Welcome to the 17-10-2017 Dax Technical Analysis. The price action was relatively well contained yesterday within a smaller than normal range of approx. 58 points. It took most of the first half of the session to break put from the smaller, more contained, 27 point opening range. The break was to the downside, suggesting that we could see some downside, however, we closed near the IB low after recovering those losses.
17-10-2017 Dax Charts
This fork is still valid and the lower median line parallel holds, for now
Harmonic traders will spot the XABCD marked out on the chart, this is a potential pattern although it’s more likely forcing something as the swings are not very well defined.
I like how this black line is still containing price, it’s very similar to the fork line from the previous chart. But as price ‘pushes’ this line one of three things will often happen.
1 – Price bounces away from it providing a nice spot to buy
2 – Price zooms through the line (pop), washes the lows and then recovers to continue higher
3 – Price zooms through the line, washes the lows and then continues lower
17-10-2017 Dax Outlook
The best way to learn the outlook is to come and join the DaxTrader webinar this morning at 8:30 am
We will cover the Dax charts and setups for today, consider the various timeframes and opportunities available to trade as well as soon other markets on the watch list
17-10-2017 Dax Levels
|Value Area High||13022|
|Value Area Low||13007|
|14 Day ATR||68|
|*Please be aware that FXCM can often be 5-10 points higher than futures prices|