Dax – Trade Setup Profits +180 Points for +6R | Aug 14
Dax – Buy Setup Off Key Recovery Level Profits Heavy
As we discussed in our weekly members commentary, we talked about the Dax forming a strong daily pin bar off the key 8900 level. This was followed up with another strong bull close above the ‘recovery‘ level of 9066. Our buy trade setup idea was to look for longs off 9066, without looking for a price action signal, thus a pure buy off the level.
This trade was highly discussed amongst our private members area, and as you can see, the index went right to our recovery level, rocketing higher for +180 points . For those with a 30 point stop, you would be up a +6R profit for a great risk:reward trade
Watch for 9335 and the daily 20 ema for some stalling, especially late into the London session, for there will likely be some profit taking ahead of the weekend. Only a bear close that takes out the prior daily lows will suggest a re-attack on the 9066 level, but for now, we see this as a lesser likely event.
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