Our 13-07-2018 GER30 Index Summary Analysis Bias: Bearish below 12,637

Welcome to the GER30 Index Summary for today. We were recently trading within a bullish reaction wave, until breaking the 12,421 level. Yesterday we discussed a few levels to watch with possible short entries, this morning we see a run towards that upper median line parallel level.

13-07-2018 GER30 Index Summary Analysis – 10m Chart

The reaction this morning around the 12,580 high was no coincidence. The price ran into a median line, which is often a stop and reverse area. These tools are very simple, but incredibly effective when you understand their mechanics.

GER30 Index Summary

13-07-2018 GER30 Index Summary Analysis – Levels

Yesterday the DAX finished up +0.72% after reaching a low of 12,403. Today, the IB high is 12,580 (which was the daily R2) and the IB low is 12,527, watch for a momentum break through one of those levels. The R2 of 580 is also an interesting reference point going forward.

We remain bearish below 12,637 for now.

The closest exposed POCs are around 12604 and 12455 .

13-07-2018 GER30 Index Summary Analysis – Price Action

The black fork was left on the chart from a previous day and I really liked seeing how price responded on that upper median line parallel mid-afternoon yesterday. I especially like how we can draw parallels from the blue line in the middle and when we connect one of those parallels to the B-point of the fork, we also see it line up with the mid-afternoon upper median line parallel bounce. Watch the video for more details. It’s a great example of interesting price action.

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