DAX Price Action

The signal from last time did play out nicely. The DAX market has risen over 500 points from the time I wrote about it. Unfortunately, the price did not come down to the level I was looking to enter into a trade and that is why my intraday trading system helped me take part of the rally.

Fortunately, today there is another positive signal coming off DAX price action. The candlesticks from yesterday and today are showing bearish rejections. The yesterday’s candle is a pin bar and today, there is a small pin bar, which gives further indication for more buyers coming in and pushing the price up. I will be looking to enter into a long position at around 11, 490. My stop would be placed just under 11, 400. In case the price does not make a small correction towards 11, 490 I will be using my intraday trading system in order to get into another trade. In case you are still in a long position in DAX, there is no reason to cut your long positions. My next target is the level of 11, 650. Then, it comes down to price action to decide whether to hold the position open or cut it.

Happy Trading,