Dax Technical Analysis 23/04/2015

Good morning Traders!

Another bearish candle yesterday and we are trapped, once again inside the large trading range from the end of March. 11500 is the trend defining level at the moment, a break below this could signal a drop to 11k but I expect to see a lot of support.

The current Dax setup on the daily or 4-hour chart looks to favour a test to the downside support again today. My first level to watch is the 11635 handle, the previous low from Monday/last Friday. If we manage to hold that handle then I suspect we can build higher from there.

My Trades

[success]I am trading from my own generated signals and currently sharing my signals for free on Twitter you can follow the account by clicking on the link in the right hand side bar[/success]

I currently have 16 positions open and you can see the details by clicking here.

I am long the Dax at 11772 but my Nasdaq trades are the best open position performers at the moment. An additional six positions were closed today, but only one of those trades hit the profit target, the other five were stopped out for a loss. So a relatively poor day at around £400 down. I will continue to keep track of the performance of these signals.

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Dax Support & Analysis

KEY LEVELSDifference
Daily R212076-98
Daily R111927-118
34 Hour EMA11824-46
Daily Pivot11800-115
Value High11789-136
24hr VWAP11763-69
Naked VPOC11721-187
Value Low11705-115
Daily S111651-135
Daily S211524-132
200 Day EMA1053013

Dax Potential Moves

If we draw a fib extension from the all time high  couple of weeks ago with the most recent low of 116xx back up to the 12k level, it suggests a 100% extension could be 11334 and I would personally use this as a springboard to jump in.

Dax - Long Setup
Dax – Long Setup

The picture below suggests the we are going to really fall deeper down if we break that 11635 zone.

Dax - Short Setup
Dax – Short Setup

Dax Charts

Both the 30 minute and the 4-hour channels are looking bearish and the daily pattern looks to threaten further bearish movement. I would not be surprised to see a gap lower on open and then a steady move back up again.

1Dax - FXI Indicator
1Dax – FXI Indicator

Still trapped inside the range from a few weeks back.

2Dax Daily Chart
2Dax Daily Chart
3Dax Intra-day Chart (4 hour)
3Dax Intra-day Chart (4 hour)
4Dax Intra-day Chart (30 minute)
4Dax Intra-day Chart (30 minute)
5Dax Intra-day Chart (5 minute)
5Dax Intra-day Chart (5 minute)
6Dax Volume Profile Chart (5 minute)
6Dax Volume Profile Chart (5 minute)
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