Good morning traders!
I am currently bullish and have three open long positions on the Dax with stops under 12000.
I have closed my three EURUSD shorts for a decent gain, but judging by the Dax this morning, I sense the gains could be lost if the selling pressure continues.
Dax Support & Resistance Levels
|34 Hour EMA||12001||127|
|200 Day EMA||10238||19|
Dax FXI Analysis
This continues on from the article I posted which reviews this indicator: www.daxtrader.co.uk/forex-indicator-predictor-review/
The left panel shows the five minute chart (normally it shows the daily chart, but the daily chart we already know is heavily bullish, so I am only looking for long trades). The five minute chart gave us a couple of buy signals recently as it fell through the bottom of the channel. These are aggressive entries, because looking on the 30 minute chart, which is a more reliable signal, we are still comfortably inside normal levels.
So perhaps my decision to go long was a bit loose, definitely greedy, but my risk is limited and I am happy to watch it play out.
Dax Daily Chart Analysis
Getting closer and closer to testing the top of the ‘box’ that we have been trapped in. A break and a close below 11500 will signal a change in momentum for me. A break and close above 12180 open up 12500.[wp_ad_camp_1]
Dax Intra-day Chart Analysis
I will be watching the reaction to the daily pivot and 12000. There was quite a bit of support built here from yesterday. A break below these will likely trigger my stops on the way down to 11950. A hold of these levels can we us testing the highs from earlier.
Dax Volume Profile Analysis[twitter-follow username=”DaxTrader54″ scheme=”light”]
A break under the YVAL can open up the mid to low 119xx as we slice through the low volume area carved out during yesterday’s climb up. If we can not take out 11975, then Bulls could step back in and buy from this area.[wp_ad_camp_1]