Good morning guys this is the 28-09-2018 Dax Technical Analysis article with video.
This morning’s webinar was about my order flow scanner and my volume scanner. We also looked specifically at how markets move, why prices go up and down and really look at specifics of the order book. I will release an article about that later.
If you want to join the morning webinar, they normally take place at 7am. They are recorded, but the recordings are only available for members. So get there early and join in. Join the Telegram Channel here.
28-09-2018 Dax Outlook
The dax is is a pretty interesting spot right now at the beginning of the webinar I said to the guys that I was looking for an opportunity to buy on a dip, assuming we stay above 300. I did not want to buy up in the 400’s so I was looking for a pullback.
I gave a couple of ideas as far as retracement. One of them was around about the 360 level that got taken out pretty quickly. Another one was nearer the point of control from yesterday.
We have had three separate bullish waves recently, all of which completed new highs. However, all of which completed on lower volume, so are the buyers beginning to exhaust? It’s a popular question.
Due to the fast move lower today, the obvious shorting spots today are likely to be the underside of VWAP. The VWAP Slap. For now, buyers continue to pick up longs from that 300-325 zone on futures.
28-09-2018 Dax Swings
We’ve just formed a new downswing on this particular level which is interesting for two reasons. One is suggesting that this particular bullish wave has finished. It has retraced more than one percent from the recent high. The second interesting observation are these three waves that I’ve pointed to here. The three bullish minor waves and the volumes of those individual minor waves are worth looking at. You can see volumes are heavily decreasing. Each wave is printing a new higher high, but each time we’re getting it on lower and lower volume. So are the buyers now starting to crumble?
Perhaps now we will see if we’re getting increasing volume on the new selling wave.
We had a low volume area that was underneath price action recently. This was the area that I was looking at originally. Yesterday we had a ‘wash and rinse‘ of that zone. Price responded aggressively and the bounce allowe us to break the major high (by a single point). But the battle continues and the range is still in play.