I am of the opinion that we are bullish above 12 850 and the current battle of price action will be won by the bulls. I may be wrong, but time will show. I am also expecting for the price to eventually break through the upper median line parallel on our 20-minute chart fork (see below) and head towards the median line of the grey fork that you can see behind it.
Trading Signal Update
Here is a quick update on the BBRSI strategy that we have been working on for the last few months. I have completed the coding of the excellent BBRSI strategy. The strategy is effective on all Indices but we are focusing on Dax, FTSE, Dow, EuroStoxx, SPX and Nasdaq in the premium channels. Premium members; you now have access to the new channel where those signals (including a screenshot of the signal) will be shared as soon as it happens, so you will be alerted to your phone immediately.
Yesterday it opened a few trades and I closed them all out this morning to give us a blank canvas for the day today. Here are the results. Not bad. I won’t include these in the published results, because it is still in the ‘Beta’ stage.
| Signal Result: Symbol: US30 Profit: 272.4 GBP ( +61.4 pips ) Type: SELL Open price: 24758.10 Closed at price: 24696.70 Ticket: 70375732 Time: 06:31 |
Signal Result: Symbol: US30 Profit: 411.1 GBP ( +92.7 pips ) Type: SELL Open price: 24786.00 Closed at price: 24693.30 Ticket: 70374935 Time: 06:54 |
| Signal Result: Symbol: NAS100 Profit: 151.6 GBP ( +34.2 pips ) Type: SELL Open price: 6934.65 Closed at price: 6900.46 Ticket: 70375101 Time: 06:54 |
Signal Result: Symbol: NAS100 Profit: 171.6 GBP ( +38.7 pips ) Type: SELL Open price: 6939.15 Closed at price: 6900.46 Ticket: 70374084 Time: 06:54 |
| Signal Result: Symbol: SPX500 Profit: 380.1 GBP ( +8.6 pips ) Type: SELL Open price: 2725.22 Closed at price: 2716.65 Ticket: 70375074 Time: 06:54 |
Signal Result: Symbol: NAS100 Profit: 155.4 GBP ( +35.0 pips ) Type: SELL Open price: 6935.40 Closed at price: 6900.36 Ticket: 70374136 Time: 06:54 |
| Signal Result: Symbol: SPX500 Profit: 383.6 GBP ( +8.7 pips ) Type: SELL Open price: 2725.30 Closed at price: 2716.65 Ticket: 70374085 Time: 06:54 |
Pretty good start I would say.
17-05-2018 Dax 20-Minute Chart
On the 20 minute chart, I have labelled some of the interesting spots with numbers.
You can see that we have drawn a regular Andrews pitchfork from pivots labelled 1, 2 and 3. If you follow price from pivot three, you will see how it retraces from the high, heads towards the median line and then returned back towards the upper median line parallel. This is often a good selling spot. When price peels away from this upper median line parallel (red arrow), it successfully completes its trip down to the median line [4].
The flow of the price action three labels 1, 2, 3 and 4 is a nice example of a sine wave.
After reaching a median line, Andrews says that the price generally will either reverse from the ML or zoom straight through it. In our example, it has reversed (after testing the ML twice).
So we have an interesting situation where we are currently below the upper median line parallel of the black fork and above the lower median line parallel of the grey fork. This is a decision point.
17-05-2018 Dax TPO Chart
On the TPO chart below I have marked out a few interesting areas.
I like how price managed to test the low-volume area from the day before. And I like how the price was rejected from that zone.
The next observation is that we have broken the series of lower lows and lower highs on the daily profiles. You can clearly see how yesterday we broke the previous days high and did not place a lower low.
Let me explain the difference in colour on these charts. These charts represent the volume of transactions at a particular price point.
The more transactions that are made at a certain price the bigger that particular part of the profile will be. 68% of the price is contained within the grey area. The rest of the price is either side of that zone in green. I will explain this more in the video later.
17-05-2018 Dax Key Levels
