GER30 looks set to have reached overbought conditions,
with multiple confirmations resulting in my short position,
1. A critical level being reached resulting in the beginning of a double top formation,
2. Overbought levels with a divergence imminent,
3. 200ma acting as a key target level at 3 with near to 500 pip potential.
Risk management level put in place to confirm. Waiting on price action and a break of the trend line to confirm the position.
with multiple confirmations resulting in my short position,
1. A critical level being reached resulting in the beginning of a double top formation,
2. Overbought levels with a divergence imminent,
3. 200ma acting as a key target level at 3 with near to 500 pip potential.
Risk management level put in place to confirm. Waiting on price action and a break of the trend line to confirm the position.
Comment:
Pattern appears to be completing its final stages of the double top.
Trade closed: stop reached:
Trade invalidated due to stop lose being breached.
Comment:
Price action and bulls are in control now, awaiting new signs of potential reversals.