theselfishtrader

DAX - Bullish breakout at last!

Long
TVC:DEU40   GERMAN STOCK INDEX (DAX)
Following an 80 pip gap up, today's session has closed as a very strong bullish candle.
The DAX has been consolidating all year, with no direction. Today's candle is finally suggestive of bullish momentum building.
I am now looking to take a swing long position, targeting the All-Time Highs at 12390s.
Intraday I am firmly biased to the long side, and will look to buy any dips.

Supporting reasons for the trade:
  • DMI+ has a steep slope
  • ADX is above 20 and is turning upwards
  • RSI also has a steep slope as we enter overbought territory