One day left before the big day and frankly I am glad to see the back of yesterday. For me, it was sh!t. I lost 1% on my account, it’s not a lot in monetary terms, but 1% is not a nice loss in a day. I went long early morning, got stopped out, the automatic trader entered another long, got stopped out and has since opened two more long trades. My EURUSD trades went from a 50 and 30 pip gain to being in negative territory and my equity fell into negative as well. Glum! So I currently have two open Dax long positions @ 11,268 and 11,283. Both are sat on tiny gains. And two open EURUSD shorts, both in the red.
On the bright side though, I have received even more emails and tweets and messages from you guys, which is great, thanks for sharing.
If we class yesterday as a pullback then the question is how much further will we go before the rally continues. The fib retracement zone between 38-50% is a good estimate and that gives a range between 11,150-11,215. The previous swing earlier in November followed a similar retracement pattern. So if we do fall further, I would like to assume that this zone will be supportive. If we have carved out the higher low already, then the bullish trend continues and we can look to retest the 11,400+ levels on the way to 11,500.
But then if you consider that the Tuesday candle actually engulfed that of Monday, which generally tends to be a strong bearish signal and that there are wicks developing suggesting we have found a top and can now begin to test the trend defining levels. Especiaklly when you also consider that Friday put in a spinning top and Tuesday actually took out both Monday and Friday candle bodies. The last few times we’ve done that, the momentum has favoured the engulfing candle. So maybe the 11,000 magnet is back.
So I am slightly apprehensive about my bullish template on the Dax, however I will stick my bias unless we break below 11,095.[twitter-follow username=”DaxTrader54″ scheme=”light”] [twitter-follow username=”DaxTradersignal” scheme=”light”]
DaxTrader.co.uk Comments[quote](Adrian here). I still think the DAX wants 11150s. 50% retracement, key S/R and 50 EMA.[/quote] [quote]Don’t you just love it when something works out. Although I am still long. I took a intraday short at 11335 on the break of the H&S pattern (highlighted before) at 11340 for a target 11244 (just hit !) 1:1 R/R. The 4H chart is dropping in a countertrend move. Look for potential support at 11157 and 10970.[/quote] [quote]Man what a terrible session so far, nothing seems to work[/quote] [quote]hi, greetings from the colonies (USa).
on the 4 hour chart, it looks like you are getting in near a top after a long extended up move. I guess it depends on how long you intend to hold your trade. I do see your limit and stop loss on the other charts. in today’s setup i think i will agree with Adrian.[/quote]
Dax Trader RSI EA
Carrying on from yesterday, to clarify a couple of questions I have received about the automatic trading software:
This file is a visual indicator which provides your RSI indicator on your chart, but this indicator also provides alerts and/or emails/notifications once it has found a buying/selling condition. This indicator provides you with signals to trade, but does not automatically trade them
This file is an automatic trading algorithm, it will open trades for you when it has found a buying or selling opportunity (based on your RSI settings). But it does not provide any visual RSI indicator on your charts, it works everything out in the buffer memory (in the background).
This provides you with both of the files above, they are separate files which need to be placed into different folders but will allow you to visually see and anticipate the signals and also automatically trade them.
I would recommend using the EA on a VPS if you have access to one
This is a trial period of the DaxTrader RSI EA algorithm. This is version 2 of the software and includes a few upgrades including time specific trading (choose the times you want it to trade for you) and trailing stop facility. The trail uses the full version of the software, but it will expire at the end of the trial (normally after a month). After that month you will receive an error message saying Demo Expired and you will need to detach the EA from your chart. The Trial does not include the indicator.
A common purchase made by readers of the site is the EA trial and the indicator as a combination.
If you have used the trial and wish to proceed to purchase the full version, enter this discount code at the checkout 5OFF to receive £5 off the price.
Dax Support & Resistance
|200 Day SMA||10696|