Card 1: the Xetra opening rotation

The course's first setup is that of the DAX's most readable window: the forty-five minutes after the opening auction. It rests on an almost daily move, the sweep of a night boundary followed by a rotation, and on the read of the absorption that ends the sweep. Distances are in DAX points, to be recalibrated on the day's overnight range.

The mechanism

At 9 am, the FDAX converges to the auction price, then looks for its place between three references: that price, the overnight range and the liquidity clusters built between 8 and 9 am. The typical move goes for the liquidity stacked below the night's low (or above the high), triggers the stops sleeping there, then turns when a bid absorbs that stop flow.