03-12-2018 Dax Technical Analysis

03-12-2018 Dax

Good morning traders. We have all sorts of rumours coming from the US v China tariff saga, with reports suggesting that there will be a 90-day pause on tariffs to allow talks. This would provide some respite for the recent uncertainty hitting sentiment, so I will be keeping an eye on that. We’ll get to the technicals later.

What Next For DAX30?

In the article on Friday, I discussed that shorts would be popular, as the month comes to an end and we definitely saw the selling pressure in the early part of the session, however the bounce in the second half completed a resilient recovery. Now December is here, perhaps we can see the seasonally expected santa rally starting over the next week of trading. Looking on the daily chart below, you would have to agree that the most recent major bearish swing would certainly allow for some retracement, especially after the major double bottom. We even see bullish divergence forming there (bullish RSI divergence).

So I am watching for a break above the black downsloping high-to-high trend line on the daily chart

Early Clues To Watch For Direction

The easiest way to fid the early clues, is to strip the charts back to basics and watch the mini median lines, or perhaps the median lines on a lower time frame, such as the hourly.

For example below, notice how price failed to tag the 6ML7-8 and instead we’re now looking at 7ML8-9 (click here to get the swing trading bible to decipher these codes). If price holds the 9MLH, or the lower median line parallel from the fork, it’s a bullish sign. And if we take out and expand through the median line, we stand a good chance of testing and breaking the recent highs, which will continue the string of higher highs and higher lower lows in the short-term.

Intraday DAX Trading

On Friday I only took two trades and then quit for the day.

I rarely trade Friday afternoon anyway, plus I was busy giving members access to my intraday strategy for Sierra Charts. If you’re interested in learning more about that, click here: https://thedaxtrader.co.uk/dax-trading-strategy/

See more from the trading diary here: https://thedaxtrader.co.uk/week-48-intra-day-trading-results-2018/

Results

30th November

 
Trades 2
Start 13883
Final 14514
Result 631
Gain 4.55%

Trades

# Date Mkt Type Entry SL TP RvR % Close Pips Return Balance
142 30-Nov DOW S 25349.3 25362 25297 4.12 4.12% 25321.1 28.2 2.22% 14,192
143 29-Nov FTSE S 7029.1 7037 6997 4.06 4.06% 7011.15 17.95 2.27% 14,514

Key Levels

  DAX FTSE DOW ESTOXX
Point of Control :  11259 6996 25310 3178
Value Area High :  11281 7003 25374 3182
Value Area Low :  11220 6984 25284 3165
VWAP :  11263 6996 25351 3172
R2 :  11413 7090 25835 3204
S2 :  11161 6919 25088 3148
Pivot :  11287 7004 25461 3176
Camarilla Breakout (Bull) 11387 7057 25787 3200
Camarilla Breakout (Bear) 11248 6962 25377 3169

Economic Calendar

Useful Links & Resources

SIGNALS RESULTS
https://thedaxtrader.co.uk/daxtrader-signals-results/

ECONOMIC CALENDAR
https://thedaxtrader.co.uk/economic-calendar/

DAX-RELATED NEWS
https://thedaxtrader.co.uk/dax-news-feed/

LIVE DAX CHART
https://thedaxtrader.co.uk/dax-chart-interactive/

POSITION SIZE CALCULATOR
https://thedaxtrader.co.uk/calculator.html

TELEGRAM CHANNEL: More Analysis
https://t.me/DaxTraderChannel

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