One of my current clients is a big trader of the German DAX so i find myself looking at this index on almost a daily basis. The more I look at it, the more I enjoy breaking it down as it seems to be a pretty technical friendly chart.
When taking a look at it today in my Live Trading Room we noticed a few things. The obvious structure level looking left, the potential butterfly pattern completion at that structure level and a large area of confluence between numerous Fibonacci extensions and inversions. We've also got some AB=CD action thrown in there as well. Yes there's an even bigger potential butterfly that could be setting up on the higher timeframes. But there's no need to worry about that until structure is broken.
Looks like a good short trade in terms of risk-reward
Tontsake
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There is one bigger timeframe butterfly also with very cood fibonacci confluence. See tradingview.com/v/R4jFrvSL/
HexVex
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I had the same thought and I'm not even German :) So far it seems justified as the Dax broke out to the upside of it's triangle consolidation went back to retest and is trying to move on up. I'll be long until the area indicated on Akil's chart unless the triangle is invalidated which wouldn't be very ''Vorsprung durch Technik'' :)
Akil_Stokes
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I always tell the traders I work with "to think like the other trader" so another traders short area is an excellent place to snag profits on a long.
caifu642
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If any chart would be technically "correct", it should be of a German market! And before anyone gets upset over that, I'm half German! Good luck with the trade and thanks for sharing.
algoteam
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nice and true
Neel_K
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This would be the super long term trade ! But clearly, has to go through this Time Frame to get there.tradingview.com/v/e3u2Bl7J/
Technician
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I feel its bearish short term, but over the long term, i don't like that the price has taken the 161.8 extension for the latest correction, and the 127 extension for the 2007-2009 bear market
Akil_Stokes
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Thats one where if you enter, you just shut down the chart and come back in a month or so. It would have a lot of support to break