Good morning traders!
Yesterday morning raced away very quickly and the bulls had a great day buying the market and occasionally moving the stop loss up another 25 points. It was relentless and the daily chart shows one of the biggest single candles of the year. We have now closed just 20 points underneath the 61.8% retracement of the Dec/Feb swing.
We needed a big push to break through the various resistance and yesterday provided that. So we are now (temporarily?) above the 200 day EMA and have closed at the highest level this year.
I have been using a regression channel on the 4-hour chart, using the April 15 high and the Aug 15 low, and price has been held within that channel since then, now we are approaching trend channel resistance.
As far as horizontal resistance goes, 10500 seems to be the next major level.
UPDATED – DaxTrader RSI System
I have updated the various bugs in the previous system, so for the rest of the month, please feel free to test the system.
[purchase_link id=”5596″ text=”Purchase” style=”button” color=”blue”]
DaxTrader Signals
Here are the most recent Premium DaxTrader signals.
DaxTrader signals were a little quiet recently because price needed to decide a direction when it was consolidating around 10050. The breakout yesterday morning was tricky to catch and a pull-back didn’t really happen.
I expect a few more signals this week.
The buy @ 10321 was a great risk:reward setup, but just be aware that I am using a trailing stop, so will continue to move this one if price continues to rally.
Whatsapp Signals
Dax Support & Resistance
| KEY LEVELS | |
| Daily R2 | 10527 |
| Daily R1 | 10447 |
| Daily Pivot | 10293 |
| Daily S1 | 10213 |
| Daily S2 | 10059 |
| 200 Day EMA | 10172 |
