Sideways, then a breakdown to 0.5 fib level or even lower on the 1.272 time fib of the preceding up move (between 0 and 1) Stop above recent high.
Double top at resistance, now a potential AB=CD pattern playing out following the rejection at the 78.6% fib level. A counter trend line break will provide confirmation for entry with the target being the -0.27 fib extension at 9000. Fluent with structure and a 61.8 retracement fib level from the previous up swing.
dax reacted well from the 50% retracement line of the mid october lows to highs move. Scenario 1: correction is complete, dax will go higher from here. Scenario 2: the down move from 10100 area to 9200 if the first leg of a 3 waves correction, we need another low (61.8/ 76.4%) before the index start to rally again.
See the chart for engulfing candle day trade strategy. Risk is 1 to 1 so it requires more winning trades then losing. A manual back test of the strategy looks impressive over the last couple of months.
i) The candle on 06/11/2014 made the high of this move. ii) The candle on 12/11/2014 closed below the low of the candle in (i). iii) This reverse candle formation appeared right at the bottom of the Kumo Cloud, which typically acts as a Resistance area. iv) A re test of the previous low is expected at 8406. v) the dashed pink lines are the immediate support...
If Dax shows a sign of reversal at the PRZ, go short, targeting 9080, initially and lower. Trading above 9400 will increase the potential of Dax going higher. At the moment I am more short biased.
If the price doesn't succeed to break the cloud, we might see a retest of 8920 level (at least) and 8400, 8110, subsequently. i) Rejection from daily Kumo Cloud ii) 9400 was a strong Resistance
Originally prepared on 21st October 2014: German DAX - 2 Weekly The German DAX chart below is 2 weekly. This is to show bigger picture but not miss the finer details that happens with Monthly. We do not have price data on the chart prior to 1991. However, it is fair to conclude that the major bullish cycle that commenced in 1982 on other major world indices...
I am still holding longs from 8420 area (BE), i will add if one of these boxes will be reached. FOMC should help...
After breaking 8900 important resistance zone last week DAX recover compleet from the 8400 resistance. The oversold RSI bring DAX up again. DAX had a false breakout from 8900 , and DAX return back in 8900 supportzone. The new earnings season bring good results mostly , and DAX will recover to make a positive balance for 2014. We wait for second test from the...
DAX is in the process of a short term relief rally to upside. The levels of resistance are defined on the weekly chart. Bullish divergence has been seen on the daily RSI. Looking for the RSI on 90 minute to test the 45-period Moving average to go long.
50% back from 8855 to low is playing as resistence for the second time. I will start to buy again if we will broke above this level
DAX is now for second day under the very important 8900 support zone area. If DAX in the next day not return to 8900 zone , we can confirm the bearish outlook. Summarized : bear: DAX break his long trendline 2011 DAX starting making lower lows The very strong 8900 supportzone turning in heavy resistance zone. negative for bear : oversold RSI If we have a false...
Trigger for a Short would be a break of last candle low circa 8780. Initial wave of selling has concluded; Double Smoothed Stochastic fast value already broke 50 line week of August 18, typical bullish reaction ensued, slow value completed crossing of 50 week of September 22, this completed the first wave of selling a strong market. Price has broken and closed...
Waiting to open a long position when the 100% extension will be reached at 8770/8750 area. SL at 8450 and first target at 9030 area in order to create a risk free position. Final target is new highs at 10500 area.
buying here with stops below the lows of the last test of this support.