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Cac40 has also formed a rising wedge running into major resistance zones.
To me, the risk reward of short are getting better and better anywhere above 4950.
Can you help answer these questions from other members on NexusFi?
Have you shorted the US equity yesterday? Hope not.
I have joined a forum on US index futures trading two weeks ago, the people in the forum was sincere and the discussions were amicable. Except there is one guy who does not share his opinion or post trade plan but just post his trade one after another. This guy trades so frequently and started to annoy me. I was wondering what kind of system you have that you are trading so frequently, and he says: "no system nor plan, I just trade from my feeling". Basically, he was shooting from his hips. And I was watching, this guy has 100 to 150 trades per day on average, what he does was to short the market when market goes up and long the market when the market went down.
This should not bother me, because everybody should just mind about their own shit. But this guy started to show off as there were several days of ranging market, hence his "strategy" was actually performing. But into a day like yesterday, I have warned the risk of massive short squeeze to the forum, but he was posting even more short trade in the forum. As you might guess, this is equal to commit suicide by doing this kind of "strategy" in a trend day. In fact this guy didn't sleep the night before as he was trying to trade his way out of the big hole he digged for himself.
I think when we have started, we all have that stage of development that we love to fade the market, because trend trading look quite risk as the trade locations are not that good. But we are have grown from that experience and move to much more mature trade when you started to identify trends and stay with the trend. Even better when you have learned how to add into the trend, you are on your way to become a star trader. The story of this guy has reminded me once again the importance of having a plan before going into the arena. If you failed to plan, you have just planned to failure. From now on, I would spend zero time on the forum and put more time in formalizing and executing my trade plan. Also several high quality twitter account could well be a great source of information.
Highly recommend @StrayDogTrading and @eMiniplayer. They should be the role model of every developing trader.
DAX has filled the cash session gap left on last Friday. It has formed a classical bull flag formation with ABC zigzag completely.
Today I am going to buy all the weak order flow pullback so long as the prior day's VAH is at 11200 is not taken out.
Buyer taking profit just ahead of the major resistance at 320.
The aggressive entry would the 270 to 260 area where VWAP and prior resistance is.
A conservative entry would be 240 area where the fib retracement is.
1. Cac is about to run into a major resistance area in the weekly time frame. The resistance zone ranges from 5040 to 5080. Let us see how it respond to this zone next week. The market has been in the melt up mode for 6 weeks straight. The last week has even seen some acceleration to the upside. This could be the perfect time to turn around to run stops of the late buyers.
2. DAX's massive news driven move on Thursday has been quickly neutralized and the signs of bullishness have been registered. Once the 11300 resistance being taken out, challenging the 11500 zone would be back on cards again.
