Incredible sell-off on the DAX, and the 13130 level was not just taken out, but it was zoomed aggressively and many stop losses would have been triggered. I can only hope you all trade with stop losses. So the next major level is the key daily major pivot at 12736.
Therefore the options at the moment are:
Play a retracement back to the 13130 level and short from there if a signal presents itself, based on the reaction line below. Otherwise wait for a pullback and short on oscillator signals from the DaxTrader RSI indicator
Alternatively sitting back and watching it is not a bad decision, wait for the dust to settle and the next pivot to form before deciding the next move.
We completed a lengthy webinar earlier around programming our DaxTrader algorithm, but before we did that, we ran through the DAX and the FTSE, here is a summary video for you
02-02-2018 Dax Technical Analysis Video
02-02-2018 Dax Key Levels
KEY LEVELS | |
POC * | 13003 |
Value Area High * | 13076 |
Value Area Low * | 12934 |
14 Day ATR | 169.07 |
200 EMA | 12685 |
50 EMA | 13176 |
Daily R2 | 13432 |
Daily R1 | 13199 |
Daily Pivot | 13066 |
Daily S1 | 12833 |
Daily S2 | 12700 |
*These are FXCM numbers, not futures numbers. Please be aware that FXCM can often be 5-10 points higher than futures prices |