DAX Trading Analysis
DAX Trading Analysis
Dear traders,
Last time I wrote about XAUUSD. I was looking for a place to go long.
On Friday (a day I don’t like entering in a long-term position) there was a bullish engulfing candlestick that formed on the 4H chart.
It seems that there are two possibilities in front of us now.
- This could be a last engulfing pattern, since it is near a resistance level. This means that if the candlestick is a last engulfing pattern, it might lead to a reversal of the price
- We might still see price continuing its uptrend and if it opens with a bullish gap on the trading session after the weekend, it will most likely continue its uptrend
So far the gold market has been in an uptrend, so I will be looking for any future retracements (if of course this bullish trend does not reverse) and enter in long trades.
DAX Trading Analysis
Today I am looking at the DAX. I have been a bit obsessed with this market in the past couple of weeks and have lost on one short trade but won on the second one.
There was a bearish engulfing candlestick pattern that formed on the 17th of July and then another one that formed on the 19th of July.
Today, I am looking to find a good retracement level on the 4H chart and then get a confirmation from the 4H chart and possibly go short.
A good pullback level would be around the level of 12000.
Happy Sunday,
Colibri Trader
p.s.
Check out my article on Following the Trend