DAX Analysis- W1->H1 by a Certified Financial Technical Analyst
📈📍Weekly is in a Downtrend with a Lower Highs and Lower Lows series.
📈📍Daily still in a downtrend but with a bullish Engulfing Reversal Price Action- As Daily is down, we will still be looking for shorts- for swing trading,
However,
📈📍 Hourly turned upwards with a solid, valid breakout, creating a new market structure with HH, and we are waiting to form the new HL.
There is room for the price to move until the next area or resistance, and on the lower time frame, scalping strategies may be applied.
To align with the Daily direction, we want to see the Hourly Chart to create a reversal price action and bearish reversal divergence in the RSI from an area of Daily Resistance.
💬 please let me know your thoughts and your thinking process
📈📍Daily still in a downtrend but with a bullish Engulfing Reversal Price Action- As Daily is down, we will still be looking for shorts- for swing trading,
However,
📈📍 Hourly turned upwards with a solid, valid breakout, creating a new market structure with HH, and we are waiting to form the new HL.
There is room for the price to move until the next area or resistance, and on the lower time frame, scalping strategies may be applied.
To align with the Daily direction, we want to see the Hourly Chart to create a reversal price action and bearish reversal divergence in the RSI from an area of Daily Resistance.
💬 please let me know your thoughts and your thinking process