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is there any reason for taking a short trade 6970 seams to be
the next resistance level, on the other hand S&P is at the high of the
day so that could lead to an reversal...
at 9:55 we have important job numbers from germany
lets see how the market will go...
Thanks for your input!
After the rally from the last days the battle for DAX 7000 seems to be a little early.
My short was because:
Following my Rules. :
My SL is 30 points for this day - means 6968.
As the previous high was 6975 - a SL @ 6978 might be appropriate.
Though I think the SL is not the theme today. Precision for this statement: Price will not build a double top
here because the the next higher levels are in the view... 7K+
Much more looking
for a nice exit.
GFIs1
Last edited by GFIs1; February 29th, 2012 at 04:38 AM.
I agree with you, a good correction down to VWAP level would be perfect for us daytraders :-)
at the end of the day for the dax index it will still be a positive day if we close above 6890 on,
i am now also short (now that VWAP line on 1 min chart clearly points south I used the rally to enter
short at 6933)
congratulation to your 30 points :-) but as said entering after news releases might give you a better risk reward factor ...
To be honest - I have a rule for the last day in the month which does not include german numbers in any case.
As I am here only doing 1 trade for the day it is not allowed to invert a trade intraday. This is why my entry is in the morning with a high probability for a triggered direction and to follow that trade to close it before US trading is starting.
Congrats for your day high long which worked fine.
GFIs1
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