If this median line is good, then a switchback to the median line will probably cause a lot of profit taking and additional sellers, creating the perfect opportunity to trap the sellers and continue buying. Finding value in a market like this is impossible, but the market is gaining popularity and there is plenty more mania to come.
When sentiment is heavily bearish and sell orders rise, the market often continues to rally. I wonder how many other traders have scouted out trade setups similar to this one, then wondered while it rallies
I understood (without googling it) that a pin bar was a potential reversal candle, with a long wick appearing at the end of a trending move, often at either support or resistance. A bearish candle would have made a higher high, but opened and closed inside the previous candle. Well, we seem to have most of those features here. Do we have a pullback, probably...
Strong breakout on the Dax30 as it just slices through 11680 and doesn't even look back. The recent range was trading between 11530-11630 and if we add that 100 points to the 11680 (resistance from previous failed breakout) we look at 11780-11800 as a target zone. But now what?
Does the inauguration cause additional volatility today? Possibly, so I am looking to either wait for price to reach my levels, or use limit orders. Is the 11530-11550 still a good spot to buy? I think it's a fairly high probability zone that offers good risk:reward as shown again this morning.