An Update On DAX Signal! - Forex News by FX Leaders

An Update On DAX Signal!

Posted Monday, October 9, 2017 by
Arslan Butt • 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

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.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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