[notification message=”The homepage has been updated to make the site more straight forward to navigate. Simply visit https://thedaxtrader.co.uk Please clear cache/browsing history if you receive any ‹³›page not found‹³› error.” type=”info” _fw_coder=”aggressive” __fw_editor_shortcodes_id=”c7bdf9fbf6639fe9ef1a9174c1933c09″][/notification]Good morning traders. Yesterday we saw a range of 93 points but the DAX30 closed 43 points lower at 12,991 (according to CFD prices from FXCM). This morning we gapped to 12,999 finding a high of 13,008, but it’s still very early. The daily candle from yesterday formed a lower high and a lower low than both Monday and Friday, suggesting the start of a new bearish trend.

Does this mean that we are reversing?

Not necessarily, no. To decide this, we need to establish the trend-defining level. In my opinion, that is still 12850 and we remain bullish above that. (The normal trading disclaimer and warnings – at the bottom of the site – apply to any content on this site)

16-05-2018 Dax Analysis

If we take a look at the profiles below, we can see that yesterday we took out another POC. This highlighted by the higher of the two red lines. The red lines are pointing at the naked POCs from last week.

We can also see a double distribution day on the profile from yesterday. Notice how the low-volume area in the middle of the two distributions straddles the POC from Monday. Also, notice how Price has found support just above that low volume zone. I would like to see whether price slices through that zone or holds it.

16-05-2018 Dax Technical Analysis 1

The 250 tick chart below shows an ACR line set. I shared this idea yesterday on the premium channel.

This is a strategy that is very effective on the Dax30.

Premium/Gold members – visit the new course to find out more about ACR line sets here.

16-05-2018 Dax Technical Analysis 2

Notice in the chart below how price responded to the zone. When price action responds like this, it builds great confidence in the tools that we use.

Having an understanding of the way price moves can greatly improve our performance as a trader.

16-05-2018 Dax Technical Analysis 3

I find this next chart interesting because of the way price is responding to the fork.

This chart shows a regular pitchfork. Once the price responds from the third pivot (pivot C), it uses the LMLH as a platform to bounce. From the LMLH price shoots straight up to the ML. Once the price reaches the ML, it reverses.

This is textbook Dr Alan Andrews theory.

Premium/Gold members – visit the new course to find out more about Pitchforks here:

16-05-2018 Dax Technical Analysis 4

Finally, this chart is the 20-minute chart and the black swing markers show the current major swings.

The way I see things: The market is bullish above 12,850.

If this recent low holds, then we have a potentially interesting new major fork. I will continue to watch how this develops.

16-05-2018 Dax Technical Analysis 5

If you want to develop as a trader and adopt a professional mindset then you are at the right place. If you want to get excellent analysis and indications on the high probability setups, then come and join the DaxTrader community. We have a number of active members contributing towards the DaxTrader community with setups, charts and ideas. As a premium member you will have access to:

DaxTrader.co.uk Reviews

See what people are saying about DaxTrader.co.uk by visiting the TrustPilot page here:

The Chat Rooms

Participate in the various member’s chat room for Dax, Forex, Cryptocurrency, Algorithm Trading with charts and ideas, improve your own analysis and pick the brains of other experienced traders.

The Webinars & Webinar Library

We have some excellent content to share in the webinars to help you understand the strategies and tools used by Dax traders. These strategies and tools are incredibly effective on the DAX and quite easy to start to understand. They don’t require expensive software either. The experience available in the webinars is excellent with guest webinars weekly.

Live Trading Signals

When a trade opens on our account, we share the information directly to the signals channel. We provide information including the entry, the stop loss, the target and the date/time. Premium members get access to DAX, FTSE and occasionally S&P500.

Our software sends the signals directly to your phone using Telegram messenger and thanks to our engineering, the delay between us opening a trade and you receiving it to your phone, is around 0.6 seconds.

The Charts (live)

I broadcast my charts for the majority of the day, which you can access and see what we are working on. You can view the charts from a tablet or smartphone as well as a computer