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Dax & Dow


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Both Dax ad Dow have fallen away from the pivot towards S1 and both have something of a triangle pattern going on in the M30 charts. Looking to see if the European open shows direction. Currently the Bears hold the pivot so looking to target S1 but that may change especially after the London open at 8am.

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1 minute ago, mykig said:

Hope will get direction today as already crushed yesterday lol

 

Yes, looking at the dailies it's a pretty bleak row of insignificant candles stretching back over a week, the Ger econ senti at 10am may get a reaction but everyone seems to be waiting for the FOMC mon pol statement tomorrow.

Flat and balanced markets are difficult and not trading is often the better plan until they become directional again, otherwise it's a case of drilling down and finding short sharp targets playing the range.

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Guest mykig

Yes, looking at the dailies it's a pretty bleak row of insignificant candles stretching back over a week, the Ger econ senti at 10am may get a reaction but everyone seems to be waiting for the FOMC mon pol statement tomorrow.

Flat and balanced markets are difficult and not trading is often the better plan until they become directional again, otherwise it's a case of drilling down and finding short sharp targets playing the range.

wish everybody had read that yesterday to kept them selves safe from double edge sword thanks casey 
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Yes, and then they went real directional real quick. Now bull flags and stretched pivot levels and the FOMC later today will likely overshadow and subdue action before hand. May look for support confirmation during the day, can't really see them striking out for R1 before FOMC though Dax can be boisterous and may have a go. 

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And wow, that monthly resistance line (purple) which is also the ATH is just right there, but it's likely very strong meaning a very strong push will be needed to carry the ball over and touch it down on the other side.

In the meantime Dow checking the pivot from the underside and Dax looking to do the same. As ever, first looking to see who controls the pivot then looking for targets in that direction.

Nb/ pivot levels taken from Friday's data not Sunday's.

H1 charts;

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Edited by Caseynotes
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Both Dax and Dow look like rejecting S1, if so the next move will be on to S2 but the more weighty influence of the London market open at 8am may stir things up.

Dow recently tested S2 which is the recent low (26656) so that looks a crucial level for the day, if price can stay above then it should go on to test the pivot then maybe the recent high (26800). 

Dax will try to follow Dow but is weighed by the never ending gloomy news out of German manufacturing and the two charts are diverging. I suspect if Dow goes sideways Dax will go down.

H1 charts.

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21 minutes ago, dmedin said:

:(

Indices are almost as difficult to trade as forex.  Ugh I feel so stupid.

Learn to recognise the difference between balanced and directional markets and stay out of when it's balanced.

Balanced;                                                                              Directional;

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😉

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3 hours ago, dmedin said:

:(

Indices are almost as difficult to trade as forex.  Ugh I feel so stupid.

@dmedin

The DAX and the FTSE are pushed and pulled by wall st. and today it's not clear what will happen. Because wall st. pulled back over night today's move on the DAX & FTSE have been nervous.

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36 minutes ago, Foxy said:

The DAX and the FTSE are pushed and pulled by wall st. and today it's not clear what will happen. Because wall st. pulled back over night today's move on the DAX & FTSE have been nervous.

That's correct, Dow has been meandering towards the pivot while Dax has been knocking on the door but refusing to go through unless Dow is holding it's hand. So waiting on some decisive action from Dow on the US market open.

M15 charts;

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Not much on the European open, Dow flat below the pivot while Dax positioned just below it's pivot, red daily candle for both yesterday and bears currently controlling the pivot so target is S1 but waiting for the London open to check direction for the morning.

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12 minutes ago, BoJK said:

Hi,

Do you guys trade prior trading hours (ie market closed but open for trade during weekdays)? I am trying to make a stop to my recurring losses...signz

I tend to trade Dax and stick to the London market hours because there is better follow through, I like to look at Dow and use as a leading directional indicator. Then I'll look to pivot points on the M5 chart, there is often a battle at the levels so wait til a winner emerges and join the ride on a pullback on the M1 chart.

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Guest jonah88888
19 hours ago, Caseynotes said:

Not much on the European open, Dow flat below the pivot while Dax positioned just below it's pivot, red daily candle for both yesterday and bears currently controlling the pivot so target is S1 but waiting for the London open to check direction for the morning.

image.thumb.png.fa5499488ea1b6f9f7a76c2e8b5d3777.png

Hi Casey, how do you determine S1 etc?

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