An Update On DAX Signal! - Forex News by Strategia Forex

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.

 
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

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.
Related Articles
Bullard is the most dovish member of the FED. But he mentioned rate hikes today, instead of further cuts.
34 mins ago
Comments

Leave a Reply

avatar
  Subscribe  
Notify of