Right. Here we go. Proof of concept!!!
On the chart below you will see I have a limit sell order place at R3. The order is only valid for today (if it’s not executed it will automatically be cancelled at midnight UK time).
I’m fortunate enough in that my broker has another identical CFD instrument (for a number of the most traded instruments) so it means that I can manage this trade totally separate from my current TPS shorts on the DAX.
So let’s go.
I’m going short with 1 full lot i.e. I’m not bothering to calculate the position size as I already know what the maximum should be at this time. Futhermore: not stops. And I believe AT THIS TIME (it could change) the way to play these trades would be to exit them at market just before the close no matter whether in a profit or a loss.
Note that this is NOT the TPS system detailed on this thread. This merely and experiment based on some crucial observations made over the last few weeks.
Germany 30 (Hedge) Daily 13062019 1026
Now I need to add this:
These are “set and forget” trades. In other words: no order executed no trade. Move on. Do not try and finesse these trades. Do not try to second guess them or jump in at market just because it LOOKS like the thing is going to trade to the pivot but is not quite going to make it. Theses are opportunistic trades at best. And you are trying to get in at the most extreme possible good price.
At far as an intraday TP is concerned: one could probably used the next lowest (in this case) pivot level to TP. One could close out half the position at the next lowest (in this case) and then let the rest of the trade run and TP at the then next lowest (in this case) pivot. I’m undecided at this point. But will update if we get a trade.