Tuesday, September 13, 2016

DAX30 - 13/09/2016

Update 18:15 (GMT+2):
My long got stopped out. I'm looking for a reentry on the long side if a setup will come up. The market dropped to an ideal Fibonacci retracement level and touched the lower line of the corrective channel. (This is what I wanted to realize with my short position.) This should be a good place to buy if a setup and signal will come along too. It's wait and see now, because if the smaller channel fails to provide support and breaks, then a new low can be expected and may trigger at least a wave [5] or may be even something bigger.
DAX30 (CFD) - 15 minutes chart

Update 16:36

Opened long@10433, sl@10405


Closed position@10457


Update 15:16 gmt+2:
Lowered my risk. Sl@10485

Update 14:46 gmt+2:
Opened a short @ 10467 sl@10500, tp@10405
For some reason I can't upload image from my cellphone. I'll try to upload when I'll be back at my desktop.

Update 13:22 gmt+2:
 The bounce from 10425 low looks corrective so far. New local low might come today.

Yesterday the market spiked below the 10350 (Fibo 1.618 expansion level) then failed to unfold into an impulse wave. This means that the range is still intact provided support for the bulls. Although now rules have been broken, this bounce right now doesn't look proportional in time or price with a wave [2].
DAX30 (CFD) - 1 hour chart.

I think the market will bounce back above 10600 level and will try to test the upper part of the range. The context in my reading is still open in either way. The weekly chart shows that this range is near the higher line of the corrective (or maybe base channel).

DAX30 (CFD) - Weekly chart.
If the market stays above yesterday's low then I think it has a high possibility that the DAX will at least make another L/H or maybe a new local low as part of complex corrective pattern. I will only start to think of a breakout if the weekly channel gets broken and tested.
DAX30 (CFD) - Daily chart.

DAX30 (CFD) - 4 hour chart.
The momentum of the daily time frame provided support for the price action while the RSI on lower time frames reached a state of climax yesterday. Summa summarum, at the moment I think it will be more likely to make profit with an intraday long signal and only expect a retracement. This would be a mutual road for both bullish and bearish interpretation. But if this support will fail hen I will start to think that the preceding price action was a (i)-(ii)-[1]-[2] situation.

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