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Green line Entry 11739.20, red line target 11749.21 so far 11748.55 reached!
This was a good entry, because I switched to the 5 minute time frame and saw it was touching the 32/3 outer band and on my 15 minute time frame it was good located in the zone! At a 1 minute time frame my target is mid-BB now of the 20/2 BB.
Target achieved +10 points! Well that's one already for today... which is sooner than yesterday hehe!
As you can see in the picture above, I was waiting for the gap to close obviously and it reached my zone... but it just didn't went high enough in my opinion to short it! It was more of a touch with the 20/2 BB outer line instead of getting a few point higher like really into the zone. So I didn't trade the short.
Well another opportunity just came by... and I took it!
It touched the 32/3 zone, I took it below Support level 1 so hopefully it does bring some support for a retrace.
Also RSI is oversold on a 15 minute time frame backing me up on this trade.
Green line Entry 11715.63, red line target 11725.63, well target got reached while writing this... really finally I took an IDEAL trade!
That entry was just worth gold! I went in on a good spike down... before I knew it literally within 2 minutes my target got hit already...
That's what scalping is all about... in my opinion!
Like I have said in previous posts, we can look at new targets with a sell off strategy when my account is big enough for now, I take 10 points! In stressful times I will take 6 points, haven't been there though!
A new opportunity is arising as we speak, but as we can all see the market is really aiming downwards I have to be careful also the zone is pretty tight and the BB is aiming downwards as well. Although the RSI is oversold and we need a correction ultimately, but will choose my entries really carefully! There is currently a gap between the price level and the 20/2 BB outer line, it should retrace back at least a bit for so the new part of the BB can be placed with touching the candle... still let's wait a while before taking another shot. Put in a purple arrow on this picture below!
We were consolidating but now are starting another leg downwards.
Nothing much to do really... stay disciplined.
Don't look for trades, trades will come to you instead!
Also am thinking of increasing my contract sizes not at my first entry point but to use my increase for a second entry instead. Because often when you are in a position you will see a better entry, but aren't able to make use of it due to the fact you are already in a position. I think I did one yesterday... I use one with 100 cents and 1 with 50 cents at a better spot.
The dilemma is of course, will there be a better spot or not? If not you will probably be wishing you would used all contracts on your entry. Then again... better safe than sorry, or in this case 'safer'...
I haven't put up all the lines on my chart like the MA155/200 and Pivot points, but those are in my TradingView window.
Again... I try to keep it simple if anything is unclear let me know.
In the meantime... the superDOM arguments were/are irrelevant for traders like me using CfD's... You have to start somewhere and it's not entirely FAIR when people who are using DOM are saying that it's somewhat of a disadvantage when you are trading without DOM. If that truly is the case, why on Earth do CfD's exist in the first place? CfD's are developed so more small players can join the game, but they are small still. Anyway, DOM will be used when I can move to mini futures on the FDAX. But who knows I will never get there... at least it will take a long time for me to get there! I can learn how to trade with Ninja Trader though but I like MT4 as well for now.
Ideal set ups are interpreted as ideal set ups, yet they don't have to be ideal since you can't predict the future. That's why it's important to somewhat give your view on something being 'ideal' room. Yes, room costs money, but you have a far greater chance of earning money instead. Are we forgetting that those with money hardly ever use a stop loss?
Mine of 50 points so far was wide enough to let my trades breath and prevent my account from getting hit by something huge, although... that probably would have an huge slippage effect making my stop loss rather worthless... since I trade CfD's and not futures.
The green arrows resemble the candle which I went long in, the green line is my entry, the red line was my target.
Also additional information about opportunities missed and those who didn't meet the criteria.
Today we started off with a GAP-UP, from 11752 to 11831= 79 points! Which makes this gap pretty big.
We have corrected a small bit downwards to 11812 so there's still some room left.
Anyway, it's Monday and we start trading 1 hour post opening, 10:00 CET. So far nothing really happened as the market is moving nicely towards the mid-BB-line 20/2.
Bollinger Bands are directed upwards.
We are currently having some consolidation from this major up move at the pre-opening. And are having support on this mid-BB-line 20/2 on of course a 15 minute time frame.
I think, it's safe for now to make some breakfast. Also it's Presidents Day the stock markets in the USA are closed, which will probably make the Ger30 less volatile today as well.
A review of today, no trades were executed. And don't forget confirmation criteria to back up the trades, which will make it more probable to achieve my target i.e. RSI, GAP, etc.
Also I have been thinking to start using Excel to note my trades, more specifically to note the MFA (favourable) and MAE's (adverse) of the trades. The thing is... like I said so many times before (hehe, times) it's TIME! Scalping is about being in the market for a short period of time. I believe one of my longest running trades needed an hour or 2 to get to my target. I am thinking... of taking 1 hour, but will probably note a 2/3/4 hour range as well. Something to keep in my...