ICmarkets

Looking to buy at 10621, with a stop set below at 10575.

FX:GER30   DAX Index
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Weekly Timeframe: The weekly timeframe shows that selling interest came into the market at 10853. As a result, this pushed prices south back down towards the recently broken weekly trendline support (prior resistance) formed from the high 7347 (14/02/11).

Daily Timeframe: Yesterday saw the market take back most of Monday’s gains as prices declined 187 points (figure includes pre/after-market hours), consequently causing the market to retest the aforementioned weekly trendline support.

4hr Timeframe: All eyes are firmly fixed on the 4hr decision-point demand area (10584-10658) at the moment. This area could be the turning point at which the DAX rallies to new highs. As such, we have been closely watching the 30 minute timeframe for a low-risk high-probability buy entry. The 30 minute timeframe has so far seen prices rally north and take out some of the selling opposition around a 30-minute supply area at 10697-10658, which leads us to believe a reaction will likely be seen from a 30 minute demand area at 10592-10619 (seen deep within the current 4hr decision-point demand area). Therefore, a pending buy order has been set at 10621, with a stop below at 10575.

Current buy/sell levels:

• Buy orders: 10621 (Predicative stop-loss orders seen at: 10575).

• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).

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Great stuff, however if it breaks the 10575, could see it test 10228-10302 area.
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