Forex Monthly Trading Thread and setup ideas, page-40

"TOPIC OF THE WEEK: What kind trading do you prefer?"

I prefer scalping indices off the 1 minute chart - ASX200, DAX, and DJIA (only in winter when US markets open at 11:30 pm). Mainly wait for strong moves, so only get a few trades per week. Most of the action is in the first hour of opening but big moves can arrive later in the session, especially with the DAX around US open. Should have range traded ASX200 over the last few months, but was too busy with news rather than focusing on what the chart said. Anyway, I'm also toying with the idea of getting on a long-term trend, and I started a thread in the CFD forum about that. No luck yet.

I'd like opinions on the DAX daily or weekly. It broke down from the December uptrend (green line), but it might be on the bottom of a longer-term uptrend (black line channel). I saw strange action on Thursday with the one minute chart. It looked like some big players were trying to hold it up around 12,130 and 12,100. Sure enough it rose well last night. Here's the daily CFD chart, then the one minute chart where the buyers were holding it up (doesn't look particularly strange but it was strange when I was watching it - sharp flicking around of the candles):

DAX daily:



One minute DAX CFD chart Thursday: