FX:GER30 DAX index of German listed shares
The DAX respected the August 8th breakout today but I think traders should take note of the bigger picture. Remember, bigger time frames will always tell the full story whilst smaller time frames will try and hustle out the small retailer. I'm giving the DAX until 10600 max. The daily 20MA should spell toast. Any close above 10806 I'm wrong. DAX should find its way down to 10100 in September
Trade active: We are live with our short! I actually think you can hold this until 10000 but to be honest I'll take half off at 10150 to be conservative. You can ride the rest down to 10000 and potentially then to the 9600 area. Protect your trade!
Comment: We were very close to stopping out today but as the story goes we are still in the game! Looking foward to see if we break above the 10800 area later this week. It would seem they can still float this market on fairy dust but I stay firm and follow the charts. The patterns are still in tact!
Trade closed: target reached: I'm closing this trade here and taking profits. Due to the pattern on the chart there is a good chance we see a bounce around this area. Any close below 10250 then its bad news for the DAX but I'd rather take my money and run! Well done everyone. If you're staying in take half off, move stop to break even. Cheers!