The DAX is currently in a very strong resistance zone. In fact many of the largest stock indices are also in the same position please also see my trade on the FTSE (Global Equities Turn-Around)
It has touched this level 2 other times this year, we have seen several retracements on the dax this year and this seems to be where it stops the downward pressure with resistance.
I have already enterered into the trade and have set a fair tight stop loss about 100 points away to ensure I dont get stopped out prematurely, and to confirm that it is in face break and closing below that level not just down on a spike.
I have set my first take profit about 150 pips away and then my sencond one about 300 pips away.
This should be a highly profitable trade and would recommend all to jump in.
I suspect this trade will be rising for the next few days and I will be looking for other opportunities to buy the dip in this position.