Dax Technical Analysis 16/04/2015

[warning]Update: I am flat, no trades open as all were stopped out early this morning.[/warning]

Good morning traders!

Another slightly disappointing day based on my expectations from yesterday’s article.

Oil is currently making the headlines at the moment and the Dax rally is definitely slowing down, but for how long? I am long and watching for how we react to 12180 and expecting us to hold it, but we know the Dax. It does whatever it wants to do, consistently punishing traders for being complacent whilst trading it.

Draghi & Co. didn’t really provide anything noteworthy and much of the release was in line with expectations. The US data disappointed and arguably this will still have had a moderate impact on the European markets.

I won’t be trading much for the rest of the week as my positions are already in place, but if you are looking for more signals, then check out @daxtradersignal on twitter or if you are looking for some help with a trading system or strategy, then look up my article on the FXI indicator.

Dax Support & Resistance

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KEY LEVELSDifference
Daily R212375-50
Value High1231511
Daily R112294-48
Naked VPOC1228746
24hr VWAP122689
34 Hour EMA12261-16
Daily Pivot12244-18
Value Low1224026
Daily S112163-16
Daily S21211314
200 Day EMA10452-16

Dax Charts

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The FXI is showing a buy signal on the 30 minute chart, based on the channel touch and oscillator (ignore the trend line).

1Dax - FXI Indicator
1Dax – FXI Indicator

Two additional down days added to the direction change. I will add a consecutive bars indicator to see it visually for tomorrow.

2Dax Daily Chart
2Dax Daily Chart

We have eaten into the first layer of support and closed within the line. I will remove that for tomorrow.

3Dax Intra-day Chart (4 hour)
3Dax Intra-day Chart (4 hour)

The lines haven’t really been tested today, perhaps I will add another if a fractal is generated.

4Dax Intra-day Chart (30 minute)
4Dax Intra-day Chart (30 minute)

The line in the sand for a couple of my positions.

5Dax Intra-day Chart (5 minute)
5Dax Intra-day Chart (5 minute)

Interesting that there is confluence with a couple of the levels here. Trading ranges are compressing a little.

6Dax Volume Profile Chart (5 minute)
6Dax Volume Profile Chart (5 minute)

 

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