$DAX Weekly Plan - 27th Nov
Pullback next?
Past Week
“Success in trading is not an elusive feat; rather, the true challenge lies in cultivating the discipline essential for lasting triumph”
Here’s a snippet of our plan; ‘‘For the week ahead, the central focus will be at 15,888 - 15,908 and if buyers can continue to hold.” 💯
We had explained why the zone 15,888 - 15,908 was important and Buyers successfully held to deliver a 137 Point ripper. We are certain some traders would have been nervous when DAX was chopping around early in the week that’s primarily due to EU trading the entire week, while US switching off starting Wednesday. Thus, the time was spent to deliver the ultimate to 16K. It’s never just price, time is equally important.
Weekly Plan
DAX ended the week by OTFU on the Daily (Ends at 15,973) and Weekly (Ends at 15,854). It is noteworthy, DAX managed a daily close above 15,980 (Balance Top) on Friday - the real test will be this coming week as the slow grind up can be attributed to Thanksgiving.
For the week ahead, the central focus will be on Friday’s Range (15,973 - 16,041) and as you can observe Friday’s low lines up with prior Balance Top at 15,980.
Balance Rules
Extreme ends of a Balance are Support/Resistance, unless proven otherwise. In the event of a Balance Break, look to follow the trend and target 50% and then 100% of the range Extension, unless you have a 'Look Above/Below and Fail', which means you are then targeting the Balance Halfback and the extreme other end
‘Buyers’ first task will be to continue OTFU on the Daily and hold above 16,024/42 and target 16,080 and 16,122/55, where the next decision is made. Upon acceptance above targets 16,234/55 (Gap) followed by 16,332/55 (Single Prints) and 16,409/427 (Balance Top).
On the other hand ‘Sellers’ first goal will be to find acceptance below 15,980 (Friday’s Low) to challenge the breakout attempt and target 15,937 and 15,888/908 (Major Pivot), where the next decision is made. Upon acceptance below targets 15,850s (Last Week’s Low) followed by Balance Low (15,804) and 15,760s (Gap).
In the weekly plan below, we have highlighted three critical balance zones to monitor that will guide us with the intraweek vision. Likewise, Zones of Interest, Weekly Support/Resistance and annotations makes us aware of the areas of interest. In terms of events, PCE on Thursday and ISM + Powell speech on Friday with Month End Shenanigans. It would be prudent to maintain situational awareness before initiating trades.
Weekly Targets
Upside: 16,081 | 16,142 | 16,232 | 16,337 | 16,427
Downside: 15,937 | 15,888 | 15,804 | 15,760 | 15,708
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If you've enjoyed our Weekly Content and are eager to delve into a similar comprehensive daily plan, we've got you covered with additional valuable resources, such as:
First 60-90 minutes: Live Trading with a distinctive feature - You learn my "Thought Process" and strategies during this time.
Well-defined Trade Zones supported by a Time Tested Execution Framework.
Tailored one-on-one support and regular review of trade journals.
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Economic Calendar
Wish you all a fantastic week ahead! :)