Pattern: Rising wedge
The pattern is already confirmed on US30 and Ger30 but I will wait for a bearish Engulfing and breaking the support level.
Germany still is second on the list of the confirmed cases and almost after that is UK. The first is US but I don't want to short US indices because GER30 and UK100 would drop more compare to US indices.
I am going to open short positions each with 1% of my account if the rising wedge breaks and gives a confirmation.
There is still no cure for the virus and people are staying at homes and most of the businesses are shut down.
I don't think it will break the previous supports(tested in March) because we are in the election year and if the price goes near the support there will be even more stimulus from the governments.
The pattern is already confirmed on US30 and Ger30 but I will wait for a bearish Engulfing and breaking the support level.
Germany still is second on the list of the confirmed cases and almost after that is UK. The first is US but I don't want to short US indices because GER30 and UK100 would drop more compare to US indices.
I am going to open short positions each with 1% of my account if the rising wedge breaks and gives a confirmation.
There is still no cure for the virus and people are staying at homes and most of the businesses are shut down.
I don't think it will break the previous supports(tested in March) because we are in the election year and if the price goes near the support there will be even more stimulus from the governments.
Trade active
Two positions opened. Short SPX500 and Short GER30Order cancelled
I closed the trade with minimum loss( almost broke even. I will wait and if the support breaks I will enter
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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.