3min 20ema weren't enough to hold the price further up. this is a tight zone on 10min to the left.
unless there's a diversion on 3min I would be ver hesitant to take this up again.
when things are uncertain lock in profit above 5pips.
if it does push lower, I'm out. Selling into a support is not my area of expertise. I've been burned way too many times over selling into support and buying into resistance.
If you were experienced DAX trader you probably sold it when I closed my 2nd 5pips long trade. 10min candles closing with long tails right below 20ema, with price below 200ema across both higher and lower TFs.
I'm glad that I didn't have to take any loss despite going against the momentum.
BUT there's always a "but" next support 12133, diversion still on "on" 3min.
{quote} last support in play. if this fails then we go further down.
Ignored
don't think it will reverse today.
calling it a day.
today is a good example that we shouldn't bother calling it a top or a bottom and try to trade with the momentum.
although I didn't manage to determine the direction upon London open, I was disciplined enough not to go against the momentum once the momentum was established "down". I'll do a better at determining the direction better.
its a tight range an hour into London from 12139-12126
I can't read the PA on 3min although on 10min and above its starting to build for an upward move.
still uncertain if it does fall however it goes without me range too tight to go for a sell from here with prominent support down below.
no doubt today was a tough morning for DAX but it doesn't mean that it couldn't have been traded profitably. Just had a quick analysis. This is where I went wrong. Trend line broker , horizontal resistance retest 40minutes after the initial break usually a good time to go in.
now we're back to 12099, anything can happen here. but still a prominent support. I can see a possibility of divergence forming on 10min and 15min. I'll wait until then.
Todays been one of those days where if you've set your sight on trading DAX through London open you must have a bias, and you only pull the trigger once your bias is confirmed usually 30-50minutes into the session it is determined (at least based on my observation)
Now that 12100 is broken, even with divergence forming on 10min we're still far off from going long with 10min 20ema far above the price.
I guess I'll call it a day here with +1pip for the day :-)
If you're an efficient trader 2hours into London open you'd be calling it a day on most days.
