Dax Technical Analysis 05/07/2016

Morning traders!

I missed this signal this morning:

SELL #GER30 @ 9683.85 | SL:9754.85 | TP:9555.42 | 2016.07.05 06:05 (GMT) | ID 55135838

It’s a shame because the signal arrived, but I was not there to take it and as a result I missed out on this:

Close SELL #GER30 @ 9555.4 | Win: 153.97 pips | 2016.07.05 08:29 (GMT) | ID 55135838

What a kick in the *&^%.

Another irritation was that I sent out a short trade to my subscribers yesterday, which I sat on for most of the day, without even thinking about moving my stop loss to break-even, and right at the end of the session, price came back up and took out my stop, before collapsing this morning on open. Typical. That annoys me. But it happens, doesn’t it.

But on the other hand, my Forex trading has seen a significant boost by shorting the GBP, not very patriotic, I know, but I make no apologies. I have taken the account to an all time high: https://www.mql5.com/en/signals/121031.

Anyway, I have swept those annoyances aside and am pleased that we have seen a pretty decent technical reaction to the 50% retracement level, which now follows the fundamental theme and we are bearish again. So selling opportunities are going to be on my priority list for the moment. The brea

Right now, at the time of writing, we are approaching the daily S3 but showing no signs of slowing up. Rather than jumping in to the trade this blindly, I will wait for a pullback. We are also approaching some key support around 9500, so there is not much of a reward:risk opportunity at current levels (9517).

A sell from somewhere around 9632 could be interesting, a break below 9500 could be interesting and if that happens, then price could reach 9400 fairly soon and test 9200 over the next week or so.

No Dax Charts or Resistance today, because the article is later than expected.

 

5 thoughts on “Dax Technical Analysis 05/07/2016

  1. Hi Chris. I managed to short at 9716 last night. I thought we might try to close some of the gap today but US opened bearish so down we continued. My stop is still currently at 9811 and my T1 is 9205 after that I think we might well get down to 8625 or lower over the coming few weeks. But who knows. Lets see ! Well done on sterling.

    • Hi – just found your site – I’m full time trader and quite often trade dax. she can be a tricky lady to tame and a nasty lady if you get on her wrong side. Some of my nest and worst ever trades have been on dax. Strange moves today – rejected the 4hpp (I was long), came and got my stop and shot down to tet the 9350 zone, maybe 9200 next. Was expecting a Rally soon tbh given the softer Euro. Good site, keep it up (and good luck)

      • Hi Graham, thanks for the message.

        I would keep an eye on 9250 if you favour the long side.

        It’s difficult to be bullish at the moment, but there will also be counter-trend moves available for the taking.

  2. thanks. Dax really reacting to the 4hpp today (and the US open). be interesting to see what the FOMC minutes do to the markets tonight ahead of NFP. £ certainly getting a battering lately….

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