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Got a bit burned chasing shorts on the Dax tonight
Currently Short the GBP/USD, but its hovering around highs so there will be some volatility b4 it sorts out the next leg/direction.
I got short at 6748.
Triangle forming here. Interesting to see if it breaks lower or not.
No huge break down on open.
Got a bit burned chasing shorts on the Dax tonight... everything looks short term Bullish on the Index's at the moment (very short term that is ) ..... Short tonight's highs if you can spot them would be a safe trade imo
Currently Short the GBP/USD, but its hovering around highs so there will be some volatility b4 it sorts out the next leg/direction.
Hey Barney
Do you usually trade the DAX? Ive been having a bit of a look at it lately and it is very jumpy with the volume.
Cheers
Down 15 points (about 4 trades in total trying to get 2 contracts on) Just took another 6748, stop 6752.5 (one contract) Contextually I like the setup. I still feel the shortside is where it is heading. Fingers crossed for this one.
Howdy MS ..... I love the Dax .... but I shouldn't trade it..... When I use it as a reference against other Index's it is great, but as soon as I try and take cash out of it I usually get burned. I initially set the FTSE short against the Dax long early tonight which was the correct analysis .... For some reason I sabotaged myself ... yet again! It's not really funny but hopefully it will teach me to respect price action first rather than some assumption that things are changing when they aren't.
Are you trading the dax or the German 30? If it's the cfd, are the spreads affecting you?
Personally I have more success being able to use the dom to get the best price, it's a hard market, fast and thin....can't imagine using a cfd...good luck though...
In light of the above posts of the market analysis. I've decided that tonight was a time to be aggressive.
3 contracts with an average price @ 6788
The plan is to hold 2.
I just took one off at 6775 which was the next support level down from the last couple of trading days.
The 13 point profit then covers the risk on the initial 2 contracts because I want to hold at this time.
I'm prepared to give back the rest because I believe we could be at a critical point on the longer term chart.
Who knows if this will push back higher again but ideally if this keeps falling. I'd love to leave one as a position trade and maybe take one off a bit further down.
This is all best case scenario and I could well get taken out at my initial stop!
Net result of 4 points profits haha.
Not too exciting tonight!
I dunno.... Making profit excites meThat's okay Pav. You can always find plenty of excitement on rides at your local theme park. Trading is better reserved for income generation. I find that too much market excitement tends to murder my profitability. My DAX grail was thoroughly challenged this past week. Just about every time that Draghi opens his fat gob, my open P&L suddenly drops 4 figures! I could certainly do with a lot less of that type of excitement!
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