Tuesday, 21 August 2012

Patience Pays

I remember the old cowboy movies where they said "don't shoot until you see the whites of their eyes"? It was a call for patience. Waiting for the right moment. There is no endeavour where patience is more important than trading. Waiting for the picture to line up with my tested trading plan.

Today's chart is a 1 minute chart of the DAX. The trade made over 400 euros per contract. Long at the pullback and exiting at my FavFib. Just had to wait until price came back to support and the order flow reasserted itself.

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2 comments:

  1. Grove Under21 August 2012 at 14:11

    Hi EL,

    Since I don't have Dax data, was there a particular support level on the MP charts (VAH?) around 7068 (or some other reason?) that made you patiently wait to take that long vs. earlier signals? Thanks.

    ReplyDelete
  2. Electronic Local23 August 2012 at 06:32

    Grove Under, I like to use the s and r. After the open, waiting for price to touch the 33EMA pays.

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