Dax Technical Analysis 05/01/2016

Good morning traders!

Let’s hope that most of you had more success on the ‘trading floor’ than me yesterday. My trading day ended first thing in the morning as I was stopped out for a heavy loss and I went straight into defensive capital conservation mode. I switched out the auto trader and sat out all day.

So I haven’t read the Skype thread for yesterday, but I am sure that, as always, there is a wealth of useful material in there. Come and join if you want to contribute:

https://join.skype.com/eadWK0SfYD9d

DaxTrader RSI EA

https://join.skype.com/eadWK0SfYD9d

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Forex DaxTrader RSI EA
Forex DaxTrader RSI EA

Dax Support & Resistance

KEY LEVELS
Daily R210938
Daily R110812
Daily Pivot10749
Daily S110623
Daily S210560
200 Day SMA10683

Dax Chart

There is a break below a previous low and I imagine many traders could be tempted to short from a bounce off the underside. However many other traders are looking at a larger corrective pullback before any further losses. But one thing seems to be agreed by those traders and that is we are looking heavily bearish.

Bearish targets vary, but I am certainly not going to take a short trade just yet. I may be tempted if we take out 10,100 as 9,800 looks likely.

The 5 minute chart seems to provide a bullish opportunity in the very short term as the EMAs are looking to cross so a potential setup exists to aim for the 38.2 or 50% correction with stops under yesterday’s low. But lots of traders will be looking for that. SSI shows traders are net short and this could still provide further downside moves.

I find the EURUSD interesting right now with it currently poised to take out support at 1.08. So I may look to trade that instead of Dax today. We’ll see.

03 H4 Dax Chart
03 H4 Dax Chart
05 m30 Dax Chart
05 m30 Dax Chart
06 m5 Dax Chart
06 m5 Dax Chart

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