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.|