Dax Technical Analysis 24/02/2017

Hello traders!

Sentiment around equities has soured today with a larger than anticipated pullback occurring on the Dax and my current system has been caught out on the wrong side. 11875 was my first target for a long, that level came and went pretty quickly and looking at the chart the next one now would be around 11710. I have had two losses today so far, with a third buy already out there. With Gold rallying and yen crosses doing the same, you would be forgiven for questioning any buying right now, especially as we are coming off of recent highs, but is it just a Friday pullback? Is it just a dip? #BTFDUFI

Shortened article today, as I am mobile and will be travelling around London for most of the day. The good news is, I have made some good progress on my Renko system which is coming along nicely and will be included into my trading soon and there are various other improvements coming soon.

Short-term we are very oversold, below the daily S3 (pivot point indicator) and outside the Bollinger band. RSI on the hourly chart is 17 and we have pressed very firmly into support. For today, because I have already missed half the session, I won’t post the normal charts and levels, but let’s see what the US session brings, will it recover the session or compound the losses and continue to sink? It is a very compelling daily candle at the moment, suggesting that actually, this could be more than a pullback, but we have half of the session left to go, so let’s watch what happens.

Have a look at the daily chart and see if you think there is a bearish divergence between price action and the RSI.

Come and Join DaxTrader54 On Telegram

Come and join my broadcast channel on Telegram messenger, it’s here that I broadcast additional Dax analysis and messages to my readers and subscribers. For the rest of the month, it is very easy to get access, please download the Telegram messenger (from www.telegram.org) and then click this link: https://t.me/joinchat/AAAAAEAypsW3Xet_6ngBlw

February DaxTrader.co.uk Promotion

Dax Premium subscription to receive live trading signals specifically for the German Dax is currently £39/month, however for the rest of February, using this PayPal link, you will receive three months for £90 (existing subscribers are also eligible):  https://www.paypal.me/DaxTrader54/90 once you have completed a payment, please send me a message on Telegram or use the “Contact Me” section at the top of the website and I will get you activated in the signal channel.
Please ensure you have read and agree to all terms and conditions before completing any purchase.


Back to a normal article on Monday. Good luck trading today.