Good morning traders and welcome to the 07-12-2017 Dax Technical Analysis. No signals from yesterday and no progress to the downside. You can find out more about the trading history on this page: https://www.daxtrader.co.uk/about-daxtrader-premium/
Conditions are still difficult at the moment as we begin our march towards the end of 2017. The cheers of ‘Santa Rally’ are heard around the forums and chat rooms and trading communities with mixed reaction, but historically that is what December can provide. The second half of the trading session yesterday and the first part of today possibly provide an indication of what’s to come.
As for yesterday, starting from the left using the image above, we can draw a pitchfork from the a b c pivots (the gap low, the daily low and the gap test). Price would often retrace back to the median line here, but it failed to reach it and turned around instead. We broke through the upper median line parallel (with a zoom and retest). This is usually a signal for higher prices. From here, we begin to coil up into a triangle and built up pressure for an eventual break. When the break comes, we take out the coil resistance and zoom through area ‘c’ from earlier. This zoomed area becomes a swap zone. The test and hold of the swap zone could be an interesting spot for an aggressive long.
I still sit on the sidelines and prefer to wait.
07-12-2017 Dax Charts
Dax Chart 1 – Major Swings
07-12-2017 Key Levels
|Value Area High *||12982|
|Value Area Low *||12878|
|14 Day ATR||172.84|
|*These are FXCM numbers, not futures numbers. Please be aware that FXCM can often be 5-10 points higher than futures prices|
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