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Today a thought of the scenario in advance:
- yesterday's slump of 184 points down in 1 minute in the Dax future was most likely a fat finger problem - so
the rule does not omit a trade as that mini crash (which never occurs in Europe - LOL) is not counting.
- price came back up into the cloud again
- 61% retracement is resistance @ 9293
So my prediction for today: a nervous day - price up to 9293 and then a fall south to get out of the cloud
with some tempo. US numbers in the afternoon 14:30 - this is the time to get out.
Dax short 09:30 to 14:30 (will be confirmed or revised 09:25)
entry @ 9268
exit @ 9278 stopped out
result -10 points
GFIs1
Edit: looking back:
This trade was not developping as intended - I had to put a real tight stop as I was away from the screen.
Coming back it was no surprise to see prices rising again.
Two things to learn about todays's market movements:
1) Price was further in the daily Kumo and ended on upper line.
2) More important: US numbers at 14:30 were making a market shaker of more than 100 points...
So it was evident to get OUT before these numbers...
I am in and out as planed. Before the news, the trade was in -10-15 tick, so I took my chances for a 2 folded trade. If the spike is going against me I would have been lost 20-30 tick (based on slipage) but I managed to win +25 tick, with a take profit target. Anyhow it was a 1:2 R:R ratio, I would take it anytime. If it would have been a winner already, I would get out before the news hit, but this time, it was a better play I guess
Thx GFIs1, and have a nice weekend
entry: @9267
exit: @9245
SL: @9302 (after a nice round number
maximum harm: @9297 (round number has been saved my ass this time, good SL management is always welcome:P)
overall +22 tick, with a very high risk factor to fail...
not sure why you chaps shorted; DAX closed gap as usual, overshot down to 9229 then rebounded. Would be interested to understand why you went short after gap close?
I went short first thing to catch the gap then went long at 9232 closing out too early at 9269
Like the title says I'm no expert but trade the gap and once the gap has been closed I wait a bit and trade the opposite direction. Yesterdays close was 9256 todays open was above that so I went short first thing