29-11-2017 Dax Technical Analysis

Good morning traders and welcome to the 29-11-2017 Dax Technical Analysis. We are long from 13044 yesterday and the DaxTrader algorithm is proving its worth once more. I am currently delighted with the forward testing! See our trade history and performance here: https://goo.gl/N6yoGK

Today in the premium webinar we updated the major fork and minor fork views as well as plotted the lines on the bar level price action chart. All three charts are listed below. We also discussed the mini cryptocurrency portfolio because this has grown well over the last couple of months. Finally, we are in a DAX long from 13044 (which opened yesterday afternoon) and this trade has performed well so far.

During the webinar, I had to make a decision about how to manage the trade, because it’s possible that I could take profit due to some potentially significant resistance overhead, visible on the 60m and 4m chart. However, I made the decision to exercise my discipline and hold the plan, therefore keeping the trade open. The trade is at breakeven and will not be closed early just yet. If the trade turns around and closes out at breakeven, then so be it.

I will update the trade movements in the free DaxTrader Telegram Broadcast channel. The Telegram Broadcast Channel is available here: https://t.me/joinchat/AAAAAEAypsW3Xet_6ngBlw sometimes it is easier to access this channel from a mobile, rather than a computer.

29-11-2017 Dax Video

Unfortunately the audio on the video today did not record, so I have removed the video and the article today will be in image for only.

29-11-2017 Dax Charts

Daily Chart – Major Swings

• Bullish fork – breaking above the value area (VA) now
• The upper median line parallel seems to the next destination after a break out of this VA – around 14170
• Assuming a balance point around the value area – the extension target is around 14170
• If we extend the time taken to get from the major low to the major high, it give us an area aroud 14170
• If we pull a [tenuous and early] new form, it gives us a median line target near the 14170 zone…
• Can anyone else hear a 14170 echo?

29-11-2017 Dax Chart 1

60m Chart – Minor Swings

• The bearish fork has now been removed as price broke through it convincingly
• This new fork is ‘fishy’, because the C point is not confirmed, but the median line tag was compelling
• The ML tag was also in a previous pocket (shaded zone) – this was throwing the opportunity to close the trade out early
• The price action is ranging in between the 12905 – 13213 levels – one of those levels HAS to go

29-11-2017 Dax Chart 2

4m Chart – Bar Level Price Action

• Two new forks added, the bearish fork (fork 1) and the bullish fork (fork 2)
• The Fork 1 median line touches the Fork 2 LMLH (lower median line parallel) around 13061, which is an interesting level to watch
• If we clear the Fork 1 median line with strength, the UMLH (upper median line parallel) will be the net target

29-11-2017 Dax Chart 3

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