DAX (Germany 30) Trading Analysis

@Colibritrader

Dear traders,

The last trading idea that I wrote about was on Gold (XAUUSD). I believe that the revival of commodities is just around the corner.

I am quite bullish on the Gold market in the long-term. Although I have made a little bit of profit on my latest trading idea, and it is showing bearish signs, I believe in the bullish bias in the long-term.

The daily chart did print a bearish engulfing pattern in a supply zone, so I have taken 80% of my profit off the table.

If I see another bearish candle I will close the rest on my position.

Whereas, I am expecting to see a bearish rejection candle or a pin bar and possibly more buyers rushing in to push the price even higher.

So far, I am just reading price action and that is why I have closed a big part of my trade, but believe that it might be the beginning of the real uptrend.

I will definitely be paying very close attention to this market.

DAX (Germany 30) Trading Analysis

I have been monitoring the DAX market and was waiting for a place to short it.

On Friday I was given an indication that the time for DAX might have come already. There is a bearish candle (inverted pin bar) and this gives me confidence that maybe more sellers will join the trend.

I will be monitoring the price action on Monday and Tuesday and if 4H gives me a confirmation to sell the DAX, then I won’t hesitate much.

Just be careful with the imminent support level at 12200.

If we see a definitive break below this level, the next support level is at 11700.

Happy Trading,

Colibri Trader

P.S.

Check out my recent article on Trading with Chart Patterns 

 

 

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