Smaller support have been broken right now at 11975
Please check there the upper red line
But the bigger support at 11960 holds at the moment.
If these 11960 line will brake at end of 1HR Chart
(16.00/17.00 or tomorrow)
We should sell long positions and go short.
If the support will hold LONG is to stay
I am not a friend of forecast like fibonacci or elliot waves or somethiong else.
I am 20 yerars in trading and i think that will not fits in the real word.
Only in books where the point of sell and buy are told after the trade to have a good look to the author.
Much more important than how deept i can fall is your risk.
And here it is a clear statement:
Risk in that trade is , Short Dax fall through support is your entry point (ca 11940)
to the last high at 12020
Thats a risk of 80 points.
Thats to check whether you want to riks that and i always tell to start with small position sizes
to get a feeling in the trade.
If you are short at 11950 and Dax clims abouve the 11980 high i would go out short and wait
Maybe Dax fall again after that below 11950 and we can go short again
But take out the 11980 is a sign of busllishness
Good trades and recommend by Charts if you agree....
in addition please remember that a renkotrade system on 1 HR timebase
only trade at the END of the 1 HR bar.
So no trading between the 1 HR bars.
All what happens between let say tomorrow 9.01 and 9:59 in dax will NOT count.
That i tell you to avoid misstrades.
I know that, appreciate. THX.
I use renko as additional system. It is very useful as a tool to see at which levels accumulate or distribute