after the break. This failed and price reserved (that upward trend support on the hourly...see above). Didn't hold either trade, so lost out in the first as it ran much further but gained in the pullback as I exited before it reversed on me. Small profit for the day which I'll post later.

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Are we back to bad news is good news territory? With the possibility of further QE around the world, the markets are appearing relaxed about poor inflation and production numbers. US jobs data at 1.30 GMT and I expect prices to be in a holding pattern until then, see how inflationary the data is. Market rallied at the US close yesterday and S&P appears to have found some strong support. Things still looking bullish over the pond and this is what appears to be keeping things afloat here in europe.

Cash open, some drifting, no conviction.

Choppy conditions, little opportunity.

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Nice push up in USD/JPY on news. DAX strengthening due to EUR weakness.

No trades so far.
 
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Capture.PNGNFP

surprise to the upside...odds of Dec hike now around 75%

Wait and see how the market digests it.
 
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Germany 30.png

Choppy price action and no trades so far today. Support at weekly PP.
 
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