The Diary Of Not Even Semi-Serious DAX30 DayTader

[DAX30DayTrader]

Shorted DAX on the revisit of today's cash opening price after the 15 minute chart printed a doji right on that level 8590.5.

As I commented yesterday, 80%+ of the time this set-up happens and is worth a few points.

 

[DAX30DayTrader]

Closed DAX short @ 8569.8 for a £207 profit.

This trade takes today's total profit to £757 and.... £990 for the week so far.

 

[paszkman]

Closed DAX short @ 8569.8 for a £207 profit.

This trade takes today's total profit to £757 and.... £990 for the week so far.

you make it looks so easy..are you placing these trades from your yacht in the bahamas?

 

[DAX30DayTrader]

you make it looks so easy..are you placing these trades from your yacht in the bahamas?

It is easy -

Just a case of finding good strategies that work more times than they fail, and then sticking to them with good money management.

I made a post yesterday about how to trade the opening price, so just a case of being patient and waiting for price to show its hand.

Keep targets small and sensible, make your money, then leave.

 

[be-positive]

are you and dinos on same yacht ------- nice trading

 

[DAX30DayTrader]

are you and dinos on same yacht ------- nice trading

HAHA - No yacht yet, saving up the pennies for something else.

 

[DAX30DayTrader]

Got my eye on the 8505/15 zone for tomorrow should it dip at the open.

Would likely BUY around 8515ish should it test this region early doors and look for a cash market gap fill and 21:00 gap fill as targets.

 

[jwhite8359]

Nice start to your journal and enjoying your trading style.

Please keep posting.

 

[DAX30DayTrader]

Not a bad start to the day, DAX dipped below 8500 after the U.S close last night which created a large gap on the cash and Futures market, It was a given that either overnight or at the open today that these would be attempted to be filled as the DAX had passed through 2 major support levels as well as the 8500 round number without a retracement.

So last night I placed an order to go long @ 8513.8 based on my last post mentioning the 8505/15 support zone. I was up a fair bit at one point at 8560, but I slept in this morning and had to take a lower exit at 8536.8, I should have placed a limit to close..but hey-ho you live and learn

Anyway, £230 profit for the day so far and £1,220 for the week so far.

 

[DAX30DayTrader]

Nice start to your journal and enjoying your trading style.

Please keep posting.

Thanks

 

[DAX30DayTrader]

Levels to watch today -

Support - 8505/15, 8475, 8460/50, 8430

Resistance - 8560/70, 8605/10, 8630, 8645

 

[DAX30DayTrader]

One of the worst things you can do as a DAX trader is sleep in at the open!

A: Today I missed out on more profit by not closing my trade at 8560/70 resistance, had to settle for less profit becasue I slept in.

B: I missed a SELL signal on one of my other strategies to SHORT at the 8560/70 resistance zone - my entry would have been 8554, again I have missed this trade due to sleeping in.

 

[DAX30DayTrader]

Very possible that the 8560/70 resistance zone is the high of the day, if so then a move towards the 8475 support could be a possibility.

 

[be-positive]

again I have missed this trade due to sleeping in.

you will have to stop dreaming of luxury :cheesy:

 

[DAX30DayTrader]

Very possible that the 8560/70 resistance zone is the high of the day, if so then a move towards the 8475 support could be a possibility.

Took that rejection off the 8560/70 resistance zone.... entry was 8556.3.

But price isn't looking like it wants to sell off much so just booking my 6pts profit here for £120 profit.

Today's total £350, weeks total £1,340

 

[DAX30DayTrader]

Took that rejection off the 8560/70 resistance zone.... entry was 8556.3.

But price isn't looking like it wants to sell off much so just booking my 6pts profit here for £120 profit.

Today's total £350, weeks total £1,340

I may regret that exit!

 

[DAX30DayTrader]

Well I guess if its not selling off from resistance and I'm no longer selling it - I figured I should be buying it.

