Thursday, September 8, 2016

DAX - 09/08/2016

Update (17:46 GMT+2):
I missed the long entry for a small degree wave c as part of what I think it will be only a pull back. The first important support zone was pierced and now the market retest this level.The bull so far pulled the price back to the Fib. retracement level of 61.8 of today's range.
DAX30 (CFD) - 15 minutes chart

The pull back was contained by a parallel channel. The price moved out of this channel suggesting that this correction may be over and the downside movemenet will contiune. The RSI on the 15 minutes and 1 hour chart reached the sustainable bear zone and pulled back to bearish support zone.
DAX30 (CFD) - 1 hour chart

Update (15:46 GMT+2):
Position got stopped out.

Update (15:16 GMT+2): 
Almost break even.
DAX30 (CFD) - 1 hour chart

Update (14:54 GMT+2):
SL is already lowered to 10715.

Update (14:47 GMT+2): 
I opened a small short position.
DAX30 (CFD) - 1 hour chart

This is just a quick thought. It doesn't look complete yet. I'm anticipating a wave [B] of b on the 1 hour chart, so it can get tricky, especially that I can't rule out the option that the market will simply break out from the daily/weekly channel and makes a wave [iii] of B of (B)....
DAX30 (CFD) - 1 hour chart
The market still with the range shown on daily chart, thus I can't really commit to either way right now, but because the price is currently in the upper part of the range and the momentum didn't reach the sustainable bull zone on the daily chart, a small correction is slightly more possible in my opinion. So I will wait for a nice signal bar. A good indication of a correction would be breaking yesterday's low (which was proved to be a strong support level), and the breakout from the bigger parallel channel would be a bullish sign. If the short setup will get triggered then very fast movement will come and my target zone will be the starting point of the ending diagonal.

DAX30 (CFD) - daily chart

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