02-05-2018 Dax Technical Analysis

02-05-2018 Dax

Good morning traders, I hope you took advantage of a day away from the markets. We had no Dax yesterday due to Labour day, so there was no article or morning briefing.

Today, we have liftoff and price action has broken through a previous major swing high. We now see an unusual situation where we have taken out two previous major swing lows and also taken out the previous major swing high. So although the trend is not exactly clean from a technical perspective, it now favours the bulls once more. The question remains whether or not this is a typical ‘wash and rinse’ scenario or whether this is the real break. The answer will likely come from the test of the breakout area.

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02-05-2018 Dax Analysis

Let’s jump straight into the video today. The charts from the video are below.

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250 Tick Chart

20 Minute Chart

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02-05-2018 Dax Key Levels

KEY LEVELS
POC * 12613
Value Area High * 12622
Value Area Low * 12578
14 Day ATR 143.18
200 EMA 12525
50 EMA 12432
Daily R2 12655
Daily R1 12613
Daily Pivot 12585
Daily S1 12542
Daily S2 12515
   
*These are FXCM numbers, not futures numbers. Please be aware that FXCM can often be 5-10 points higher than futures prices

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