I have been meaning to begin a new conversation thread for some time, so here it is. This thread is not intended to replace any other Dax thread, just to stand on its own as a ribbon for Dax traders who wish to look at their levels and analysis or discuss points that are applicable.
I have been trading Dax consistently for many years now, and enjoy it because of its volatility, big range, and low spread, particularly important if using a stop loss rarely wider than 15-20 pips, which I'm ready to perform by time my entries from a 20 second chart. I'm a multi-time frame trader, with 20m, 1m, 5m, 20sec, H1 and H4 graphs, all of which I have open in front of me at all times. On days when I'm not trading Dax, I am trading GJ, easily my favourite forex pair.
If anybody wants to place trades, then can I request that they are backed up with a justifiion and possibly a chart, since the reason this is on the Discussion thread (currently transferred bycliqforexmoderators to Stocks and Commodities ) and not an interactive one is because I would like to dissuade the buy here/sell there kind post, which can be of little worth to others unless it's backed up with a justifiion for the transaction. I don't have the time or inclination for submitting my trades, so I will refrain from it. What I will do is post my own thoughts on the daily direction once I have SR levels, it, and anything else throughout the day that I see as significant advice for Dax traders. I encourage others place your very own levels and analysis, agree with me, disagree with me, to do the same, whatever, so long as it's constructive and objective. My focus will be on intra-day trading, so I will post any TA that's farther out than the subsequent 24 hours, even if I see them as significant, though I will refer to term levels of resistance and support.
For starters now, I see Dax carrying fairly strong down momentum so far now, but potential support is not much beneath, which likely explains why it retains coming and moving back. The service now I have is S2 @ 12,185. Then we are into new lows for the week till it double bottoms if this breaks. Upside is chy to state at the present time, so I will leave that alone, though CP @ 287 is a chance if it does manage to reverse north during the NY session. DFib levels on the downside now are 61.8 @ 12,218, which we simply struck, and 76.4% @ 188, just above S2.
Just one thing I ask, should you post graphs, which is perfect, no problem there, but keep it to one or two, as there's no bigger turn off than someone who posts ten of their own graphs in a row, bearing in mind that for the majority of us, another trader's charts can be quite meaningless when they bear zero similarity compared to our own.
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