29-11-2018 Dax Technical Analysis

29-11-2018 Dax

Good morning traders. The DAX flies higher in the latter parts of the session. In fact most markets closed with strong gains on Wednesday. Perhaps traders digested remarks from Federal Reserve Chair Jerome Powell. The Fed head discussed he believes financial stability risks are “moderate” and that the largest lenders are able to withstand an “extremely severe downturn”, providing a boost to sentiment.

Trading Results

Yesterday was a poor day for my trading, it was a loser and I walked away early in both the morning and afternoon session. You can read more in the trading diary here: https://thedaxtrader.co.uk/week-48-intra-day-trading-results-2018/

Or see the results here (Began recording 19th November 2018):

DAX 30 Was Range Bound

The main issue I has is that for the majority of the morning session and early part of the afternoon session, the DAX was trading in a range. I could not find any momentum and as a result, I lost a few stop losses. 

What I do find interesting is the way the value area from Tuesday defined the trading range. Have a look at the featured image above. Notice the circled areas of the price action? They are circling the spots where the price action tested the value area, but rejected higher prices. The majority of the session was spent oscillating around the point of control. This tells me we have a clear balance point here, this is an area where price is happy doing business. So i’d expect to see a return back there.

Is The Dax Extended In The Short-Term?

We will soon find out. 

Have a look at the way the session finished last night using the chart below. Not only have we closed above the deviation high we have closed so far above VWAP that we’re getting the lime green warning (10x ATR higher than VWAP). There are never ay guarantees in trading, but a retracement would be more likely here. 

Key Levels

  DAX FTSE DOW ESTOXX
Point of Control :  11319 7012 24912 3180
Value Area High :  11351 7047 25200 3183
Value Area Low :  11294 6994 24734 3167
VWAP :  11333 7028 25019 3181
R2 :  11511 7135 25797 3231
S2 :  11225 6959 24503 3151
Pivot :  11368 7047 25150 3191
Camarilla Breakout (Bull) 11486 7124 25691 3225
Camarilla Breakout (Bear) 11328 7028 24979 3181

Useful Links & Resources

SIGNALS RESULTS
https://thedaxtrader.co.uk/daxtrader-signals-results/

ECONOMIC CALENDAR
https://thedaxtrader.co.uk/economic-calendar/

DAX-RELATED NEWS
https://thedaxtrader.co.uk/dax-news-feed/

LIVE DAX CHART
https://thedaxtrader.co.uk/dax-chart-interactive/

POSITION SIZE CALCULATOR
https://thedaxtrader.co.uk/calculator.html

TELEGRAM CHANNEL: More Analysis
https://t.me/DaxTraderChannel

 

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