DAX (Germany30) Trading Idea
DAX (Germany30) Trading Idea
Dear traders,
The trading analysis from last time is going according to plan.
EURUSD has risen over 200 pips since I took a trade. I am looking at the 1.1550 handle first and then depending on price action possibly 1.1800 level.
So far the signs are more bullish than bearish. Therefore, I am still in a long position.
DAX (Germany30) Trading Idea
Today I am looking at the DAX. I have been following this instrument for quite a while and today it seems to have shown an indication for a reversal.
There is a bearish engulfing candlestick that formed on the daily chart.
11750 is a minor resistance level that coincides with it and is giving me a further indication that bears might take control and turn the direction down.
I will be looking for a confirmation from the 4H chart tomorrow. If I see a bearish engulfing or a rejection this will give me further confidence to go and short this instrument.
There was a bearish engulfing pattern on the daily chart today, which ignited the sell-off and about which I wrote on my Twitter page here:
Happy Trading,
Colibri Trader
Hello Colibri,
A very accurate eye on price action, have you also taken your course ? …. lol
Mate I have to congratulate you on a very good short call, I’m sure allot of traders are making profits along with you.
I’ve also been short the Dax.
11400 again ??? 🙂
Be Well
Dan
There is one question, While holding short I get very nervous during pull backs.
Are there any indications of what is normal and what is not, I’m pertaining to when to close.
I know one should have exit rules but these are very difficult to design / master. “knowing when to sell”
Thanks for any input
I am just following the daily candle’s close and try to ignore the daily gyrations. Sell at places where others are looking to buy
Hi Dan, thanks for the good words. Following strict rules always pays back. You just need to have the patience for that. Targeting 11400 and then possibly much lower
Hello Colibri,
Thank you for your valued input
My pleasure my friend!
Hi Colibri,
How did this short trade go for you ?
I gave back too many points, I didn’t get out of shorts on the March 26th. The pin on the 4 hour should have been my signal to get out.
Here in lies my problem, it seemed your conviction for lower prices biased my trading in all honesty.
Of course this is entirely my fault.
I just wanted to point out how psychological factors can alter or affect a perfectly good trading plan.
I ignored the losing of points in hopes the market would revert short again.
Yes I know it’s a mistake but I have learned some thing yet again.
May I ask what your actions were of your short position on or after March 26th
Perhaps you’d prefer to converse about this in another medium.
Regards
Dan
Hi Dan,
I was able to get out of my position a bit later since I missed this signal. I am currently looking for a possible short again- there is an inside bar forming on the 4H chart, which could lead to an inverse pin bar on the daily. I am waiting to see what will happen
Hi Colibri,
Yes I understand that a bear pin might form but why not look for longs as Dax is in an uptrend ?
Is it because this up leg is a retest leg ?
Regards
Hi Dan,
There was a small resistance level, but anyways no pinbar formed, therefore longs are untouched. I am neutral at this moment
Hi Colibri,
How did this short trade go for you ?
I gave back too many points, I didn’t get out of shorts on the March 26th. The pin on the 4 hour should have been my signal to get out.
Here in lies my problem, it seemed your conviction for lower prices biased my trading in all honesty.
Of course this is entirely my fault.
I just wanted to point out how psychological factors can alter or affect a perfectly good trading plan.
I ignored the losing of points in hopes the market would revert short again.
Yes I know it’s a mistake but I have learned some thing yet again.
May I ask what your actions were of your short position on or after March 26th
Perhaps you’d prefer to converse about this in another medium.
Dax has advanced 542 points from it’s lows now as of today April 3rd 2019
Regards
Dan
Hi Colibri,
How did this short trade go for you ?
I gave back too many points, I didn’t get out of shorts on the March 26th. The pin on the 4 hour should have been my signal to get out.
Here in lies my problem, it seemed your conviction for lower prices biased my trading in all honesty.
Of course this is entirely my fault.
I just wanted to point out how psychological factors can alter or affect a perfectly good trading plan.
I ignored the losing of points in hopes the market would revert short again.
Yes I know it’s a mistake but I have learned some thing yet again.
May I ask what your actions were of your short position on or after March 26th
Perhaps you’d prefer to converse about this in another medium.
Dax has advanced 542 points from it’s lows now as of today April 3rd 2019
I never rejoined longs
Regards
Dan