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Video / 11 January 2018 at 8:00 GMT

Why I'm Shorting DAX: O'Hare

Steve O'Hare - First 4 Trading
Steve O’Hare, of First4Trading.net, explains in a technical analysis of charts why he is trading the DAX.

Ideally O'Hare is selling just around 13,300. His stop is at 13,425 and his target is 13,125.

O'Hare’s technical analysis of a selected trade is regularly featured every Thursday on Trading Floor.


11 January
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Price action reacted higher this morning to our ideal entry level (13300) and has rejected and moved lower. The rejection adds a little more confidence to the trade ideas. Currently trading 13265.
11 January
P Villa P Villa
Thanks Steve! BTW have you got any views on miners. Anglo looks like a great short?
11 January
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Hi PV. Just spoke with our single stock specialist Joe Neighbour and his comments: On the weekly chart they are looking very positive. Daily chart is overbought and possible exhaustion gap higher today. No divergence yet on RSI. Look for some consolidation to re-test of break up level (1630).
11 January
P Villa P Villa
Steve thanks for prompt reply. It has outperformed whole peer group on every single metric 1yr, 6,3,1m and not sure why that is. Its +641% over 2 yrs. We are late in the cycle think this should be heading south. Its c +40% since dec low!
11 January
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
I completely understand your sentiment. When i see stocks like this i wait for a bearish reversal signal/pattern before entering shorts. Good luck!
11 January
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Would look to move stop to entry on this idea now (or take partial profit) as price has moved over 50% of the way to the target.
11 January
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Chart attached
11 January
P Villa P Villa
Thanks and great call on DAX as usual :)
11 January
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Thanks, feedback is always appreciated!

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