Dear Price Action Traders,

Today’s Price Action Setup is coming from the German stock market, a.k.a. DAX. There is a strong Daily bullish-engulfing candle, which is foreboding more bullish momentum. It has reinforced a pinbar, which formed a few sessions ago, just above the 9000-level. This is a good confirmation and we will be watching to execute a buy signal after a brief retracement towards the level of 9275. The stops should be placed under the level of 9130. Our initial target is the level of 9500 and after that the psychological level of 10,000, but taking trading profits depends on price action as much as deciding when to initiate a trade. Therefore, a constant follow-up of the daily price action candles is necessary.

Happy Trading,

Colibri Trader

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