Shorting till 0.764 fib level. This area is where consolidation occurs - as shown by the circles on the chart.
Overall trend is still bullish as long as the key pyschological support 10,000 holds. Thus why I am hedging by buying GER30 futures. Stop loss on buy positions 10,179 and 10,000.
We have two possible long positions on the INDEX:DAX .
1. If price touches the first blue area, check if there is divergence on either MACD or stoch . At the moment we can see MACD diverging from the price. If step 1 is fulfilled , continue.
2. If step is 1 fulfilled, we want to see either a double bottom or w/m pattern forming on 4H or 1H . Will...
After the never ending rally finally peaked, dax had a vicious decline yesterday. Volatility was very high, almost 700 points intraday range.
The big question now is - is a more tradeable intermediate top in or not? In my opinion, the answer is yes, but we will not have confirmation until the market breaks down into an impulsive decline (5 waves). The strenght of...
As previously warned, once the 1st TL was broken the 2nd one comes up fast.
Down trend looks back, but this is still a chop zone, so risk management must be paramount. Choppy 4th waves can chop a lot of accounts.
GL to your trades!
