Good morning traders!
I sent out a signal this morning to the premium/gold members to sell @ 9600 targeting 9550, that was a great little trade to start the day, congratulations to those who took that one!
As for today, I am sat on the sidelines and can not see any obvious trade apart from a cheeky short from current levels (approximately 9715) with a 20 point stop and a 60 point target. 1:3 risk:reward is good, but I just feel it’s not a great setup.
Bullish argument: Getting above 9700 may be seen by some traders as a break of the neckline of the mini head and shoulders pattern developing on the 30 minute chart. If this continues and we see a rally then 9852 is not unreasonable as this would be the 61.8 retracement from the March 23 high to the April 8 low. Stops above the 9900 high at the beginning of April will probably be a popular setup.
Bearish argument: We are still technically bearish and seeing a retracement, the ideal retracement zone is somewhere between 9770-9850 if current levels are broken. I am personally bearish at the moment.
The chatter from the DaxTrader Skype conversation (which includes some very good analytical traders) seems to be favouring the long side intra-day.
DaxTrader RSI EA Trial
Remember the DaxTrader RSI Version is still available for a free trial. I am aware of a couple of issues so far, which I am looking at getting fixed by the end of the month:
- The software opens 1 trade more than the maximum trade selection. If you choose 1, it may open 2. If you choose 4 it may open 5. Be careful if you’re trading live – known bug
- If you close a trade manually, the software will reopen the trade if the conditions are still active – known bug
- When a trade is closed (stop loss or take profit is hit) the software may open a new trade if rsi is in the overbought or oversold zone – known bug
[purchase_link id=”5596″ text=”Purchase” style=”button” color=”blue”]
Dax Support & Resistance
KEY LEVELS | |
Daily R2 | 9794 |
Daily R1 | 9705 |
Daily Pivot | 9588 |
Daily S1 | 9499 |
Daily S2 | 9382 |
200 Day EMA | 10177 |