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2024-08-26 - priceactiontds - daily update - daxGood Morning and I hope you are well. No update yesterday after hours since I was so sick I just had to sleep. That was the first miss since almost a year ago or 202 publishes if you will. Update would not have been any different since Globex did not move anything much. tl;dr Indexes - Most markets moved sideways so I will not pretend there is much value to extract out of the price action. We will have a bigger breakout soon and I have absolutely no idea to which side since I am not a fortune teller or a social media jack who posts pictures with a Lambo. They seem to be very sure of every move the market makes. You decide which is more reasonable. dax futures comment: Market is staying above 18600 but 18700 is resistance. Will probably see a breakout today or tomorrow. No deeper meaning in this sideways chop. I lean slightly bearish to get below 18600 again. current market cycle: huge trading range key levels: 17000 - 19000 bull case: Bulls are too weak to push above 18700 but keeping it above 18600 makes the market completely neutral. Bulls want to stay inside the bull channel which leads to 19000. Not much more to it. Play the range. Invalidation is below 18600. bear case: Bears also too weak to get below 18600 and currently the 1h 20ema is big support. Bears need a strong close below 18600 to have any argument on their side. Invalidation is above 18720. short term: Overall more bullish than bearish but the 100 point range is as neutral as it gets. I scalp and wait for the breakout. medium-long term: 17000/17100 was my target for at least 3 months now and bears got it. We are in a correction since we dropped more than 10% from the ath. Many long term trader buy a 5%, 10%, … dip and a bounce here was expected. I do think we are in a bear trend which will most likely lead down to 15600 or 15000 over the next months but we can only be more certain, once this pullback is done and we make new lows below 17000 and have a channel from which we can calculate new targets. I called the highs in early July and there is a decent chance we will not see them for a long time. —unchanged since early July current swing trade: Nope. trade of the day: Buying near 18600 since it was support many many times.
EUREX:FDXSU2024
by priceactiontds
2024-08-20 - priceactiontds - daily update - daxGood Evening and I hope you are well. tl;dr Indexes - Got their expected pullback but indexes have still not touched even the 4h 20ema. Markets closed near their open which was near yesterdays close. Mostly. Since bears could not even print something than a bear doji, we can expect more sideways at the highs before we will probably get another breakout above. dax futures comment: Bears printed multiple bars below the 1h 20ema. What a time to be alive. Bulls took profits on the insane meltup but bought 18400 again, which has a bull trend line running through it. As long as that holds, bulls are good. If bears come around again tomorrow, open of the week is a magnet at 19379 and the low of the week at 18347. Tomorrow evening we get the FOMC minutes, so best to be flat going into it. current market cycle: huge trading range key levels: 17000 - 19000 bull case: Bulls took a breather and kept it above 18400, which is still above the 4h 20ema and max bullish. Below 18347 I think we will see more profit taking and some bigger move down, maybe to the daily ema at 18170. For now bulls remain in control and higher prices are expected as long as above daily ema and the bull trend line intact. For tomorrow I expect mostly sideways movement between 18400 - 18550. Invalidation is below 18340. bear case: Bears stopped the train for now and got near the open of the week, which is good for them. They probably made the market more neutral going into FOMC tomorrow evening. If they could break below the bull trend line, we could see 18300 but everything below would be a huge surprise. They probably wont fight the bulls for 18400 too much and come around above 18500 again. Technically the bears can be hopeful because the high is still a lower high below the start of August at 18650 which was also the high tick for the month so far. Invalidation is above 18650. short term: max bullish - only look for longs as long bull trend line is intact and we are above 18300. Below we can look for lower targets like the daily ema but it will probably be just a pullback in this bull trend (inside the big trading range on the daily tf) medium-long term: 17000/17100 was my target for at least 3 months now and bears got it. We are in a correction since we dropped more than 10% from the ath. Many long term trader buy a 5%, 10%, … dip and a bounce here was expected. I do think we are in a bear trend which will most likely lead down to 15600 or 15000 over the next months but we can only be more certain, once this pullback is done and we make new lows below 17000 and have a channel from which we can calculate new targets. I called the highs in early July and there is a decent chance we will not see them for a long time. —unchanged since early July current swing trade: Nopety nope nope. Only long scalps currently. trade of the day: I fought the bears too many times today. Denial is the death of your account. It was just bearish since the opening reversal below bar 31. 32 was strong enough to expect more downside but it was also the low of the Globex trading range. Tough to take. Market could not print more then tails and bar 54 above the 15m 20ema and bears had no reason to exit their shorts anywhere. Bad trading on my part today.
EUREX:FDXSU2024Long
by priceactiontds
2
2024-08-19 - priceactiontds - daily update - daxGood Evening and I hope you are well. tl;dr Indexes - That reversal is something you will not witness often while you are alive. I don’t think there are many arguments beside’s “short squeeze” that could produce such a violent move but then again, who cares why. In my weekly outlook I wrote that I can only be neutral going into this week and all was looking decent until US opened and market almost went up again in a straight line. At this point I am fairly certain that in the next 2-6 weeks you will read about funds closing because they got caught so hard on this. Train is not stopping so look for decent entries when market refuses to go down again and ride the big wave up. dax futures comment: I wrote that best for bulls would be to stay above 18000 on a pullback and a measured move could bring us to 18800. Market can’t trade below the 1h 20ema and bulls are just unreal currently. Only look for longs until bears can do a 1h bar close below the 1h ema. Next targets above are 18800 and then 19000. Insane strength. current market cycle: huge trading range key levels: 17000 - 19000 bull case: Bulls are just in a big hurry without any bears around. Must pump the market as fast as high as it can get. Please don’t look for macro reasons here, you are out of your mind if you try to come up with rational arguments. Just find an ema that is holding and long it. Invalidation is below 18400. bear case: Nothing. When bears manage to print a bar close below the 1h 20ema, I will look for bearish targets. As of now it’s 18400 they have to conquer but who on earth would short this right now. Unless we get a huge event and scared traders, this won’t stop until new ath is reached. Small chance we see a bigger pullback on the big bear trend line around 18750. Invalidation is above 19000. short term: max bullish - only look for longs until bears print a bar close below the 1h 20ema medium-long term: 17000/17100 was my target for at least 3 months now and bears got it. We are in a correction since we dropped more than 10% from the ath. Many long term trader buy a 5%, 10%, … dip and a bounce here was expected. I do think we are in a bear trend which will most likely lead down to 15600 or 15000 over the next months but we can only be more certain, once this pullback is done and we make new lows below 17000 and have a channel from which we can calculate new targets. I called the highs in early July and there is a decent chance we will not see them for a long time. —unchanged since early July current swing trade: Nopety nope nope. Only long scalps currently. trade of the day: Long EU open and never look at it until US close. Doji at the 1h 20ema, so go long above it. There were two decent targets above, gap close to Friday and last weeks high. Both are magnets, no reason to exit anywhere. When in doubt, zoom out.
