I use 1 min charts for entry and scalping. 15 and 60 min for reference pts. and to set up longer term trade( for me 10-15 min). I have 1 min charts up for my favorite DAX components, and 15 min charts as well. The only Technical indicators I use are a 20 EMA on all my charts and keltner channels. I also have volume up. Volume is the most impotent indicator for the DAX in my opinion. I use Fib. retracement on the 15 and 60 min charts for reference pts. I rely on my charts alot I would say 75%
Thanks very much again 1. Why do use keltner bands? And how? 2. Do you also trade divergences between Dax and S&P/Nasdaq/DJ? If yes, which is the best US index to follow?
I don't trade diveregnces with the U.S. markets. I just got used to Keltner channels 6 years ago someone showed me them and I have been using them since. They expand and contract as a function or range, so they don't get all out of whack after bigs move like Bollinger bands do.
Mark Never look at the dax components, its an interesting idea ......thanks I tend to start trading only after 30 mins but looking back at my 1 min charts I do'nt see many tests/reversals which occur in the first 30 mins. I'll watch it a bit more closely in future cos the early moves are frequently very good on dax.
Do you trade off of price action alone? or do you have a directional bias? I find the need to keep re-centering the DOM to just see the trades! Thank you for this thread.....I hope you continue....We need some pro's in here. Michael B.
When I retire from my day job.....A dream of mine would be to move to Chicago and go to a trading room everyday with a group of 50-100 traders and trade Electronic Futures in a "high volume sort of scalping way" I can hear the squawk box now......it won't be long now. Michael B.
What would be your suggestion for trading setup ( broker, platform, charting, account size ) for 1-2 lot beginner Dax trader ? I never traded Dax before. All others suggestions appreciated also . Thanks, Walter
In the first 30 min I trade off price action alone(also look and the big DAX componets action) and support and resistance. I have about 5-6 scenarios I come up with before the day starts. I go with which ever one starts to play out after the first 30-60 min of trading.
For a beginner I would recommend using PATS J-Trader for order execution, Esignal for charts and an account of at least 10K. If you are just going to be trading the DAX 1-2 lots at a time I would go with Man Financial, GNI, or Goldenberg Heymeyer as your broker. I wouldn't use an introducing broker becuase most charge higher fees then firms that are self clearing and act as middle men.
A few questions: How much capital for one DAX is a safe play? Do you also trade the ESTOXX50? Is it also a good trading vehicle? How about the Bund, SMI and CAC? Is it possible to use an auto trading system for scalping?