mr.dmizer

UPON CONFIRMATION: 410 pips SHORT ~ 10 250

FX:GER30   The DAX Index
Reasons for action:
1) Pitchfork lines commonly act as support/resistance .
2) Above 10 114 begins a selling zone.
3) Price has yet to re-test the middle line of the down-sloping pitchfork .
4) We are still inside of a working down-sloping pitchfork and as the price rises, so does the probability of bearish mood.
Order cancelled: Unfortunately price tested the middle line before reaching my entry zone, turning this into a reverse trade. This is good news for bulls because quick re-test is a sign of a healthy and sustainable trend, but my original plan is not expected to play out as we now lost the target I was aiming for.
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