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Trade the Dow/Dax

  • Post #101
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  • Edited at 7:28am May 16, 2019 7:16am | Edited at 7:28am
I'm sure most of you have seen this, but we have hit the 61.8% fib from the 3rd May high. which sits at exactly 12,208.

ps...I tell a lie, the 61.8% is at 212, not 208, but close enough. This is not to say that the price will fall from here, for apart from the level, there are no definite confirmatory signals as yet, but the money will have reacted to this level for sure, and so it remains to be seen whether it will be decisive and bring the price back down.
Nice little dip...as I said, the big money will have paid attention to this level. Now will it hold?

The Dow is currently coming off its H1 200ema which I have @ 790.
If breaks and holds above 788, then I'm tipping to 25980, 26k and 26140 utlimately.
R2 on Dax @ 300 should, and I stress should, be a big resistance level if the price gets there, with the 76.4% from the May high right on top of it.
Dow R2 ( 960 ) and H2 200ema also a big potential R level.
Morning!

On Dax this morning.

Firstly, daily pivots are:
R2 - 12,376
R1 - 12,291
CP - 12,220
S1 - 12,135
S2 - 12,064

Currently falling, and this is my directional bias looking at the charts, at least for this morning. There is plenty of support though, so a kick up is always possible, especially around the London open, but I'd expect that to then be sold. My resistance if the price does rally is R1 being a strong looking level, or lower on the 76.4% fib @ 278.

Closest support I have is around the 61.8% pivot @ 193, and lowest for now is around S1 which looks like it could be very strong support if the price gets there as it is also the H2 200ema.

Right, price lifting a bit now, so back to the charts.
Morning!

Potential support on Dax anywhere from here - 30m 200ema @ 12,133 down to 120 immediately. If this holds, then I'll be putting the fibs on from the Asian high to this low to get some retrace level as I'm not expecting the Asian high to be broken, at least not this morning.

I'll post more later.
Looking to what the price may do at/after the London open on Dax, it is currently beneath its 10m 200ema which is at 142 on my charts, so it has to get above that if they push it back up. Above that, we have the fibs, so 50% at 152, 61.8% @ 159, and the 76.4% @ 167. Any of these could hold the price on a post London push up. The current support, levels given in my last post, looks like it may well hold for now, so my best guess, is for London to push it up to one of the fib levels, and then sell it down.

If it goes beyond the 76.4% fib, then I have resistance around the Asian high, so the 180 area.
London open??? More like Frankfurt open..
Quoting EddyL
London open??? More like Frankfurt open..
No , London open, XO, that's the one that matters.
Of course, you UK guys think that ;-) Anyway, it is the same time... But DAX is a German exchange, so Frankfurt is the one ;-)
Quoting EddyL
Of course, you UK guys think that ;-) Anyway, it is the same time... But DAX is a German exchange, so Frankfurt is the one ;-)
No, it's a fact.
Quoting cat
{quote} No, it's a fact.
Prove it.
Quoting EddyL
{quote} Prove it.
Looks at this morning's pa for a start.

If you want to engage in idiotic tittle tattle, can you go some place else please.
Quoting cat
{quote} Looks at this morning's pa for a start. If you want to engage in idiotic tittle tattle, can you go some place else please.
No need to resort to insults. Both exchanges open at the same time. Since DAX is German, it is mainly traded in Frankfurt, not London. All I am saying.
The 120 area is holding as I guessed it might, for now, so with resistance on those fibs, we have to wait and see which side will crack first.
Quoting EddyL
{quote} No need to resort to insults. Both exchanges open at the same time. Since DAX is German, it is mainly traded in Frankfurt, not London. All I am saying.
No insults, I was being polite, but comments like " prove it " a few mins after the London open, are not appreciated by anybody when we are right in the peak of the morning's trading activity.
Quoting cat
The 120 area is holding as I guessed it might, for now, so with resistance on those fibs, we have to wait and see which side will crack first.
Yes, good call on that.
Quoting EddyL
{quote} Yes, good call on that.
Best if we all concentrate on what is happening on our screens, esp at this time of the morning, is all I was trying to say.

Thank you.
76.4% now at 165.
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