DAX (Germany 30) Trading Setup

by: Colibri Trader

Dear Traders,

The trading setup from last time- XAGUSD keeps on going down. It seems like price is starting to show some signs of exhaustion. This might be a temporary exhaustion, but still the daily price chart is showing a pin bar like candle. There is no major support area very close, but we might see a small retracement. One way or another, I am not going to trade that candle, since it does not tick all of the boxes.

DAX (Germany 30) Trading Setup

Today’s trading idea is coming from DAX (Germany 30). It looks like the bullish move is exhausted already. The price seems to have found a temporary top. I am expecting to see a small correction (if not more than that). The daily candle is a bearish engulfing candle. I will be looking to possibly go short at around 12,425. My stop loss will be just above 12,500. My first target is the level of 12, 365. The secondary target is the level of 12,250.  The last target is the level of 12,000 (depending on price action).

Happy Trading,

Colibri Trader

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