EUREX:FDXSU2024Long
by priceactiontds
#202434 - priceactiontds - weekly updateGood Evening and I hope you are well. Quote from last week: comment : Above pretty much described exactly what happened last week and for now all my bearish targets are met. I still expect another test of the lows. These tests can be higher,lower or pretty much the same. You never ever know in advance and you have to trade it as it comes. After that retest we will likely see another pullback to the 20ema or previous pullback highs (right now 17862) and more sideways movement inside the current range. It’s always an obvious pattern that we get another strong leg in the trend direction, when the daily 20ema is close enough or we hit it 1-3 times. Going into next week I am absolutely neutral and I think 17700-17900 is a dead zone for trading. Want to see strong momentum in either direction for me to scalp. comment: Breaking above the wedge bear flag after a -8% move is a low probability event but that’s what happened. Bulls are under the most recent bear trend line starting mid July and there is no reason why this should hold when all other technical resistance prices did not hold in the last 2 weeks. It sure looks like a cup where the handle is missing but after such wild moves, I will only ever be neutral and take the market hour by hour. current market cycle: Big nope of that bear trend take last week. Trading range price action with a big range. key levels: 17000 - 19000 bull case: Last Sunday I wrote about mostly overlapping bars for the bulls and since Thursday they left no doubt that this was not the start of the bear trend. Huge bull breakout above the previous bear gap to 18200 and they are not right at the minor bear trend line from mid July. If bulls are really strong, they can get a third push up and maybe a measured move from Thu/Fri which would bring us to 18800ish. The buying is climactic though and a pullback is expected over the next 1-2 days. Best for bulls would be if they would stay above 18000 and the daily ema/bull trend line. Invalidation is below 17900. bear case: 18000 was my target last week where we should reverse at latest and bulls just melted through it to 18400. Most traders knew the selling down to 17100 was climactic and a pullback was expected but most markets almost reversed all of it and dax is also on it’s way. Where does this leave the bears? Humbled to say the least. They are focussing on the two bear trend lines above us at 18430 and the big one from the ath at 18650. So my preferred path forward would look like the drawn bullish 5 wave series where we can expect some pullback over the next 1-2 days and a potential W5 to 18650 or higher but it is very possible that we stay below 18500 and trade back down. Invalidation is above 18450. outlook last week: short term: Full bear mode. Pullback has two sided trading and I think a test below 17500 comes before 18000 but after a low, we should see another try from the bulls to print 18000 again or touch the daily 20ema. At which I will load up on shorts again, if we see bear strength. → Well, at least I wrote multiple times that a pullback could get to 18000 but since the bulls were just too strong on Thursday, I did not look for shorts as written last Sunday. Part of my outlook was ok but overall bearish reading was obviously as wrong as can be. short term: Absolutely neutral. Big up, big down, big confusion. medium-long term: Bearishness from the last weeks was wrong. Need to see price action this and maybe the week after to take another shot of an medium term outlook. Long term is still maximum bearishness but that does not help with trading because an early trade is a wrong trade. current swing trade: Nope. chart update: Removed the bear gap, wedge bear flag and added a potential 5 wave series and an alternative two legged correction.
EUREX:FDXSU2024
by priceactiontds
2024-08-14 - priceactiontds - daily update - daxGood Evening and I hope you are well. comment What a time to be alive. Panic selling and now panic buying. Many markets are close to completely reversing the move from last week and Monday. For bulls to just slice through the bear trend line and every technical resistance there was, is something you will not see often on a daily chart. You can’t be anything but max bullish, since every small dip is bought. Until that stops and no one knows when, you have to look for longs. tl;dr Indexes - As mentioned above. Look for longs until we start making lower lows again and breaking 1h 20ema. SP500 made almost 9% in 8 days. If you are nerdy, go find other examples of something like that happening, after a equal move down before. Truly astonishing. dax futures comment: Bears lost and bulls got a give up bar today. Complete meltup and can’t be anything but max bullish going into tomorrow. So far dax respect no resistance and you can’t expect it to start tomorrow. Everything can happen, so a reversal is never out of the question but it’s not the probable thing for tomorrow. Obvious target above is now the August high at 18633. current market cycle: bear flag inside the bear trend (very very low chance this is still that) - more likely we are in a giant trading range 17000 - 19000. We know once we break above 18400 key levels: 17000 - 19000 bull case: Market was going nowhere but the data release at 2:30 pm CET did the trick and we just melted higher until market transitioned into a trading range. No selling pressure anywhere. Bulls want a measured move up to 18500 or higher. 1h 20ema should not be hit or market should not have any close below it. Invalidation is below 18200. bear case: Bears gave up today, which most likely means that we get follow through tomorrow and go big green into the weekend. I can’t see bears coming around at 18300. More likely they try 18500 or 18600 but it’s a rough guess. Just do not look for shorts. Invalidation is above 18700. short term: max bullish for 18500 or higher. medium-long term: 17000/17100 was my target for at least 3 months now and bears got it. We are in a correction since we dropped more than 10% from the ath. Many long term trader buy a 5%, 10%, … dip and a bounce here was expected. I do think we are in a bear trend which will most likely lead down to 15600 or 15000 over the next months but we can only be more certain, once this pullback is done and we make new lows below 17000 and have a channel from which we can calculate new targets. I called the highs in early July and there is a decent chance we will not see them for a long time. Update: Will update this on the weekend. If we stay below 18700, small chance it could still be valid but if we go above, it’s just one giant trading range for longer. current swing trade: None. trade of the day: Buying 18000 was good.
EUREX:FDXSU2024Long
by priceactiontds
2024-08-14 - priceactiontds - daily update - daxGood Evening and I hope you are well. tl;dr Indexes - Another grind higher and most markets are at big round numbers and near their daily 20ema. Tomorrow one side will give and I have no opinion who will win this. I think it’s absolutely 50/50. dax futures comment: Expanding triangle nested inside the bull wedge right under 18000. Bears are in do or die mode at this price and at least showed some selling pressure today but everything is bought. Until we see consecutive bigger bear bars below 17900, all is bullish. Bulls need a strong breakout above 18000 but the daily 20ema is at 18046 and that will be the biggest resistance so far. current market cycle: bear flag inside the bear trend key levels: 17100 - 17900 - smaller tf range is 17700 - 18000 bull case: Bulls refuse to let the market go down and yet today closed again almost exactly at the opening price. The EU session is absolutely not buying this rally and yet we grind higher. Bulls tried to get a decent close above 17970 today but failed miserably. I have no imagination how they could strongly break above 18000 but since we are right under it, it is a real possibility. Bulls only target left for now is a daily close above the daily ema which is at 18050ish. If they achieve that, we are probably free to melt to 18300. Invalidation is below 17850. bear case: Bears are trying but they are not doing enough. Since the daily volume is atrocious, I do think many traders are sidelined and waiting rather than buying the dip. Will see tomorrow and Friday on where we close this week. Bears have their do or die moment again at 18000. Either reverse or give up and let the bear gap close to 18200. I don’t have any reasonable arguments for the bears on why we would suddenly trade below 17800 again. For now they are not doing enough. Invalidation is above 18050. short term: Neutral until breakout to either side. Bullish above 18050 and bearish below 17850. medium-long term: 17000/17100 was my target for at least 3 months now and bears got it. We are in a correction since we dropped more than 10% from the ath. Many long term trader buy a 5%, 10%, … dip and a bounce here was expected. I do think we are in a bear trend which will most likely lead down to 15600 or 15000 over the next months but we can only be more certain, once this pullback is done and we make new lows below 17000 and have a channel from which we can calculate new targets. I called the highs in early July and there is a decent chance we will not see them for a long time. current swing trade: None. trade of the day: Buying 17900 and selling 17970. Trading range price action. Buy low, sell high and scalp.
