Monday, November 14, 2016

DAX - 01/12/2016

Update: 14:27

Lowered my Sl @10569. MA10/20 channel should be resistance.

DAX30 (CFD) - 15 minutes chart

DAX - 14/11/2016

The rally from the lower part of the range has already reached the top of it. My long position got sopped out @ 10350. I expected a lower pull back before getting back to rally mode.

Now it is neutral that price action slows down a bit in a bullish interpretation as well. So I decided to open a counter-trend short position on a possible bull trap situation. EP was @ 10766. My context time-frame for this setup is the 15 minutes chart and BeSS signal was on the 5 minutes chart. This wave [C] (of (2)?) could easily form a running pattern and thus missing my target zone by a lot. That is why I manage my short with a relatively tight trailing SL. Sl right now @ 10730. Of course I cannot rule out that the local top might be part of a bigger bull trap, but my primer wave count of the market is bullish and I expect at least a C of (Y) wave ideally to the 11200 zone.

DAX30 (CFD) - 15 minutes chart

DAX30 (CFD) - Daily chart

Wednesday, November 9, 2016

DAX - 09/11/2016

The gap down reached the support line of the previous corrective channel, then the market started to rally right away. The range on the daily and weekly chart is still intact in my opinion, but the movement from the middle of August may be a completed complex (most likely) flat correction. My context remained the same until this range is still intact. Today's daily candle will be crucial. If it will be a full body bullish candle, then the bullish continuation is likely, especially that the momentum reached the support zone.
DAX30 (CFD) - weekly chart - Market is testing upper line of the parallel channel 




I opened a long this morning at 8:16 (GMT+2) with  EP @ 10108. Right now I managing with a mechanical candle trailing stop on the 15 minutes chart. SL@10302. My plan is to scale out at the top of the range, around 10575. We'll see how this is going to pan out. If the range gets broken down then I will start to think of a bigger downside movement which may aim the next support zone (9200).

DAX30 (CFD) - Daily chart - Correction may be completed but range is still intact.