The modified Schiff Pitchfork in this example on the DAX starts from the 10th November. The ‘c’ point is on the 12th November and the resulting fork has contained price action ever since. The fork is upsloping so we still have a very moderate bullish trend, with a consecutive series of higher highs and higher lows, but there is not a lot of momentum.

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DAX Analysis

Follow the chart at the top by clicking the link below

https://www.tradingview.com/chart/LwutGsaI/

DAX Pitchfork Break to the upside

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TheDaxTrader.co.uk provides top quality DAX Analysis articles every day cover various topics of technical analysis from technical indicators to naked price action. We want to help you learn to trade the DAX better. We study market geometry and share our outlooks. If you want to learn more about how we trade, you can become a member today and get access to our DAX trading strategy. We trade the strategy every day and this is where we generate our DAX signals. So come and learn the strategy for yourself.

Perhaps you want to learn how to become a signal provider for yourself? If so, learn about how to send trading signals from Metatrader 4 to Telegram. We have produced an excellent piece of software will help you do exactly that. To learn more about the DAX, visit the Wikipedia page, you will find we are mentioned there.

On the German DAX, 13,000 is a key target this week. At the Eurex open we saw an immediate rally followed by rejection and it’s likely that this level will be tested again this week.

DAX Analysis – Daily Chart

The DAX is bullish and the trend-defining level is 12205. There is a consecutive series of higher highs and higher lows which began around March. In order for the trend to continue the market needs to hold above 12205 and break above 13463. The swings are losing momentum in terms of points gained, but the trend remains in place for now. A break below 12205 will end the long-term trend. We have started forming a low (from the end of September), but this is not a confirmed low until we break abot 13463.

DAX Analysis – 4 Hour Chart

Following the swing markers from the base of the pitchfork, we have a higher low and a higher high so the trend-defining level is 12592. We have tagged the pitchfork median line and reacted to it, so it’s not unusual to see the market pullback and find value at lower levels. The trend will remain bullish if the market holds 12592, but it must break 13174.

DAX Analysis – Market Profile (TPO)

This morning’s auction saw us rally up to the naked VPOC from Wednesday. The next target would be the 13210 naked VPOC from the beginning of September. There are a couple of naked VPOCs from last week which would act as downside targets, see the chart below.

DAX 30 Levels To Watch

Looking at the key levels to watch today, watch out for the previous session Point of Control (POC) at 12772 and the previous session Volume Weighted Average Price (VWAP) at 12830. The value area high (VAH) is currently 12896 and the value area low (VAL) is currently 12704.

DAX Technical Indicators

Economic Calendar

To keep up with the economic calendar and the latest price action, click this link to open up the DAX chart. Here are the most important announcements for this week:

Develop Your Trading Business

TheDaxTrader.co.uk provides top quality DAX Analysis articles every day cover various topics of technical analysis from technical indicators to naked price action. We want to help you learn to trade the DAX better. We study market geometry and share our outlooks. If you want to learn more about how we trade, you can become a member today and get access to our DAX trading strategy. We trade the strategy every day and this is where we generate our DAX signals. So come and learn the strategy for yourself.

Perhaps you want to learn how to become a signal provider for yourself? If so, learn about how to send trading signals from Metatrader 4 to Telegram. We have produced an excellent piece of software will help you do exactly that. To learn more about the DAX, visit the Wikipedia page, you will find we are mentioned there.