On the daily DAX chart I have drawn a regular pitchfork with the A point starting at the beginning of 2019, the B point at the July high and C point at the August low. I like how the price action responded to the median line during September and held above the lower median line parallel at the beginning of October. However, what is interesting now is that price action is currently trading at the median line again, and placed a pin bar yesterday. Nothing is guaranteed in trading which means there is no guarantee that this will lead to a reversal, but it’s definitely a significant area to see one considering the wider economic landscape.
A Pin Bar (which is short for ‘Pinocchio Bar,’) is a single candlestick setup that suggests a reversal in the market. A pin bar is a long bar, with a very small body, which is normally at the bottom or top of the candle. It’s a wick that ‘sticks out’ from price action.
DAX Analysis | 10-minute Chart
After yesterday’s rally the bullish trend is still intact. Yesterday we broke to a higher high and have so far held above the trend defining low at 12 595. Some may look at recent price action and suggest that there is a head and shoulders pattern, which uses the 595 as a neckline. If we entertain that idea, then a break of the neckline opens up a potential downside pull back the 216 points, which would take us down to the low-volume vacuum that you can see on the profile to the right. This profile is a composite profile drawn for the beginning of this major impulse rally which started at the beginning of October.
Despite the bearish warnings, I am happy to remain
Dax & Forex Trading Signals
Yesterday we had a strong DAX trading signal trade with the following notification in the signals channel:
This trade came directly from the DAX trading strategy at the beginning of the trading session, which I held until target. The closing notification was:
Open price: 12680.43
Closed at price: 12770.74
As for forex, we have had a great week so far, closing out a number of trades after hitting targets. So far this week, up to this morning, 36 trades have been sent to the channel. I still trades open on 12 different markets and the majority of the older trades from earlier this week are trading well and into decent profit. We’ve already delivered five targets too.
Dax Key Levels
|Point of Control||12702|
|Value Area High||12716|
|Value Area Low||12647|