Dear traders,

The DAX trading analysis from last time has led to some gains.

I did not trade the long timeframes, but managed to get into a few short-term trades and shared them with my students in the day trading room.

Price seems to be retracing and now is probably a good time to start looking for the worrying signs.

There was an inverted pin bar at the 16,300 level, which is a strong supply zone, as well.

I would be more interested in seeing bearish than bullish signals.

So far, it looks like the price is quietly falling down.

GBPUSD Trading Analysis 21.06.2023

Today, I am looking at another bearish candidate.

This is the GBPUSD pair.

The pair has formed a three-falling soldiers candlestick pattern, which is an early indication of a trend change.

The pattern coincides with a major supply zone, as well.

If this proves to be a fake breakout, the connotation of it might be very strong.

In other words, there might be a strong sell-out that might ensue from here.

I will be looking for a 4H pattern to confirm my initial bias.

If this happens, then there might be a chance to short this pair.

I will be looking for a bearish engulfing or an inverted pin bar to give me the trigger.

If I see some rejections around the supply zone, I might be more reluctant to enter into a short trade.

Time will show and I am keen to wait since this might be a big move!

Happy Trading,

Colibri Trader


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