10-10-2017 Dax Outlook. If we manage to take out the low volume node directly below us (opened up from Wednesday last week) then the door is open for a test of the trend defining zone near 12892. Sellers will be looking to take advantage of the price action’s inability to break 13,000 so a sell from 12980 could look interesting. There are various technical indicators and signs pointing to a slow down, so fading the market is becoming more and more popular. The opening range today will be very interesting to watch, because perhaps we could be about to see the break of the minor swings.
We have traded inside a 50 point value area between (940-990) for the last few days and the longer we stay here, the more clearly defined the support and resistance will become and we could potentially use the range to channel rotation opportunities.
If we manage to hold the trend defining level and retain the bullish bias, then a test of this zone can provide a good reward to risk opportunity, despite it being an aggressive ‘buying high’ situation.
We like the idea of a fade to the median line (chart 1), followed by continuation of the overall move and a retest of the 13,000. This idea carries on from the 240m chart posted in yesterday’s article.
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10-10-2017 Dax Levels
|Value Area High (Futures)||12975|
|Value Area Low (Futures)||12948|
|14 Day ATR||76.07|
|*Please be aware that FXCM can often be 5-10 points higher than futures prices|
10-10-2017 Dax Charts
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