Good morning traders, it’s Monday the 13th of July and time for today’s 13-07-2020 German DAX 30 analysis.
DAX 30 Review From Last Session
During the last session, we saw the DAX 30 touch a session high of 12711 and a session low of 12390 giving us a range of 321 points compared to the average daily range of 297. At the close of play last session, the market closed at 12701 which was 804 points above the 200EMA and 704 points above the 50EMA.
The DAX is currently Bullish.
The German DAX 30 index is currently showing a progressive series of lower lows and lower highs. The trend defining level is currently 12870, so the market remains bearish below that level. In order for the market to remain bearish, we need to take out 12390. I will be looking to use the DAX trading strategy to provide some useful setups today.. . We have a classical situation on the daily chart whereby the 5EMA is above the 8EMA, the 8EMA is also above the 50EMA and finally the 50EMA is above the 200EMA. That’s a very bullish market, the first sign of a turn could be when the 5EMA breaks below the 8EMA.
The market has been like a yo yo recently, flipping its bias from one direction to another and this often leads to frustrating situations. As traders we need to keep the discipline and accept that the market has no personal vendetta against us. The market can remain irrational longer than we can remain solvent. So if an idea has not worked out, then simply cut it and start again.
DAX Key Levels
Moving over to the key levels to watch today, watch out for the previous session Point of Control (POC) at 12537 and the previous session Volume Weighted Average Price (VWAP) at 12553. The value area high (VAH) is currently 12599 and the value area low (VAL) is currently 12413.
|Stochastic||K: 88 and D: 80|
|Point of Control (POC)||12537|
|Value Area High (VAH)||12599|
|Value Area Low (VAL)||12413|
|The DAX Pivot||12601|
|The DAX R2||12922|
|The DAX S2||12280|
|Daily 5 EMA||12661|
|Daily 8 EMA||12605|
|Daily 50 EMA||11997|
|Daily 200 EMA||11897|
To keep up with the economic calendar and the latest price action, click this link to open up the DAX chart. Here are the most important announcements for today
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Trading Signals Update
As for my index trading; during the last trading session I took a total of 2 trades, so it was a pretty quiet session (1 DAX trade and 1 FTSE trade). Breaking down my DAX trade, 1 was from the DAX trading strategy (DTI) and 0 were from the regular morning DAX signal. Breaking down my FTSE trade, 1 was from the FTSE trading strategy (Using the DAX DTI) and 0 were from the regular morning FTSE signal. Overall, I hit 1 winner, 0 losers, and 1 break-even trade. This gave me a total profit of 4% for the day.
|DAX DTI||DAX DAILY||FTSE DTI||FTSE DAILY|
To keep a track of the trading results, you can read the DAX trading spreadsheet. In order to get access to the signals and to the strategy, you will need to be a member of the site. Find out more about membership.
If you want updates on FX as well, I will start doing that.
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