I still haven't given up on CADJPY short just yet.
It was just that my timing was a bit off.
Tomorrow we've got two high impact announcements up on CAD.
We'll see how things roll in the US session, I'll check my EURCAD long and CADJPY short first thing in the morning.
EURCAD long out +60pips
If I had placed my SL at 1.4675 it would be 80pips.
I'm not regretting over pips I could have made but trying to figure out optimal points for take profit.
I think I'm getting it.
If it proceeds to go up I'm sure I can always find another entry.
CADJPY short in I know I"m 30minutes early. But setup looked good on 12h anyway so I decided to make an entry prior to the CPI and retail sales release. This time around I think my TP is located at a fairly good area.
I shouldn't be trading until London opens.
But nevertheless here's a trade I took and closed just now barely at BE.
My bias for DAX is up. However I expect 1h 200ema to provide a resistance but we never know London may take it up through the roof. I won't be looking to sell unless there's a divergence on 15m,30m and upon candlestick confirmation on 1h 200ema.
Things don't look too good for the bulls.
Bulls are hesitant to push it higher.
But bears shouldn't be too happy too early.
On 30min price is sitting just above 200ema no divergence.
It's going to be a tough battle for the bears to push it below that point.
I remain bullish.
Selling it from here is too risky for my method.
Never trade DAX during or right before London open. You'll thank yourself later on. too much going on right at the open.
Instead wait it out until an hour after its open, usually by then at least on 10min a direction should be established to be taken to 10min 200ema for an hour or so it will depend on the positioning of the MAs and how strong the trend is on that particular day.
I do better at longs than shorts it seems.
I just traded 50 contracts on DAX just now long opened on 3min in combo with 10min,15min,1h and that was first 1600$ profit I made during the last full year !! and yesterday I made decent trades on DAX. I lost few short attempts today though on my live account right at the London open. This was definitely a lesson learned. I realise that no other day is ever going to be the same, but I can't help but think I'm starting to get a feel for this finally ? who knows only time will tell. In the meantime I'm going to keep trading DAX an hour into London open. I may pick long trades only just because I seem to spot them better than spotting shorts but we'll see.
i'm waiting for re entry.
we'll see.
only an hour until 4h candle close. so far so good finding support on 20ema long tail.
would it push higher to 4h resistance ?
with volatile instrument like DAX, if there's one thing that I've learnt in the past few months is that you have to lock in profit no matter how sure you are about the direction of the price upon London open and if possible always try to wait for re entry to the direction of the momentum.
I need to work on take profit areas and stop closing in on trades early.
Judging from the charts today's going to be a tough day for DAX.
Yesterday I was expecting price to reach 12300 level it did, however an hour after US open. What now then ?
Well for now it seemed to have found support @ 12195 - 12175 area. It's a tough situation to have a clear bias, but so far 12175 support may hold the price from sinking further down but we have to keep in mind that we're below 200ema pretty much across the board following 1h diversion after US top. It fell just as it went up, that makes me question the validity of that move. And London couldn't push it up higher above 1h 200ema.
Today I can't say for sure which direction price will move like I have in the past 2 days, but like I said 12175 is a strong support area we'll have to see if price will respect that area again, if it does with diversion on 3min and patterns and candlesticks lined up 10min,15min,30min I may take it up just below 1h 200ema.
we'll see, be careful !
PA looks uncertain.
Maybe London will clear things up.
Until then stay AWAY.
Until you have a clear bias STAY AWAY from London open, which can be deadly. no exaggeration.
On the whole I do think downside is limited.
If price breaks above this trend line 12h chart, its game over for the bears.
With major ema just above on a TF like 12h its no surprise that we're going to have a bit of a resistance up above.
