DAX is reaching the downside support
In this article, we are drawing Pitchfork channels on DAX
On the monthly DAX chart, we can see that the instrument is correcting the downside break below the median line 12500 level. So far the downside continuation was on hold by the 10500 level and this level is a key for a downside continuation lower into the 9750 which is also the support line of an uptrend Pitchfork channel.
Using Andrews Pitchfork tool hint: to plot Andrew’s Pitchfork on a chart, first look for three consecutive big highs or lows at the asset’s price. These key points are highlighted in the chart below.
Andrews Pitchfork trading technical analysis is included in Bushido trading transformation program 2019!
We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets indicated below.
[swpm_protected for=”6″ format_protected_msg=”1″]On the daily chart, the downtrend Pitchfork channel has been formed. By a trading perspective, since the pair is testing the key level, you can enter a good risk to reward short trade entry first with the stop loss above the 11300 targeting 10600 level lower. In case of the daily close above the 11300 level look to reverse the trade into the long trade targeting 11750.
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Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy and allows you to make position risk free. We are publishing daily and weekly analysis and 5-10 trade alerts per week directly on your mobile device via Private twitter feed and Private Telegram group! NOW! NEW! Enhanced premium membership plans for new members!
Happy trading! (click on the chart to enlarge it)