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DAX30 Index Descending Triangle Pattern And Long Opportunity


DAX30 Index Descending Triangle Pattern And Long Opportunity

Description: Chartreaderpro finds a potential descending triangle pattern formation. Long opportunity at the breakout of the triangle.

Time Frame: H4

Pattern: Triangle

Facts :
* Finds support and makes a double bottom at 11400
* Price closed above EMA 50

Trade Opportunity: Buy the potential breakout of the triangle as shown in the chart.

Estimated breakout level: 11563 – Confirmed by MM 2/8

Targets: 11710 and 11820

Invalidation Level: Below the double bottom 11400

Aggressive Traders: May long at the current level with the same stop loss

What to pay attention: If the index can not break out of the triangle, we might see it is testing 11400 support for a bearish breakout. In this case, we will update the setup for the members.


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Rules To Keep In Your Mind:  Trade Safe. Money  Management is the key to success in forex trading. Do not risk more than 1% of your account in each trade.

You can contact us via Skype User Name: Chartreaderpro

DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

DAX30 Index Descending Triangle Pattern: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.


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