Yesterday was a good day for me, despite starting the day with two stop losses. The following three trades netted a strong gain to the account and I was able to stop trading before lunchtime. This is always the goal. Congratulations to you members following the trade signals. March is now into double digit growth, which I am very pleased with.
Yesterday’s daily candle was a spinning-top doji, which normally suggests indecision in the market. So today the attention will probably be on watching which direction it breaks. I have drawn a fork on this chart from the three most recent pivots. Notice how price reacted to the median line there? I wonder if we now see a bit of momentum here to challenge the trend-defining level of 640.
The trend-defining level is 11640 as this was the most recent ‘confirmed’ lower high and the market remains bearish (technically) under this level. So although we are currently seeing a reaction leg from the 285 low and the minor swings are still in place (higher highs and higher lows), the overall trend dominates. Watch for a break of the channel.
Yesterday we put in a decent base at the value area low, with the zone of 379-395 marked out as potential support. We also saw a rejection at the daily high of 521, so let’s see if that area fails again today.
This morning’s auction has already seen a rally up to the point of control and I am looking for us to test that 496-522 zone (the rejection zone from yesterday’s high)
|FDAX KEY LEVELS|
|Point of Control :||11475|
|Value Area High :||11495|
|Value Area Low :||11420|
|DAX KEY LEVELS|