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short at 13186.9, stop at 13225.  minimum size.  looks relatively quiet.  drop earlier accelerated after h&s pattern formation with declining neckline - rebound stopped below right shoulder level.  no significant news.  don't expect  US consumer price release to have much impact on Dax. Expecting US starting to give back most of their overnight gains before open - and pulling Dax down with them.  medium conviction. semi-experimental trade.  (risk 20 quid).  if it moves in favor, review at 13130 the latest.  if not, staying out of DAX for today.

 

 

Germany 30_20200911_07.00 (1).png

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3 minutes ago, Caseynotes said:

good luck though that's a pretty strong run back up to the pivot, wouldn't be willing to bet against it myself. certainly if the Dow heads lower dax likely to follow.

thanks, yea, looks like it was wrong - perceived weak support at 13182 held very well...  and 13205 didn't prove much of a resistance..  watching..

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2 minutes ago, HMB said:

how do you get those funny points into your charts...?  seriously, just read the basics about pivot points, another one yet to become confident in...  

Parabolic SAR :)

Pivot Points will often line up nicely with Fibonacci ratios...

Use a filter to stop you going long and short indiscriminately, I won't go short if price is above 200 EMA

Edited by dmedin
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2 minutes ago, dmedin said:

Parabolic SAR :)

Pivot Points will often line up nicely with Fibonacci ratios...

Use a filter to stop you going long and short indiscriminately, I won't go short if price is above 200 EMA

great - got it! thanks

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22 minutes ago, HMB said:

short at 13186.9, stop at 13225.  minimum size.  looks relatively quiet.  drop earlier accelerated after h&s pattern formation with declining neckline - rebound stopped below right shoulder level.  no significant news.  don't expect  US consumer price release to have much impact on Dax. Expecting US starting to give back most of their overnight gains before open - and pulling Dax down with them.  medium conviction. semi-experimental trade.  (risk 20 quid).  if it moves in favor, review at 13130 the latest.  if not, staying out of DAX for today.

 

 

Germany 30_20200911_07.00 (1).png

closed at 13186.4.  don't like the 13182 support

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btw - probably nothing, but if I was a US broker, I'd reluctantly let the market fall today as a matter of principle if I don't have to..

13 years when it was a weekday  - 3 days close below the open.  open to close up half a percent on average

 

911_performance.png.6e91e0a7d06c8bb146ae9cbb54033dce.png 

 

 

Edited by HMB
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ok, that's it.  went short NDX after open, made 50 quid, then lost it by going long with weak support - didn't take a break to think but tried to make it back immediately with larger bets with nano stop distances - like out of my mind -  took minutes to reduce my account from 300 to 13.  then one last short, stop hit, account size moved to 0.01.  incredibly tempted to refund.  but will at least avoid that.  guess I need an emergency break.  another instant of the same lesson I just won't learn: avoid trading in a state of complete mental unpreparedness..! you probably won't hear from me for a while.    

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There is a trading psychologist Steve Ira phrases it like this:  you must deeply, emotionally accept losses.  Now what I see more clearly today than before, is that this requires me every time, to take time to consciously mentally prepare for losses before even looking at the screen.

In my case, not being mentally prepared for losses leads to trying to make them back immediately when they happen, which leads to large size trades with tightest stops, which come with highest probability of failure - and eventually send me into an account -burning spiral.

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