One of the main updates on our thinking is regarding the daily chart. We had a fork drawn on this chart and we were looking at a retracement back to the median line. However if we saw that move, it would break the trend defining level on the way down. We have since realised an error, the C point was below the A point, so this has now been corrected. In summary, the lines have been amended (which you can see in the video) and the retracement back to the median line would actually be above the trend defining level anyway, creating less of a conflict of bias.
The trend defining low is 12909. We may very well see some bearish price action, but as long as we stay above this level, we remain bullish overall.
In the webinar this morning we looked at how to plot the lines and how to use some of the tools to investigate price action. In the second part, we looked at a few scenarios for bullish, bearish and range traders. This part of the webinar was captured in the summary video, which is the video below. This video should provide the outlook for today.
18-10-2017 Dax Key Level
|Value Area High||13022|
|Value Area Low||12998|
|14 Day ATR||66.69|
|*Please be aware that FXCM can often be 5-10 points higher than futures prices|
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