In and out for a quick momentum play for a £220 profit.

Today's total: £570

Weeks total: £1,560

 

[DAX30DayTrader]

Support - 8505/15, 8475, 8460/50, 8430

Resistance - 8560/70, 8605/10, 8630, 8645

If this 8560/70 resistance busts, the next "major"resistance I have is up at 8605/10, though there is still an unfilled gap up at 8635 also.

On the other side, if 8560/70 does manage to hold firm the next "major support is the 8505/15 then 8475 levels.

 

[Mr Fox]

Hi Nick,

First of all may I say good luck in your endeavour, and journal, and it is most definately making for an interesting read. It is also quite refreshing that you are also letting people know why you are placing the trades, with complete breakdown, along with screenshots, as I'm sure there are some people who use the same techniques as you, but would like to keep them to themselves.
I'm sure there "may" be some people along to accuse of selling a course, or question your motives, but please ignore these people if they appear, as this is a fascinating read for me, and I'm sure others.

I'm also finding it very intriguing that you're not taking the first break of the range, yet waiting for a re-test. I do however have some questions, and if you could answer them, I would appreciate it.

First of all, I know that there are on some days quite a few re-tests of the opening range, yet on others there are none. How do you deal with the days there has been an opening break of the range, yet no re-tests.

If you risk 3% per trade, does that mean regardless of what you see afterwards, if 2 trades go wrong, that you call it a day(i.e. 2 trades go wrong, but then a real peach comes along, would you trade this, or let it go).

I look forward to your response.

All the Best
John.

 

[DAX30DayTrader]

Hi Nick,

First of all may I say good luck in your endeavour, and journal, and it is most definately making for an interesting read. It is also quite refreshing that you are also letting people know why you are placing the trades, with complete breakdown, along with screenshots, as I'm sure there are some people who use the same techniques as you, but would like to keep them to themselves.
I'm sure there "may" be some people along to accuse of selling a course, or question your motives, but please ignore these people if they appear, as this is a fascinating read for me, and I'm sure others.

I'm also finding it very intriguing that you're not taking the first break of the range, yet waiting for a re-test. I do however have some questions, and if you could answer them, I would appreciate it.

First of all, I know that there are on some days quite a few re-tests of the opening range, yet on others there are none. How do you deal with the days there has been an opening break of the range, yet no re-tests.

If you risk 3% per trade, does that mean regardless of what you see afterwards, if 2 trades go wrong, that you call it a day(i.e. 2 trades go wrong, but then a real peach comes along, would you trade this, or let it go).

I look forward to your response.

All the Best
John.

Hi thanks for the feedback...

"First of all, I know that there are on some days quite a few re-tests of the opening range, yet on others there are none. How do you deal with the days there has been an opening break of the range, yet no re-tests."

I don't really trade the first break of the range as I was shown by a former LIFFE trader that this can be manipulated, so I avoid this approach, however others may find it profitable.

On days when there is no retest of the opening price it is normally becasue the futures market has opened the session above or below the previous days cash market high or low, most of the time when this happens I draw a fib retracement scale from the current days high or low to the current days open price and wait to see if the 38% or 50% level is hit and held instead of the open price. This is a little more tricky, but its an option for me on days like that. If I don't use that method then I won't trade the opening price strategy that day as I have other strategies I can use.

"If you risk 3% per trade, does that mean regardless of what you see afterwards, if 2 trades go wrong, that you call it a day(i.e. 2 trades go wrong, but then a real peach comes along, would you trade this, or let it go)."


I normally trade around 3%per trade, but not every trade is 3%, sometimes its 1% and sometimes its 2% but never more than 3%. I guess its all down to how I view the set-up strength and my expectations for the trade as well as my stop location. If I have one or two bad trades then I carry on and trade the next set-up if one should happen. But normally I only take 1 or 2 trades a day anyway, occasionally 3.