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Dax (see daily chart attached) price moved in March and April down along the spiral into the
red Kumo. That one works still as support for price as for now.
Price did not "cross" the Kumo to go to lower levels. Due to the form of the Kumo lower levels
are not at hand.
The red Tenkansen line is turning to higher levels and might eventually cross the blue Kijunsen
line within the Kumo - which gives a bullish signal.
Last high of the Dax was @ 7210 in march - next high level (blue arrow / red spiral) stops @ near 8000 level.
Seems like a lot of ugly lines now - I will keep an eye on them and update this bigger picture.
GFIs1
The following user says Thank You to GFIs1 for this post:
To answer the incoming questions about how the spirals work / are drawn in a chart:
1) The spirals are Fibonacci spirals
They show in bigger pictures (daily / weekly / monthly) quite accurate turning points.
2) I am drawing the fib spiral from a recent high to the price which is in the middle of the Kumo - yes -
here Ichimoku is of interest. In this case the spiral is turning counterclockwise.
3) The opposite is to draw the spiral from a recent low into the middle of the Kumo - in this
case the spiral is turning clockwise.
4) What is the meaning of the colors?
blue and black are guidelines and work like boundaries... price should move along the curve for a certain
period - red and green are passing lines - let price get through
The spirals work fine for any instrument - you will find more documentation on fibonacci spirals on the net.
Most likely a short in the morning on WEDNESDAYs... (over 90%)
So if you are not sure - bet on a short after the opening range
except when Monday AND Tuesday were already short.
Happy trades!
GFIs1
The following 2 users say Thank You to GFIs1 for this post:
As I have a rule set to make ONE trade on the DAX per day I have found
out - using some statistics - that after a move greater than 150 points the
previous day normal initial balance is not seen. So my rule set brings
negative results on such days which I am avoiding.
Does not apply for discretionary traders though.
One could take the opposite of that particular signal to perhaps get some
positive results.
GFIs1
PS: today's signal would have brought a 30 point SL...
The following user says Thank You to GFIs1 for this post:
