Hey everyone,
Just wanted to share my personal analysis and the trade plan I've put together for the GER40 on the 1-hour chart. I'm still learning, so a big part of my process is documenting my ideas to see how they play out. I would be grateful for any thoughts or feedback you might have.
What I'm Seeing on the Chart:
A Potential Double Top: I've spotted what appears to be a double top pattern forming up near the €24,000 - €24,060 area. To me, it looks like the recent rally might be showing signs of exhaustion here.
Bearish Divergence: What makes this setup more interesting to me is the bearish divergence on the RSI. Even though the price pushed to a slightly higher high, the RSI indicator made a lower high. My understanding is that this can suggest fading buying momentum.
Fibonacci Level: I also noticed that this rejection seems to be happening right around the key 61.8% Fibonacci retracement level from the last major down-move. When a few different signs seem to line up like this, I tend to pay closer attention.
My Personal Trade Plan:
My game plan is to be patient and only consider an entry if the price breaks below the recent lows, which would help confirm the bearish idea for me.
Entry (Sell Stop): $23,780
Stop Loss: $24,060 (I'll place this above the recent high, as a move above here would suggest my bearish idea is likely wrong).
Take Profit 1: $23,500
Take Profit 2: $23,385
Important: Please remember, I'm a humble trader from Pakistan still on my learning journey. This is simply me sharing my trade journal and thoughts, and it is not financial advice. Please always do your own analysis. Stay safe out there!
#GER40 #DAX #TechnicalAnalysis #Short #TradingJournal #LearningToTrade #Tradingidea #Sarmaaya
Just wanted to share my personal analysis and the trade plan I've put together for the GER40 on the 1-hour chart. I'm still learning, so a big part of my process is documenting my ideas to see how they play out. I would be grateful for any thoughts or feedback you might have.
What I'm Seeing on the Chart:
A Potential Double Top: I've spotted what appears to be a double top pattern forming up near the €24,000 - €24,060 area. To me, it looks like the recent rally might be showing signs of exhaustion here.
Bearish Divergence: What makes this setup more interesting to me is the bearish divergence on the RSI. Even though the price pushed to a slightly higher high, the RSI indicator made a lower high. My understanding is that this can suggest fading buying momentum.
Fibonacci Level: I also noticed that this rejection seems to be happening right around the key 61.8% Fibonacci retracement level from the last major down-move. When a few different signs seem to line up like this, I tend to pay closer attention.
My Personal Trade Plan:
My game plan is to be patient and only consider an entry if the price breaks below the recent lows, which would help confirm the bearish idea for me.
Entry (Sell Stop): $23,780
Stop Loss: $24,060 (I'll place this above the recent high, as a move above here would suggest my bearish idea is likely wrong).
Take Profit 1: $23,500
Take Profit 2: $23,385
Important: Please remember, I'm a humble trader from Pakistan still on my learning journey. This is simply me sharing my trade journal and thoughts, and it is not financial advice. Please always do your own analysis. Stay safe out there!
#GER40 #DAX #TechnicalAnalysis #Short #TradingJournal #LearningToTrade #Tradingidea #Sarmaaya
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Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.