Dax Technical Analysis 08/01/2016

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Good Morning Traders!

Another strong bearish day yesterday and now we have the makings of a pullback. However we are bearish below 10,250 so it could be an opportunity for traders to sell from higher levels. We have attempted to take back the 10k level and it’s acting like a magnet. I think the piercing around 11 has set the tone for the day.

I suspect we can have a slow down towards NFP time, but that’s normal as traders sit out and watch the markets.

There might well be a host of stops around 9975, 25pips below the 10k and so breaking through that can open the opportunity to close the gap.

I have been switching tactics to a daytrading strategy for the last couple of days, so if you’re interested in looking at the signals, then check out this twitter account: https://twitter.com/daxtradersignal. I need to be careful not to over trade and get burned because of it. Have a look at the picture below to show the extent of my overtrading yesterday.

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DaxTrader Opportunity

I am currently in the process of forming a new partnership with an IT company and some experienced traders and financial analysts. We are planning to offer a live trading room, signal service and community trading platform for those looking to trade the Dax and other Indices.

Watch this space, because we would love to get some of you guys involved.