Hello, traders and welcome to the 04/01/2018 Dax Technical Analysis.
The idea that I posted at the beginning of the week still seems to be playing out quite well so far. You can see the chart above, and the idea was based on a confluence of levels from different line sets. Check out that article to see the rationale behind it.
We are currently back at the balance point, trading just under 13100 and this zone will interest many sellers. I am aware of quite a few bearish ideas from the Premium channel, as we have some bearish traders in there. One of the ideas is below.
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Read up on “Germany’s closely watched “debt clock” is running backward.” which is available on the financial times.
The clock, which despite its name is more of a counter, was reprogrammed on January 1 to take account of new federal and state level budget plans. It is now ticking down at a rate of €78 per second, the first time it has shown the nation’s overall public debt in decline. In 2009, in the wake of the financial crisis, it showed Germany’s debt increasing at a rate of more than €4,400 a second.
Until this week, its bright-red digits offered a cautionary reminder of Germany’s deteriorating fiscal position: since June 1995, when the clock was set up, per capita debt has risen from €12,830 to its current level of €23,827.
04/01/2018 Dax Levels
|Value Area High *||12986|
|Value Area Low *||12894|
|14 Day ATR||144.13|
|*These are FXCM numbers, not futures numbers. Please be aware that FXCM can often be 5-10 points higher than futures prices|
04/01/2018 Dax Charts
We have a pitchfork from three major pivots, and we are currently seeing a bullish reaction leg. If we reach the upper median line parallel, this could offer a nice spot to short.
Dax Back To Balance
Dax Pressure Cooker Idea
You can see the press here, under the pressure arrows, which was then zoomed. But unfortunately, there was no retest.