06 m5 Dax Chart

Dax Technical Analysis 02/10/2015

Hello traders!

I am time poor today, so the report will have to be brief, no charts or pivot levels. I agree with many analysts that we are trading sideways right now and this could be a good time to use the RSI trading system, selling at resistance and buying at support, placing stop losses outside the range.

The problems with emerging markets continues to provide interesting reading for an outlook on macro fundamentals, NFP today will also provide a potential catalyst to kick start a trend bias and break us out of the range.

My trades are still in place and yesterday, at one point, both of them were quite comfortably in profit, but I am sticking to my plan of holding on to these and waiting. Right now they are in the red, but we are swinging around with no clear direction.

I would say not to trade before NFP, perhaps not until Monday, wait for a clear bias and use today to read up on the emerging market outlooks.

2 thoughts on “Dax Technical Analysis 02/10/2015

  1. Well the consolidation continues. The NFP data took us down quickly but we have almost recovered all of that, if we finish above the days highs, that’s a powerful positive candle.

    The head and shoulders or inverted head and shoulders, not sure which, is apparent on hourly and 15min charts. The weekly chart is still bearish. There is strong resistance around 9782 and 9680. Hurdles for the bulls to overcome.

    Support is around 9400.

    We should get a break next week.

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