~ Hourly diamond formation on the german DAX. The daily trend is upwards, climbing to the top of a canal. I will wait for the breakout though as any good trader would, and would indicatively state 11960 as a target if bull breakout, and 11540 if bearish breakout.
Cheers ;)
Pattern highlighted with traditional target from breakout.
Target is the distance of the reaction high (regional all time high) to reaction low within the diamond pattern, subtracted from the breakout of the pattern.
Please don't trade because i'm not sure Make your own analyse about this one..But I will give this idea to chew on..Short ...Big divergence on the MACD ...Diamond pattern (Reliable?)...Cross lines MACD..Bounce at MA50..Engulfing candlestick in progress?bear engulfing candle on the weekly chart...Market will sloooow down around New Year i guess....Good luck
Greetings Fellow Traders,
For several weeks now I've had limited sight on anything that looked favorable for GBPUSD. Sells were recommended after a triple top formation at 1.55 (we were awaiting a buy confirmation on the daily close) and then several days later a confirmed break occurred with a retest...but it too fizzled out. For the most part I've stayed away...
