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Dax & Dow


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On 12/07/2019 at 19:20, Guest Homer Enronride said:

What the hell is going om with Dax?

Moves like a dead fish in water

Could it be something with Deutsche bank?

 

 

 

Not just Deutsche Bank and it's derivatives black hole but German factory orders, industrial production and economic sentiment (today expected at -20).

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Dow will be trying to hold here after falling back having failed to make gains yesterday and showing something of a triple top on the H1 chart. Dax put in a strange 1 minute 70 tick fall at 1:15am that was immediately bought back up but is looking to test that low now.

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On the H1 chart both Dax and Dow making an encouraging move for the pivot (Friday's data) pre-European market open. Both have fairly solid support below but strong resistance above as well, current chart structure suggesting resistance likely to be tested but the pivot needs to be captured first.

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Nice demonstration of price recognition of multi-time frame support and resistance levels and daily pivot points on today's M5 Dax chart.

Note that all these levels were pre-existing on this morning's chart and have been adhered to with remarkable precision throughout the day as Dax climbed through the ranks.

(For the MTF S/R levels see legend top of chart in Blue).

 

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Daily pivots a bit stretched after yesterday's extended move up, not unusual to see a check of the pivot point first thing but may cut short the attempt and look for resistance early on. 

edit; note the ATH just ahead for the Dow.

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Edited by Caseynotes
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Dax moving sideways maintaining a bull flag while waiting for Dow to decide on direction.

Dow putting in a weak volume H4 bear bar and just dropping below the pivot since the London open, the ATH immediately overhead acting as a barrier at the moment, may need to wait for the US open for the mist to clear.

Dax M5 and Dow H4 charts;

@nit2wynit

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Well I could be wrong, but i'll put it out there.  I feel like a new rally coming to R1

Ironic but typical that I've been chasing a drop for almost 24 hours, yet now I see a potential breakout.  I'll sit with my hands in my pockets till it's validated.

Edited by nit2wynit
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5 minutes ago, nit2wynit said:

Well I could be wrong, but i'll put it out there.  I feel like a new rally coming to R1

Ironic but typical that I've been chasing a drop for almost 24 hours, yet now I see a potential breakout.  I'll sit with my hands in my pockets till it's validated.

see what happens on the US open, dax has been hanging around the high just waiting while dow futures have been digesting the flow of news following the out of hours announcement from the US DOJ that they have started investigations into the big 3 techs (fb, amz, and er the other one) re anti competition laws, fb just said they have set aside 5 Bil towards settlement (of just an allegation lol). dow may have bottomed at 27215, if it has dax will break up from 12549, then you'll have your rally.

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5 minutes ago, Caseynotes said:

I'll sit with my hands in my pockets till it's validated.

think to enter after price has said  goodbye and is leaving a signif level rather than just heading into one. it's not going to rally if it can't get through 12549.

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9 minutes ago, Caseynotes said:

think to enter after price has said  goodbye and is leaving a signif level rather than just heading into one. it's not going to rally if it can't get through 12549.

I'm a total ****.  This will be my greatest awakening to stop going in before it's Valid.

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Dax eventually cleared 12549 when Dow found it's footing and started back up. Now both above the new pivot which may need a recheck but the daily charts suggest continuation upward after Dow's failed attempt to reverse yesterday.

3M earnings premarket today.

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4 minutes ago, nit2wynit said:

I have to manually refresh my page.  Any issue you notice?

Would you advise against going in before 9am?

Both dax and dow trying to bounce up from here so I will look for opportunities to go long after dax has cleared above this congestion 12560.

I'm on mt4 and not having any problems re-  refreshing the page.

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