Fxprotrader
Short

DAX Sell Off About To Begin

FX:GER30   DAX Index
Looking at the weekly chart we can see that price broke a key support level . After breaking out the key level it has retraced, forming a three wave corrective pattern which has also been broken from a sharp move to the down.
That's a very nice spot to go short

Weekly key level:

Thank You I wish I could see the same way as You do the chart so if I understand one has to follow always the Higher TF for a direction and watch the small TF for a correction and eventually after the correction on the small TF trade according in the direction of the long TF. So when You decide when to resume trading according to the long time frame has the price to return at the same level and pass the beginning of the correction I hope I am not confusing You now I apologise if I do
Reply
wait I mean looking at both charts on the weekly one they both broke the trend line down and what I read from Your comment You say to sell the DAX but on the GBP/AUD You say regarding the 4H chart to buy after the retracement to the trend line. So I assume to buy the GBP/AUD for a short term profit and then later sell it because the weekly chart points down
Reply
Fxprotrader RalfDiana
Ok, i see.. I use higher timeframes for my analysis. I then switch to lower timeframes for a setup. In gbpaud i am going long to catch the begging of the correction. In Dax the correction is probably over so i am looking to go short. I hope that helps..
Reply
Why the DAX is a sell according to the weekly chart and the GBP/AUD that has a breakout as well in the weekly chart is supposed to be a buy according to the 4 hours chart after the pull back? I do not get it
Reply
Fxprotrader RalfDiana
I don't get you? What does DAX has to do with GBPAUD?
Reply
agree...
+1 Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out