Today’s trading idea is coming from the German index- DAX. During the day it sold off down to the closest intraday support at 12075. Buyers supported the price and it shot up to over 12175. This left a daily bearish rejection on the chart of this index. The daily candle is a pin bar and it seems logical that the next move will be up. Based on today’s activity, my possible long entry will be at around 12150. My stop-loss will be placed just under the low of the pin bar at 12035. I will be looking to take profit at around 12260 and then 12400– depending on price action. I will be extra cautious with this trade, because price is close to a major top, so even if I trade it, it will be a smaller size.
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