EUREX:FDXSU2024
by priceactiontds
2024-08-13 - priceactiontds - daily update - daxGood Evening and I hope you are well. tl;dr Indexes - My bearish bias got obliterated today. While dax is still 100 points below the daily 20ema, sp500 and nasdaq closed above theirs. Overall much stronger buying than expected and what bears should have allowed imo. Maybe it was front running CPI or a solid short squeeze, it does not matter. All patterns allow for some over-/undershoot so bears could technically still sell off again and we have seen the highs for this pullback but that’s as low probability as it gets. More likely for sp500 is a retest of 5000, if bulls want it bad tomorrow and CPI probably has to be cold as well. Today’s US close was bullish af and we can’t expect anything but more bear pain tomorrow. Anything below 5400 would be a huge surprise again. dax futures comment: Not much new stuff to tell you. The wedge bear flag is alive but market is still below the daily ema. Bulls want 18000 and bears have to keep the gap to 18200 open or this bear trend loses much of it’s strength. Play the bear flag as seen in my weekly post, until clearly broken. Bears need a huge surprise tomorrow. Can’t be anything but bullish after today’s price action. current market cycle: bear flag inside the bear trend key levels: 17100 - 17900 - smaller tf range is probably 17700 - 18000 bull case: Bulls closed the us session at the highs and above 17900, which was previous resistance. They want the strong momentum going for 18000 tomorrow. For that they should keep it above 17850 or bears see it as a failed breakout and want to trade down to 17740 again. Bulls are in control. Invalidation is below 17850. bear case: Bears see the EU open and close which were 10 points apart. They need to stall this during the Globex session and generate huge selling pressure to keep this below 17900 again. If they fail, 18000 is almost a given. Most likely is that we see sideways movement at the highs before the US cpi release and depending on that, big up or big down but I have no idea how market will interpret the number to either side, so I will be flat as always and wait for a breakout and follow through. Invalidation is above 17950. short term: Neutral until a decent breakout out of the wedge bear flag. Bear case was hit hard today. If we stay at the highs and cpi is low, most likely much much more upside again. medium-long term: 17000/17100 was my target for at least 3 months now and bears got it. We are in a correction since we dropped more than 10% from the ath. Many long term trader buy a 5%, 10%, … dip and a bounce here was expected. I do think we are in a bear trend which will most likely lead down to 15600 or 15000 over the next months but we can only be more certain, once this pullback is done and we make new lows below 17000 and have a channel from which we can calculate new targets. I called the highs in early July and there is a decent chance we will not see them for a long time. current swing trade: Small short from 17808. SL 17940 Update: -136 on the short. Flat again. trade of the day: Decent selling to a new weekly low from the open and selling bar 31 was reasonable. Stop had to be new high of the day. Could you have bought bar 41,42 or 43? I don’t think so. Huge selling and the first 3 bull bars forming a low 1. Buying that is usually low probability. Getting out of shorts above bar 42 was good though. Buying 47 was good because the low 2 did not trigger and bar 47 was way to strong for bear comfort. Market then never had a 15m close below the 15m ema again.
EUREX:FDXSU2024
by priceactiontds
2024-08-12 - priceactiontds - daily update - daxGood Evening and I hope you are well. tl;dr Indexes - All went mostly sideways and today had many scalp opportunities in both directions since support and resistance were visible early and respected through the session. If you are not comfortable with those trading days, practice on demo account. These days are common and they can be your bread & butter in between big swings. dax futures comment: Bull wedge broken through sideways movement. Market is in total balance around 17780 and we can only go absolutely neutral into tomorrow. Bulls need a strong breakout above 17850 and then 17900, if they want 18000 again and I can’t see this happening without a really low ppi print. Same argument for the bears, if needs to be hot for this to drop below 17700. current market cycle: bear flag inside the bear trend key levels: 17100 - 17900 - smaller tf range is probably 17700 - 17900 bull case: Only thing bulls had going for them today is that they prevented the market going below 17700 but nothing else. They broke outside the wedge bear flag and are risking a breakdown below tomorrow. Their last hope is a soft ppi print tomorrow and maybe the lower bear flag trend line holding (around 17700 right now). Invalidation is below 17700. bear case: Bears printed two consecutive bear doji’s on the daily chart and achieved their main goal today by keeping the market below 18000. Their big bear case would be seriously hurt if bulls can get above the big round number again. Bears now want the wedge bear flag to break down and trade back to 17300 and below. Not more magic to it. You should not make stuff up after the market went mostly sideways. If you want more analysis of this, please read my weekly update. Invalidation is above 18020. short term: Neutral until a decent breakout below the wedge bear flag but then full bear mode again. medium-long term: 17000/17100 was my target for at least 3 months now and bears got it. We are in a correction since we dropped more than 10% from the ath. Many long term trader buy a 5%, 10%, … dip and a bounce here was expected. I do think we are in a bear trend which will most likely lead down to 15600 or 15000 over the next months but we can only be more certain, once this pullback is done and we make new lows below 17000 and have a channel from which we can calculate new targets. I called the highs in early July and there is a decent chance we will not see them for a long time. current swing trade: Small short from 17808. SL 17940 trade of the day: Short bar 9 while it formed. Was better visible on the 15m tf. Big resistance on round number 17900 and it had a decent signal bar before. Question is, could you have held through the pullback from bar 10 to 12? Today was a ranging day and scalping both directions on clear support was much easier to catch.
