Thursday, 5 January 2012

Mind the Gap...continued - DAX (Mch12)...continued. cont

OK, i was stopped out on my additional long position ( 6131.5) with a very tight stop at 6137 but with a loss of 80 odd bucks. The high since has been 6143!! The open equity on the trade is over 100 basis points but i am moving my stop down to 6143. To protect some open equity but mantain my view we should go lower and fill the second gap.This is confirmed by the stochs in the 240 and daily chart
We have continued lower today but have now hit the LMLP of a active local fork at 6045 and have bounced. So far this is a shallow retracement and am still of the view that we are going lower but must break the LMLP and make a new low today or i may consider other options.
If we break this LMLP at 6045 and make a lower low then it would be another possible short entry on a retouch.
I am also watching Gold and EURUSD. The euro is due a bounce and i am looking to see if we hold at 1.2800. I am still short from 1.30 area but am considering taking partial profits. I also have a potential buy area on EurGbp just below the market. More charts to come.
My only other open postion is short 3 March mini Corn ( not CFD) at 655-00 (stop 657-50)
Also look at Copper (HG) Comex below.... its going to break out of the reaction line channel soon....lower is my guess back towards 310.00 and what does this mean about the whole metals complex? Lower? I think so and Gold is included. We all know that alot of folk piled in below 1550 and filled their boots and they all think that the Gold retracement/sell off is over. I do not.

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