Dax Journal 12/07/2017

16:24 – NEW TRADE

DAYTRADE SELL #GER30 @ 12635.65 | SL:12660.00 | TP:12570.00 | 2017.07.12 16:24 (BST) | ID 13755996

These are FXCM prices, not futures prices

Context – Above the deviation high, bearish divergence and we are seeing a delta divergence as well. We have reached extension targets from the swing today and are currently stretched. My thinking is a 0.5% risk to retrace back to vwap in the final part of the session. I will happily break it into three parts and remove partials as it plays out.

I think the risk is that this is a bullish breakout and we are not at the top yet. Worst case scenario, we see another spike and the move goes against us. In situations like this, I find a reversion to VWAP a fairly high probability move, picking a stop loss wide enough to allow room to breathe is the challenge.

We have given ourselves a 3:1 and the target would represent a realistic pull back towards vwap.

2017-07-12_1626

15:07

It’s heart-breaking when you choose a bias for the day and wait for an entry that just doesn’t come. I have been looking to short this, but the momentum is just too strong. I have not seen much of a selling signal all day. So at these points, whilst I am sat here, twiddling my thumbs, I tend to try to learn a new skill. Today it was coding additional features into an Expert Advisor (MT4).

Unfortunately, we have missed the majority of the move higher today. Perhaps we got the clue with the rising in delta from yesterday, despite the price not making any progress.

I am thinking about how much further this move has left to go. Are we in for a full on Bullish wave again, or is this just the pullback to the under of the triangle that I mentioned in the webinar/video earlier. Possibly too early to say.

I am still considering a VWAP retracement later though.

14:07

FTSE, DAX and SPX have all broken some people key lines to the upside, so I may have to postpone my shorting idea temporarily. We’ve been stopped out on the SPX trade, although I did take some profit yesterday. Currently I have no positions open on the indices.

13:15

I was looking for the volume pocket to give way and let price start to decline, however it seems this attempt has failed.

12:45

I am considering something like this from the DAX

2017-07-12_1247

11:58

Is this bearish divergence at the top of a fork on FTSE? That would suggest a shorting opportunity!

2017-07-12_1158

11:51

We have broken the low volume pocket, we are currently at those highs I mentioned before, let’s wait for a signal

9:51

Webinar ended.

Tomorrow, John FTSEman is going to take over the webinar and look at:

  • Pitch forks and lines
  • ACR lines
  • Why price moves
  • Swap zones

We have just tested the webinar process and he’s setup ready to go. It will be great to have another host. Lots and lots of great stuff to share. Be there tomorrow morning at 8:30am

8:34

ATAS Link: http://orderflowtrading.net/soft/atasmed353/en

WEBINAR LINK: https://zoom.us/j/267837938