The other index I trade, (DAX) Romik your entry at 11550 is rather obscure to me I don't see the real entry signal. Forgive my questioning. It was obviously a great outcome. Can you tell me when you entered. I am looking at the chart around May 19th or was it sooner. Cheers and don't take me query other than purely inquisitive for the forum
Due to diversification and using large stops I had to start using services of a spread betting firm where stakes can be less. They mark index prices to underlying futures, so on Monday it did hit that level.
The DAX seems to have reached a decision area. Poss over extended into resistance, thoughts welcome. Measured move reached, low risk short IMO
Looks OK to me to hold, but that's my outlook and I am more wrong than right. I know this from my experience: Price oscillates, trend persists. On daily time frame trend is up, even if next oscillation is bearish within that time frame, trend will remain up until we break through current support level and sentiment flips from bullish to bearish. Neither is currently present. Now, the choice is yours whether to take profit before at least 1 parameter out of those 2 turns bearish. I choose to hold on as I know that even if currently I am doing well with entries, a time will definitely come when my entries are not good and result in consecutive losses. Winners have to be exploited as much as possible. I like to zoom right out of the time frame that I trade and look for similarities of events unfolding to show a change of sentiment, when that 1 parameter flips opposite to the trend I am 'riding' I close the position out and await another signal on that time frame in line with the trend. Sometimes I feel like being contrarian and trade in the opposite direction, but that needs improving as I should only do that whenever weekly is about to turn, if weekly is up I ought to just buy. That's my 1c
Valid point, the trend is still up as seen by the lower trendline. This could very well be a bull flag in the making, we will soon find out if it pulls back for a short trade first or whether it shoots up past current levels. Haven't taken any trades as of yet, will be happy to trade with the trend. Higher price may just be the case as the low of 11164 was 10% from the high, healthy retrace.
Monthly chart offers a much simpler way of establishing key levels, as there are less of them. 10,050 is currently that level, only once that price starts acting as resistance 'Papa Bear' will be here to stay for a while. I should be much stricter with my decision making, if overall trend is bullish I should only be going long and vice versa. I do have a tendency to sometimes trade against the overall trend.
I've not used monthly much in the past, after viewing approx 25 different instruments it definitely can reveal key levels for the bullish or bearish case. Another feather in my cap t/you