EUREX:FDXSU2024
by priceactiontds
#202433 - priceactiontds - weekly update - dax futuresGood Evening and I hope you are well. tl;dr dax: Bears will get a second leg down but it can take more time to go sideways. Whole week was basically going nowhere and as neutral as can be so you can’t go into next week with a huge bias. Both sides have valid arguments to reach prices above and below Friday’s close. Quote from last week: comment: Thursday and Friday printed two of the strongest consecutive bear bars for months and market stopped around the 200d ema. This selling is different than before and this will be the breakout to new lows, most likely down to the monthly 20ema around 17000-17400. My measured move target from 3 months ago was 17000. My best guess is that we get there over the next 2-8 weeks. Short term I expect a bounce but it’s absolutely possible that we print another strong bear day on Monday/Tuesday to get to the monthly 20ema and my measured move target of 17000. comment: Above pretty much described exactly what happened last week and for now all my bearish targets are met. I still expect another test of the lows. These tests can be higher,lower or pretty much the same. You never ever know in advance and you have to trade it as it comes. After that retest we will likely see another pullback to the 20ema or previous pullback highs (right now 17862) and more sideways movement inside the current range. It’s always an obvious pattern that we get another strong leg in the trend direction, when the daily 20ema is close enough or we hit it 1-3 times. Going into next week I am absolutely neutral and I think 17700-17900 is a dead zone for trading. Want to see strong momentum in either direction for me to scalp. current market cycle: Clear bear trend with the break below the previous low on Monday. Market is in W2 and we get a W3 (second leg down) over the next 1-2 weeks. It is still a minor bear trend inside the big bull trend since 2023-10 until the bull trend line around 16850 is broken. key levels: 17000 - 18200 bull case: Climactic selling lead to an expected pullback and sideways movement. Are the bulls showing strength here? All bars since Monday are heavily overlapping and bulls barely made higher highs. The only argument they have going for them is that they bought dips and closed green at the highs of the bars. They are in damage control and need to close the huge bear gap up to 18200. The higher they can get, the better and weaker the bear trend becomes. Invalidation is below 17700. bear case: Bears crashed it down to 17110 and took profits there. They are currently seeing the wedge bear flag as a minor pullback inside the near bear trend. Their target is a measured move down to around 15600 but that’s far away and we have the big bull trend line from 20231-10 a bit below 17000. They want to start testing it because its also where the monthly 20 ema is and the last time we touched it was 2023-11. Two big obvious magnets below and enough reason for a second leg down. My preferred path forward is 1-2 bear bars on the daily chart next week, another pullback to the daily ema around 18000 before another leg down to the big bull trend line below 17000. Invalidation is above 18700. outlook last week: short term: Full bear mode. Will see a pullback but I do think it will be a very shallow one and it could stay below 18300. → Last Sunday we traded 17731 and now we are at 17776. High was 17862, so still 400 points below my target. I also wrote that we could crash down on Monday/Tuesday to 17000, which we did. Very good outlook. short term: Full bear mode. Pullback has two sided trading and I think a test below 17500 comes before 18000 but after a low, we should see another try from the bulls to print 18000 again or touch the daily 20ema. At which I will load up on shorts again, if we see bear strength. medium-long term: 17000/17100 was my target for at least 3 months now and bears got it. We are in a correction since we dropped more than 10% from the ath. Many long term trader buy a 5%, 10%, … dip and a bounce here was expected. I do think we are in a bear trend which will most likely lead down to 15600 or 15000 over the next months but we can only be more certain, once this pullback is done and we make new lows below 17000 and have a channel from which we can calculate new targets. I called the highs in early July and there is a decent chance we will not see them for a long time. current swing trade: Waiting for the wedge bear flag to break down and load up on shorts for a second leg down/W3 chart update: Added the wedge bear flag and adjusted the potential current channel we are in. Once the bear flag breaks down, we can draw a new channel but we won’t know for sure which one gets respected by the market until it get’s tested again. Also added the current bear gap to 18200.
EUREX:FDXSU2024
by priceactiontds
2024-08-07 - priceactiontds - daily update - daxGood Evening and I hope you are well. comment: Bulls kept the wedge alive which surprised me. Consecutive bull bars on the daily chart now but only a slightly higher high. Odds favor a reversal below 17800 for at least 17600. I think there is a decent chance we puke during the Globex session again. Above 17820 I am probably wrong and the bull breakout could work. current market cycle: bear trend key levels: 17100 - 17800 bull case: Bulls kept the market above 17450 and got a strong close today. For a bull breakout above this wedge bear flag, they need consecutive bull bars above 17800. If they let the market fall below 17700 again, odds favor the bears for at least 17600 and also after 3 pushes up, bears could get a breakout below. Invalidation is below 17700. bear case: Bears were not strong enough to push below 17450 and then stepped aside once bulls printed consecutive 1h bull bars above the 1h 20ema. They need to reverse under 17800 or many bears will give up until at least 18000 and if the momentum is strong enough tomorrow, this could become a very strong bull trend day. The daily 20ema is at 18150 and the breakout price from the June low is 18148. If bears do not prevent the bulls under 18000, we most likely will hit 18150. Odds still favor the bears to keep the wedge bear flag alive and break below instead of above. Invalidation is above 18020. short term: Full bear mode but have to exit shorts above 18020ish and see how high the pullback can go before new shorts. medium-long term: My long term outlook stays bearish and I expect at least a -20% correction in 2024. Medium term is 17100 while I think we can touch the big bull trend line starting 2022-10 around 16700 in 2024. Update 2024-08-06: 17110 was hit and my bear targets are done for now. We need to form a proper channel and move much more sideways to up before we will get the second big leg down. Measured move target is 15600 but as of now, I can’t see this being hit in 2024, without an event. current swing trade: None. If bears show strength again tomorrow, want to get a short around 17900-18000 for tp 17000. trade of the day: I thought long and hard about why I did not long bar 50 or 52 and my answer is always the same, it was a bad buy, high in the trading range and at previous highs after the market had much two sided trading and odds favored the bears to go lower. Not taking that buy was absolutely fine. If you took it, good for you and I hope you made a lot of money.
EUREX:FDXSU2024Short
by priceactiontds
2024-08-07 - priceactiontds - daily update - daxGood Evening and I hope you are well. comment: 350 points up and then 260 points down. Up move was stronger than I thought and I did not trade it but I nailed the down move. The bull wedge is broken and bulls might retest the breakout at 17600 but that could be the high for tomorrow. I still expect the lows to be retested and today printed another nasty reversal bar on the daily chart. I still expect the lows to hold (it can be a lower low but not close below 17000) but only if this JPN carry blowup did not create an event we are already in. If something broke, next logical support is 16500 but the big bull trend line at around 16800 was last touched in 2023-10 and will most likely not break on the next touch. current market cycle: bear trend key levels: 17100 - 17800 bull case: Bulls tried 4 times to stay above 17600 and the bull wedge broke in the US session today. If bulls fail to keep the market above 17370, the lows will come fast because many bulls will give up below today’s low. Best bulls can hope for is to stay above that price and go sideways. Their first target is a close above the 1h 20ema which is currently around 17580 and the breakout below the bull wedge. If they keep the market neutral long enough tomorrow, we could try 17600 or higher again but as of now that is very low probability. Invalidation is below 17000. bear case: Bears sold off into the US close again and for tomorrow I do not expect another strong up move in the Globex or early EU session. Too many bulls got trapped again and they will probably wait for a retest of 17100 to look for longs again. Bears target is obvious and since they printed 4 strong consecutive 1h bear bars, they are in control of the market again. Invalidation is above 17650. short term: Full bear mode. Bear flag is broken and retest of the lows probably next medium-long term: My long term outlook stays bearish and I expect at least a -20% correction in 2024. Medium term is 17100 while I think we can touch the big bull trend line starting 2022-10 around 16700 in 2024. Update 2024-08-06: 17110 was hit and my bear targets are done for now. We need to form a proper channel and move much more sideways to up before we will get the second big leg down. Measured move target is 15600 but as of now, I can’t see this being hit in 2024, without an event. current swing trade: None but will probably look for longs around 17100 trade of the day: Long bar 2 since it was a retest of y close and stay above the bull wedge trend line. Could have closed longs at prior weekly high around 17700 or below bar 56. Next best trade was short bar 62 or bar 66. Decent chance we test the lower wedge trend line again after 3 pushes up.
