Good morning traders!
My apologies for the lack of report yesterday, I needed to migrate my signal service from WhatsApp to Telegram and it caused a couple of unexpected technical issues, all of which have now been resolved.
My signal service has now been upgraded and results will now also be published on the website from next onwards. It’s been in development for a while, so I am delighted that it’s now arrived. Now I can focus again back on the algorithms and automated trading and develop the various strategies that have been in the pipeline for a while.
Exciting times at DaxTrader HQ, especially as I have also been busy working away with my business partner to start forming a new trading company looking to provide analysis, signals, algorithm software, education and training.
Dax Technical Analysis
There were 4 or 5 decent trading opportunities yesterday, the chart above shows a snapshot.
- We started with a decent bullish run which began by bouncing from the 9400 support created yesterday evening
- We topped out around 9500 fairly early into the session, creating a strong resistance level
- We pulled back from 9500, creating a bullish trend line break, mid morning, creating a decent short setup.
- The short found the support again around 9400 and we attempted to test the underside of the trendline break.
- The 9400 floor gave way and price has now, twice, tested it from the underside, closing underneath.
Is it time to sell the Dax again? It could well be, we have a heiken ashi reversal on the hourly chart and we have broken below the 9400 floor with a close below 9400. If we do get a small relief rally towards 9420 that could be a good spot to short, or a break below yesterday’s low. A break above 9432 opens up a move towards 9465, but ultimately we are bearish below 9500.
I am looking for shorting opportunities until I get a reversal signal.
Dax Support & Resistance
|200 Day EMA||10062|