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Short DAX

Short DAX

James Stanley, Senior Strategist

Short DAX

This setup is primarily a technical play looking to take advantage of the recent rip-higher in European stocks. After kicking off an aggressive top-side run in early July, the DAX ran into resistance at the 10,800 level two weeks ago. And after this resistance came-in, price action moved-down to find near-term support at 10,500, but after reacting higher began to set a ‘lower-high’ off of the 23.6% Fibonacci retracement of the 2011-2015 major move.

Stops on the position are set at 10,825 to take on approximately 230 points of risk. Profit targets on the position can be set towards 10,350, and then 10,000. Should the second target be met in quick-order, the second scale of the position may be split in order to look for deeper profit targets on the remaining portion of the lot.

Short DAX

Created with Marketscope/Trading Station II; prepared by James Stanley

--- Written by James Stanley, Analyst for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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