One of the ForexLive brethren has some questions about what to do with his long DAX position. Can you help him out?

One of our readers is in a very nice DAX long from 9350

Brus Bedict writes;

"I have a very good DAX position, open at 9350, and i wonder if it's time to get out...any ideas?!?!? Cant make decision..."

I asked him why he felt he may need to get out;

"No specific reason, just everything starts to look too obvious and that's making me nervous...QE, cheap euro, Draghi's "all instruments" etc...I think I'll wait to see if we break 11 000 in this and couple more sessions, and if so, I will keep it for some more time..."

What's running in favour of the trade? Simply the fact that the ECB could increase QE in December. There's no bigger reason for staying in the trade than that right now. But that doesn't mean that reason will last as the market will want to know how much further the ECB is prepared to go. That now brings some uncertainty to the trade and we want to remove as much of that uncertainty as we can

It's a very nice predicament to be in but the "What should I do now?" question is one that we all face when in a trade, whether it's in a profit or loss. The fundamentals play a big part but when you're at a loss of what to do with them, it's often a good idea to have a look at the charts and look for the levels that could make the decision of what to do for you

So what advice can we give?

I've had a look at the charts and here's my view

DAX daily

Looking up, the resistance line from April would be the main level to watch after 11,000. That comes in at 11162. Get over those two and a further push up is possible

Looking down, 10652 is a minor level that I would be watching for support to develop at. The bigger level would be at 10500/12

DAX daily close up

If you wanted to push the boat out a bit further the 10400-10380 level could be a final line in the sand

From here I'd let the levels play out. Fail at 11000 or 11162 and that's potentially a signal to take some off the table. Break above and that may give an opportunity to add.

Break the lower levels and that's another signal to take some or all profit. Hold the lower levels and that's another signal to add to the position

The tech is there for a reason. It doesn't tell you where the price is going but it can remove some of the indecision of a trade by asking simple questions (Will it or won't it go above/below a level?). The tech makes the choice of what to do for you if you choose to use it that way.

So those are my thoughts. Can you help a fellow trader out with your thoughts?