Good morning traders and welcome to the 06-12-2017 Dax Technical Analysis. One signal was sent yesterday; a short from 13029 to target 12940. You can find out more about the trading history on this page: https://thedaxtrader.co.uk/about-daxtrader-premium/
Conditions are difficult at the moment, I think the volatility is definitely what attracts traders to the Dax, but it is also the main reason for why inexperienced traders lose all of their money. At times like these, it can feel like a gamble and I prefer to keep my powder dry because the casino is for gambling, trading isn’t.
Let’s assume that the bears are in control at the moment. What can we reasonably expect if it continues?
Targets to the downside: 12500-12600
During the premium webinar this morning I pulled a number of different tools over the price action. The tools included the following (related to Chart 2 below):
- Fibonacci expansion from F, G and the retracement
- Balance point from F and put the 50% line through the gaps
- Fork from F,G and the highs
All of those tools share this zone in common so would likely be very popular targets for traders who are shorting. As for the entries, well that’s down to your personal trading plan to decide. Popular entries are the upper median line parallel on the fork of Chart 2. Come and chat to us about Alan Andrews’ work, if you do not understand the terminology.
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06-12-2017 Dax Outlook
Majors (Chart 1)
The major swings are still under pressure with the price action threatening to break to the downside. We are still currently inside a large value area ranging sideways and waiting for the next leg. The two potential target areas are still valid.
Target Zone 1 is the bullish case. The bullish case is based on price action reaching the UMLH (upper median line parallel) and the P0 to P5 expansion.
Target Zone 2 is the bearish case. The bearish case is based on price action reaching the LMLH (lower median line parallel) and a ZigZag pattern from the P5 high, with the current sideways price action acting like a 50% balance point. The target zone 2 is the extension of that Zig Zag.
Minors (Chart 2)
There is not much to say here other than the ACR line set is currently holding price. We wait for confirmation of the next trend.
06-12-2017 Dax Charts
Dax Chart 1
Dax Chart 2
06-12-2017 Key Levels
| KEY LEVELS | |
| POC * | 13026 |
| Value Area High * | 13057 |
| Value Area Low * | 12996 |
| 14 Day ATR | 174.45 |
| 200 EMA | 12450 |
| Daily R2 | 13154 |
| Daily R1 | 13080 |
| Daily Pivot | 13019 |
| Daily S1 | 12944 |
| Daily S2 | 12883 |
| *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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