DAX Trading Setup

by: Colibri Trader

It has been a volatile trading day. Theresa May’s speech has moved the GBP-related pairs and the cable was up around 300 pips on hard BREXIT talks. It has been a good day for the currency markets. My recent trade in the GBPAUD (check it out HERE) did return a staggering 970 pips before it reversed today. My target was at 1.6500 anyways, which makes only 480 pips. Today, we had a monstrous day for the long traders.

DAX Trading Setup

Today’s trading setup is coming from the German stock market- DAX. I am looking at a potential support test at 11,470. The daily candle is a pin bar and this gives me a further confirmation that the bulls will be raging tomorrow. I will be looking for a short retracement towards 11,520 before trying to enter in a long trade. My stop-loss would be placed just under 11,420. My price target is the resistance level at 11,700.

Happy Trading,

Colibri Trader

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