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Germany 30 (DAX) Trading Setup

Posted on Oct 16th, 2016

by colibritrader

Germany 30 (DAX) Trading Setup

The past week was not full with surprises. There were some good moves coming from the european indices and the Japanese yen pairs.

by: Colibri Trader

The trading setup from last time did not perform as expected. The breakout that formed on the day chart was a fake breakout. I did not give it enough room for a mistake and the pair turned south. That is a good moment to reflect on fake breakout. A detailed article written by my can be found HERE. Sometimes, it is good to spend some time on mistakes that have been done in the past and again and find the reason why. Trading the financial markets means constant improvement.

Germany 30 (DAX) Trading Setup

The trading setup for tomorrow is coming from the German DAX index. I can see bullish behaviour in the price action setup. The daily candle is a bullish engulfing. We are in the middle of the range (10,200-10,800), which is not the best of setups. I am expecting to see a small retracement before further gains are shown. Still, the direction is north and that is what I am looking to take. Ideally, I will enter in a long trade at around 10,550. My stop-loss would be placed just under 10,350. My first target is the level of 10,800 and then 11,000 depending on price action.

Happy Trading,

Colibri Trader

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