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Happy to remark to have seen the turning point today of the DAX...
Means some good points and the (already seen several times lately) return down - means the battle @ 14k is still active!
From the German "manager magazin": In the first half of the day, Germany's leading index, the Dax, surpassed the 14,000 point mark and was up by up to two per cent. In the wake of the weakening Wall Street, however, it crumbled noticeably in late trading and still saved a gain of 0.72 per cent to 13,982 points. Over the week, this resulted in a loss of 0.3 per cent. translated.
While the index made in one week a move of 0,3% - the image is not visible at all: A day trader could profit immensely from the high volatility during all week and make a lot of points - or lost a lot of them...
The Friday example: Asia closed all green (partly + 2,x%) the morning when the DAX started. As often the DAX takes input of Asia for the start and the morning trades. Chinas National Bank lowered the interest more than expected. Thus profited the Asian stocks immediately. But the trend in the DAX stopped at 12:00 and turned in the afternoon to get back quickly below 14k battle line for end of week. After cash hour price got back again above 14k.
Conclusion:
For day trading the markets are paradise. With swing trading a sideways market we see recently is not much fun.
DAX pre cash 7:30 @ 14074 - on lower part of yesterday
A bunch of numbers and speeches:
9:30 D Buyers index (Einkaufsmanager Index), Markit Index
10:00 EU same index numbers
18:20 FED Powell speech
20:00 ECB Lagarde speech
In globo the markets today might be under pressure
Have not seen you for a while and hope you are fine. To keep this thread moving on, here an other super "Head and shoulder pattern" on the hourly chart in the DAX.
The result can be seen in the new live chart in the DAX.
Thanks @Symple - I am still here. Just had some important meetings and was waiting for a new
Battle @ 14k
Such said - the trade is still open
Had no clue how to trade the erratic movements since 2 weeks.
Nevertheless - the official trend down from inflation to recession is given. As announced. The DAX will follow this path because of the One Thousand Reasons (OTR) like war, regulations for CO2 down (no more fuel cars, heatings etc.), blocked delivery chains, restricted money flow, rising interest for the next years, illiquid countries, less democracy, refugees all over the world, HUNGER, you name it!
In the meantime it was maybe good not to trade - such scenario might be on the plate for at least the next 5 years. This will throw out all the golden boys riding the "it gets higher" horse. Be it in coins or in trading.
We are again at the same line which dominated last months.
A scenario is obvious: to get back to the lows of March 7&8
Means: 12512 and lower.
All to be discovered on the daily chart.
If that arrives it will be with a strong move within very few days as we had seen March 3 to March 8.
Nothing for sure - but thinking of it in advance.
A look @ monthly chart here: a dip possible
... but the upload doesn't work ... - I am not happy with the quality - will no longer make charts if this continues - just a waste of time