Dax Technical Analysis 09/10/2017

Dax 09/10/2017 Outlook

There are three Low Volume Nodes to watch out for as these could create some interesting intraday price action spots today. The closest LVN is from Friday’s double distribution day and LVN (actually three of them – chart 1).

If we were looking to buy the market, then a rejection from these areas could be interesting. If we were looking to sell the market, then a fast move through those areas could be interesting.

A break and close below the opening range on Friday, at the top of a major swing, suggests there could be some downside to come, especially if Gold looks set to rally. However, we are still in an uptrend and the trend defining level remains at 12892.

We are cautious about buying at the moment, simply for the reason that we are already so high and this swing is unlikely going to continue forever. But we learned the hard way that calling a top on this market will often cause trading mistakes.

There is an area of interest for me, which is a long just above that trend defining level. We saw some mirror bars on the 4H chart (chart 2) around that level, so it’s normal for that area to get a test. If we bounce higher from there we could see a 5-6:1 trade, perhaps even more. Of course, if we crash through it (with strength), then we could see the start of the pullback and our bias can begin to change.

Another observation can be seen on chart 3 which interests us is the bounce from the reaction line in the last part of the trading session from Friday. We continue to monitor this progress.

Dax 09/10/2017 Key Levels

POC (Futures)12972
Value Area High (Futures)12980
Value Area Low (Futures)12948
14 Day ATR75.31
200 EMA12101
Daily R213020
Daily R112994
Daily Pivot12967
Daily S112941
Daily S212914
*Please be aware that FXCM can often be 5-10 points higher than futures prices

Dax 09/10/2017 Charts

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