DAX (Germany 30) Trading Idea

by: Colibri Trader

Dear traders,

The trading idea from last time did not progress as expected. There was a pinbar over the support level, which did not hold.

Price went up briefly to only bounce back from 112.500. Currently, it is located at 111.820 and looks more bearish than bullish. I will move on from this pair and probably revisit if I see another bullish pattern around 111.000.

DAX (Germany 30) Trading Idea

On Friday I warned my Twitter followers that we might be experiencing the beginning of a reversal. I don’t like going against the trend as you know, but this looks more and more bearish to me.

Price is really hesitating around the 13,000 handle. On Friday it closed by forming a bearish rejection, or a pinbar on the Daily timeframe.

It looks like bears are starting to take control from the bulls.

I am also closely monitoring the 4H chart for more signs of weakness.

There is an inside bar that formed, but I would ideally want to see further confirmation from the bears.

During the next trading session I will continue waiting for a good bearish confirmation and possibly short this instrument.

First target could be the level of 12,900 and then 12,650 depending on price action.

Happy Trading,

Colibri Trader

Check out my article on Why Waiting for a Boring Trade Might be The Best Thing To Do

or simply e-mail me with your questions at: admin@colibritrader.com

 

 

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