DAX had a bearish gap at the open after the Asian markets started the week with heavy losses. The 1h trend is clearly bearish while the German index trades at the liner regression channel support.
Bar1: long entry just above the S2 level on a long legged doji rejecting the low of the bearish trend bar
Bar2: trailing stop was hit with 5.80 pts profit
Bar3: I did’t enter long on the break above a micro trendline after the second bullish pin bar as I was looking for a second entry (break above a lower high) which didn’t happen and saved me from a losing trade.
After this point the index were ranging with a Barb Wire pattern from 11:30 to 14:00. Later there were two tradeable trendline breakouts at Bar4 and Bar7 and two failed dowside breakouts at Bar5 and Bar6. I decided not to trades any of these setups since there was no sign of conviction on neither side of the market.
Bar8: breakout pullback long entry
Bar9: trailing stop was hit with 2.50 pts loss
The DAX ended the day in a tight range with repeated failed breakouts on both ends. To sum it up we had a range day which I always find hard to trade however today I managed to escape with a tiny 3.30 pts gain.