Currently looking for reasons to buy. SPX is at all time highs. I was waiting for a deeper DAX pullback after the recent rally. Now looking for areas of confluence.
These prices are referring to FXCM’s price
There are multiple reasons for 12500 to be significant at the moment. Traders who were short from yesterday were targeting that level, so would likely be looking to exit their positions from there. If you pull a retracement from the July high and low, the 50% level is around this zone. If you pull a line from the 14th July low to the 17th July low and extend it, price bounce from this zone again. There is an extension level (drawn on the 5m chart) that has a target in this zone. Also the price broke below the Bollinger band and reacted to this level. There are many reasons to be interested in this level.
The video is available to watch on the DaxTrader Broadcast Channel, it was uploaded there earlier. Click the link to access it