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FTSE has bullish legs this morning and has helped the DAX to close the gap; a soon as gap closed down 10 point; those that shorted at gap closed my hat is off to you! If FTSE has momentum it may reduce decline on DAX
Dax started lower - still under daily Kumo. Made a test of lower water in IB to move up (as foreseen).
At 10:00 the Einkaufsmanagerindex was pushing price with uncertainty down. That held for 2 minutes
Now I see the bulls exhausting around 10:30 - the perfect time to take a short which wanders underneath today's
low. The Dax will make the path without influence from Asia or footsie.
Seeing 9K killed VERY soon.
Actual - the turning point in the next 25 minutes might be Dax Future @ 9157! just my 2 cents
What is your profit target here? I can read the SL which would be @9180 are (if I am guessing right) but are u setting up any profit target in advance, or just letting the DAX ride, and let us know when to get out?
Thank you for your journal, I am using a familiar methadology during the US market open with TF and YM
Thanks matevisky :-)
I am only riding the second wave - so today I will go out 14:30 exactly - with NO number target - but
only taking what market is giving.
Today I have set a hard stop at 9168 as I do not really expect price coming up to there
reason:
1) Kumo above price will not reenter
2) the turning point was made nearly to the point
3) system says short entry time 10:30 and that has passed
Nice to hear that you have same patterns in other instruments - may have to dive in too
Thx, I dont now what the Kumo stand for. I am using a different approach, but mainly the idea is the same. I am doing my hard trades on market high/lows based on fibs and MACDBB on tick chart. I am shooting for small wins (30-40 ticks) and be ready as soon as it possible, but it is always good to see new ways which is fit for my taste
It would be helpfull if you are updating the SL area during the entry, at least with some hints (tight short, last LH etc..) but if it is too much to ask than it is fine like this as well
So welcome aboard. One more question. Are you managing the BE as well during your trades, or after big moves in your favor or not? I have seen some BE trades as well, so my guess you are doing this too...
Kumo is part of the Ichimoku Indicator - you can see many charts showing it in this thread. It describes a zone of support/resistance and is important in 30min as 1day view. Kumo = cloud.
I am normally giving a SL hint when signal is thin or the situation does look bad for the foreseen trade. Normally
my stop is 30 points away as a desaster stop. The stop will never moved - as normally I do not actively follow
the trade. The idea is to save time - to see exactly the 30 minutes entry time (IB) and then check for entry time
and exit time. Either the trade works as foreseen or the SL of 30 points is the result.
Looking back to my 2 years on futures.io (formerly BMT)-journal here - this worked most of the time.
Makes a much of sense, and thank you. I will do the live forward test 30tick SL makes help me to adjust my risk properly thank you! Tight hint also good to know? Are you using the same risk level in case of tight range, or you are lowering the risk those time:
Example: entering with 1 contract with 30tick SL and you are enterint 3 contract in case of 10tick SL or you are going back to 1 contract for 10tick SL? Thank you for your clarification in advance...