Good morning traders!
The Dax took a hit yesterday with the majority of damage coming in the early session and particularly strong price losses at Deutsche Bank. Investors have had to process a lot of quarterly figures and the recent statements of the US Federal Reserve proved interesting as the Fed leaves the door open for a rate hike in December based on the assessment that the international situation no longer as critical as first estimated.[success]I am close to 1,000 twitter followers!![/success]
The main talking point was the dividend cancellation of Deutsche Bank for the years 2015 and 2016, and whilst although it’s indeed necessary, the share price plummeted.
The 200 day EMA is beginning to level out/turn positive at around the 10650 July support. The daily chart resistance is still the key level to watch right now as we continue to gain ground and we are not far from it. I still find the pivot levels interesting as yesterday there was a good opportunity to go long from the S1 with a 30 point stop and rewarded at least 2:1. Given more time, I would trade these moves more often so I am going to put my orders in for going long from the S1 and S2.
Forex Trades – I got stopped out of my EURUSD trade, by accident, I made a mistake with the stop loss. I still have the EURGBP short and USDJPY long. Looking for other opportunities.[twitter-follow username=”DaxTrader54″ scheme=”light”]
DaxTrader RSI Indicator with Alert
Here are the current signals I am looking at from my DaxTrader RSI indicator
Dax Support & Resistance
|200 Day SMA||10636|