Dax30 (Daily)
we are inside an A b C correction = a(a) b(a) c(a) b1 b2 b3co b4 b5 a(c) b(c) c(c)
(precisely in b5 wave : if the wave will end @ 12.8k,
the fifth one alias (5 (5 (3co (3co)))) would start @ 11.2K)
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Dax30 (Daily)
we are inside an A b C correction = a(a) b(a) c(a) b1 b2 b3co b4 b5 a(c) b(c) c(c)
(precisely in b5 wave : if the wave will end @ 12.8k,
the fifth one alias (5 (5 (3co (3co)))) would start @ 11.2K)
Dax30 (Monthly)
Hello everyone ...
only an opinion of mine : I really don't see red arrows on the horizon yet
... said otherwise ...
if correct ...
... (it remains to be seen) ...
... that the Elliottian chart would state ...
... we're within the third wave (3co) mum of bull market,
... within the third person (3co (3co)) ,
... within its fifth one (5 (3co (3co))) ,
... within its fourth one (4 (5 (3co (3co))))
and awaiting its fifth one (5) (5) (3co (3co)))) @ 11K approx (TP 14k)
here the template
https://www.cliqforex.com/attachment...1026202449.tpl
2 things. Firstly the Daily 200ema resistance. I had been expecting that to be contested weekly. The second was on my smaller charts, most especially my H1, in which my moving averages were positioned in bearish style, using a smaller one crossing above a greater one which is always bearish, even if the price continues to rise a little. The next thing I search for for confirmation is if there is any MACD diversion going on anywhere, and the price has been rising as my 5 and 10m MACD has been decreasing. The next thing I look for is candle formation. As a multipurpose period trader I will hone in on an entry in the larger time frames into the smaller. Again, moving average positioning helps me do this, plus they provide me clear signs when and if not to consider taking a transaction. I think going farther than this will only confuse, like I do take my entires off a 20 second time period, much more compact than most, but it can help you to say that although the price remained well above the 10m 20sma, I would not take any shorts, but as it drops near it, aided by my time frames, I get a verifiion of a transaction. So, if you look, there was a very nice shooting star which closed just above the 10m 20sma, final 14.20 UK time, which was a very strong market sign, not just for me personally, but for different traders as well. The candle was a doji, and the price plummeted.
Exit? I use my moving averages to gauge momentum and volume, then I pick the big ones, therefore the 200s, to depart. The 10m 200ema was the one I wanted now, because I wasn't expecting a massive fall, unless of course, some news on Syria came out, so when it stalled on the 10m 200ema, I cut on my position.
Quite a lengthy reply to your question I know, but yes, the main resistance level was that Daily 200ema which I have at 555-560.
Ps - Dax can fall a lot farther from here, but, the tendency on the higher frames, above H2, is still up, so it might last higher during that Daily resistance. Looking at my weekly chart, there is definitely room for more up movement up to around 650 in actuality, so we'll see next week. There's still time for further down movement tonight, as the Dow is looking a bit precarious, but short of any news, there should not be too much happening on a Friday evening.
However, if war walks off in Syria throughout the weekend, then I will wish I kept my short open. Dangerous times!
Hi Cat, was it the resistance on the daily which led one to expect the turnaround or some thing else that I really fail to see?
Thanks
D
Could be a big turnaround coming up on Dax around 550-580. . .600, or actually anywhere from here, even though it might rise a little more up to these levels. Be cautious!
GER30_12_APRIL_2018
https://www.tradingview.com/x/JYV2nr0J/
GER30_11_APRIL_2018
https://www.tradingview.com/x/7KZpd964/
Big possible support zone today for your Dow, anywhere down to 400 or so. Beyond stock, and this markets are in big trouble.
I have attempted all time frames down to 3 seconds, and after much trial and error, I don't go below 20 seconds for my own entries, which, combined with the 1m tf as another one up, works best for me personally. You need around a 30 pip SL however on Dow, even about the 20sec tf, unless the pa is actually clean. I would not advise anyone unless they have spent a nice amount of time studying and demo trading its own moves, to trade the Dow.
Even a chart is too slow to Catch Entrances on the Dow, Many Folks I see trade it do it on tick charts
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