Dax Technical Analysis 20/03/2017

Good morning traders!

I have recovered from my St. Patrick’s day exploits. My blood may be mostly English, but my Irish quarter definitely explains my thirst for beer. Anyway, I hope you all had a great weekend.

On Friday we opened at 12080 and closed at 12077 with a trading range of around 100 points, which is approximately the average of the last 14 candles. The most significant observation is that price is struggling to hold above the 12075-12080 resistance. It has pierced a couple of times, only just, however, the price has been rejected. The two most recent daily candles could be perceived as a bearish signal so I am keeping an eye out for further bearish signs this week.

My algo is still bullish, I will trust it for now, but I may have to manually close out a few trades this week, especially if it begins to look like we are buying into the start of a correction.

Dax Hourly Chart

The situation is almost exactly the same as it was on Friday, so check back on that article. But in summary we are sat on the 12075 previous resistance and deciding whether this is the spot we build from to take on that 12191 level again, or whether this is the spot that we get rejected back to the bottom of that range.

We are still bullish above 11900.

03 H1 Dax Chart
03 H1 Dax Chart

Dax Intraday Chart

Last week we were above the Bollinger band, we posted bearish divergence and the signal turned out to be a good one. The price broke back inside the band again, touched the 50 hour SMA (I have previously referred to this, incorrectly, as the EMA) and now seems to have settled. We are in the top half of the Bollinger band, but trading close to the mid-line.

On Friday, price found support at the daily S1 and then price respected the daily pivot three times on Friday, unable to break (significantly) above it. There are not clear signals on this chart right now, so let’s see what we get during the week.

05 Dax m5 Chart
05 Dax m5 Chart

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Results from Friday

The Trading Exchange, [17.03.17 07:22] DAYTRADE BUY #GER30 @ 12050.95 | SL:12012.78 | TP:12139.91 | 2017.03.17 07:22 (GMT) | ID 61517194

The Trading Exchange, [17.03.17 09:43] CLOSE DAYTRADE BUY #GER30 @ 12061.85 | PROFIT: 10.42 PIPS | 2017.03.17 09:43 (GMT) | ID 61517194

The Trading Exchange, [17.03.17 09:44] CLOSE DAYTRADE BUY #GBPUSD @ 1.23901 | PROFIT: 128.62 PIPS | 2017.03.17 09:44 (GMT) | ID 61273604

The Trading Exchange, [17.03.17 11:55] DAYTRADE BUY #GER30 @ 12087.50 | SL:12064.69 | TP:12141.67 | 2017.03.17 11:56 (GMT) | ID 61521837

The Trading Exchange, [17.03.17 13:39] CLOSE DAYTRADE BUY #GER30 @ 12086.05 | PROFIT: -1.39 PIPS | 2017.03.17 13:39 (GMT) | ID 61521837

The Trading Exchange, [17.03.17 14:40] DAYTRADE BUY #GER30 @ 12070.05 | SL:12046.32 | TP:12128.27 | 2017.03.17 14:40 (GMT) | ID 61524575

The Trading Exchange, [17.03.17 17:20] CLOSE DAYTRADE BUY #GER30 @ 12097.85 | PROFIT: 26.51 PIPS | 2017.03.17 17:20 (GMT) | ID 61524575

The Trading Exchange, [17.03.17 17:49] DAYTRADE BUY #GER30 @ 12092.75 | SL:12081.63 | TP:12119.15 | 2017.03.17 17:49 (GMT) | ID 61526707

The Trading Exchange, [17.03.17 18:06] CLOSE DAYTRADE BUY #GER30 @ 12098.85 | PROFIT: 5.82 PIPS | 2017.03.17 18:06 (GMT) | ID 61526707

Dax Support & Resistance

Daily R212170
Daily R112122
Daily Pivot12070
Daily S112022
Daily S211969
200 Day EMA11069