Good morning traders, welcome to the 20-11-2018 Dax Technical Analysis.
Studying yesterday’s price action, we can see it closed at the lowest point since late October. This morning we have already broken that low. We are already at a November and we would need to now take out 11,049 break October low. Price currently trades at 11,177.
The current DAX price is now over 500 points below the November high.
The hourly chart clearly shows how we have broken below the range support.
We have completed three lower highs and three lower lows, which is clearly a trend in the short term. And the short term trend defining level is 11,418.
Yesterday we spent the majority of the morning inside the value area of Friday. We tested both the value area high and value area low, Before breaking below to test the Friday low. I found it interesting how the price action tested the value area low from underneath before breaking to new lows.
Today the profile is unusual in shape. We have the point of control at the bottom of the value area. However, we also have a high volume zone at the top of the value area. This leaves behind a large low volume zone either side of the daily pivot. This will raise some interesting questions if price manages to break above 11,250. If we managed to break through this high volume level, and out the other side, there is a good chance we will continue through that low volume area up towards 11330 again.
Alternatively, if we stay below the point of control today, Then it is likely we will go down to test the 11,150 control from the end of October. This is still exposed and exposed POCs are magnets for price action.
Regarding trading I now share two types of trades. I share my regular morning trades as signals and I share my intra-day trades from one of our day-trading strategies.
My regular morning trades have been recorded since October last year and have returned growth of 263%.
I only started recording my intertrait yesterday, but will continue to do this. Yesterday we returned over at 5%.
Full details of both sets of results can be found on the this page:
|Point of Control :||11228||7044||25385||3151|
|Value Area High :||11334||7070||25501||3186|
|Value Area Low :||11194||6995||25020||3146|
|Camarilla Breakout (Bull)||11335||7051||25331||3185|
|Camarilla Breakout (Bear)||11086||6940||24678||3118|