futurestrader - well, that's how the s&p trades nowadays, so it makes sense that dax follows the suit in the u.s. session - the folks know this s&p is not likely to fall in a straight line so presumably they bid up this dax if dax is getting out of whack - only sometimes of course the dax does deviate from the s&p - in the european morning session, it sometimes has better moves, but not so much any more, as we all know... - i can remember even this past summer, the dax in europe morning, would break, hold for just a little bit, and then run 15-20 points without even retracing a bit... not much of that any more.. except jan 4 and jan 6 "back from holidays, ready to roll!"
dax scalping
- Thread starter sides7
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futurestrader - well, that's how the s&p trades nowadays, so it makes sense that dax follows the suit in the u.s. session - the folks know this s&p is not likely to fall in a straight line so presumably they bid up this dax if dax is getting out of whack - only sometimes of course the dax does deviate from the s&p - in the european morning session, it sometimes has better moves, but not so much any more, as we all know... - i can remember even this past summer, the dax in europe morning, would break, hold for just a little bit, and then run 15-20 points without even retracing a bit... not much of that any more.. except jan 4 and jan 6 "back from holidays, ready to roll!"
Well... the fact is... I have neither milk nor cow. Do you know where I can get one?
I'm actually not exactly going from a scalper to a swing trader. I'm just taking a more logical approach to trading now because I believe that "clicking frantically" has some limitations as one grows as a trader. I'm just integrating my ability to read the tape and book very well with some charting and other price/volume based things that would allow me to stay in a trade longer than I do now. For me, it has always been better to give up a tick to get in on a sure move and give another one up to get out as soon as it hesitates, then to try to wait for a setup and milk it for all I can (whatever that means!!!). Although that keeps your risk very low, I feel I can do better to come up with a system where I continue to accumulate through the first push and the retracement and then get out on the next wave or some such thing. I haven't really figured it out yet, but I'm getting there. It will allow me to trade a broader range of products and to project the outcome more proficiently. I love the action though, so that will always be a part of my style.
My point is.... I would like to figure out a happy medium where abrupt changes like we are currently seeing on the DAX will have minimal effect on my ability and the ability of my traders to extract a profit still. I believe it is possible and some threads here have helped point me in the right directions to get there.
I don't know what you use to scalp the DAX. I know the majority use the underlying big stocks as an indicator and the STOXX, but I believe there is something else at the moment that is also having an influence. Hint: Put up a 6E book and watch it for a while during US RTH.
Exactly... that is why I was saying that this is across the board. Again, look to the forex market for those times nowaday when there is a momentary non-correlation with the ES. You might find it helpful. I appreciate your insight.
Futurestrader 71,
I know what you all are going through. When a marketplace goes through what Eurex just did. It helps scalpers to move to tick charts from minute timeframes. I had to do this on US fixed income when the Machine took over for the floor. Like you guys I am trading the ER2. However, I only use tick charts with my momentum models in the ER2. I switch up and trade fixed income as well. But not as intense more like one good swing a day. This has saved me. I went from 10k+++ a day in the mini spoo a few years back and sat down and started redoing how I trade as far as holding periods. It was the hardest thing I have ever had to do. But with Volatility drying up. I had to learn how to hold. Now in low vol environments. I just move out timeframes and hold. Easier said than done.
As far as the Hang Seng goes. It rips very much like the Dax did in 2000-2001. The Hang Seng is more liquid tho. In fact, I have never seen anything rip like this with this kind of liquidity. It will disappear on you and then some outrageous number of contracts will show up out of nowhere. I am fooling with it in the early session. IB is the only one I can get a decent feed from (as of right now). It is a candystore if you can trade a ripping momentum vehicle. I have raged on CQG for not having Hong Kong quotes. They are adding it sometime this summer supposedly. Futurestrader71, from what you have said about how you trade the DAX. You should definitely be looking at the Hang SENg!
I know what you all are going through. When a marketplace goes through what Eurex just did. It helps scalpers to move to tick charts from minute timeframes. I had to do this on US fixed income when the Machine took over for the floor. Like you guys I am trading the ER2. However, I only use tick charts with my momentum models in the ER2. I switch up and trade fixed income as well. But not as intense more like one good swing a day. This has saved me. I went from 10k+++ a day in the mini spoo a few years back and sat down and started redoing how I trade as far as holding periods. It was the hardest thing I have ever had to do. But with Volatility drying up. I had to learn how to hold. Now in low vol environments. I just move out timeframes and hold. Easier said than done.
As far as the Hang Seng goes. It rips very much like the Dax did in 2000-2001. The Hang Seng is more liquid tho. In fact, I have never seen anything rip like this with this kind of liquidity. It will disappear on you and then some outrageous number of contracts will show up out of nowhere. I am fooling with it in the early session. IB is the only one I can get a decent feed from (as of right now). It is a candystore if you can trade a ripping momentum vehicle. I have raged on CQG for not having Hong Kong quotes. They are adding it sometime this summer supposedly. Futurestrader71, from what you have said about how you trade the DAX. You should definitely be looking at the Hang SENg!
71,
does this mean ur going to be weaning yourself off of the book and actually being a little more chart reliant??
i personally might look to another market...because i feel like the other way is something akin to 'captian goes down with his ship' mentality....no offense and im not saying that my thoughts are correct....just sharing...
does this mean ur going to be weaning yourself off of the book and actually being a little more chart reliant??
i personally might look to another market...because i feel like the other way is something akin to 'captian goes down with his ship' mentality....no offense and im not saying that my thoughts are correct....just sharing...
thanks for all the responses.
i guess the thing to do is just be more selective in choosing when to enter the market as opposed to clicking away every move. also hopefully markets go in cycles and the key is to survive when it is tough and do well when you are hot and the market is flying around.
i too am trying to read charts better and find solid support/ressistance levels, but i find myself having a hard time going against the most recent momentum. i keep feeling that if i buy support, lets say after a double bottom already occured, i might get smoked in a 3 or 4 tick loser if it breaks through which it always seems to do when i play the level, and that is not worth it to me.
someone metntioned trading larger and less frequently but that is risky as well because if you are out of sync with the action why would you take on more risk. it is not that i am afraid of taking my foot off first base but i want to make sure i have a good chance of being safe at second.
i guess the thing to do is just be more selective in choosing when to enter the market as opposed to clicking away every move. also hopefully markets go in cycles and the key is to survive when it is tough and do well when you are hot and the market is flying around.
i too am trying to read charts better and find solid support/ressistance levels, but i find myself having a hard time going against the most recent momentum. i keep feeling that if i buy support, lets say after a double bottom already occured, i might get smoked in a 3 or 4 tick loser if it breaks through which it always seems to do when i play the level, and that is not worth it to me.
someone metntioned trading larger and less frequently but that is risky as well because if you are out of sync with the action why would you take on more risk. it is not that i am afraid of taking my foot off first base but i want to make sure i have a good chance of being safe at second.
I would love to look at the book more than the charts. I'm putting pressure on TT to make it available soon. Same with CQG so I can at least compute what I need to compute to figure out if I should even try to trade it. We'll see.