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
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