Germany 30 DAX Trading Idea

 by: Colibri Trader

The trading idea from last time did really go according to my analysis. Gold is already up over 20 dollars and is currently trading at 1290.

This is where my first target was located. For now, I am not seeing a very disturbing price action setup, but I will keep on monitoring price action.

If everything goes according to plan and there is a breakout from this level, I am looking for the next resistance area at 1315.

Today, I am looking at the Germany 30 DAX index. It looks like that there might be a continuation of the current trend.

Today’s daily candle is a small bullish engulfing candle with a bearish rejection wick. This indicates bullishness, so I will continue monitoring this instrument.

For now, the intraday charts are more bullish than bearish, but this does not mean that we are going to see a breakout straightaway.

I will be possibly looking for a bullish confirmation from the 4H charts tomorrow. I will be looking for a bearish rejection or a bullish engulfing.

I might consider taking a long trade tomorrow after the market opens. In case I do, my first target will be the level of 13,100. Then, it comes down to price action to decide whether to hold on to a trade or to cut it.

Happy Trading,

Colibri Trader

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