Dax Technical Analysis 20/10/2015

Good morning traders!

I am currently long the Dax and waiting for some output from ECB to confirm that they are willing to put more money in to the QE programme which will provide the boost I am expecting. I can’t see it providing the volatility that the December meeting will provide, but many analysts are expecting the ECB to retain the dovish tone.

We are about a third of the way through the QE programme and low inflation is still putting pressure on the ECB. Draghi has already planted the seed that September may see negative inflation figures again, so a poor print might not be enough to really rock the market expectations just yet.

Looking at the Dax charts, the weekly looks neutral/bullish with a strong bullish signals from three weeks or so ago and the target for me is the 10500-10800 zone with 10848 being the 50 retracement of the ATH-Aug low swing. The daily chart is a little more interesting because we have been compressing into a wedge from the long standing pitchfork (not fully visible on the chart) and the bear trend channel from April. We broke back inside the trend channel last week and held there, making further progress yesterday so providing we stay above 10k, we look to be base building in here. The 4-hour chart looks ominous with some strong resistance directly above us at 10,205. Nothing to pick out from the 1-hour chart. On the 30-minute I have pulled a fibonacci extension and would like to see a move towards the 100% at 10673. Finally the 5-minute is currently following a mini bullish trend channel and has bounced a couple of times, I can’t see it holding on forever, but it may be worth a couple of cheap scalp bounces with the R:R being pretty high.

Intra-day I am going to trade my RSI signals and get my binary options accounts working again. See below.

[twitter-follow username=”DaxTrader54″ scheme=”light”]

My Binary Options Project

So I have decided to revisit my RSI indicator and set up 15 charts, all using the same RSI settings. I have activated mobile notifications on the indicator and I have downloaded MT4 for my iPhone and put the device number in my computer’s metatrader. With this, I am going to receive signals directly to my phone. I have Banc De Binary on my phone to trade the signals, so I am going to have a punt and see whether it works. I tried John Anthony signals a while ago, nothing happened. So now I will trade my own signals.



Dax Support & Resistance

KEY LEVELS
Daily R210285
Daily R110228
Daily Pivot10148
Daily S110091
Daily S210011
200 Day SMA10625

Dax Charts

01 Weekly Dax Chart
01 Weekly Dax Chart
02 Daily Dax Chart
02 Daily Dax Chart
03 H4 Dax Chart
03 H4 Dax Chart
04 H1 Dax Chart
04 H1 Dax Chart
05 m30 Dax Chart
05 m30 Dax Chartc
06 m5 Dax Chart
06 m5 Dax Chart
07 m1 Dax Chart
07 m1 Dax Chart