Thursday, 26 May 2011

It Doesn't Get Much Better Than This

This morning's DAX was a real joy. The title to the post says it. Flo got me into the trade, twice.

The first attempt was scratched but she persisted and got me in again at 7200ish on multiple contracts. The blue and red lines are the FavFib areas. I used these to scale out. Context of the Profile showed the potential as 7160 was the first real support. I'm still short a little as I write this and am hoping for 7125.

This trade is a good example of following a trading plan. Had I not re-entered after the first breakeven attempt, I would have missed a great trade - I can take the rest of the week off if I wanted.

Turning up for the trade is 75% of what's needed. Trying to cherry pick between trading pictures that all meet my trading plan would result in losses. Therefore, automating these entries both helps discipline and prevents me from missing trades if I'm looking at something else. I'm fairly confident of making more out of the trade. Let's see.

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