An Update On DAX Signal!
Good afternoon, fellow traders. After the exciting analysis on the Gold, WTI, and GBPJPY, here we go with the DAX (German 30). During the p
Arslan Butt•Monday, October 9, 2017•1 min read
Good afternoon, fellow traders. After the exciting analysis on the Gold, WTI, and GBPJPY, here we go with the DAX (German 30). During the previous week, we opened a forex trading signal to open a sell position below $12,975. Let's see how to manage this trade.
DAX // Germany 30 – Resistance Zone
Fellas, let me draw your attention towards the daily chart of DAX. Here we can see the index is consolidating below a solid resistance level of $12,998.
DAX – 4 – Hour Chart – Fibonacci Levels
- On the hourly chart, the Index has formed a bearish Marubozu candlestick pattern. This pattern signifies that the bearish trend is imminent.
- The RSI and Stochastics are holding at 68 and have started coming out of the overbought region.
- The immediate resistance prevails at $12,935 and the European index needs to break this level to fell sharply.
DAX – Trading Plan
We opened a signal to stay in sell below $12,975 with a stop loss above $13,050 and take profit at $12,875. At the moment, it's tossing between profit and loss. We will be on a safer side only If DAX stays below $12,998. Good luck.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
ABOUT THE AUTHOR
See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
Related Articles
Comments
Subscribe
Login
Please login to comment
0 Comments
Oldest
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals