The 2016 trading year has started! Christmas & New Year breaks are always looked forward to but I don’t know about you but I always end up looking forward to the start of the new trading year. In recent years I’ve been hindered at the start of the year by man flu & general illness but this year I’m feeling great!
I did a trade debrief blog post thing last year & believe they are a useful follow up to any snapchat or twitter updates regarding trades for people to learn from.
How does it all work?
During my trading session (normally morning), if possible, I will send out a series of updates regarding trades via;
Twitter – @piptasticUK
Snapchat – username damonelliott1 (note – this has to be added manually)
These social media channels are useful as its fairly instant & I can take a picture, post it with a small description without too much interruption.
I’ll then do a more in depth debrief of the trades via the blog here at piptastic.com which I’ll let you know once it is uploaded via the Piptastic Facebook page ( www.facebook.com/piptastictrading ) plus twitter.
Please note – this is not a daily thing. I will try to do it as often as I can but sometimes it just won’t be possible.
Anyway, onto todays trades. (All screenshots from DAX 5minute chart unless stated otherwise)
Trade 1 – Straight forward pivot entry. Price had broken & closed beyond the pivot point of 10339 with a decent stop/hedging level if it reversed. If you look closely it also could have been taken as a 123 trade or using the bigger candle from around 0810 which was bouncing off the 18ema (big stop though)
Trade 2 – Break of the 10300 level. As with any horizontal breaks, it is better to wait for the 5ema to come through the break level too so the initial break had a candle which was too large to put an effective stop onto so I waited. The next candle was pretty much perfect with an entry with a much smaller stop only 17pts away. This was a fairly quick trade as price motored down to the pivot level quickly.
Trade 3- This is a little bit more difficult to explain but a trade where I think market experience kicked in. I could see that the strength was with the sellers at this point but the stop was a little bit too high for my liking. Both the 5minute & 2minute chart displayed similar entry points but the stop was much smaller on the 2min. So, I entered on a pivot trade entry via the 5min chart but placed stop as per the 2min chart.
Exit of Trade 3 – As with a lot of my pivot trades, if price starts to pull too far away from the 5ema then I will look to exit the trade or move my stop to b/e or better. In this case I had already moved my stop to +5 but when it pulled even further away, it made sense to exit the trade with about +24. Price did eventually move south but only after it had pulled back & then messed around for a short while so the exit saved me a bit of eye strain & trade management.
So, that was me done for the morning & I hope there is some good learning points in there for you.