Good morning traders!
So I was left scratching my head a bit yesterday, but had to remind myself of the article I wrote at the beginning of the week stating I wanted to see a pullback.
We broke below 11635 which technically break the bullish trend we’ve seen recently and now leaves us in limbo. The Dax could not hold up from the weight of wall street and when you consider the climb the Dax has seen in the last two weeks, you would be forgiven for accepting that this is little more than a technical pullback.
My auto trader gave two buy signals today, with stop losses below the previous support, both of those signals would have been stopped out. One of those things. It’s very likely that a new signal will come first thing in the morning, and it will be a buy signal. I will probably take that one too.
It may be prudent to take a break for the rest of the week to allow the waters to calm again. I may very well take my own advice here. Getting chopped around is not my idea of fun.
Frequently Asked Questions
Who do you use to place Dax trades?
Just to answer all those queries, I use a FXCM Spreadbetting/CFD account. I have used them for just over a year and I recommend them to anyone who is serious about trading. They have good spreads, fast execution, many markets, an excellent charting package and lots of resources to assist your trading. I will provide some videos, tutorials and other information to answer the question in more detail, but this is a start. Try the demo account and see what you think, I transferred from IG to FXCM almost straight away (but that’s just my preference).
I will include this section in all reports this week
Dax Support & Resistance
|200 Day SMA||10930|
(Ignore the indicator top right) Another failure to make progress above the 0.618 fib line and we now once again enter the turbulence of the kumo cloud.
I will watch for a reaction to the 0.500 fib
Of the three suggested setups, two now remain after the first one failed to hold up. We settled on the weekly pivot, an interesting spot to consider a long position. However I am likely to watch, a signal will likely come tomorrow and the auto trader will open a position, but I won’t take a real trade just yet.