Daily analysis & day trading setups on DAX DE30EUR 20220823
Updated
Happy Tuesday,
DAX has converted 50 DMA into resistance and that is our line in the sand today at 13 235. Bulls still have hope till 12440. Below that, bears are firmly in control aiming for 11440
Macro DE PMI, EU PMI, ECB Panetta Speech, Consumer Confidence, GB PMI, US PMI, Home Sales
Buy
Break: 13 190, 255, 360
Reversal: 13 130, 080, 12 975, 910
Sell
Break: 13 135, 095, 12 990
Reversal: 13 270, 375, 450
I regularly publish my daily analysis & trading plan for day trading setups. The links are here:
Green Goblin levels are here >>>
Fibonacci Confluence levels are here >>>
DAX has converted 50 DMA into resistance and that is our line in the sand today at 13 235. Bulls still have hope till 12440. Below that, bears are firmly in control aiming for 11440
Macro DE PMI, EU PMI, ECB Panetta Speech, Consumer Confidence, GB PMI, US PMI, Home Sales
Buy
Break: 13 190, 255, 360
Reversal: 13 130, 080, 12 975, 910
Sell
Break: 13 135, 095, 12 990
Reversal: 13 270, 375, 450
I regularly publish my daily analysis & trading plan for day trading setups. The links are here:
Green Goblin levels are here >>>
Fibonacci Confluence levels are here >>>
Trade active
#Trade 1: Bullish engulfing at Blue Level F. Entry almost instant on retest#LongTrade 13138
SL 20 pts
TP1 3:1 ✅ 60 pts 1/3rd
TP2 6:1 ✅ 120 pts 1/3rd
TP3 9:1 pending 1/3rd
Why trade more when you can earn more by trading less? #PlanYourTrades & #TradeYourPlan to #GetRichSlowly
Trade closed manually
Manually closed Trade 1 with 6.5R on the remaining 1/3rd position due to reversal candle in green box above Blue B level60 + 120 +130 = 310 pts on 3 positions. Average 103 pts per position with 20 pts risk. That's 5R or 5X
Thank you Mr Market
Trade active
#Trade 2: Missed an entry so waited patiently for a few hours and got another entry almost at the same level. Never chase a trade, never chase the priceEntry at the top of Blue Level B
#ShortTrade 13260
SL 20 pts
TP1 3:1 ✅ 60 pts 1/3rd
TP2 6:1 Pending 😑🤑 120 pts 1/3rd
TP3 9:1 pending 1/3rd
Trade closed manually
Trade 2: Update#ShortTrade 13260
SL 20 pts
TP1 3:1 ✅ 60 pts 1/3rd
TP2 6:1 ✅ 120 pts 1/3rd
TP3 6:1 ✅ 120 pts 1/3rd
Moved TP3 to 6R due to market closing hour.
300 pts on 3 positions with average of 100 pts with risk of 20 pts. That's 5X/5R/5:1
Note
Everyday is getting better and I am excited to share this.DAX gave 2 winning trades today even with 1 missed entry.
Overall 610 points on 6 positions averaging 101 pts per position with 20 pts risk. That's R/R of 5:1 / 5X / 5R
Below are the snapshots of how price action reacted to all three charts published in the morning.
Zone chart >>>
Green Goblins chart >>>
Fibonacci Confluence Chart >>>
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