Today was a very hectic day for me. I couldn't follow the market. Position got stop out.
Bigger picture still hangs in the air. The minimum target for the expected wave B on the daily time frame has been reached already, but that doesn't necessary mean the price should reverse in a snap. I still think that the 4 hours and daily charts could offer bullish setups, especially until the market stays above last Friday's low.
I opened another long. The lower long's sl got raised. Today this market is still ranging.
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| m15-h1-h4 |
The hourly candle shows signs of reversal, but it is really weak yet.
13:05 GMT+1
My last long got stop out. The market is still moving in a correction channel. I opened a long because the price action bounced from the bottom line of this channel (drawn on the 1 hour chart). The gap is still open and the RSI of the 4 hours chart produced a bullish cross (while the 1 hour chart a bearish cross,. but it is not yet confirmed by the MA10/20). The higher time frame should override the smaller degree. This hour's candle will be important regarding the direction of the next wave. If the 4 hours trader join the long side then we shall see a reversal candle pattern on the hourly chart.
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| m15-h1-h4 |
Position got stop out. I reentered the market on the long side again. I give this scenario one more chance. I think the market should test at least the upper channel line drawn on the 15 minutes chart.
Since I started to type the market moved in my direction. I put both sl to ep.
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| m5-m15-h1 charts |
Scaled out at 12120. Sl raised to 12084.
8:04 GMT+1
Opened a long át 12095.5. Sl at 12072.5.
i see the possibility,that on daily tf this is only a B wave,and come down about to 11500,
ReplyDeleteYep, I can see this pattern too. That's the minimum I expect from this wave, but there are also two bullish slingshots on the daily chart that should push price higher. Either way, I think this market still has the momentum on the daily chart to test the ATH, I also see a possibility that the DAX is going to make a price action similar to the movement of mid January 2015. So I think the wisest thing to do is to pay close attention and not to get surprised by volatile market conditions.
DeleteIf the market more or less is going to copy itself and create a fractal, I think it should go up above ATH then drop back almost immediately to 11850s level.