Monday, November 14, 2016

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

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