There is a potential head and shoulders continuation pattern.
What I like about this setup is the GER40 is potentially creating a bear flag.
Finding a continuation pattern within the bear flag, like the head and shoulders, is a great entry point for the second part of the downward move.
Still waiting for my system to confirm some variables before I take the trade.
Risk/reward = 4.3
Entry price = 23 905.3
Stop loss price = 23 955.4
Take profit level 1 (50%) = 23 733
Take profit level 2 (50%) = 23 628
What I like about this setup is the GER40 is potentially creating a bear flag.
Finding a continuation pattern within the bear flag, like the head and shoulders, is a great entry point for the second part of the downward move.
Still waiting for my system to confirm some variables before I take the trade.
Risk/reward = 4.3
Entry price = 23 905.3
Stop loss price = 23 955.4
Take profit level 1 (50%) = 23 733
Take profit level 2 (50%) = 23 628
Order cancelled
Candle closed above range and invalidated the setup. Took a small loss instead of a big loss, thanks for my risk management strategy.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.