tonitrader
Short

GER30/DAX short, reaching upper edge of flag

FX:GER30   DAX index of German listed shares
Due to the insecure overall political situation in Europe, plunging chinese stocks and industrial metals, the testing of the upper channel edge and a relatively oversold market, we may see another breakdown at least to previous structure level of at least 10700. Another support zone at around 10600 marked with the thin green line may also indicate a potential reversal zone at around 10600 to 10700.

As always, Stop-Loss is set right about previous structure highs, giving us a nice Risk Reward Ratio of 2,9.

In long term view a decrease down to about the 10000 level is the maximum imaginable to me, because of huge resistance levels marked with the long green rectangle. This would theoretically give us an RRR             of 5,17 but is not easy to predict in this by politics driven stock markets
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