EUREX:FDXSU2024Short
by priceactiontds
2024-08-06 - priceactiontds - daily update - daxGood Evening and I hope you are well. comment: Neutral between 17300 and 17650. Market is trying to find a bottom in a big trading range. As long as market stays below 17900, it’s max bearish. I expect a slow grind to retest the lows over the next 1-2 days and those lows will most likely hold so we can move much more sideways. current market cycle: bear trend key levels: 17100 - 17800 bull case: Bulls got their pullback but only printed an inside bar on the daily chart, which is weak. Their only goal is to get above 17900 and break above the July low and close as much of the gap to 18150 as possible. First target is 17700 and then the Globex high from Monday at 17732. Invalidation is below 17000. bear case: Bears kept the bounce below the 4h 20ema and below the Globex high from Monday. They want this bear flag to be shallow and mostly sideways before another strong leg down. A measured move down would bring us to 15600 but for that to happen in 2024, we would ne an event or nothing but annihilation of earnings next quarter. My head & shoulders target from 3 or 4 weeks ago was missed by less than 100 points on Monday, I consider this to be close enough. Invalidation is above 17900. short term: full bear mode. Target was 17844 and we got 17110. Play the bear flag for now but the lows will be retested. More sideways movement over the next days or weeks. medium-long term: My long term outlook stays bearish and I expect at least a -20% correction in 2024. Medium term is 17100 while I think we can touch the big bull trend line starting 2022-10 around 16700 in 2024. Update: 17110 was hit and my bear targets are done for now. We need to form a proper channel and move much more sideways to up before we will get the second big leg down. Measured move target is 15600 but as of now, I can’t see this being hit in 2024, without an event. current swing trade: Closed all shorts for 800+ points. Currently not interested in anything but intraday scalps. trade of the day: Shorting the Globex high double top 17650 after the second big bear bar. That was good for 170 points which was a bit lower than the gap to y close.
EUREX:FDXSU2024Short
by priceactiontds
2024-08-01 - priceactiontds - daily update - daxGood Evening and I hope you are well. comment: Yesterday I was neutral until one side clearly gains control again and boi did the bears deliver today. 600 point drop from Wednesday high and a close below 18200. This is the biggest bear bar for many months and will be part of W1/leg1 of the new bear trend. We will most likely make new lows below 17800 next week. We have a nice looking bear channel that leads to the July low, from where we can expect the W2/two legged correction to form a broader channel which we can grind down to at least 17000 over the next weeks. If bulls somehow manage to break above 18400 again, I am wrong and we continue inside the trading range which we have been in for 5 months now. current market cycle: trading range (big triangle on the daily chart) / probably the new bear trend has started today. key levels: 17800 - 18400 bull case: Yesterday I wrote that bulls could not get a single close above 18600 and market can test one direction/price only so much before it tries the opposite. Bulls gave up today and now we test the lows. The best bulls can hope for is to keep it above 17800 and continue inside the trading range. Given that we just had many earnings releases and the negative GDP print, I absolutely favor the bears. Invalidation is below 17800. bear case: Bears closed below the recent 33 bars and demonstrated strength. This selling will most likely get another leg down but now the primary goal for the bears is to keep any pullback shallow and preferably below 18300 to create two big bear gaps. Bear gap #2 will get smaller tomorrow but it should stay open, otherwise bears might fumble it again. Invalidation is above 18300. short term: full bear mode for 17844 or lower. There I expect a pullback to form a broader channel we will grind down over the next months. Buckle up. medium-long term: My long term outlook stays bearish and I expect at least a -20% correction in 2024. Medium term is 17100 while I think we can touch the big bull trend line starting 2022-10 around 16700 in 2024. —unchanged current swing trade: Had shorts from 18700 and added 18900. Took most off today and leaving a runner for 17844. trade of the day: Short since bar 7, no ifs or buts. Bar closed below the previous 35 bars and at it’s low. Perfect signal and entry bar.
EUREX:FDXSU2024Short
by priceactiontds
2024-07-31 - priceactiontds - daily update - daxGood Evening and I hope you are well. comment: July is behind us, so let’s take a look at the daily chart since the weekly and monthly do not help in any way, analysing this. For dax it’s easy today because we absolutely have no Idea when it wants to go where, since my calculated 50% of this range is 18520 and market closed July at 18608. Absolutely neutral. We know for sure that the recent bull trend is over and we are in a trading range. We are in the middle of the triangle on the daily chart and you have to play the range until it’s clearly broken. Does the weekly or monthly chart tell us anything different? Absolutely not. The daily 20ema is completely flat and we just have to wait for one side to gain control and make new highs or new lows. Bullish above 18800 and bearish below 18100. Going into August I do expect more volatility and even if Bulls get another ath, odds are great that we will make new lows below 17800 over the next 2 months. current market cycle: trading range (big triangle on the daily chart) key levels: 18200 - 18700 bull case: Bulls made lower highs this week but could not get one close above 18600. They are weak as the bears and that is why we are mostly moving sideways. Bulls tried enough to get above 18700 by now and I do think they will give up tomorrow/Friday and we test 18300 or lower again. They would need a strong move above 18800 for higher prices. Invalidation is below 18400. bear case: Bears are weak too but at least they mostly keep it below 18600. They need to start producing lower lows again and test back to 18300. I do think odds favor the bears over the next weeks for lower lows but as of now, market is in absolute balance. First target for the bears tomorrow is a 1h close below 18500. Invalidation is above 18700. short term: neutral. Bullish above 18700 and bearish below 18500. medium-long term: My long term outlook stays bearish and I expect at least a -20% correction in 2024. Medium term is 17100 while I think we can touch the big bull trend line starting 2022-10 around 16700 in 2024. —unchanged current swing trade: Short since 18700, added to shorts 18900. Will hold this till Cathy closes ARKK or the big short 2.0 is announced. Update: 400 points in profit, will take most off around 18000-18100 and see where Market wants to go. —unchanged
EUREX:FDXSU2024
by priceactiontds
2024-07-30 - priceactiontds - daily update - daxGood Evening and I hope you are well. comment: Down, up, down up. Today was up where open was almost the exact low of the day. Market stalled around 18550 and it’s critical for the bears that it stays a lower high below 18650. Bears need to break the bull trend line for lower prices. Shorting above 18550 and buying 18500 was king today. Can not be anything but neutral going into tomorrow. current market cycle: trading range (big triangle on the daily chart) key levels: 18200 - 18700 bull case: Bulls made around 100 points from eu open to close. Looks more like a leg in a trading range than strong buying. Bulls want a higher high above 18657 but I highly doubt that they get it. Market is in breakout mode. Watch the triangle on the daily chart. There are 2 potential bear trend lines above which can act as magnets. 18600 and 18660ish. I do think that if bulls can break above 18660 again, they can test the bear trend line from the ath around 18800. Invalidation is below 18480. bear case: Bears tried to keep it below 18500 but bulls poked enough that they stepped aside and shorted above 18550 again. Bears need to keep this a lower high or risk a breakout out of this triangle. Their first target is a break below the bull trend line below 18480. Invalidation is above 18560. short term: neutral. Bullish above 18600 and bearish below 18480. medium-long term: My long term outlook stays bearish and I expect at least a -20% correction in 2024. Medium term is 17100 while I think we can touch the big bull trend line starting 2022-10 around 16700 in 2024. —unchanged current swing trade: Short since 18700, added to shorts 18900. Will hold this till Cathy closes ARKK or the big short 2.0 is announced. Update: 400 points in profit, will take most off around 18000-18100 and see where Market wants to go. —unchanged trade of the day: Long since EU open or shorting above 18550 and buying 18500. Clear support and resistance today but tbh, not a fun day to trade this.
