Australian (ASX) Stock Market Forum

Pull ya DAX up!

Jump to new
Trembling Hand said:
And cash opens at 7 pm in Eastern Oz!!! Leaves a lot of time for me to fill in the day. Might have to get a day job just to keep me out of trouble.... :eek:
Click to expand...

I did wonder why you stopped trading the HSI. If I was making $$$ in both markets I know which hours I would rather trade.

Actually if I was making $$$ in both id trade both :D
 
fiftyeight said:
I did wonder why you stopped trading the HSI. If I was making $$$ in both markets I know which hours I would rather trade.
Click to expand...

change-is-as-good-as-a-holiday.jpg
 
subterfuge said:
Here.
I've been generally losing for the last 5 years. Full time!
Click to expand...

Geez mate to me they look like terrible entries. So much so that that first one I could of been on the other side - buying to close out a short from the the Cash open bar 8 or so minutes earlier.

Your ideas for the day seem ok, that it was going to have pressure downwards but you have waited until its gone down. For intraday trading thats just way to late to get a favourable R:R for my thinking. Its in part why I hate the word 'confirmation' in trading and pattern set ups. To me it means you where right and didn't make any money on the idea and now you are left with a crappy R:R.

Is that your normal approach/set up? Wait for a bit of a move or break to put on a trade?
 
Trembling Hand said:
Is that your normal approach/set up? Wait for a bit of a move or break to put on a trade?
Click to expand...

My setups and approach tend to change based on the behaviour of the day.
The 1st trade was NOT a typical entry, although I took it as it looked like it had the potential to be a downtrend day to me, and on them sort of days, such breakout plays tend to work in my experience.
However, in hindisight I was wrong about the day type.

My approach is based on everything i've been 'taught' in various books, from 'apparently' successful traders online, and through my own experience.

Here's today:
 

Attachments

  • los2.jpg
    los2.jpg
    106 KB · Views: 76
When you say previous resistance will become support, that can sometimes work, but the point you indicated that doesn't appear to be a previous resistance. If you look to the left at that price it seems the market shot through it, barely giving it a look, so in what world was that a resistance point?

You might do better if you stop drawing lines on your chart too, not sure. I don't know if they seem to be helping you since you're relying on lines you drew as some sort of objective signal of a trade. Trend lines can be made so they arn't biased/subjective but you need to define in advance what your trend line is in every case. Trader Vic does this well in his Methods of a Wall Street Master book. Most of the book is irrelevant to day trading, which is why day traders probably wouldn't buy it. It has a nice section though on drawing trend lines and even if you disagree with him, the part you can really take out of it is that he objectively defines in advance what the trend line is and how it is drawn in every case so that the trend line isn't biased. They say you should take one thing out of every trading book you read, and that was my one thing in his book, objectively defining trend lines. Most of the book I don't even remember except that.
 
Valued said:
When you say previous resistance will become support, that can sometimes work, but the point you indicated that doesn't appear to be a previous resistance.
Click to expand...
Was looking for this sort of thing: (pic attached)


A 'respected' member of another forum told me it what to look for, although I confess that in my experience of taking thousands of these trades, they're about 50/50, so will probably abandon that concept.

Can you show your chart of todays dax (or whatever you trade) with your entries, and include how you draw your trendlines?
thx
 

Attachments

  • de.jpg
    de.jpg
    83.1 KB · Views: 61
subterfuge said:
Was looking for this sort of thing: (pic attached)


A 'respected' member of another forum told me it what to look for, although I confess that in my experience of taking thousands of these trades, they're about 50/50, so will probably abandon that concept.

Can you show your chart of todays dax (or whatever you trade) with your entries, and include how you draw your trendlines?
thx
Click to expand...

I don't day trade though so that won't be helpful for you. My holding time is usually a minimum of a few days, often a few weeks and sometimes a few months. However, the basics like support/resistance and trendlines work on all time frames which is why I thought I could point you in the right direction. If I was day trading I wouldn't draw trend lines, I don't think they would be that useful.

50/50 is the dream though. If you have a 50% win rate and arn't making money the issue is your risk reward ratios.
 
subterfuge said:
My setups and approach tend to change based on the behaviour of the day.
Click to expand...

Yep so do mine. If not from hour to hour. :p:

subterfuge said:
My approach is based on everything i've been 'taught' in various books, from 'apparently' successful traders online, and through my own experience.

Here's today:
Click to expand...

From last night it seems you're were looking at doing the right things around the right times but your timing is off - a lot. Or your stops are too tight for such a big contract, with 5-8 points stops you have to absolutely nail your entries. Why don't you drop down to the FESX? It is pretty much locked in with the moves of the DAX but its a much smaller contract per tick and has about 1/3 the ATR so you will be able to give your ideas much more room to play out and prove the trade right or wrong. You could even trade 2 contracts and take one off early and let the other play out. Pretty hard trading just 1 contract. Also reducing your dollar risk per trade on a smaller contract will give you time to build some confidence.
 
Dax relief on the way...
 

Attachments

  • daxmini.jpg
    daxmini.jpg
    248.3 KB · Views: 59
Trembling Hand said:
Do you use volume? Might help with finding turning points?
Click to expand...

I've had volume off and on my charts for the last 5 years. Sometimes I think i've found something useful (volume spikes to signal a turn for example), but it never provides an edge for me with a large sample of trades under manual backtesting.
Could be that I don't know what i'm supposed to be looking at regarding volume....
 
Well i had my first trade on the mini Dax, a successful 19 points...executed with IB's Dom though. Can't get the symbol into NT yet, there is no difference in the symbol, just the multiplier....anyone got a clue here...?
 
Top