DAX after the breakout upward now backed to the range. Price achieve bottom edge of range and at this level buyers became active leaving a trail of bullish pinbar. It looks like long orders stop loss hunting preceding upward price movement. We are opening small long with Risk Reward Ratio 1:1 with stop below last pinbar and target near last high. Near 13020-13030 we will move SL to Break Even.
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Profit protection: stop moved a few pips over open level.
Hey don't you think DAX is overbought,and sems that profit taking is in place.
investsoft
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@Davybolero, DAX after a long rising should fall or should make a solid correction but only market decide when it will happen. I was searching for a sell signal but last bullish pinbar on H1 forced me to think about small long trades. Many trades were also opening shorts when dax was consolidating near 12500-12600 but price has gone upper. DAX is a bit unpredictable and likes to make nonstandard actions. We will see.
Jour
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@investsoft, there is lot of US money pouring into EU market. Cheaper. Still accumulation. Smart money waiting