Dax Technical Analysis 28/03/2017

Hello traders!

Big day yesterday on the Dax as price looked set to tank, but staged a fairly strong recovery in the second half of the trading session and that 11910 support holds again, strengthening its position. When I wrote the article yesterday, the daily candle was at its most bearish and had engulfed both Friday’s and Thursday’s candle, but yet finished inside the candle from Friday. It just goes to show that you can not judge a candle until it closes because it now looks completely different.

Now I am watching for a break above 12110 as it could open the door to 12180. If we get a retracement today, and the gap from this morning closes, then an interesting level to watch for a long position could be the 12000-12005 zone, as the daily pivot (pivot point indicator) resides down there.

The algo is still Bullish.

According to the newswires, in Europe, ECB’s Weidmann said the ECB are not yet seeing sustainable price growth but would like to see less expansionary monetary policy. ECB’s Praet said it is too early to talk about exiting stimulus but the ECB has started seeing light at the end of the tunnel. One of the latest IFOP French Presidential Election Polls (2nd round) shows Macron at 60.5% (-1%) vs. Le Pen at 39.5% (+1%). EU officials are said to still be debating whether their draft guidelines for Brexit negotiations should refer to a transitional phase to ease the UK’s departure from the EU.

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If you’re interested in receiving live trading signals for the Dax, come and join the community. Three months of signals will cost £94 and can be purchased using this link: https://www.paypal.me/DaxTrader54/94 . In the meantime 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

Trading Signals from Yesterday

The Trading Exchange, [27.03.17 13:16] DAYTRADE BUY #GER30 @ 11951.90 | SL:11926.37 | TP:12012.54 | 2017.03.27 13:17 (BST) | ID 61699643

The Trading Exchange, [27.03.17 14:08] CLOSE DAYTRADE BUY #GER30 @ 11926.10 | PROFIT: -24.54 PIPS | 2017.03.27 14:08 (BST) | ID 61699643

The Trading Exchange, [27.03.17 14:19] DAYTRADE BUY #GER30 @ 11930.95 | SL:11895.53 | TP:12014.56 | 2017.03.27 14:19 (BST) | ID 61700843

The Trading Exchange, [27.03.17 16:26] CLOSE DAYTRADE BUY #GER30 @ 11983.85 | PROFIT: 50.35 PIPS | 2017.03.27 16:26 (BST) | ID 61700843

The Trading Exchange, [27.03.17 19:19] DAYTRADE BUY #GER30 @ 11998.95 | SL:11982.83 | TP:12037.23 | 2017.03.27 19:20 (BST) | ID 61705258

The Trading Exchange, [27.03.17 19:25] CLOSE DAYTRADE BUY #GER30 @ 11999.05 | PROFIT: 0.10 PIPS | 2017.03.27 19:25 (BST) | ID 61705258

Dax Hourly Chart

Major resistance is right above us here, the price is looking expensive and we have already been rejected from here. We can definitely break this level and float higher, but it’s just less appealing with the reward:risk ratio not as attractive as buying from lower levels. RSI is also suggesting price is approaching overbought. SO I will remain patient.

03 H1 Dax Chart
03 H1 Dax Chart

Dax Intraday Chart

We are at the top of the Bollinger band, but RSI is not overbought. If price does take out the 12110, watch for possible divergence indicating a fake move and potential mini-reversal or bull trap. I am liking the idea of long entry orders further back inside the band, nearer to 11950. Price is expensive at  current levels.

05 Dax m5 Chart
05 Dax m5 Chart

Dax Support & Resistance

KEY LEVELS
Open12071
High12071
Low11915
Close12032
Range-156
Change-0.32%
14 Day ATR110.37
Daily R212159
Daily R112093
Daily Pivot12004
Daily S111938
Daily S211848
200 Day EMA11123