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DAX (GERMANY30) Trading Setup

Posted on Aug 23rd, 2016

by colibritrader

DAX (GERMANY30) Trading Setup

The trading week has started quite aggressively for some markets. The precious markets sell-off was stymied by a reduced interest in continued selling. The FX market was more contained. Crude oil has moved in our favour.

By: Colibri Trader

DAX (GERMANY30) Trading Setup- The trading setup from last time is going in our direction. The pair is taking some time to gather more buyers. For now, all signs are telling me that GBPUSD will see more gains in the interim term. It is trading in the 1.3200 area. We have our targets in place and nothing has changed there, as well. Now, everything is in the hands of time.

Today’s trading setup is coming from the german stock market. I can see a renewed interest on the buyers’ side. The daily candle from yesterday was a long-legged doji. Today’s candle is a bullish engulfing candle. It engulfs only the body of the previous day’s candle, but it still gives a bullish mood. I am looking at some quite encouraging signs from the lower timeframes and it seems like DAX is getting ready for more gains. I will be looking to go long at around 10,555. My stop so would be placed just under 10,375. My initial target will be at 10,750.

Happy Trading,

Colibri Trader

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