DAX: 3 trades, 21 pts profit

I was still playing the short side in DAX today after the strong bearish close yesterday. Entered short at Bar1 on a break below a bearish pin bar rejecting the 1st pivot resistance. I covered the short at Bar2 on a bullish pin at the EMA20 with a 16.30 pts gain. I missed a good singal after two failed breakouts (up&down) from the morning’s range. The missed signal was a bearish engulfing bar following a bearish pin bar. The second short was at Bar3 on the retest of the pivot point level after a break lower. Exit was at Bar4 after a bullish pin violating the channel line from the morning high, result was 9.20 pts profit. Both exits were on good timing and were followed by sharp snapback rallies.
The third trade however was a long trade, a breakout- pullback entry after an upside breakout from the bearish channel that contained most of the day’s price action up to that point. But the exit was poor. I held the long after the low of a small bearish harami was violated as I was expecting a fake break to the downside trapping the bears. On the next bar I was trapped out as well just to see the index run to a new high. I was uncomfortable to trade against the 1h trend and jumped the trigger. The usual mistake with the excuse of a counter-trend position and a loss of 4.50 pts. All in all it was a good day with 21 pts profit and 2:1 win gain ratio.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: