Daily Dax - 30/03/15

18:27
I decided to close position at 12105.

17:19
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.

m5-m15-h4

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.

m5-m15-h4

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.

m5-m15-h4

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.

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.

m5-m15-h1

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.

m5-m15-h1

 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 see...it'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...

m5-m15-h1

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.

Daily DAX - 24/03/2015

Today's movement looks like it is part of a correction. So far no critical support is broken, thus it is a possibility that the index will make a triangle pattern or an even more complex flat. In case of a triangle the price action will be bouncing in a sideway channel, but if a complex flat will occur then the price action will be testing the Friday's high.

1 hour chart

15 minutes chart

I will be looking for a wave (c) of [y] of 4, but this wave (c) more likely will be slower and more fragmented the wave (a) of [y] was.

So far there is no sign of continuation of the downtrend and I am waiting for sign of reversal on the 1-5 minutes charts.