DAX (Germany 30) Trading Setup

Dear Traders,

It has been a quiet week so far. The trade from last week did not behave as expected. The EURJPY trade did initially go up but then the bullish enthusiasm was quickly extinguished. The support level did not stand and was broken. Now, EURJPY keeps on going lower and lower and is currently standing at 116.46. Seems like the 116 level is the next strong support level. For the time being, I will continue monitoring this pair.

DAX (Germany 30) Trading Setup

Today’s trading idea is coming from the German index- DAX. During the day it sold off down to the closest intraday support at 12075. Buyers supported the price and it shot up to over 12175. This left a daily bearish rejection on the chart of this index. The daily candle is a pin bar and it seems logical that the next move will be up. Based on today’s activity, my possible long entry will be at around 12150. My stop-loss will be placed just under the low of the pin bar at 12035.ย I will be looking to take profit at around 12260 and then 12400– depending on price action. I will be extra cautious with this trade, because price is close to a major top, so even if I trade it, it will be a smaller one.

Happy Trading,

Colibri Trader