Dax Technical Analysis 17/03/2016 Part 2

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Hello traders!

Crazy day out there today and bulls got massively burnt first thing as the market broke 10,000 and then got turned over spanked, dropping 300 points. Congratulations to anyone who took the trade. My RSI advisor missed the first move because I had turned it off for testing, but I managed to catch these three (which were tweeted):

The total was 112.6 points up for the day and if I was trading them at £5 per point, I’d be up £560. Not too bad.

Tweet 1

• Close 1 BUY GER30 @ 9774.5 | Win: -42.82 pips | 2016.03.17 10:30 · GMT | #GER30

— Dax Trading Signals (@daxtradersignal) March 17, 2016

Tweet 2

• Close 1 BUY GER30 @ 9877.5 | Win: 75.64 pips | 2016.03.17 15:17 · GMT | #GER30

— Dax Trading Signals (@daxtradersignal) March 17, 2016

Tweet 3

• Close 1 BUY GER30 @ 9877.5 | Win: 79.78 pips | 2016.03.17 15:17 · GMT | #GER30

— Dax Trading Signals (@daxtradersignal) March 17, 2016

Bearish Setups

I am watching a short from 9900 based on a fibonacci retracement of the swing down. I suspect there is a balance point around half way up that sell off and there is confluence with the 34 hour EMA as well. Alternatively a break below 9750 can open up a test of 9638 and the bottom of the previous range. We are approaching the underside of the daily S2. I suspect we can get another opportunity to short and am currently bearish.

Bullish Setup

The current retracement from the swing today is nearly over, we bounced already from the daily S3 and so Bulls are struggling to find value at the moment, considering the weight of the market. If we break back through S2, wee may look to find ourselves closer towards the daily pivot, but would be surprised if we got there. I can’t see much value in going long, instead wait for a better short.