I'm wondering if any day traders in ASX 200 index (futures or CFD) around here?
I am planning to keep a kind of trading journal in here with my comments and opinions related to aussie index and looking for day trades or short term trades - note that this is not intended to be any advise but just personal opinions.
ASX200 Analysis for Mon 13 June 2016: Lower high will it be followed by a lower low?
ASX200 13 June 16.png
So we have a lower high, but it hasn’t taken the low at 5270 level of support.
I believe that the support will be taken as the volume increased on Friday (the last bar on the daily chart – a long red candle bar).
The next support is between 5223 (0.38 Fibonacci level of the minor trend) and 5245 (0.5 Fibonacci retracement level of the major trend), but this look like a weak correction.
The real support I guess would come within the black band (see above chart) between 5130 and 5210. This support comes from:
- form reading (bar formation in March then in April).
- 200 MA daily at 5130 and 200 MA weekly at 5210.
- 0.5 Fib retrenchment of the minor trend at 5160 and 0.38 Fib of the major trend at 5150.
The big question is the timing – when will these levels be reached?
I'd like to hear other thoughts