Dax Technical Analysis 30/03/2015

Good morning traders!

I trust you are all rested, having relaxed and eaten well over the last couple of days. I decided to get the report out early today, so nothing else can get in the way. It looks like Dax is showing us the direction it now wants to move after compression and breaking out of a narrowing range.

So last week provided some interesting results for many traders, I took a few losses on the chin and am still seeking to go long. I took a long position at 11893 about an hour ago just before a spike and I have reopened a EURUSD short. Bears took control last week, but Bulls are now trying to steal back the ground they lost. Congratulations to all those who capitalised on the sell off last week.

European inflation is the highlight in an indicator-packed Tuesday. Wednesday will bring further insight into the strength of the U.S. economic recovery with the release of the ISM manufacturing data and ADP non-farm employment change.

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Dax Support & Resistance Levels

KEY LEVELS
Daily R212027
Daily R111947
Value High11911
Naked VPOC11889
24hr VWAP11884
34 Hour EMA11874
Daily Pivot11872
Value Low11851
Daily S111792
Daily S211717
200 Day EMA10219

Dax FXI Analysis

Carrying on from this article: https://www.daxtrader.co.uk/forex-indicator-predictor-review/

For the first time in a while, the daily chart (left side) was showing signs of approaching oversold on the oscillator and we saw a potential reversal candle on Thursday with the large wick after a few days of selling pressure. It would have taken a brave trader to predict that was the end of the pullback (and it still might not be). You can see on the 30 minute chart on the right that price fell to low 116xx and crashed through the bottom of the channel which could have provided an aggressive trader with an opportunity for a position. I did however spot the opportunity to go long this morning.

Dax - FXI Indicator
Dax – FXI Indicator
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Dax Daily Chart Analysis

Still trapped in the box, but we seem to be finding plenty of support and Bulls are waking up again. So the trend is still intact and we still want to go long. I am conscious of the potential headlines that can cause waves over the next few weeks (Greece), so I may reduce my leverage and look to take on smaller positions.

Dax Daily Chart
Dax Daily Chart
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Dax Intra-day Chart Analysis (5 min)

I trust you are all rested, having relaxed and eaten well over the last couple of days. I decided to get the report out early today, so nothing else can get in the way.

So last week provided some interesting results for many traders, I took a few losses on the chin and am still seeking to go long. I took a long position at 11893 about an hour ago just before a spike and I have reopened a EURUSD short.

I took a trade this morning at 11,893 which quite quickly turned into a decent trade. We were creating a clean compression triangle so an OCO could have provided the perfect tool to trade the breakout. The breakout was rapid and it currently has some momentum trading at 12043 as I type this. (The trade has been closed now).

We are already past the R2 of the day, so I don’t know how much further we have to move. R3 is around 12180 which is the top end of the daily chart range and also the 100% fib extension on the daily chart.

Dax Intra-day Chart (5 minute)
Dax Intra-day Chart (5 minute)
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Dax Intra-day Chart Analysis (30 min)

We have comfortably taken out the fib zone from the recent sell off and are approaching the weekly R1 at 12066, also close to a high from Friday 20th March. I suspect this will hold so early on in the week.

Dax Intra-day Chart (30 minute)
Dax Intra-day Chart (30 minute)
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Dax Volume Profile

Nothing signficant to note, we are trading way above key levels, so if we get a substantial pullback and pare today’s gains, we could look to target Friday’s high or perhaps even Friday’s value area high (YVAH).

Dax Volume Profile Chart (5 minute)
Dax Volume Profile Chart (5 minute)
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Dax Daily Chart Analysis

 

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