Yesterday’s GER30 DAX index call has exited in a stop loss after holding for 9 hours only:

https://www.finlogix.com/analysis/20240318/ger30-intraday-analysis-and-trading-plan-for-march-18-2024

There are 5 European major economic news releases this week with highlights on German Flash Manufacturing and Services PMIs on Thursday.

Volatility remains elevated in the markets as we head to the mid-week.

Re-assessing GER30’s high timeframe candles:

Yearly Candle: Still a Small Green Body with a Longer Tail Wick

Monthly Candle: Last check is a Small Green Body with a Longer Tail Wick now a Longer Head Wick

Weekly Candle: A Small Green Doji since last check now a Red Body with a Short Head Wick

Daily Candle: Yesterday’s close is a Red Body with a Longer Head Wick current is developing a Red Body

Both the yearly and monthly candles are still bullish assuming the index’s bottom is in for the first quarter of 2024.

Meanwhile, at press time, both the weekly and yesterday’s daily candles are already red body.

Notably, there’s a weekly double top pattern happening after failing to re-test last week’s high at least.

The current weekly candle is eager to develop a red body pattern supporting the double top idea.

However, there will be intraday support bids that might 	nullify the idea.

As mentioned previously, the DAX index may be ready to push higher or lower this week. So keep an eye to which side it goes.

In today’s trade plan, I switch to the daily chart.

From here I am looking for a sell setup on a potential 3rd lower high as the index has found support at the intraday low swings and found it wanting.

If the coming 3rd high strongly rejects a move to the upside, only then the GER30 Dax index is ready for a big move down.

I am a seller for now speculating that the weekly top candle continues.

In case I am wrong, I placed a stop loss above the index’s ATH on Friday last week.

By entering at a current market price, I am take profit on the daily FVG’s complete retracement targeting the sell side liquidity under the lows of March 12.

For now, the GER30 index has a LH trendline and a daily FVG.

GER30 Intraday Analysis and Trading Plan For March 19, 2024

Mar 19 2024

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