Daily analysis and trade setups on DAX Ger30 20220729

29 Jul 2022

Happy Friday and Happy Last Trading Day of the Month

DAX range has compressed so it is making multiple levels of support and resistance. We simply have to deal with it until it makes up its mind and moves

The bias is turning bullish by the day but the drop is going to be significant. So always be careful. "Trust the trend but verify" in force

Macro: EUR Unemployment, GDP, HICP, US PCE, PI + PS, Chicago PMI & Michigan CSI

Mostly directional scalp trades still

Buy
Break: 13440, 13520
Reversal: 13300, 13260, 13220, 13170, 13100

Sell
Break: 13350, 13270, 13220
Reversal: 13450, 13500, 13600, 13690

Chart with Fib Levels here >>>


Chart with TIFib Confluence Levels here >>>

29 Jul 2022

Nota

Today's analysis generated 5 trade ideas

All levels worked extremely well.

Winning trades
Long Trade #1: 9:1 - 180 pts
Long Trade #3: 6:1 - 120 pts
Short Trade #4: 2:1 - 40 pts (counter trend)
Long Trade #5: 2:1 - 40 pts (closed at the close of the market)

Losing trades
Short Trade #2: 20 points

Net for the day
360 points with an average R/R of 4.5R