Dear Price Action Traders

The price action signal from last time has made us some points, but it is not what I expected. The price was coming really close to the 1.5700 target, but the resistance area held the price below this level for quite a long time. Now, the price action is showing me some signs of attire and possibly losing the bullish steam. Yesterday’s daily candle is a bearish pin bar, which gives a further confirmation that bears are showing their strength. That is why we should be extra careful and remove long positions. At the same time I am not considering going short. What I would like to do is have a look somewhere else, where I can find another opportunity.
The price action is giving me such an opportunity in the German stock market DAX. The intraday price action was a reversal day. There were a lot of sellers in the European session and then, once the US session opened, a lot of buyers rushed in and pushed the price up. The daily candle ended up being a pin bar-like candle that is showing a bearish rejection. This gives us further indication that a lot of buyers are rushing in and getting ready to continue the move in the next major trading session. My entry for the day will be: long at 11, 240. The stop should be placed just under 11, 135. The first target is the level of 11, 400 and then 11, 500.
Happy Trading,
Colibri Trader
(Visited 344 time, 1 visit today)