EUREX:FDXSU2024
by priceactiontds
2024-07-29 - priceactiontds - daily update - daxGood Evening and I hope you are well. comment: Decent selling by the bears today. I expect follow through tomorrow but mostly sideways markets going into US close tomorrow. Earnings is a gamble imo and I don’t do that. I’m playing the bear channel and will be flat once market stalls. current market cycle: trading range key levels: 18200 - 18700 bull case: Bulls also bought new lows here and scalped. They bounced at the 50% pb from last week and now they want to go mostly sideways to break out of the bear channel. I don’t think they want to die on that hill. They had a decent pullback last week and know that bears want at least 18300 again. Invalidation is below 18200. bear case: Bears did ok today but closed barely below Friday’s close. They want to continue the channel down to 18300 but I don’t think many traders want to have big positions going into tomorrow’s US close given the earnings releases. Play the channel until it breaks. Invalidation is above 18560. short term: Bearish as long as the bear channel holds. 1. Target below is 18300 medium-long term: My long term outlook stays bearish and I expect at least a -20% correction in 2024. Medium term is 17100 while I think we can touch the big bull trend line starting 2022-10 around 16700 in 2024. —unchanged current swing trade: Short since 18700, added to shorts 18900. Will hold this till Cathy closes ARKK or the big short 2.0 is announced. Update: 400 points in profit, will take most off around 18000-18100 and see where Market wants to go. —unchanged trade of the day: Trading range from Globex until US opened. Best trades were shorts from EU open bar 28 for gap close and can exit bar 37. Next best short was bar 52, follow through selling after a two legged pullback right below the 15m 20ema.
EUREX:FDXSU2024Short
by priceactiontds
#202431 - priceactiontds - weekly update - dax futuresGood Evening and I hope you are well. Quote from last week: bull case: Bulls and bears alike knew the recent high at 18900 was a bad buy and they tried to save their bull case on Tuesday but once Wednesday came around and 18700ish was resistance the third time, they gave and we only produced lower highs since. Best bulls can hope for now is to keep it above 18000 and bounce at the weekly 20ema which is exactly right under Friday’s close and that the bull trend line from April will hold. Market expects a pullback and bulls want it to go above 18600, which increases the odds of this being a continuation of the triangle, rather than a new bear trend. comment: Bulls got to 18774, which was way too high for it being a pullback in a bear trend. Market is in a descending triangle where the support is 18200ish. Since we are in the middle of it, worst place to trade. Both sides have reasonable arguments for Monday but this pattern will break next week to one side or the other. Given the many upcoming earnings, I won’t predict them, nor gamble on a trade before market is showing the direction. current market cycle: trading range - go look at the monthly chart. It’s a clear 5 month trading range. —update: 5 months now instead of 4. Will break soon. key levels: small range 18000 / 18900 bull case: Bulls had a two legged pullback which got higher than the bears would have liked, which increased the odds of a continuation of the trading range. No side is strong enough to keep the market above or below the daily 20ema, so we are neutral af. You don’t need to analyse it further. Save your mental capacity on other markets and wait for a clear breakout. Invalidation is below 18147. bear case: Bears lost control on Tuesday where they allowed the market to go 200 points above the daily 20ema. They got a strong reversal from above 18700 down to 18200 but there they took profits again and the range continues. 18500 is a bad spot for everyone. Maybe strong bears will respect the minor trend line we formed and trade back down from here to retest the lows but that’s a weak argument at best. The other bear trend line around 18400 is a more reasonable expectation. If we get there, I expect bears to show strength again, just as bulls will probably buy 18200 again. Below 18200 comes 18000 and 17840 in play. Invalidation is above 18785. outlook last week: short term: Full bear mode. Will try to catch the bounces as good as one can but the big money will be made to the downside over the next months. Short term we will see a bounce that should stay below 18500/18600 and from there I expect another big leg down to 17800. → Last Sunday we traded 18298 and now we are at 18535. High of the week was 18774 and the low was 18200. Said we get a bounce to 18500/18600 and the high was 18774. Almost perfect outlook since the downside was not as deep but we will get there in the next days/weeks. short term: Neutral. Can see this going both ways and I don’t gamble. No bigger interest in buying this but rather waiting for weakness above 18600 to short again. medium-long term: Time to update this section. I called for 17000 for couple of months now and I said, any short around or above 19000 is amazing. The highs held and now we will see how low we can get in 2024. 17100 is still my first bigger target and should be reached in 2024. At this point it does not make sense to call lower targets. —unchanged since 2024-07 current swing trade: Took some profits on my shorts at 18300 and would add above 18600 again. Chart update: Added minor bear trend lines and adjusted the lower bull trend line but I don’t think market is respecting it that much. Support around 18200 and a descending triangle is more likely.
