We are already quite high up now on Dax and also many global indices.
If 13,579.21 is the peak, then we are about 360 points to go before something happen.
And what could possibly happen? Well, it could either breakout from the resistance and continue to head higher. Or, based on historical pattern, it should correct for a while before going up.
To buy now present an unknown risks, i.e., there is no precedent pattern to based on how high it can revisit. It is anyone guess. Also, the timeline to hold appears relatively short as it is near to the top, meaning I have to either take profits fast, have a larger SL ,etc.
So, for this pair , I will skip buying for now and continue to monitor its progress.
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if you notice carefully, it has a long wick at the bottom of the current candle. That means after much fighting between bulls and bears, the bulls win, pushing up the price towards the end of day. While it has break down from the bullish trend line, it can just as quickly return inside it the next day or so.
As soon as the US - IRAN dust is settled, the investors would be coming back to the equity market once again. So wait a while more.
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we are now reaching the resistance once again. You can see a doji pattern emerged showing signs of indecisiveness amongst the buyers and sellers. let the dust settle and we will see which camp wins.
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Congrats to those who followed , we are up 264 points to date from Jan 5 entry. If we break above the resistance at 13,579 next week, then we can see the price action goes higher towards the 14,000 mark. However, I think it is also possible for it to go sideways for a while before resuming its bullish move.
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Now it reaches the resistance area. Time to take some profits.
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still flirting with the resistance level , no action taken