Dax Technical Analysis 29/01/2016

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Good morning traders!

Congratulations to anyone who took the trade setup that I posted yesterday on Twitter, it was another positive divergence signal from RSI and although there was some good fortune involved (because the trade had to be left on over night), it pretty much reached target.

So Dax is currently close the gap opened this morning, and has just reached the previous resistance cum support now, if we get a reaction here, there is a possible long opportunity, but I am wondering whether this will just continue to drop. Those shorting earlier from between 9750-9800 are enjoying their day so far. There could be a good opportunity for us to get down to 9475 if the current move picks up a bit of momentum, but of course it will need to contend with the support at around 9570 first.

Other interest points to watch,

  • A pullback to 9732 could provide some shorting opportunities
  • A break below 9650 can take us towards 9600
  • A break above 9800 can easily be a fake break unless 9900 goes.

I also entered a cheeky short on a break below the daily pivot this morning, but realised I was getting distracted from writing this article, so close it for 21.5 pip profit, which brings me to me next points, when did FXCM start decimalising the Dax?

Cheeky Trade
Cheeky Trade

Dax Support & Resistance

KEY LEVELS
Daily R210038
Daily R19853
Daily Pivot9723
Daily S19538
Daily S29408
200 Day SMA10519

Dax Charts

02 Daily Dax Chart
02 Daily Dax Chart
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03 H4 Dax Chart
03 H4 Dax Chart
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05 m30 Dax Chart
05 m30 Dax Chart
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06 m5 Dax Chart
06 m5 Dax Chart
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