Thanks to a certain client, I now keep an eye on the GER30 and as I looked at it today I noticed a pretty nice setup for those looking to get long. Looking left we've just put in a wedge pattern that was followed by a breakout. Currently we're in consolidation that retraces right back down to the highs of that former pattern. Resistance turning to support.
What caught my attention was the candlestick formations that formed as we bounced off support. Long wicks, telling me that there is buying pressure at that level. We've seen that twice so far and are now testing for the 3rd time. If you're not a structure trader there may also be an advanced pattern completion at that level as well. I haven't gone down to the lower timeframes to check it out because I don't trade this index, but by simply putting it through the eye test it looks as if that on a 15min chart there was a gartley completion that could be used as a reason for entry.
Is there the chance of seeing a massive breakout here...yes. But even a move across the channel offers a very good risk/reward.
As always on Thursday's I release my WEEKEND REVIEW video. If you haven't seen it already (shame on you ;-) ) You can check it out at the link below
Just noticed this ! I like what i see. Thanks to you and your client !!! :)
CromerKing
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On the 15 there's actually a Gartley and a Bat t almost the same completion point. I've posted a couple of Ger30 charts looking at large corrections should we go up.
CromerKing
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Ignore that i'm talking total rubbish, they've both completed :)
jeanbaptiste.laurent.94
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Love the way youre chart look but nfp plus qe means stay away for me
Akil_Stokes
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I'm right with you, I make certain to stay on the sidelines during the NFP. i'll just be a spectator
jeanbaptiste.laurent.94
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Only the nfp dont have much effect on dax but the ECB Q E messed up the indexes !