03 H1 Dax Chart

Dax Technical Analysis 22/07/2016

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Good morning traders!

We have recently attempted to take out (and failed to do so) the 10100 level and support has formed here. We had a bearish open for the Dax first thing this morning, and we are now testing that level once more. It opens up the possibility of a decline to 10,000 if this level goes. If we look at the daily candle from yesterday, there is a bearish setup forming, so it could good an interesting spot for go short, especially as Friday tends to provide good reversal opportunities.

However as I have written this, the attempt to break below 10100 was rejected and we have rallied nearly 50 points to claim a new daily high, so bulls are prepared to defend that level.

There is no denying that price action is still trading sideways right now, so there are no obvious setups right now apart from considering a short below 10100 and a long above the high from yesterday.

I am setting up my systems to a bearish template for today, looking for shorting signals.

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I share my trades and trading setups with my subscribers using Telegram, the messenger app. This allows me to send messages to your smart phone at the point I open trades or spot an opportunity. If you are interested in receiving trading signals, then find out more here.

Yesterday my two most recent trades took +100 points, come and receive the signals for yourself.

Here is an example of the types of message my subscribers receive:

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Dax Support & Resistance

KEY LEVELS
Daily R210247
Daily R110185
Daily Pivot10136
Daily S110074
Daily S210026
200 Day EMA10059

 

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