Monday, March 30, 2015

Daily Dax - 30/03/15

I decided to close position at 12105.

Position is still alive. The rise is fragmented though. I can see potential in this long setup to hold it a little longer, and the market should go up to the 12150s ideally.

15:58 (GMT+1)
Break even and scale out at 12072. Trailing stop is on and tp is deleted.

14:46 (GMT+1)
I'm betting on the continuation of the bull for today.
13:38 (GMT+1)
The RSI doesn't confirm the triangle pattern. It is gonna be either a flat or at least a temporary trend reversal within a higher degree correction.
13:20 (GMT+1)
May be another triangle pattern unfolding on the 15 minutes chart.

12:25 (GMT+1)
Position got stop out. Looking for another long setup.

10:45 (GMT+1)
I reentered the market on the long side. SL raised to 12030.5. I'm still anticipating that the market will reach higher prices today, but even if this is going to be a small degree wave (B) of (X), I am hoping that will have the chance to at least break even.
10:35 (GMT+1)
Rest of my long got stop pit at 12030.

9:55 (GMT+1)
Systems are partially up an running. I'm still anticipating a wave B as part of a bigger triangle or a flat pattern. Tp set to 12148.5.
9:48 (GMT+1)
Scale out at 12039. Sl is moved to break even.

9:42 (GMT+1)
Both of my systems are down. I can only follow the market on my cell.

9:36 (GMT+1)
Open long at 12008.5, SL: 11985

9:30 (GMT+1)
Unfortunately I couldn't hop on the long wagon after the triangle test was completed (morning meeting and a little technical difficulty with the internet).

Hopefully I can still find a setup to play out.

I anticipate a triangle pattern, but I need more evidence from the market to determine its position. I'm gonna wait for the test to pan out before getting really committed to the long side: DAX_M15_test of triangle

The fall from the ATH contained in a parallel channel so far, the MA10/20 channel provided support again, and even the base channel of my wave count shows hope for the bull side, but the price action on the daily time frame show has not yet shown a continuation signal of the previous rally.

Therefore I think it is the best for me to keep my expectation a bit lower in case the bull trend continues on this week and expect first wave B with a 12100 primary target if the market stays above the local low - 11623.

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