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The_Cannalyst
Jul 19, 2016 3:54 PM

Example: Support turned into resistance Short

DAX index of German listed sharesFXCM

Description

Nice example... have a look at 9980...bought 2 times, - now it turned into a resistance!

here i commented following :

8 hours ago f
9980 seems to be a reliable supportzone at the moment..but i exspect we break through it


8 hours ago
the risk loving trader is buying that support @ 9980 for a scalp - i am just interested in the breakout move below the support...trying to catch a few dax points...

7 hours ago
that was a nice scalp - dax reached the bottom edge of the illustrated shortterm trend...more than 30 points for 2. breakfast are good :-9 i feel comfortable with catching the breakouts directly....i open half of the position directly with the breakout, and then i wait for a possible rosshook like you have illustrated it o double the position size. if you always wait for a retest it could happen, that you will miss the bus - and thats nasty when your idea is right, but you get not filled... :-)

7 hours ago
...the rsi also signs a oversold situation, a retest of 9970-9980 could come now



3 hours ago
reached max. tp H&S ...

an hour ago
The RSI told the truth again..
Comments
salarfeen
What's the outlook now Mary?
The_Cannalyst
hello, please have a look at my youngest Analysis
salarfeen
I don't quite understand it.

Do you think it will go to 10350 now or 9600?
The_Cannalyst
Hi, if dax could trade above 10.100 - then i think we will go to the 10350. as Long as we trade below that Level, the possibility is given, that the consolidation will go on . Prices below 9.900 will generate the tp at the downside at 9.750 ...
salarfeen
What is advisable now? To go short or long?
Boumrah
Great,we are in wave 5,good to take profit @-27%fib and -61% fib
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