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Interesting to see that the GFIs1 rule set still works every day and week. Even the tricky last trade of this quarter has shown its quality. Especially on the exit.
Very happy to see the system is giving positive results - even in troubled waters.
There is no need to change any rule - because those work under all difficult circumstances.
Since 2012.
DAX pre cash 7:30 @ 15597 which is the low of yesterday's range Bias for today negative
The daily with pre cash yesterday formed a DOJY
DAX chart shows in the daily a double top: yesterday's high and the high of March 7th 2023
From this view point some slip in the DAX is highly probable
Numbers: USA 1: ADP Employment change 14:15
USA 2: ISM numbers 16:30
USA - fear of Recession is on the plate and rising
Speeches: none
Outlook to tomorrow (last of the week - Easter holidays Fr - Mo:
Very low volume, direction of this index not clear: thus not good for a trade (for me)
Preparation of a one trade per day by a Day-Trader
• reading the results (index low/high, the battles, the given news etc.) of the previous day
• reading the calendar with upcoming holidays, speeches
• seeing the moves of US yesterday and the moves in Asia
• comparing the rule set for today and next trading day in advance - especially under holiday conditions
• watching the pre cash numbers incl. the moves, battles at a important line, following other indexes or not etc.
• waiting for the development of IB of the trading day (for me the first 30m)
• putting up a concept for the stop loss settings - depending on the volume, volatility in the last days and more
• knowing the charts, the traded instrument by heart, the results under similar conditions in the past
• being ready to take a trade - not a loss
• not playing with many instruments - but concentrating on the one you know history, news, circumstances etc.
Plus intuition based on experience in the past,
personal fitness plus time management for a given trading session
For many people this is too much. Thus a lot of trades that are not following the preparation schedule and plan.
Panic trades, over trading, false setting of a stop loss, having a lagging platform and much more lead to a melt of the money base. And risk of being out the market quickly.
BE ALWAYS PREPARED and pin this @ your wall!
GFIs1
Thursday - last trading day before long Easter Holidays
Asia red except Mumbai
strongest: NIKK - minus 1.33%
Chart review this morning
DAX pre cash 7:30 @ 15490 which is @ the low of last cash hour yesterday
A first TP sits @ 15450 - the middle of the important (high move) candle of March 30
A stronger support @ 15300 BIAS negative
