The German DAX today breaks below 13,200 on news that the US president Trump has been impeached in the House of Representatives. This impeachment was perhaps to be expected, however, it is highly unlikely that he will also be impeached in the Senate. So for me, the landscape has not changed significantly yet. The economic landscape will only change if the republican-majority Senate also rules to impeach Trump AND a stronger democratic candidate comes along to challenge the Republicans in an election. This case would point to a longer-term economic impact because they will probably pull the spending and that will drag the market down.

In the webinar this morning, held a little earlier than normal, I talked about the idea of hitting the 13,166 POC (point of control) on futures. This level was tagged a few moments ago, the next target to the downside would be 13,020.

To join the webinar simply follow me on Twitter (@daxtrader54) or join the Telegram channel to receive the link in the morning:

If the market bounces from the 13,166 POC, then I would expect to see a test of yesterday’s value area low again. If we see bullish momentum, then we have two exposed POCs above us at 13,269 and 13,290 that could be realistic targets.

19-12-2019 DAX Market Profile

DAX Trading Strategy

Find out more about how to get access to the strategy on ths DAX trading strategy page. The strategy was programmed in Sierra Charts, which is the package I use. Send me a message to get a free Sierra charts trial.

DAX Trading Strategy 18-12-2019
Yesterday, the strategy produced nothing interesting. There was no momentum (bearish or bullish), the conditions were choppy and this meant that the signals were low quality. You can’t win every day.
DAX Trading Strategy 17-12-2019
Plenty of strong sell signals from the DAX strategy on Tuesday, congratulations to those who you that joined me in the signals channel by shorting one of them and hitting a nice winner. I also tried the long in the afternoon, but it did not work out.
DAX Trading Strategy 16-12-2019
Monday saw some bullish momentum and there were multiple long opportunities from the trading strategy with the most successful opportunities coming in the afternoon session.