catracho
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DAX quick rally due?
Even tho the bigger picture is bearish..seems we could get a quick move to 6750-6800?
If we can get above 6550 ish..(and assuming no BAD news from over the pond)..
chart attached..
Also :
is GOLD set for another fall? And is $ set for a rally after yesterday's fall? TOO many BEARS? May be a nice neg divergence on EUR/& daily chart setting up...
food for thought only..
Even tho the bigger picture is bearish..seems we could get a quick move to 6750-6800?
If we can get above 6550 ish..(and assuming no BAD news from over the pond)..
chart attached..
Also :
is GOLD set for another fall? And is $ set for a rally after yesterday's fall? TOO many BEARS? May be a nice neg divergence on EUR/& daily chart setting up...
food for thought only..
Attachments
That was a beautiful break out from the consolidation, 6640ish being the previous consolidation high (one of the pivot lines there also) and good resistance level, together with 6600 square number...
If the fibs play out then 6800ish is a good target...but maybe not tonight.
If the fibs play out then 6800ish is a good target...but maybe not tonight.
Well it's actualy support at the moment...
It's difficult with the new futures contract...there's not enough data to use so i can compare current S/R with historical levels....i much prefer it when it gets about half way through the contract period.
It's difficult with the new futures contract...there's not enough data to use so i can compare current S/R with historical levels....i much prefer it when it gets about half way through the contract period.
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catracho
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6800-6900 resistance
As seen from the chart we have had a 10% rally from the recent lows...
now back at the March 03 uptrend line...is this a classic retest after the break through? OR will the breakthrough have been a false break?
Weekly chart shows this could be possible if we get above that trendline gain soon (maybe US payroll data will provide impetus?)
I would be looking for a move into mid 6800's as a short (albeit ST), or a break down below the blue short term uptrend..
for now powder dry waiting for a move..
BUT ...the BULLS must prove their case soon...as this rally has all the makings of a classic BEAR squeeze.....
As seen from the chart we have had a 10% rally from the recent lows...
now back at the March 03 uptrend line...is this a classic retest after the break through? OR will the breakthrough have been a false break?
Weekly chart shows this could be possible if we get above that trendline gain soon (maybe US payroll data will provide impetus?)
I would be looking for a move into mid 6800's as a short (albeit ST), or a break down below the blue short term uptrend..
for now powder dry waiting for a move..
BUT ...the BULLS must prove their case soon...as this rally has all the makings of a classic BEAR squeeze.....
Attachments
Yeah it's going to be interesting to see wether this bear market is over or it's got a long way to go yet, personally i don't care so much, i'd trade what i see on the intraday, but it's fun trying to anticipate..maybe the scenario on the following chart will be what happens, i certainly don't know.
Note the perfect fib convergences.
Note the perfect fib convergences.
daxdaytrader
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do these unusual conditions favour recovery?
This week ended with 3 doji days, as the market seems unable to sell off at the 23% retracement level, or gain ground on it. The market appears to be in balance.
Note that all of the last 3 days close inside the bar that brought us down to the 23% level and that 23% level was highly traded.
This does not appear to be a market in a panic to sell off - if there were so much fear in the market we would expect vigourous selling. I suspect we have seen a lot of positions reversed back to long, and hope we will see a new uptrend emerge next week. With the gap ups and strong upbars recently, this does seem to be on the cards.
The monthly chart shows a very similar action during its last correction, which supports the hypothesis that this is a new correction, and not yet a bear market.
This week ended with 3 doji days, as the market seems unable to sell off at the 23% retracement level, or gain ground on it. The market appears to be in balance.
Note that all of the last 3 days close inside the bar that brought us down to the 23% level and that 23% level was highly traded.
This does not appear to be a market in a panic to sell off - if there were so much fear in the market we would expect vigourous selling. I suspect we have seen a lot of positions reversed back to long, and hope we will see a new uptrend emerge next week. With the gap ups and strong upbars recently, this does seem to be on the cards.
The monthly chart shows a very similar action during its last correction, which supports the hypothesis that this is a new correction, and not yet a bear market.
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Huginn
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Just Starting...
Hi,
I know that this is a quiet forum but it's the most relevant to me so I thought I'd start by saying hello and see what happens.
I've been trading end of day for the past year or so and have taken the leap to day-trading the Dax. I spreadbet and use price and MA to enter trades. I also use really obvious chart patterns as the Dax seems to "follow the rules" with a little more consistency than some other indices. Targets are my main problem, I either can't work them out accurately or when I do I don't believe them and exit the trade too early. Targets for trading a chart pattern are a bit easier of course. I guess I'm a system trader with some discretionary elements.
Anyway, I'm hoping that posting and lurking these boards will steer me away from over trading
H.
Hi,
I know that this is a quiet forum but it's the most relevant to me so I thought I'd start by saying hello and see what happens.
I've been trading end of day for the past year or so and have taken the leap to day-trading the Dax. I spreadbet and use price and MA to enter trades. I also use really obvious chart patterns as the Dax seems to "follow the rules" with a little more consistency than some other indices. Targets are my main problem, I either can't work them out accurately or when I do I don't believe them and exit the trade too early. Targets for trading a chart pattern are a bit easier of course. I guess I'm a system trader with some discretionary elements.
Anyway, I'm hoping that posting and lurking these boards will steer me away from over trading
H.
Huginn
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Nice to see that it's as well behaved as it should be! I use the futures on a 5 minute chart and managed a short earlier in the session. It worked out but I didn't have the guts to go with my anticipated target of 6,580 which was the bottom of the channel. Exited at 6,593 which I saw as an (admittedly weak) area of support. Not a problem I guess but exits are going to be my thing for the next few months.
I'd insert a screen print but am pushing the envelope of my technical competency right now.
I'd insert a screen print but am pushing the envelope of my technical competency right now.
catracho
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DAX picture
With US mkts poised to go higher...is this the start of a new bull trend or not?
The dax seems clearer (to me)...looks like we could get a move up to 7270-7300 ish (the gap down) and possibly a lower high? That would suck in the bulls and bears (short cover)..and maybe get consensus back to Bullish - just perfect for the next downmove!
So bullish bias but looking to sell any rally that gets close to those levels...
With US mkts poised to go higher...is this the start of a new bull trend or not?
The dax seems clearer (to me)...looks like we could get a move up to 7270-7300 ish (the gap down) and possibly a lower high? That would suck in the bulls and bears (short cover)..and maybe get consensus back to Bullish - just perfect for the next down
move!So bullish bias but looking to sell any rally that gets close to those levels...
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daxdaytrader
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DaxDestroyer
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