This is a trade idea for the German Dax market. Price this morning has reacted off yesterday's high thus confirming the double top reversal.
My trade idea is now enter a position long on a breakout of this pattern with my entry price above the pivot level as marked on the chart.
I'm looking for a clear breakout of this level and a strong push up back into the...
This mornings Dax trade idea is a Short, based on a simple Double Top from yesterdays high marked in blue, with a profit target at just above the Daily R1 Pivot, with 25% left to run back to the Daily Pivot.
Its a set and leave trade.
Entry Short 12670
Target 1 12625 at 75% Take Profit
Trailing Profit 25%
Have a great day.
Beta-R:Journal. Risk Management: Compound .Level : PA . Time: Short-term - Intermediate . This is just my view follow if it aligns with yours. Ideas are not repeated rather updated.Projections may be subject to failure.
If price drops from 38% Fibonacci, we'll probably see a 5 wave structure giving us a new lower low...
If 50% or 618% Fibonacci is the target, we'll see a 3 wave structure and you'll see a different structure develop...
We'll see how it all plays out, I'll keep you updated.
As we can see on daily and weekly charts, the DAX index is bearish at the long terms.
For the long terms, I believe the DAX is on his way to reach 10.840 zones, that because it is the next Fresh demand that can stop this bearish momentum. The supply levels above are a great continuation Levels, I'll sell at the first one if the price will reach that supply, and if...
Bearish H&S Pattern DAX
Although the current bearish H&S pattern on DAX is not
symmetrical i.e. the right shoulder is higher than the left
shoulder, however, it still is indicative of a bearish correction
to take place; also, this unsymmetrical setup does form a
megaphone setup if you draw trend lines extending from the
right to left shoulder and from the low...