The German stock index DAX 30 (GER30) was introduced under "DAX" on July, 1st in 1988 by the Frankfurt Stock Exchange. It consists of the 30 largest companies listed on the Frankfurt Stock Exchange based on the market capitalization and liquidity. The trading hours for the Frankfurt Stock Exchange take place from 9:00 a.m. to 5:30 p.m. CET. The DAX30 is usually reported as a performance index, which means that the dividends of the companies are reinvested. In a price index the corporate distributions remains disregarded (this can be seen e.g. in EUROSTOXX50). If a company wants to be included in the DAX, it must be listed in the Prime Standard, it has to be traded continuously in Xetra and have at least a free float of 10 %. Additionally, the company must have a registered office in Germany or the main focus of its traded volume in shares is in Frankfurt and the company has a seat in the EU. Based on market capitalization, the five biggest German companies listed in the DAX 30 are Bayer (BAYN), Daimler (DAI), Siemens (SIE), Allianz (ALV) and BASF (BAS). The development in the DAX is often seen as an indicator for the development of the German economy. As a result, the DAX can be seen as a proxy for European economic health since the German economy accounts for almost one third of the total value of the Eurozone economy. The DAX 30s counterparts in Europe are the CAC 40 in France and the FTSE 100 in Britain.
DAX formed a double top (it looks clearer on 1 hour timeframe). Price broken the double top neckline and retraces up to 61.8% and got rejected. Will see a down move to the support
Trading strategy : 2618
DAX is sitting at the trendline support -- if it breaks then next support will be 12100 but the DAX is out of sync with SPX500. Lets wait & watch how DAX plays out if it breaks the recent low of 12100 it would be the signal to go short on every rise or if it plays catch up with SPX500 rally !!
DAX almost completed a double top before it fell quite sharply, current price action seems like getting ready for fresh falls to test at least June lows. If you have your trading strategy, consider short setups.
Trade Safe!
Everything is in place to test the bottom of a H&S and maybe further if it breaks it. With emerging market's crisis and Merkel fisaco, time to short... Money leaving Europe for the US
Shorting GER30 with a double top using the 2618 strategy, Broken neckline and retraces up to the 61.8%, a bear candle is ongoing looks to me like a reversal to the downside is coming
Aggressive entry: enter straight at 61.8%
Safe entry (Recommended): Wait til the bear candle established and short it using smaller timeframe
Hello, traders!
DAX - Potencial Reverse H&S Pattern?
Also we see Bullish Flag.
Possible targets on the chart.
Alternative scenario - Red Arrow.
Let`s see. Wait for the candle to close.
High risk trade! I will comment on the idea, as events unfold.
Thank you for your attention.
https://www.tradingview.com/x/yx2dXTyA/
Price complete double bottom and break neckline.
Buy setup will be using 2618 trade setup on retesting neckline or 61.8 retracement level.
SL below double bottom, Target on chart
