14-12-2017 Dax Technical Analysis

Christmas is nearly here, I hope you have started your Christmas shopping.

The Dax is currently under pressure. We are being pressed lower and printing lower lows and lower highs (visible on the featured chart here). The arrows on this chart are pointing at the peaks of each lower high and the trend is clear to see. There are also two swap zones highlighted. The first swap zone is interesting because there is a Zig Zag marked out there and the 50% point of the Zig Zag is the balance point. A Zig Zag balance point is nice when you see the symmetry of the ‘sin wave’ and it creates a swap zone. The second swap zone is less pretty but it is still being respecting at the moment.

Yesterday we entered a buy trade, based on the algo, it didn’t work out this time and the spreadsheet has been updated, so you can see the recent trading performance history here: https://goo.gl/VDDzqk

The trade was a BUY #GER30 @ 13161.95 | SL:13145.00 | TP:13240.00 | 2017.12.13 09:08 (GMT) | ID 15359322

14-12-2017 Dax Outlook

We have been waiting for a setup to emerge around the ‘switchback line’ visible on chart 1 below. Price action tends to exhibit particular behaviours around forks and median lines. Once price gaps above a median line, as we see on chart 1, it tends to retrace back to test the median line before continuing in the original direction. The price is currently below the median line and trading on the switchback line, around the lower quartile.

This presents another buying opportunity. I still remain bullish and look to buy dips.

14-12-2017 Dax Charts

Daily TPO (Market Profile)

60 Minute Chart

Daily Chart – longer term target zones

14-12-2017 Dax Key Levels

KEY LEVELS
POC *13163
Value Area High *13183
Value Area Low *13125
14 Day ATR143.13
200 EMA12484
Daily R213233
Daily R113154
Daily Pivot13112
Daily S113034
Daily S212991
*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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