themarketzone
Short

Perfect reversal from the PRZ - next potential sell zone is..

FX:GER30   DAX index of German listed shares
a year ago
In the previous time I covered GER30             it was heading towards the completion of a bearish Bat pattern (see linked idea).
We had two sell zones - 11,000 (structure and 200 SMA line) and 11,400 ( Bat pattern completion.
The anticipation that Draghi will fire his Bazooka pushed GER30             beyond the 200 SMA line and the strong resistance zone of 11,000 and it completed the Bat pattern just before the ECB press conference.

On last Thursday, the day of the ECB, GER30             rallied 1% to create a Kiss of Death setup just before it crashed into First target zone

Now, as the price is again below the 200 SMA line and below 11,000 (also below it's downtrend line), I expect continuation lower towards secondary target zone near 10,200.

In the chart you can see potential R/R

*Due to the coming FOMC meeting, I expect higher volatility from stock markets indices .

Tomer, The MarketZone
Follow me on TradingView
Subscribe to my newsletters - http://goo.gl/R3gPVE
Follow my blog - http://goo.gl/78KZsl
Subscribe to my Youtube channel - https://goo.gl/q8dbyT
a year ago
Comment: Correction - My latest TradingView analysis didn't include the Bat pattern. The Bat pattern was mentioned in my weekly newsletter last week https://goo.gl/QR35d3
a year ago
Comment: Sell zone includes:
Downtrend line
Structure
61.8 Fib level
Broken trading channel bottom
Special ECB preview - https://goo.gl/hZMkYY

Tomer J,
The Market Zone - You trading Edge
Visit my website - http://www.themarketzone.net/
Blog - http://www.themarketzone.net/?page_id=2371
Youtube - https://www.youtube.com/c/TheMarketZoneNet
As 11000 was support which was again broken down is it safe to enter shorts targeting 10200??
Reply
themarketzone PRO hearthack3r.billi
a year ago
If it'll reach 11,00, I would look for intra-day reversal inside the sell zone. Understand that the markets are still trying to figure out what the Fed will do on December and how they will react to the Fed actions. The market can rally all the way back up.. you can't tell.
11,000 is the technical sell zone and 11,200 is the zone's top, but notice where you're stop loss should be.
If you accept the potential risk, technically I really like this setup.
Reply
hearthack3r.billi themarketzone
a year ago
Thanks ...
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out