01-dax-daily-chart

Dax Technical Analysis 28/10/2016

Hello traders!

The one chart that caught my attention today was the H1 chart. The bullish divergence is pretty strong and the candle formation suggests that the sell off from this morning is turning into a rejection. So whilst the 5 minute chart was shaping up to be another sell, the bigger picture seems to be in control.

So if this is actually a rejection then targets would be the high of yesterday, providing that the daily pivot is taken out.

It’s been a very strange week for price action this week, so my strategy has been one of patience. I believe that unless a clear opportunity presents itself, there is no point in chasing a trade. So I have barely made any.

For today there is not much to update, but I will be back on Monday as normal with full analysis.

Good luck trading today