Chart reading explained

Today's chart of the DAX - before opening of US markets after a holiday - we need to learn a principle of reading the chart.

First - a LONG candle in a time slot is important to see how the price will proceed. In my case I am looking at the 30m chart.
We are watching the start and see a very long candle in the 30m chart.



The LEARNING:
Price needs to get back to the middle of the long candle. (See chart's yellow circle).
As long as we do NOT see a rebound to the middle of the yellow circle (half of the candle) - we will not see a reversal of the price. Means the direction will not turn and increases speed...

For today that means: further short! (13:11)

GFIs1

Wednesday

USA yesterday red, NASDAQ -2.6%, S&P - 1.8%
Asia all red, NIKK -3.1%

DAX will start lower today as well

No important news during the cash hours of the DAX.
No speeches.

GFIs1

edit 7:30 - DAX pre cash 7:30 down on yesterday low killing the 15700 line
edit 8:04 - price already lower than yesterday's low of yesterday 10:30 candle
edit 8:45 - actual price already 41 points lower than yesterday's low

Wednesday trade

DAX short 9:00 to 14:30
entry @ 15667
exit @ 15721 (SL @ TenkanSen)
result - 54 points

GFIs1

edit 9:08 - gap not closed yet
some moments later it had been closed

Thursday trade

DAX short 10:30 to 12:00
entry @ 15775
exit @ 15814*
result - 39 points

GFIs1

thx @DanDaMan - typo week LOL
like the chaos in the markets

GFIs1 

Thursday trade DAX short 10:30 to 12:00 entry @ 15775 exit @ 11814 result - 39 points GFIs1

Hey @GFIs1

Just FYI-
I think you made a typo on that last post, Thursday, regarding your exit price (I hope lol).

Cheers!

Friday

Asia all red
USA ended red
btc$ killed 40k last night (to 38k) - now @ 38600

DAX ended session of yesterday on the high of the day
just to start this morning 200 points lower pre cash this morning 7:30

Numbers - none of importance
Speeches: EU ECB Lagarde 13:30

GFIs1

Friday trade

gap down on IB today - might be closed within IB

DAX short 9:30 to 14:30
entry @ 15690
exit @ 15574
result + 116 points

GFIs1

edit 9:32 - gap not closed yet

edit 13:11
1) Lawrow resumes of the meeting sends the indexes down... - so far on track
2) Lagarde speech has not yet started...
The signals are very red, we will see...

edit 13:59
3) DAX 15444 is on the plate (which is 261% Fibo)

Week 3 results

This week had 4 trades
Two positive: + 51 + 116 points
Two negative: - 54 - 39 points
Weekly result: + 74 points

Yearly result: 550 + 74 points = 624 points

GFIs1

Today's goal

The goal didn't fit into the plan.
But still some good points within a very strange week.

So my line of TP is on the base of FIBO @ 15444.
We are not sure if this can be reached.

At least this very aggressive week was not red.

Happy Weekend to all
GFIs1

edit Sa 07:00 - after hours the DAX killed the 15444 mentioned above

Monday

Asia mixed: NIKK up a bit, Hang Seng -1.3%
btc$ now sideways after a slip to 34k, now 35.3k

Many company numbers (yearly / last quarter) expected this and next week.
Important meeting on Wednesday: FED decision on interest rate
No speeches today
Germany: Some numbers in the day - starting from 9:00 to 14:30

DAX in the lower area of yesterday - now @ 15497 (Tenkan Sen 30m)

Trading earliest start 9:30 today - as numbers are on the table 9:00

GFIs1