Good morning traders!
The pullback halted yesterday, despite the looming Fed decision, perhaps due to earnings results from Volkswagen. I think the Fed decision is likely to provide no surprises, but the usual filtering through the report for minor language changes will give us some volatility as usual.
My positions have been closed out after hit my trailing stop so today I am still waiting for lower levels before taking another long and it’s possible that by waiting for another chance to go long I will miss the opportunity. On the longer term we still have some headroom before hitting major resistance at 11,000 based on the bearish daily trend channel. We are still overbought currently but have bounced from the 34 period hourly EMA which can be seen on the 30 minute chart below. I want to see 10500-10600. Alternatively a break above the previous high could open up another buying wave towards 11k.
We broke out of the mini trend channel from the 5 minute chart so I want to see a reaction to the R1.[twitter-follow username=”DaxTrader54″ scheme=”light”]
Dax Bias & Strategy
Bullish on most time frames except Daily/Weekly which still shows us in a much larger bearish trend channel and approaching the major resistance. My strategy is one of dip buying using my RSI indicator and EA with a bullish template.
Remember to go and check out my free signals page @daxtradersignal
Sign up for your binary account here (You can even place $1 per trade – minimum deposit $250):
Dax Support & Resistance
|200 Day SMA||10631|