Good morning traders!
(And Chat Room)
I now have installed a forum for you all to use and share all things trading. The forum has a number of categories and a few threads already setup, feel free to add more. I would like to get some interaction going and build a community.
To get the boring bit over with, the forum software is going to cost me money, perhaps as much as $35 per month, depending on traffic numbers, so although I am not going to ask you for money or contributions, I am going to ask you to make it worth my while by being active, contribute to the forum, share your ideas and get involved. I am happy to pay it, if it gets the interaction levels up.
The forum is in the top menu, or you can click here. There is a live chat facility as well, so if you want to get in there and chat faster than on the forum, feel free to do that. Again, I encourage interaction.
Commentary & Analysis
The previously startled Dax seems to have once again engaged the shock absorbers and taken the recent slump on the chin as it gets off to a quick start yesterday. Will the year end rally take over for the rest of the year? I think a lot of analysts will think so yes. The disappointing comments from Mario Draghi seem to have been digested by the market.
I am again disappointed with my decision to keep my trades open over the ECB meeting on Thursday because it has clouded my judgement, but my bullish bias is still there and providing we stay above the previous lows or even 10,500, it will remain. I sit on a awkward panic hedge from Thursday which I am looking to cut this week. I also think it’s possible that if we continue the recovery, the increase will only quicken when bears are forced to cut their shorts for a loss and that will attract even more bullish momentum traders, so the move can accelerate.
A break above 11,000 can take us back towards 11,200, providing the 11057 doesn’t come back to haunt us be providing a bounce lower. A break below 10,805 opens up a retest of the lows.
A potential short opportunity exists from current levels, stop above 11k and targeting 11,750. A wider stop could be above 11,075.[twitter-follow username=”DaxTrader54″ scheme=”light”] [twitter-follow username=”DaxTradersignal” scheme=”light”]
Dax Support & Resistance
Not available at the moment, I will update if it comes out later