Dear Daily Price Action Setup Traders,
In the past few sessions, there were a few trading setups that I have spotted and are playing quite well. The daily price action setup from yesterday is still working out its way upwards. I believe that nothing has changed technically and it still looks really great for further advances. It showed some consolidation, but still the bullish momentum has not been negated.
On the other side, the DAX daily price action setup from a few sessions ago is still looking bullish. There is a bullish engulfing pattern on the daily chart. I personally would not take another long position, because I want to spread my risk a bit. Although, I am not going out of this position, since we might have a long way to run. We are very close to a resistance area (10,850) and that is why I am monitoring how the price would react to this level.
I want to bring your attention to another trade, I am in. A few sessions ago, I was sharing with you the USD/JPY daily price action setup. A bullish engulfing pattern formed on the daily timeframe and today, there is another bullish engulfing signal. I am entering into a long position with the following parameters:
Long at 118.30
My stop is placed just under the level of 117.20. My first target is the level of 120.00. Then it all depends on the price action. As you are familiar with my approach, I like to enter into a trade, test the market and see how much I can get from a trade. Do I have pre-set target- of course I do. But the point is that I am not going to take out my profits at this level if the price does not show worrying signs.