DAX (Germany30) Trading Analysis
DAX (Germany30) Trading Analysis
Dear traders,
It has been a great Friday and so far Monday. As I shared with a lot of you on my trading blog and on Twitter I took a long trade in XAUUSD (Gold).
I am still running this trade.
So far it continues to exhibit bullish sentiment.
There is a doji candle that formed today and it could be a sign for hesitance. One way or another, I will continue monitoring XAUUSD and if I see a bullish confirmation, I could increase my position.
If I see a rejection, I will possibly get out of this trade. The next major resistance level is at 1365.
DAX (Germany30) Trading Analysis
Today I am also looking at another possible setup.
There is the DAX daily chart that formed an inside bar just above a resistance-turned-into-support level.
Usually this is a sign for a continuation, but the inside bar (followed by another inside bar that formed last week) is telling me that probably this move is exhausted already.
I shared with you last week my thoughts on that instrument on Twitter, too.
I already had an initial confirmation from the 4H chart on Friday. There was an inside bar that formed on the 4H chart.
Check it out below>>
I am currently looking for a confirmation after tomorrow’s open.
Currently, it looks like we are going to see more selling in the sessions to follow, but that is yet to be confirmed by the 4H chart in tomorrow’s trading session.
Happy Trading,
Colibri Trader
p.s.
Check out my article on Trend Following HERE
Hello,
On weekly the last 2 weeks Dax has formed the coiling effect.
If this ends up breaking upward 11600 would be a reasonable target. Some 400 points away
This in my opinion is a good long opportunity, but watching how each daily candle forms / closes and then dipping down to the 4 hour for a look inside is all one needs to do.
Enjoy
Good observation again Dan! It formed a double bullish engulfing and broke to the upside. Did not manage to get on this one unfortunately 🙁
Hello,
The coiling, the candles and the whole formation matched a bullish profile for me so I got long and made the full points that session.
100 pts.
Nothing to write home about but prior observation coupled with patiently waiting is how its done.
I’m learning finally !
Thank you
I would like to add : this is the time one needs to stay humble and maintain gratitude toward life and the markets for what it may offer.
That is absolutely right! Also take a break and enjoy your hard-earned money! Never forget to withdraw something out of the account so you can feel the earnings! Well done again- I am proud with your achievements!
Well done my friend! You seem to be on the right track to profitability! It takes time to master this trading approach, but once you are there, you can see the potential yourself!
Hello Colibri,
Dax saw 11600 last session, ( I mentioned that 11600 was a reasonable target on Feb 4th) many traders were shorting and looking for lower action I was not as it fitted a more bullish sentiment although at times we had gaps down along the way.
Each gap was filled and price always moved higher, it’s so important to “observe” and not project your bias in any way.
If current sentiment stays 12000 is next as next reasonable target.
Of course I am open to anything changing at any time, but there is nothing in the chart to indicate it’s time to short
Regards
Hi Dan,
Very good job! I can see you have picked up the most important concepts of the course and you are applying them successfully! I am very proud with what you have achieved so far. And yes- 12,000 seems to be the next level. Let’s wait and see if price does not prove us wrong:) Enjoy the weekend, Dan!