pasojov

DAX - Rounded retest

Long
OANDA:DE30EUR   Germany 30
The DAX has broken out of its 5-year long channel, with the last time being early 2018. This time, however, there is substantial support found around the 14150 level. With the ECB speeding up their PEPP in order to quell rising bond yields, the DAX is fundamentally poised to continue moving up.

The ZEW Economic Sentiment comes out on Tuesday, which has previously led to a drop in prices over the following days in the past few months. Eurozone inflation data comes out on Wednesday, with YoY jumping from 0.2% to 1.4% from Jan to Feb. These factors may cause a sell-off into our buy zone around 14150.

The zone is a 4 touch resistance (there wasn't this kind of support in 2018) as well as the 0.618 level. Given there should be some time and space between the break and retest, orders should be built up there. This makes it a perfect level for a reversal/pullback into a continuation.

Entry: 14153
SL: 13953
TP: 14920

Happy trading:) follow for more.

Comments

I don't think is going short for now. It is going to continue long, most likely.
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@changeAlb I agree with you tbh. I don’t think we’ll be lucky enough to get a perfect entry because of the overall bullishness
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changeAlb pasojov
@pasojov, yh yh. I've put my entries for long since Friday and I'm expecting good profits. Let see this week for more. The thing is because everyone is expecting DE30 for sell but is not going to happen 🙂
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If you learn how to read raw price action you wouldn't need to factor in any of those things which have largely already been factored in before the news we hear is made public. ✌🏻
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@StewySongs hey mate, saying ‘if you learn how to read raw price action’ comes off very condescending. The CCI mentioned has been growing MoM recently but each time a sell off came afterwards. Inflation expectations have been priced in, but depending on expectations the market may respond badly etc. The overall point is the long position, I listed those factors as reasons why price might move down. Don’t talk to me like a twat on my own post✌🏼
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