I'm back for a little while, so I sum up in a short update why I opened long.
The price action broke above the trendline of L/Hs with a nice gap up while making break out attempt at the same time and right now testing it's higher line. This channel break out attempt with a choppy price action from to low could suggest basically two things: it's either a diagonal (leading or ending cannot be determined yet) or a 1-2-i-ii series. The momentum reached the sustainable bullish zone for 1 period only and droped back to the bullish support level. I think until the parallel channel holds the price action within the bulls may have more chance then the bears.
It's hard to rule out anything right now with this structure due to the fact that important news event will occur today. The gap is still open and the price dropped to an ideal structural retracement level. I manage my long with a close SL level. Right now @ 10438.
|DAX30 (CFD) - 1 hour chart.|
Position got stopped out. I think the bulls should stay in control on the 15 minutes and 1 hour time frame if price stay above 10440. We'll see...
Update 14:27 (GMT+2)
Opened another long. EP2@10503, SL2@10477, TP@10560
SL1 raised. @10484
|DAX30 (CFD) - 30 minutes chart|
I'm out of the office pretty much all day, so I can't really write a decent post.
Dax long: EP@10488. Looking for at least a new high.