So the GER30 is at a weekly resistance with diminished strength as per my previous analysis attached.
After retesting the weekly high in the red circle, we now focus on the 1 hour chart where we can see a clear resistance being formed.
Moving to the 15 minute chart we need to see confirmation that the price action will break the low making a lower low (Point A) to form a good entry. Instructions are posted on the chart for a good short entry. If the price action goes up to break the high in the red circle then the trade becomes invalid.
Don't enter early. Wait for confirmation.
Happy Trading - The Trading Box.
After retesting the weekly high in the red circle, we now focus on the 1 hour chart where we can see a clear resistance being formed.
Moving to the 15 minute chart we need to see confirmation that the price action will break the low making a lower low (Point A) to form a good entry. Instructions are posted on the chart for a good short entry. If the price action goes up to break the high in the red circle then the trade becomes invalid.
Don't enter early. Wait for confirmation.
Happy Trading - The Trading Box.
Comment:
This is now re testing the resistance. If it closes above the red circled high, then this will be invalid. But hey, because we waited for confirmation, we didn't enter the trade!!!!! #goodriskmanagement
Comment:
So looking at the close of the last candle (11AM) it didnt close above so the trade is still valid.
Comment:
We can see the price action has broke the support. We will now wait for the retrace.
Comment:
After breaking the support, the price action has now returned to retest the new resistance at point B. Just wait for the break of the new low and enter the trade we go.
Trade active:
Trade entered short with a Stop at 13289.2