The first thing I learnt in trading is buy the low of a bull channel and sell the highs of a bear channel. The risk reward is fantastic. Nice little doji candles forming on the 4 hr. Stop just above11627. Would like to see an entry pattern on smaller time frames before I commit to trade. Either H&S, double or triple top,
I always like using this method for trading pullbacks in the current trend. It is countertrend - however sometimes they become full reversals. The 45 degree angle down is the one I watch the most. I find if price falls below the 45- normally it takes out the lows
Please refer to comments on my other post regarding the Dax. This 2 hr chart will hopefully provide far more perspective. Sorry new to this and I published the monthly chart first without finishing it, instead if the 2 hr. Anyways here is the 2 hr chart
I have benn watching the monthly charts for some time. I believe the monthly charts shows that we were in a large triangle that originated in March of 2000 and finished in 2011. It spanned a total of 5943 pts. If the E wave was finished at 4979 that would give us a target of 10922. We have only slightly gone beyond this.
What I believe I am showing you on this...
On a 30 minute chart I would rarely buy at the high, so its just as hard to do it on a monthly chart. Not much of an Elliott player, but a simple sideways move would not be out of the question.They do say that the B wave is always the sucker play. Its always hard to buy at resistance unless you have tested the level at least 3 times. It would be easier to bounce...
