The Diary Of Not Even Semi-Serious DAX30 DayTader

[DAX30DayTrader]

Very hard to justify selling the DAX here at 8600/10 resistance band, the price action is dictating that this is a trending day with a gap fill at 8630 looking a possibility, there is also resistance up at 8645. (8630 is an old unfilled gap).

Take the lead MrDAXTrader - Anticipate the breakout and have big enough hairy ones to take action on my opinion.

Bought @ 8600.8

 

[DAX30DayTrader]

Closed half the position @ 8611.3 for £105 profit, got stop loss at entry on the other half.

 

[DAX30DayTrader]

Closed another half (£5pp) @ 8615.5 for £73 profit.

Leaving the last position for a hopeful push into 8630. Stop loss is at entry.

 

[DAX30DayTrader]

Posted this on another thread on this forum...

"Have you noticed how some people wait for a car to get closer before crossing the road? Many people trade that way"​

In my opinion this is so true, most traders wait for price to move most of the forecasted movement before taking action, which increases risk, lowers probability,and lessens your chances of sucsess in the long terms.

There is no point waiting for price to move 100pts before deciding to buy on your theory that price is going up for the day, you may as well take your chances and anticipate the move ahead of time, the worst thing than can happen is that you get it wrong, but when you do get it wrong, the loss is much smaller.

 

[DAX30DayTrader]

Closed my final position at 8628 on the gap fill for £140 profit. Total profit on this trade was £318.

Left some money on the table again as price continued on up.

Today's total: £318

Weeks total: £2,925

 

[T44]

Hi Nick,

Really interesting thread thanks. Just wondering which SB provider this is, and as you're obviously taking some of their money whether you have experienced any of their 'games' yet?

Cheers

 

[DAX30DayTrader]

Hi Nick,

Really interesting thread thanks. Just wondering which SB provider this is, and as you're obviously taking some of their money whether you have experienced any of their 'games' yet?

Cheers

I use City Index, IG Index (Just called IG now) and Capital Spreads, but mostly CI and IG.

No problems with any of these firms.

 

[T44]

Great thanks, hope it continues.

 

[DAX30DayTrader]

Great thanks, hope it continues.

Stay away from CMC and ETX thought... they are poop holes, I had some micro slippage issues with them in past which I left becasue of. Nicking 0.3 and 0.5 sizes of my positions with "slippage" when stops where at entry in non volatile markets.

They do that hoping you A: dont notice the small size or B: Because its small, they hope you won't bother moaning about it.

I sent ETX an email with 57 trading statements of this happening to me on their platform... they replied..."slippage" amazing as the market was low volume with no volatility on most of them.

 

[T44]

Ah yes, my experience of CMC is similar to yours, I still have an a/c but stopped using it when they started messing, suspect I am flagged as on dealer referral! Never used ETX so will avoid. Will be interesting to see if City and IG leave you alone as your stake size increases and you relieve them of more money.
Might be worth investigating a futures broker soon, in case the games start.

 

[DAX30DayTrader]

Levels to watch today -

Support - 8505/15, 8475, 8460/50, 8430, 8405

Resistance - 8560/70, 8600/10, 8630(unfilled gap), 8645, 8685/700

Reasons why I'm now SHORT -

1. We are approaching lunchtime and just ahead of the U.S open, volume will die down for a little while, therefore I don't expect buying to continue at this moment of time.
2. Price has filled the old unfilled gap at 8630, longs are looking to take profit or partial profit, the 8645 resistance level is the likely level for this to happen ahead of the lunch hour and U.S open.
3. Price has pushed/extended/diverged away from the 15 minute 200sma this morning, often price pulls-back to this MA or at least retraces some of the move when this happens in such a short time.
4. 2 minute RSI divergence - lower highs while price prints higher highs at the 8645 resistance.

This is only a short term counter trend play for me during a quiet period of the day after a morning rally, so I'm only in this trade at half stakes looking for a quick dip and tight stop of 10pts, I will then stand aside and wait for U.S.

 

[DAX30DayTrader]

Rubbish trade!

Scratched this idea with only 3pts profit £32.

Was up 8 or 9 points at one stage, but came back to +3 which was when I decided to cut the trade.

Today's total: £350

Weeks total: £2,957

 

[DAX30DayTrader]

Rubbish trade!

Scratched this idea with only 3pts profit £32.

Was up 8 or 9 points at one stage, but came back to +3 which was when I decided to cut the trade.

Today's total: £350

Weeks total: £2,957

I made my decision to exit, so I will live with it - but won't be pleased if this dips now.

 

[Vasco da Banana]

Stay away from CMC and ETX thought... they are poop holes, I had some micro slippage issues with them in past which I left becasue of. Nicking 0.3 and 0.5 sizes of my positions with "slippage" when stops where at entry in non volatile markets.

They do that hoping you A: dont notice the small size or B: Because its small, they hope you won't bother moaning about it.

