Good morning traders!

Trading Signal

Trading Signal

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

Dax Charts

02 Daily Dax Chart

02 Daily Dax Chart

03 H4 Dax Chart

03 H4 Dax Chart

04 H1 Dax Chart

04 H1 Dax Chart

05 m30 Dax Chart

05 m30 Dax Chart

06 m5 Dax Chart

06 m5 Dax Chart