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Hello GFI,
Thanks. I think that whoever thinks losses can be avoided lives in a dream land.
But on a day like today aren't you tempted to take another trade, for instance, now that the market is much higher and the odds for a reversal are high?
Of course a pullback / conso is highly probable.
There is a daily rule, ONE trade and a SL setting. If the SL is touched - no problem - over all the negative trades
are not making a big drawdown. Therefore waiting til' the markets*** are going back to normal is most of the time
not a bad idea.
So for this thread a new trade is waiting for us soon ;-)
***near a psychological mark like 8'000 movements can get out of control and normal behaviour.
Maybe. But the problem today was the strong bullish opening, which for me is a contra-indication for an early short. Preservation of capital. So today I'll pass.
Weekly result minus 36 points
Total points since January plus 267
The week was negative despite the very bullish scenario to reach a new yearly high
as well as to pass 8000 in the Dax.
Result is very clear when seeing time shifting for entering markets intraday at such
important landmark points in the chart.
Outlook - markets have reached new levels - will go back to normal - and the system
will work again as usual.
For what its worth, recent history shows that after a leg of such magnitude (more than 5% from the low on Monday) there may come a period of some consolidation and choppiness wherein we will probably see at first some modest retracements (Monday and maybe Tuesday), a retesting of the highs (maybe on Tuesday afternoon), and then some more serious pullbacks starting on Wednesday. This is however history not fact so take it with a grain of salt
Interesting week to start - Friday triple witch - US numbers Wednesday & Thursday 1h earlier
due to US Daylight Savings has started 2 weeks earlier than in Europe.
DAX short 10:30 to 13:00
entry @ 7971
exit @ 7967
result plus 4 pointsnot much movement expected - downleg highly probable
risk - medium
outlook - some attention has priority during the whole week (SL / risk management)