I sent ETX an email with 57 trading statements of this happening to me on their platform... they replied..."slippage" amazing as the market was low volume with no volatility on most of them.

Spot on. They all probably do it a bit, but ETX always seemed to have the designer slippage control turned up most. By coincidence, it looks like they don't reply to questions about platform plug-ins on their thread.

 

[DAX30DayTrader]

Levels to watch today -

Support - 8505/15, 8475, 8460/50, 8430, 8405

Resistance - 8560/70, 8600/10, 8630(unfilled gap), 8645, 8685/700

Well if I have no reason to sell it, then I must have a reason to buy it.

Similar to this morning - just trying to play the breakout during a trending day - though taking the lead from the DJIA, I posted yesterday on another thread on this forum that the DJIA target for an extension of a chart pattern was 14957, DJIA has came close to that out of hours but has not moved into the 14950's yet.

So I think towards the open or just after the open we could see more upside movement as DJIA attempts to hit the upside target, this should push DAX past the 8645 resistance and onto the 8685???

Well thats the plan anyway, so may as well attempt to trade the bloody thing since its not selling off from this 8645 resistance level yet

Worst case scenario, price pops up and triggers me in and then reverses and stops me out for -15pts.

Best case scenario, I'm right and I make enough money to have fish'n'chips tonight.

Other scenario, price sells off and doesn't trigger my buy order, and makes a mockery of me as I was short earlier with a counter trend trade that I cut for +3pts.

My plan-

BUY STOP @ 8650
MY STOP LOSS @ 8635
MY INITIAL TARGET @ 8685 (Subject to change)​

My follow through plan - Be prepared to act on my feet and take partial or all profits early or cut the trade should price action look weak after entry.

 

[DAX30DayTrader]

Triggered - but I closed....follow up post coming!

 

[DAX30DayTrader]

Well, I got triggered into this trade, thats for sure, but I quickly made my exit as the slippage from City Index was shocking!

Order was to buy @ 8650, they filled me at 8658..... thats a no, no in my book. Thats taking 8pts of me including the spread before I hit some of my profit.

Closed out the trade pretty much there and then for £25 profit....b*****ds!

First time I have had slippage this bad with them, normally only 2 or 3pts on situations like this, but 8pts is not on.

This is one of the reason why I prefer to enter the market manually rather than with orders.

 

[TrendLines]

I've just read the whole thread and its very impressive trading DAX30DayTrader. I read your introduction as well, I see you've learned quite alot in your ten years of trading. I've been with Finspreads since july last year when I started spread betting for the first time and a similar thing happened to me. I used to trade like 20 to 30 positions a day, and now only 1 or 2 and little more on a good day. Its just to easy to trade and to lose money, alot of money very quickly. Now I'm very patient opening new trades. Waiting for the right time to to enter.

Excellent thread keep up the good work and your analysis of the markets are spot on.
I don't trade the DAX30 only the SP500, FTSE100 and DJIA on occasion. I would like to start trading the DAX, looking for the right entry is always difficult, but with your analysis it helps a great deal.

 

[Splitlink]

Well, I got triggered into this trade, thats for sure, but I quickly made my exit as the slippage from City Index was shocking!

Order was to buy @ 8650, they filled me at 8658..... thats a no, no in my book. Thats taking 8pts of me including the spread before I hit some of my profit.

Closed out the trade pretty much there and then for £25 profit....b*****ds!

First time I have had slippage this bad with them, normally only 2 or 3pts on situations like this, but 8pts is not on.

This is one of the reason why I prefer to enter the market manually rather than with orders.

I'm with their subsidiary, Finspreads. I, so far, have thought the reverse. That the orders were better for getting in nearer my desired entry, than the manuals. However, this is just an observation, especially as I do not trade the Dax.

Thanks for this thread, though, I'm enjoying it.

 

[DAX30DayTrader]

I've just read the whole thread and its very impressive trading DAX30DayTrader. I read your introduction as well, I see you've learned quite alot in your ten years of trading. I've been with Finspreads since july last year when I started spread betting for the first time and a similar thing happened to me. I used to trade like 20 to 30 positions a day, and now only 1 or 2 and little more on a good day. Its just to easy to trade and to lose money, alot of money very quickly. Now I'm very patient opening new trades. Waiting for the right time to to enter.

Excellent thread keep up the good work and your analysis of the markets are spot on.
I don't trade the DAX30 only the SP500, FTSE100 and DJIA on occasion. I would like to start trading the DAX, looking for the right entry is always difficult, but with your analysis it helps a great deal.

I'm with their subsidiary, Finspreads. I, so far, have thought the reverse. That the orders were better for getting in nearer my desired entry, than the manuals. However, this is just an observation, especially as I do not trade the Dax.

Thanks for this thread, though, I'm enjoying it.

Thanks for the feedback guys, good to see that people are reading and enjoying it and that I'm not just posting to myself!

Pending Orders are fine, though not when your expecting a boom in volatility as thats when slippage occurs....my fault and I paid the price, though 8pts was a bit expensive!