EUREX:FDXSU2024
by priceactiontds
2024-07-24 - priceactiontds - daily update - daxGood Evening and I hope you are well. comment: Big down, big up, big confusion. Market closed 60 points above where it opened but still a bear day. Since we broke below the shallow bull trend line on the daily chart, this is no longer a triangle and bears increased their chances of making new lows below 17844 over the next days. current market cycle: trading range key levels: 18200 - 18700 bull case: Bulls bought the new lows and rallied for 270 points. Tells you that bears are fine with taking profits at new lows and bulls still in btfd mode. Bulls want a second leg up, like they did on Monday & Tuesday. Measured move up would bring us exactly to the high of the week 18774. Invalidation is below 18200. bear case: Bears need to trap bulls buying the dip there under 18500 or they risk another high above 18700. Since bears closed the us session below the 1h 20ema, I give the better odds to the bears for follow through selling below 18200. A weekly close below 18000 would be amazing for the bears. Invalidation is above 18500. short term: Neutral until I see follow through selling below 18350. Both sides have reasonable arguments and the market was two sided all week, with big swings in both directions. medium-long term: My long term outlook stays bearish and I expect at least a -20% correction in 2024. Medium term is 17100 while I think we can touch the big bull trend line starting 2022-10 around 16700 in 2024. —unchanged current swing trade: Short since 18700, added to shorts 18900. Will hold this till Cathy closes ARKK or the big short 2.0 is announced. Update: 400 points in profit, will take most off around 18000-18100 and see where Market wants to go. trade of the day: Tricky day again. The bing selling began 3 a.m. CET so long before EU opened. I joined the bears at around 7 a.m. and caught a 80 point ripper down. There was no bullish price action and just selling going on. Then came the hard part below 18300. It was obvious market was trying to bottom and to exit shorts but taking the long was hard. You have to be really mentally flexible to take the other side after such a strong move. Trade of the day was the long bar 13. Bar 9 was strong enough but bar 10 did not trade above it. Bar 11 + 12 were good signal bars and 13 was the follow through. That was good for 200 points. I missed it.
EUREX:FDXSU2024
by priceactiontds
2024-07-23 - priceactiontds - daily update - daxGood Evening and I hope you are well. overall market comment Indexes moved mostly sideways and that’s good for the bears. Even decent or in line earnings could not take this rally further, instead we sold off into the close and broke the minor bull trend lines. For tomorrow I expect more downside price action to test the lows. Commodities - Gold moved sideways inside the same range since Friday after the sell off. Market is trying to bottom but I don’t think bears are done. Wait for the next big breakout. Oil - Watching Oil on lower tf is atrocious and be smarter than me. Clear down trend. Lower lows and lower highs. Got 2 decent bear channels downwards and right now the 1h 20ema is decent to short against. Any pullback should now stay below 80. Bitcoin - First decent selling on the daily since last Wednesday. Bull trend line is broken but it was way too steep anyway. Bears need prices below 65000 to have a chance for more downside. If bulls buy the dip again, probably moon again to 700000+. dax futures comment: 18600 would need a huge reversal day tomorrow and get below 18400 for a chance of more downside over the next days. Bulls made it clear that this is the big triangle playing out first and not a new bear trend. My bearish thesis still holds as long as we stay below 18900. Just means we probably go sideways for longer. I expect tomorrow will be a big red bar on the daily chart. Close below 18450 would be good. current market cycle: trading range key levels: 18300 - 18900 bull case: Follow through buying by the bulls and they continued to stay above the 1h 20ema. Minor bull trend line also holding, so no reason to stop buying every dip. They now had 2 pushed up and a third one could get us to the big bear trend line from the ath. That’s the target for the bulls for tomorrow. Invalidation is below 18560. bear case: Bears need stronger consecutive bear bars below the 1h ema, for lower prices. Right now the best they can hope for is to stop the advance and maybe stay between 18600 - 18700. If they would be manage to generate strong selling below 18600, we can talk bear again. Bad stuff to trade currently. Trending trading range upwards. Invalidation is above 18900. short term: Yesterday I was neutral and will stay that way. Can see it go both ways again. Minor bull trend line needs to break and market has to trade strongly below 1h 20ema for this to turn bearish. Above 18700, odds favor bulls for 18770 or higher again. medium-long term: My long term outlook stays bearish and I expect at least a -20% correction in 2024. Medium term is 17100 while I think we can touch the big bull trend line starting 2022-10 around 16700 in 2024. —unchanged current swing trade: Short since 18700, added to shorts 18900. Will hold this till Cathy closes ARKK or the big short 2.0 is announced. —unchanged trade of the day: Tough. Any buy around 1h 20ema was good. Bulls made a 100+ ripper but bears quickly sold it, so you had to take profits and keep tighter stops.
EUREX:FDXSU2024Short
by priceactiontds
2024-07-22 - priceactiontds - daily update - daxGood Evening and I hope you are well. overall market comment Indexes pulled back as expected and laid out in my weekly post yesterday. Although a bit stronger and faster than I expected. Dax for example already reached it’s 50% pullback to the tick and bears want this to be the high and reverse hard from here. Commodities - Gold is also trying to find a bottom after the big rejection. Doji on the day so no deeper analysis needed. Set alarms when market breaks above or below today’s range. Oil bears tried the follow through selling but bulls actually closed the day above the minor bear trend line support again. So bears are not as strong as they could be. Still lower lows and lower highs. Bitcoin - BTFD in full force, Doji on the daily. No deeper analysis, bulls are in control, please read my weekly post. dax futures comment: 18600 is my line in the sand for bears. If they keep it below, odds are good, that we are in a bigger down move. If bulls continue up, it’s a triangle on the daily chart and we can expect more sideways movement. current market cycle: trading range key levels: 18300 - 18700 bull case: Good bounce by the bulls today and they closed at the highs. They expect follow through buying tomorrow and if they can a 1h close above 18600, many bears will give up on a new bear trend and stronger selling. Market did not have a candle close below the 15m 20ema today. Find those ema early in the day and grind them up or down. Invalidation is below 18500. bear case: Bears stopped the market at the absolute last point to keep the sell off thesis alive. 50% pb was hit to the tick. They need a strong overnight reversal or early in EU session. So probably more upside above 18620 and down again below 18500. Invalidation is above 18620ish. short term: Full bear mode to hell. Shorter shorty term is neutral as stated above. Bullish scalping above 18620 and full bear below 18500 again. medium-long term: My long term outlook stays bearish and I expect at least a -20% correction in 2024. Medium term is 17100 while I think we can touch the big bull trend line starting 2022-10 around 16700 in 2024. —unchanged current swing trade: Short since 18700, added to shorts 18900. Will hold this till Cathy closes ARKK or the big short 2.0 is announced. —unchanged trade of the day: Long bar 32. Strong breakout of prev range and market never looked back.
