First things first. Congratulations to all those who anticipated the ECB decision yesterday and congratulations to those who profited, I know some of you did very well. I did not, the less said about my trading results the better, they are available online anyway and there is nothing to brag about. I simply made too many mistakes yesterday and paid for them through the nose. I’ll learn from it, brush myself down, take a break today and move on. The main lesson I learned is to not rely on a mobile phone app to execute or manage trades during times of volatility. They fail. I also learned that if I am going out (to work) during times of high volatility, close the trades before I go.
If I can take a positive from yesterday, simply to motivate me to write this article, it’s that my DaxTrader RSI automatic trader on my forex account performed well yesterday and has taken me up to 31.52% return over 20 weeks.
So today I will be taking a break from trading and be back as usual on Monday. I do not intend on making the same mistakes today.[wp_ad_camp_1]
I will pick up on a comment made by Roger
Yes Dan. It seems we share many of the same weaknesses. As I have discovered and no doubt others before me, being successful at this game (and I am not there yet) is really about conquering my emotions. Mainly despondency (fear) and worse still euphoria (greed). I know what I need to do, take a system that suits my personality, is relatively simple to understand and apply and then hardest of all stick to it through losses and draw downs to gain the big wins when they come. Trading is a lonely occupation and one that most of us are not adapted to especially if we face daily scepticism from those close to us who I find are quick to make uninformed judgements on it being a worthwhile occupation ! I am happy to share the system(s) I am following if you’re interested.
Roger, if you are interested in sharing, I would happily post an article up here. Congratulations on your gains yesterday as well.
Also Mukhls sent this:
best setting for german30.. totally work😆. want just pm me
I don’t know how you would need me to pm you, perhaps you could provide the information here in comments, or email me?
Thanks for posting Krish, you seem pleased with the outcome, I presume you profited so well done:
Smack in the face for DAX Bulls just like I expected. Rally lasted longer than I expected though!
Finally, from Roger:
What a day ! Mario is not so super says the market. I think all would agree we are now bearish ! We are due a cyclical resistance on the weekly chart and this could be the start of another visit to the 9000’s or maybe the dax will surprise us again !
It certainly appears so, After such a big slump yesterday the momentum is likely to favour the downside and I appreciate this may sound crazy, but I won’t change my bias to bearish until we break 10,500. I am however now neutral.
If we get a pullback from yesterday then somewhere between 10900-11000 could be interesting to watch as a possible sell zone, or a break below the low of yesterday.
Dax Support & Resistance
|200 Day SMA||10700|