The Diary Of Not Even Semi-Serious DAX30 DayTader

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I would assume that other traders are viewing this consolidation after the rally as a spot to short, possibly with orders below 8695, some may even be short now, therefore I would have to assume that the stops would be above the 8770 resistance.

Maybe a pop up before profit taking comes in before the weekend?

On the other hand, traders who traded the rally would more than likely have their stops below 8640 today down to 8610-20ish?


Its a mixed bag of tricks just now, can't get a read on it. I'm flat for now.
 
DAX30DayTrader said:
I would be a little worried about playing those breakouts that way as they could easily be manipulated. The 2 levels above/below stand out like a sore thumb, so it would be all to easy to trigger and reverse those.

I would wait for a break then pullback to possibly the 'opening price' and then make my decision.

Could be wrong though, could break and tank or rally, in that case I would miss out.
Click to expand...

Fair point- To clarify my approach, I often wait for a break then pull back and look for a pin or other continuation/direction pattern bar before an actual trade. Especially on Daily Forex price bars. Might miss some trades but thats better than having ones' bottom handed to one on a plate :)
 
act in haste.....

neil said:
Fair point- To clarify my approach, I often wait for a break then pull back and look for a pin or other continuation/direction pattern bar before an actual trade. Especially on Daily Forex price bars. Might miss some trades but thats better than having ones' bottom handed to one on a plate :)
Click to expand...

Update....

Kicked in the bottom and lost three points -staying out for now:confused:
Interesting to watch my 8710 level but I don't feel confident enough or see any price action to place a trade. Tomato soup today:p
 
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neil said:
Update....

Kicked in the bottom and lost three points -staying out for now:confused:
Interesting to watch my 8710 level but I don't feel confident enough or see any price action to place a trade. Tomato soup today:p
Click to expand...

I'm not trading again until near the U.S open, only looking for one more trade today then I'm on the beer.
 
Hi D30...

I think the DAX is not going to make singular headway until the US wakes up.

Today their representatives go home to their constituencies and they will be under enormous pressure to talk up a resolution of the budget crisis.

The move up will start at 8am their time (1pm ours) with a real positive pushed at 9am (2pm ours) the DJI will likely tap up at the first, break back to margin and then go for a 15202.

This is how I read the DJI atm.

But it is fluid... back later.
 
Mycroft Algoman said:
The move up will start at 8am their time (1pm ours) with a real positive pushed at 9am (2pm ours) the DJI will likely tap up at the first, break back to margin and then go for a 15202.

This is how I read the DJI atm.
Click to expand...

If you're going long at 1-2pm I'd better get my digit poised over the Sell button.
 
Is this a 15 minute head and shoulders forming?
 

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DAX30DayTrader said:
My bias is starting to turn negative on the DAX, its just not looking to bright up here just now, 8645/55 support band is below, followed by 8600/10 band.

You would also have to think that after yesterdays rally and no sight of profit taking,that traders will be looking to bank some ahead of weekend. I mean, would they have the stones to hold over the weekend with the U.S saga?

Hmmm decisions decisions....
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DAX30DayTrader said:
Is this a 15 minute head and shoulders forming?
Click to expand...

Okay, I'm setting my order as my bias is slightly on the down side for now, and to me, the 15 minute is forming a head and shoulders.

I could have this totally wrong, but thats my view so I will roll with it.

My order is to short @ 8695 with a 20pt stop and I will gun for 8645/55 support band for now...this may change.

Order has been locked and loaded.
 

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My risk with this trade is that I become a victim of my own 'open price' strategy where price triggers me in then pops back to the open.

Its a chance I will take.
 
Never traded the DAX and do pretty badly even on my chosen instruments (FX), but from a technical perspective the s/r level at around 8705, if broken down could see a target at around 8665.

To the upside, yesterday's high at 8743 would need to be taken out or it is, as you suggest, still going to be looking like a consolidation.
 
EUROSTOXX50 Futures making a new low of the day, previous low was at 08:00. Currently pulling back from that low, but if STOXX can hold the 2960/65 level on the upside then it could follow through to downside taking DAX along.

DAX still holding the 8700.
 
Upside holding points if we are to see lower markets today.

DAX - 8720/30

STOXX50 Future - 2960/65

DJIA -15120/30

These levels must hold on any push up if we are to go lower in my opinion.
 
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