Good morning traders!
So the five day run of bearish candles has taken a break for air and we pulled back to just above 11203. Back in April we had a couple of days of pullback before a resumption of the downtrend.
The bears fear collapse in China and this is still heavily on the minds of investors, because when you analyse the components of the Dax index, most of the listed companies in Germany are heavily involved in China in some way, couple this with the disappointing results in US and on Wall Street.
The Bulls sense that the S&P is looking attractive and buying dips has been profitable for 6 years running, so why should now be any different. This activity will positively influence the Dax. Let’s not forget the ongoing reporting season.
I opened two positions today, so I am now looking to hold on to my positions targeting 11405 and 11605, I have wide stops at 10910. I am not recommending you follow me, trade at your own risk, this is just my personal trade. If I get it wrong, then life goes on, I have not bet the farm. But if it does well, I will be adding to it and accumulating a much larger position.[twitter-follow username=”DaxTrader54″ scheme=”light”]
Automatic Trader Update
My RSI based automatic trading software is now ready to release to the general public!
I will be sending round an exclusive offer to all of you on the mailing list to receive a copy for a discounted rate. I am very excited with it and after using it for a while now, I think it’s great, but then I would say that wouldn’t I? I am producing some tutorial videos to support you all with the using it and these should be ready by the beginning of next week.
So thank you for all your messages, it’s nearly here!
Dax Technical Analysis Video
Dax Support & Resistance
|200 Day SMA||10944|