Trading the Dax

[tablemountain]

Hi. You are correct. It has been a while.

While I do think this is a bull market dax, is due a correction. I am still holding shorts from 800 some change. I think the French election was a little over done.

It was a case of buy the roomer cell the news.

I am still expecting that gap at 12,100 on futures to close at some point.


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DAX daily showed a higher close then yesterday, closing up on the day.

1hr chart to me showed more support and bullish price action then it did bearish price action.

if yesterdays high gets broken, and tomorrow closes up/positive, then id be bullish and look to go long on friday.

 

[dashdbn]

This is an hourly chart of the Dax. It could be the start of a retracement.

But like you said if it reaches the all-time high, then the balls are back in control


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[tablemountain]

Daily chart to me looks sideways, undecided.

Today I wanted to go long but at 12600, didn't quite drop that low.

Look at 1hr chart- on 8th May at 12659 the price action showed bulls came back in, left a long wick and uptrend continued.

Same happened today at similar price, 12661, long wick left on candle, looks to me like bulls came back in to say were are going up.

However, because of daily for me it's to hard to distinguish a trend. After today I'd even be careful of going long at 12600, tomorrow will be very interesting, if new all time high is made you know its still bullish /upward trend.

for me, i'm staying bullish tomorrow if a price comes in close to 12600, but short or long must be careful as it looks like a sideways market to me and thats anyones game as to whether it retraces or continues up

 

[dashdbn]

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[tablemountain]

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For me price action is still showing DAX as bullish

Daily: if you look at the last 2 arrows, they are at an area where trading go sideways then up, so its like the market is deciding where it wants to go, then it says we'll go up.

The 1 hour chart, for me it shows 2 areas (see arrows) where there have been significant swing or pivot up, so selling comes in and goes down, then 1 hour candle bar swings back up. There are also 2 arrows I have put where to me it looks like the market has gone sideways, then gone up. Again like its deciding where it wants to go and it has decided to go up.

For me support is at 12660 area, I'd look to go long at this area.

I don't trade market news but i do think news has a part to play , will be interesting to see with french election victory etc what market sentiment is, this could just add to bullishness

p.s. its so interesting how different we see it. The last chart you posted I can see you trend line, but for me its still not a short!!! lol

 

[dashdbn]

You are correct. Long-term trend is still up


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[tablemountain]

Daily still showed bullish for me, last session (last friday) close up, higher low, thick enough green candle bar

1 hour: showed some support, notice the long wick where it seems buyers came in to push price back up on 10am candle.

again this happened on 1pm candle

5 min entry: see chart attached how I do 5 min entry, candle bar on extreme of bollinger, RSI and stoch both on their extremes, if you got in on close of candle bar at 1.35pm you could have got price of 12732 and watched it go up with no offside.

I missed this for 2 reasons, initially I had my support level lower at 12715 area and usually I would wait for the candle bar to close, so in this case I would have waited for the 1pm (1 hour) candle bar to close. If I did that I would have not found my entry on 5 min chart.

Still looking long DAX but I'm very cautious, been reading some news which could turn things e.g. new french president looking to change things in EU with merkel around EU debt, EU chiefs saying to be tougher on BREXIT negotiations etc

(i dont trade news) but these types of stories can change things and turn it bearish.

Think theresa may announcement about UK elections, FTSE has recovered but only after sharp sell off.

 

[tablemountain]

Is DAX reversal begun and now we see start of a short trend?

My strategy is use 3 daily sessions to get the trend, either up , down or sideways.

Daily looks like it has broken the bottom of the sideways trend, breaking support causes follow through of selling?

Where to sell? I would say around the 12700 level, on the 1hr chart there are a few price levels which seemed to be previous support which could now be resistance.

I'll be looking short 12700 price area on my 5 min entry if price action shows entry

 

[dashdbn]

I am short from 800


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[tablemountain]

I am short from 800


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Awesome short! I am looking 12700 still, but look at the 1hr chart, seems like an intra day res line, so anything between 12640-700 looks like a good area to short, will see what price action shows me and if i enter will show how i entered on 5 min chart.

Notice- yesterday daily had a big wick on end, I'm no expert and not sure if this shows the short trend which tried to start has failed, but i'll be weary of it.

if short continues I think it will go to 12400.

I wonder if the gap will close and it drop to 12000 area

 

[dashdbn]

Closed all shorts at 500
Went long and closed at 6:50



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[dashdbn]

Sorry closed at 650

Know positions now


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