More simple is impossible

Can any one tell me why I did not trade that entire move as a 123 reversal, which is what it was, where is the 200%, exactly where price has stopped!!!
Could some one slap my face

Clueless from Spain signing off for today

I notice that the DAX is moving pretty well for you all. I am in the USA, how do I trade the DAX?

Quick way to check if your broker has the DAX.

On MT4 click "View". click "Symbols". Look for "Indices" open indices and look for in brackets (Germany 30) to the left of the brackets is your brokers symbol for the DAX, if he does it, not all do.

My trades today. Charts are a bit messy and so was my trading; several mistakes were made. These are tick charts that emulate M5.

Ended up with +23.

EU is pretty straight forward. 1st trade was based on upward momentum, turned out it was only residual upward momentum that made an anemic move up, a flag, as bulls were exhausted by the climactic move up. Seeing the poor progress I closed my long and I started looking for a short; there were good reasons for it. Unsustainable action through the BRN followed by flag that broke after fractal 1-2-3 (look at line below price, it is the line chart of closes); there was also a clear, larger 1-2-3 (point 3 being the high of the flag). The trade was intended as a scalp and I exited quick because I was expecting residual demand to send price into a range or even a bit higher. There was demand there, notice that price slowed down while moving lower but the demand was really weak; enough to slow the downward progress, not enough to send price into a range. Needless to say that this could have been a great trade.

The reason I took the 1st trade as a long was because I believed price would have been able to make another up leg at least to the level of the 1st one. I thought it would go and make 3 impulses, apparently I was wrong. Thinking about it now, the very weak residual momentum, the climactic action should have been reason enough to allow the short trade to run, but I was stuck with the "this will be a scalp" mentality from the long.

It's pointless to say that the best trades were a short on EU followed by a long on the same; I mean the bloody signals were there...but I decided to make my life hard and play around with AU.



My AU trades have some mistakes. Took the 1st short expecting a breakout; the expecting part was my mistake...never assume the market will do anything, trade price. A short could have been taken higher (about 6 pips higher as price broke lower from the small range) as the context supports it: descending swing sequence, strong impulsive move lower but should have been closed quickly as price shows sings of strength at the SR (blue zone).

Switched to a long expecting the double bottom to hold and take price higher; not wise since it was against the context and price has shown proper weakness (selling pressure). When I saw that price is unable to push higher I took a proper short. I kept it open even if price started ranging right after the open because it was making small but clear downward progress.

The two shorts. Why did I took two...well...stupidity can be counted as a good reason. The thing is I should have not taken one. Price did not make a considerable enough progress lower with good momentum giving me reason to treat rallies as PBs. If that's not enough the move higher was clearly strong; closes near the highs and equal in momentum to the move lower; a PB should have shown much less momentum (see if you can ID two good PBs on the EU chart; clue: they are before I took my trades).

I came to my senses in time and opened two longs. The entries were actually before my SLs were taken out but there was slippage...f****** slippage.

Last trade was a PB trade, I did not expect it to run very much. If you look at the whole impulsive move up it is riddled with dark candles (sellers are coming <- yes, it's a Game of Thrones reference ). Nonetheless I took the long expecting residual momentum to take price up.

A further short as the 1-2-3 formes looks like a good sell, but hindsight always looks good...



I'm in the clueless from Spain club today, but with some stupidity sprinkled on my decisions and much less pips : )). Nice scalping Dee.

While looking into divergence, I came across this post which lists a whole bunch of divergence indicators: http://www.forexfactory.com/showthre...45#post6964645

I did try out the Stochastic_Divergence indi, it certainly came up with a bunch I hadn't noticed, but are these best avoided in favour of drawing by hand?

Thanks Dee

out short euraud long audjpy +20 +20
1min

GER30 B/E+2 ongoing. In a bit late on this one, waited for it to prove it could break thru the 38.2% and S&R level. The good thing about being at B/E is I can always re enter and I have the comfort of knowing I am not making up a loss.

dax.. some morning charts studies

D



15min

GER30 long+25. Short +51. Closed my long trade before it came back, pretty obvious it had run out of steam. Went short after the LH, TP was confluence of the 123 200% and the 38.2% retr. this may only be a small pullback or it could be the start of a range, either way I have banked some pips and there is nothing stopping me from re entering.

dax out +10 +13
pullback on 50% on 10pip
5 pip first bad entry in late, out for scary,
then 123 and re-entry (in late again) for other 13 pips, out tuoch the tma..
over there,
audjpy & euraud again for +28 +25 ongoing
dax


euraud audjpy

audjpy & euraud out +45+35

Ger30. +50. Not the best entry, took 15 pips draw down, look at the 5 pip stochs I entered in OB when in this market I should have waited for it to pullback and turn up. Not using the tools properly! TP was the 200% again but, just above is the 50% retr at 10317 I ummed and aahed for a while but decided to play safe as the 200% was also confluence with the BRN which had rejected price last time.
Just looked back at the chart 50% it is! Sods Law.

Don't worry, you are chipping away at it nicely, where as today I am out of sync with the market, I am just not feeling it.

Hi Dee,

Could not see your latest attachment, (required reading for me) not sure if I am missing something

Cheers...Des

thanks Dee..

beginning to pay attention for short...

entry short @10316

Too cryptic for me! Do you mean attachment in "attachment" section or the last chart I posted?? if you mean chart, it shows up ok on my browser.

There was a period when the attachment was not found but its ok now.