dcm2020

DAX at a selling zone

Short
FX:GER30   DAX Index
203 views
5
Hi Traders,

In my own opinion, I think the $GER30 is at a great place to sell and forget for few weeks as I believe we are fighting to break some long term levels here. Firstly, on the 4 hr chart we can see that we haven't being able to break the 10,345 and close above since April. So in another words, if we maintain bellow 10,345 and dont close about it on the 4hr it should be okay for at least the short term.
However, looking at the Daily, we can see that I added a rectangle because this zone has been a pivot area for the $GER30. So 10,400 is key on the daily. Also note that we have a long term channel which the channel resistance is around 10,400 too!.
Now, jumping on the Weekly; we are fighting the 61.8% fib here which we had few tries before but never broke it, so the question is: are we going to break finally or another rejection?
My trading plan: I think to sell here is good because of the Risk/Reward, if you sell here at 10,340, a SL at 10,550 is a good level for a initial target at 10,000 then 9600. But keep in mind, you will need to hold this trade for few weeks.

Thank you!

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