Tuesday, August 4, 2015

Dax - 04/08/2015

Update: 14:00
I got stopped out at 11421.

Update: 13:05
I had a couple of tries on both way. First I tried to play a break out attempt. I realized 1,5R. but it looked like it is going to fail So I jumped to the short side.

I had a short from 11446. Tp at 11408,5. https://www.mql5.com/en/charts/3769756/dax30-pro-m5-admiral-markets-as The market reached my tp, but i got stopped out at 11424,5.

So I decided to  reenter on the short side again. I think lower prices might be ahead of us based on the 15 minutes chart.
Dax (CFD) 15 minutes chart

This July was pretty hectic for me. I wasn't able to focus on trading.
The dax is in an interesting situation. The higer time-frames are pretty much 50-50 right now. In my primary wave count I think a DZZ was completed and right now the index is testing the corrective channel. The preceding drop looks corrective, a sharp ZZ, right to higher channel line. My alternate count suggest at least a test of the lower channel line. This alternate version shows an ideal pattern for the price action. In this scenario, if the price action will pierce and test successfully the lower corrective channel line, I think a wave 3 will be on its way and we'll see more downside movement.

Either way this is gonna play out, based on the 1 hour and 4 hours charts, I think at least the 61.8 Fibonacchi level of the preceding drop is reachable.

I have a long position in DAX CFD opened at 11421. Sl is at break even. Trailing stop is on.

Dax primary wave count on 4 hours chart

Dax alternate wave count on 4 hours chart

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