30-04-2018 Dax Technical Analysis


Good morning traders. We have reached the end of April already. So we have the usual balancing and target chasing from the institutions which can create some unusual behaviour. A new month can also often signal new capital flows as well. We will be watching price action closely to pick up some clues. 

Watch out for Wednesday and Friday this week as the economic calendar shows plenty of volatile releases including the Eurozone GDP numbers, PMI numbers and of course NFP on Friday. There is also a UK bank holiday next Monday, so we will be taking time away from the screens.

Information! Premium Members: I have now recorded over 20 units for the new Swing Trading Course. I am excited to announce that we are making excellent progress with this and we will keep you updated.

30-04-2018 Dax Video

30-04-2018 Dax Charts & Analysis

This 20-minute chart is showing the major swings.

The bullish swings were recently broken with the recent lows. However, the price has recovered and is now making a strong attempt to take out the recent swing high. If the high is taken out, then the swings will be bullish again. The recent price action has formed a valley formation and I have drawn a modified Schiff on the pivots of that structure. We can see that price action is currently trading just under the upper median line parallel. So I am watching to see if we get a reaction from that level.

This 250 tick chart is focusing on the valley formation that we can see from the previous chart.

I have focused the labelling on the bullish impulse wave and we can see the swings with the blue markers. There is a series of higher highs and higher lows which makes us bullish right now. We remain bullish above 12587 (CFD). But the price has to take out 12635 to maintain the bullish momentum.

30-04-2018 Dax Key Levels

We are currently trading around 12615 (at the time of writing) which is comfortably above the daily 200 and also above the value area high from Friday. We saw a gap higher today as well, so we are looking for signs that the bullish momentum will continue. 

KEY LEVELS
POC *12594
Value Area High *12611
Value Area Low *12578
14 Day ATR152.08
200 EMA12525
50 EMA12426
Daily R212694
Daily R112641
Daily Pivot12582
Daily S112530
Daily S212470
  
*These are FXCM numbers, not futures numbers. Please be aware that FXCM can often be 5-10 points higher than futures prices

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