DAX Trading plan within this 1H Channel Down
DAX is within a Channel Down pattern on the 1H time-frame and just bounced back to its top (Lower Highs trend-line), hitting the 1H MA50 (blue trend-line) immediately. As long as the price remains within the Channel Down, sell and target the Inner Lower Lows trend-line at 15525.
With the 1H MACD just forming a Bullish Cross that high for the first time since September 01, it is equally likely to see a bullish break-out above the Channel. We will buy if it breaks above the 0.5 Fibonacci level, which should coincide with a 1H MA200 (orange trend-line) test. In that case our target will be 15940 (the 0.786 Fibonacci).
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With the 1H MACD just forming a Bullish Cross that high for the first time since September 01, it is equally likely to see a bullish break-out above the Channel. We will buy if it breaks above the 0.5 Fibonacci level, which should coincide with a 1H MA200 (orange trend-line) test. In that case our target will be 15940 (the 0.786 Fibonacci).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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