EUREX:FDXSU2024
by priceactiontds
#202430 - priceactiontds - weekly update - dax futuresGood Evening and I hope you are well. Quote from last week: bear case: Bears are at the exact same spot as last Sunday but just a tat higher. They want a big reversal again at multiple resistance above 18800. They also see all the rejections from the past months at this level and shorting here has been very profitable. They also know it’s a bad buy for the bulls up here. Odds clearly favor them to trade back to at least 18600 but we will probably see 18500 early next week. comment: Bears took complete control of the market after the lower high 18927 which formed a perfect head & shoulders pattern. The Measured move down is around 17000 and I expect that price to be hit in 2024. Last bull trend line before the big one from 2020 & 2022 and I expect it to be broken over the next 1-3 weeks. The upcoming pullback is the most important part now because the height will determine the strength of the next bear leg and if this a new bear trend or not. If bulls get above18600 again, there is a decent chance we are still inside a big trading range. If bears keep it below the daily 20ema, we will most likely form a proper channel we can grind down over the next months. current market cycle: trading range - go look at the monthly chart. It’s a clear 4 month trading range. —unchanged key levels: small range 18000 / 18900 bull case: Bulls and bears alike knew the recent high at 18900 was a bad buy and they tried to save their bull case on Tuesday but once Wednesday came around and 18700ish was resistance the third time, they gave and we only produced lower highs since. Best bulls can hope for now is to keep it above 18000 and bounce at the weekly 20ema which is exactly right under Friday’s close and that the bull trend line from April will hold. Market expects a pullback and bulls want it to go above 18600, which increases the odds of this being a continuation of the triangle, rather than a new bear trend. Invalidation is below 18147. bear case: Bears are in full control and want a lower low below 18148 to break the bull trend line. The recent selling was strong enough for a second leg but I think a pullback is expected after Opex. Also very strong selling on much greater volume. Any pullback should stay below 18600. Invalidation is above 18650/18700, but that is pure guesswork. Need to see a bounce first. In general, if a pullback goes beyond the 50% mark, it’s hard to argue for a strong bear trend. outlook last week: short term: Bearish at least to 18500. It’s 50/50 if bulls can do a higher high or will only print lower highs from here. Looking for early weakness and then at 18500 absolutely neutral and let the market decide where it wants to go next. Any bad Dax earnings next week will probably flush it below 18500 again. → Last Sunday we traded 18857 and now we are at 18298. High of the week was 18889 and the low was 18274. Gave you 18500 and you got 18274. That’s 585 points from last Friday’s close. Hope you made some. short term: Full bear mode. Will try to catch the bounces as good as one can but the big money will be made to the downside over the next months. Short term we will see a bounce that should stay below 18500/18600 and from there I expect another big leg down to 17800. medium-long term: Time to update this section. I called for 17000 for couple of months now and I said, any short around or above 19000 is amazing. The highs held and now we will see how low we can get in 2024. 17100 is still my first bigger target and should be reached in 2024. At this point it does not make sense to call lower targets. current swing trade: Short since 18700, added to shorts 18900. Will hold this till Cathy closes ARKK or the big short 2.0 is announced. Update: Will post also some profit taking and adding to the position again. On Monday I plan to look for strength and take about half off and to add again around 18500 or higher. Chart update: Be reminded, that I switched from dax cfd to dax futures. Removed all the bullish lines except the two main trend lines. On from April and the one from 2020. Put text on the shs pattern and added a fat bear trend line from ath to the recent lower high because that’s the triangle we are currently in and about to find out of the bottom will hold.
EUREX:FDXSU2024
by priceactiontds
2024-07-17 - priceactiontds - daily update - daxGood Evening and I hope you are well. overall market comment Indexes all read except DJI. Given the overbought conditions especially for the russel, tis was expected. Tech selling continued and is accelerating. For Nvidia all but 1 remaining bull trend line are broken and if bears can close the gap down to 114, they can probably print 100 over the next weeks. My measured move target 96 is from 2024-07-06. Selling today was strong enough to expect more tomorrow, especially going into the weekend. Commodities - Gold printed a rather neutral doji on the daily chart after a new ath 2488. Will we sell off from here or can they go 2500? I don’t know. 2500 is an obvious magnet but Opex is around the corner and maybe too many yolo’d into 2500 calls. Oil got the expected bounce to 83, which I have been writing about since Sunday. Buying was strong enough for follow through tomorrow but bears need to keep it below 84 or this is not a pullback anymore. Bitcoin - Market has still not touched the 4h 20ema since Saturday. Very strong buying by the bulls but it gets weaker. I don’t know if they can break out above again without a deeper pullback first. It’s also very bullish, that nasdaq sells off while btc stays above 62000. Should only look for longs as long as market stays above the 4h ema. dax comment: Will change from dax cfd from EasyMarkets to dax futures from now on. Market opened below y close and quickly filled the gap before bears took over and grinded it down. 18500 was bought as expected but the two legs up were so strong, that bears did not try to force another test of 18500 and market went mostly sideways, which is a neutral signal going into tomorrow. The bear channel is holding properly but bears would need a weekly close below 18500 for more selling next week. Market has formed a triangle with the bull trend line and the most recent bear channel resistance line and market will break out tomorrow. current market cycle: trading range (triangle on the daily chart - technically bears traded back into the triangle) key levels: small range 18500 / 18900 - If 18500 is broken for good, next support is 18360 bull case: Bulls bought where they had to and stopped a bigger sell off. They need to break the bear channel for another test of 18900 or higher. They bounced at the daily 20ema yesterday and today they closed above it again, which means that bulls are technically still in control but if they do not reverse it tomorrow, it’s night night. Invalidation is below 18500. bear case: Bears now had 3 decent legs down to 18500 and market then oscillated around the 50% pullback from the recent bull trend, which is 18570. As long as the bears keep it mostly below the 1h 20ema and inside the bear channel, they are good and market will continue down. Their target is a weekly close below 18500, which would make most bulls cover and it would be a strong sell signal going into next week. Invalidation is above 18720. short term: Neutral between 18500 - 18650. Bearish below and bullish only on a strong break above the bear channel. medium-long term: My long term outlook stays bearish and I expect at least a -20% correction in 2024. Medium term is 17100 while I think we can touch the big bull trend line starting 2022-10 around 16700 in 2024. —unchanged current swing trade: Short since 18700, added to shorts 18900. Will hold this till Cathy closes ARKK or the big short 2.0 is announced. —unchanged trade of the day: Longs from the strong open were decent but you had to think fast. After the gap close market quickly reversed and since it reversed right at the 1h 20ema, that was your hint to look for shorts next time market gets near it.
EUREX:FDXSU2024
by priceactiontds
DAX LONG The DAX Future, after 2 days of high volatility, created a High Value Area with POC at 18,082. Today, this level was strongly felt, first with a false breakout, then with an upward break followed by a retest. All framed in a more macro picture in which the price has broken the minimum of the regression channel monitored by me. Tomorrow it is likely that the price will test the next HVA at the 18,300 level. June is a statistically negative month for the DAX which has had negative performances between -4% and -10% in 17 of the last 24 years. For this reason I wouldn't go for more ambitious TPs. Hello everybody
EUREX:FDXSM2024Long
by NewHOrizons1