A major contraction breakout followed by a retest with a possible double top.
2 Weeks ago the DAX broke out of a bearish reversal contraction (Rising wedge), this week price headed strongly for a retest and was rising from Monday right until Friday when the retest was achieved and the price started moving lower which makes us believe that in the new week price action will be heading lower.
In this post, we will detail what is important aside from what you see in the image.
What Can Move Price:
News: Speeches by ECB president and FED chair, Coronavirus updates, Trade comments between EU and UK or US.
How Are We Trading This Sell:
We took a short position on Friday as per the video we released on our TradingView channel, we have a definite exit area right above the possible double top and we are looking to ride the sell trade until the 50% but we will reactive to the 1H and 4H charts and be proactive to our decision making. *We will do our best to update this post with comments on any action we take.
THE PRIMED TRADING SYSTEM
Our technical system is complied of 3 indicators and pure price action patterns, the analysis process we do is based on the past, where we look for key trading levels and momentum/trend indications, in the present we look for patterns, review our tools and do complete candlestick analysis present and as for the near future, this is where we let imagination do it’s work by reviewing the possible probabilities of movement and what news can affect price.
Further to the analysis process we always apply Multiple Time Frame Analysis.
To us risk management is not just a stop loss, but rather structured position sizing which has 3 paths, conservative, moderate and aggressive, this highly depends on the trade we are taking.
The thing that really makes us successful is our mindset of being reactive to the charts as they produce new candles and data and then be proactive on what we do about it.
Finally, every trade to us is unique henceforth our tactic to trading will generally differ from the previous trade. To us it is “One day at a time, one trade at a time”.
Oh yes, and we always focus on compounded weekly percentage gain!
Make sure you give us a follow as we’re going to be bombarding tradingview with top value trade ideas, education and more!
PS: A video follow up is coming to this post so check out our profile!
2 Weeks ago the DAX broke out of a bearish reversal contraction (Rising wedge), this week price headed strongly for a retest and was rising from Monday right until Friday when the retest was achieved and the price started moving lower which makes us believe that in the new week price action will be heading lower.
In this post, we will detail what is important aside from what you see in the image.
What Can Move Price:
News: Speeches by ECB president and FED chair, Coronavirus updates, Trade comments between EU and UK or US.
How Are We Trading This Sell:
We took a short position on Friday as per the video we released on our TradingView channel, we have a definite exit area right above the possible double top and we are looking to ride the sell trade until the 50% but we will reactive to the 1H and 4H charts and be proactive to our decision making. *We will do our best to update this post with comments on any action we take.
THE PRIMED TRADING SYSTEM
Our technical system is complied of 3 indicators and pure price action patterns, the analysis process we do is based on the past, where we look for key trading levels and momentum/trend indications, in the present we look for patterns, review our tools and do complete candlestick analysis present and as for the near future, this is where we let imagination do it’s work by reviewing the possible probabilities of movement and what news can affect price.
Further to the analysis process we always apply Multiple Time Frame Analysis.
To us risk management is not just a stop loss, but rather structured position sizing which has 3 paths, conservative, moderate and aggressive, this highly depends on the trade we are taking.
The thing that really makes us successful is our mindset of being reactive to the charts as they produce new candles and data and then be proactive on what we do about it.
Finally, every trade to us is unique henceforth our tactic to trading will generally differ from the previous trade. To us it is “One day at a time, one trade at a time”.
Oh yes, and we always focus on compounded weekly percentage gain!
Make sure you give us a follow as we’re going to be bombarding tradingview with top value trade ideas, education and more!
PS: A video follow up is coming to this post so check out our profile!