Friday, March 27, 2015

DAX - 27/03/2015

19:09 GMT+1 
Price action on the 15 minutes chart looks like a triangle pattern is unfolding in most likely a b of b position, although it can also be a bearish triangle in a lesser degree. Open test is needed to determine its position. Later on I'll post an illustration about this.

13:45 (GMT+1)
I closed my position on my cellphone at 11843. I'm done with trading for today. Have a good weekend everyone!

13:31 (GMT+1)
Break even.

13:28 (GMT+1)
Channel must break for a bigger downside movement. I got leave for a meeting and I won't be able to follow the position. I put a trainling stop on the position.
m5 charts
13:18 (GMT+1)
Break even.

13:11 (GMT+1)
I'm gonna try to play out a short scenario.
12:07 (GMT+1)
I decided to close the position at 11900.

11:42 (GMT+1)
I think the market will test today's high, but at least the 11930 level.
 11:20 (GMT+1)
Closed the rest of my long at 11885.5. I'm gonna take a break from trading now.  The correction from the temporary top has reached the minimal level I expected but I think a more complex pattern on the 5 and 15 minutes chart may unfold, and we might see the price action to break below today's low. We'll's friday :)

11:15 (GMT+1)
Opened a long. I expect at least a wave B to be carried out. SL is already raised to 11870 and I scaled the position  at 11890.
11:04 (GMT+1)
Channel drawn on the 5 minutes chart might decide the direction of the next wave. So far the drop is contained by a parallel channel. Upside break out would suggest at least a correction to the level of 11900s. I plan to open a long if the channel gets tested.
m5-m15-h1 charts
10:59 (GMT+1)
Stop out.

10:56 (GMT+1)
m5 charts
SL lowered to 11823.

10:40 (GMT+1)
I didn't wait for the TP and closed the short at 11817. The position reached 2R.

10:35 (GMT+1)
Back on the short side for one last time. So far my balance is negative for the day, and I don't want to burn anymore of this week's profit. If this position gets closed in a loss, I will go away from the market at least until the U.S. opening. Another mistake would show me that I can't see the market well at moment.
m5-m15-h1 charts

10:31 (GMT+1)
It was a bad decision to open a long position and I got my punishment for that.

10:27 (GMT+1)
Quick try for a long. Price has bounced from the bottom line of the channel. And it got quickly closed too :(
m1 chart
10:22 (GMT+1)
One more try to play out this short setup. Hopefully the correction won't be a flat...
I decided to step back and closed my position at the bottom line of a channel on the 1 minute chart. I'm gonna reenter if new local low will occur.

10:00 (GMT+1)
Position got stop out. I blew this trade, but I'm gonna seek reentry on the short side if there is an opportunity.

9:51 (GMT+1)
Break even. 1 hour candle looks like it's going to be a reversal one.

9:47 (GMT+1)
Even if this is not going to be an impulse wave on the 5 minutes chart, I think the 11850 level is reachable from here. Lowered my SL to 11890.
m5-m15-h1 charts
9:35 (GMT+1)
So far the drop on the1 minute chart looks like a correction. Position got stop out. A new high would suggest a continuation of the rally, while a break of 11880 would make a bearish bias.

9:32 (GMT+1)
Short position opened at 11904. SL already lowered to 11911. Tp modified to 11860. I also put a trailing stop on it.
m5-m15-h1 charts
9:25 (GMT+1)
For a temporary top to be in place the market needs to make a reversal candle on the 5 and 15 minutes chart and then a break of the Elliott channel drawn on the 15 minutes chart. I plan to scalp today and I think my first trade will be a short. Ideal target zone would be the support provided by a triangle (m15) around 11850. Now I'm gonna wait for a setup.
m5-m15-h1 charts

8:45 (GMT+1)
MA10/20 channel on the 15 minutes chart supported the upside movement nicely. Ideal fibonacci expansion levels have been reached. A smaller degree impulse wave may be building a temporary top.

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