Hi Traders,
Looking at the DAX today.
On the Daily, we see that price has flipped from support to resistance and we are ranging between the
1245 and 1480 price levels.
Dropping down to the 4-hour time frame, we can see that price is descending and broadening out.
We do have divergence across the MACD which helps give a bit of confluence to some potential positive price action occurring in the near to mid-term future.
I don’t typically trade these types of patterns but what I would want to see for me to validate going long is the following :
An impulsive break above the top of the descending trend line
A retrace with low volume to the top of the descending trend line.
My target would be at the daily resistance range level around the 1480 price point.
Let's keep an eye out.
This is purely technical. I only trade what the charts show
Trade safe out there!
The Vortex Trader
Looking at the DAX today.
On the Daily, we see that price has flipped from support to resistance and we are ranging between the
1245 and 1480 price levels.
Dropping down to the 4-hour time frame, we can see that price is descending and broadening out.
We do have divergence across the MACD which helps give a bit of confluence to some potential positive price action occurring in the near to mid-term future.
I don’t typically trade these types of patterns but what I would want to see for me to validate going long is the following :
An impulsive break above the top of the descending trend line
A retrace with low volume to the top of the descending trend line.
My target would be at the daily resistance range level around the 1480 price point.
Let's keep an eye out.
This is purely technical. I only trade what the charts show
Trade safe out there!
The Vortex Trader