Good morning traders, it’s Friday the 24th of July and time for today’s 24-7-2020 German DAX 30 analysis. It looks like the DAX is turning bearish and challenging its bullish trend defining levels. The European Parliament has criticised the EU recovery fund and made a number of demands suggesting that the recover package may require changes before gaining approval. They can not veto the package but have a binding say and are demanding a role in the governance of certain areas. So watch this space.
DAX 30 Review From Last Session
During the last session, we saw the DAX 30 tag a session high of 13197 and a session low of 13058 giving us a range of just 139 points compared to the average daily range of 225. At the close of play last session, the market closed at 13133 which was 1154 points above the 200EMA and 866 points above the 50EMA.
What Is The DAX 30 Doing Today?
The DAX is currently about to turn bearish.
The DAX30 Index index is currently showing a progressive series of higher highs and higher lows, but they are under threat as I write this article. The trend defining level is currently 12799, so the market remains bullish above that level, but looks set to break it turning the market technically bearish. In order for the market to remain bullish, we need to take out 13311. I will again be looking to use the DAX trading strategy to provide some useful setups today.
Important DAX 30 Levels
Moving over to the key levels to watch today, watch out for the previous session Point of Control (POC) at 13109 and the previous session Volume Weighted Average Price (VWAP) at 13117. The value area high (VAH) is currently 13130 and the value area low (VAL) is currently 13096.
|Stochastic||K: 81 and D: 79|
|Point of Control (POC)||13109|
|Value Area High (VAH)||13130|
|Value Area Low (VAL)||13096|
|The DAX Pivot||13129|
|The DAX R2||13268|
|The DAX S2||12991|
|Daily 5 EMA||13067|
|Daily 8 EMA||12991|
|Daily 50 EMA||12267|
|Daily 200 EMA||11979|
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As for my index trading; during the last trading session I took a total of 6 trades (3 DAX trades and 3 FTSE trades). Breaking down my DAX trades, 1 was from the DAX trading strategy (DTI) and 2 were from the regular morning DAX signal. Breaking down my FTSE trades, 1 was from the FTSE trading strategy (Using the DAX DTI) and 2 were from the regular morning FTSE signal. Overall, I hit 2 winners, 3 losers, and 1 break-even trade. This gave me a total profit of 3% for the day.
To keep a track of the trading results, you can read the dax trading spreadsheet. In order to get access to the signals and to the strategy, you will need to be a member of the site. Find out more about membership.
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