Dear Price Action Traders,
Our second Daily Price Action Setup is coming from the German Stock Index- DAX. We can see that the price has tried to pierce through the 9400-level but did not manage to. This level has started to show some hesitance on the daily time frame. We can see a daily bullish-engulfing candle a few sessions ago that is preceding the price action from today. Today’s daily candle is close to a doji-like, showing the hesitance of the bulls to take over the 9400-level. This hesitance might be translated as a pause before further bullish action. We are also in-line with the traders, who are following the trend (me as welll) and it might be a good opportunity to establish a long position or add to an already existent one. Depending on your trading style and trading discipline, you might want to enter in a long position at the current market price of 9363 and place your stops below 9200. The trading profit should be taken at 9600, but open positions might be closed earlier/later if price action indicates so! The ultimate target for this position is 10,000.