Broken weekly trend line?
On Friday (16/9) we saw a 4H candle open and close below the weekly trend line. This trend line has now become resistance. Therefore, I expect that line to be tested again on Monday (19/9) for DAX to then move down further South to the 61.8% FIB level of the up from 9161 to 10806 and the FIB extension level of 1.414% from 10806 down to 10093.
This scenario will become invalid should we have an opening and closing of a 4H candle above the weekly trend line.
I urge readers to follow their own trading plan always. This is just my idea and as per usual, I may be interpreting things incorrectly. I wish you profitable trading.
This scenario will become invalid should we have an opening and closing of a 4H candle above the weekly trend line.
I urge readers to follow their own trading plan always. This is just my idea and as per usual, I may be interpreting things incorrectly. I wish you profitable trading.
Trade active
Despite relatively high volume from 16:30 today, DAX did not move up by much. This makes me think that we're going down to 10208 -10188 level tomorrow.Trade active
Clearly, DAX went up today to form a double top at 14:30 10468. From here I think my original idea will continue.
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