Dear traders,

It has been an eventful trading week!

It definitely was for the cable traders and in general the market volatility was extremely high.

I have been in a long trade in DAX, for which I wrote last week here.

The trading day on Friday did not surprise me a lot. As I shared with my Twitter followers, I was expecting a more bearish than bullish trading session.

The daily candle rejected the minor supply zone and formed an inverted pin bar.

I can not easily see the price to retrace back to the 13000 mark.

There are two possibilities ahead:

  1. Price tries to test the MAJOR SUPPLY ZONE at 13550
  2. Price retraces from this point down having found enough of a resistance

I will be careful when the market opens and if an opportunity presents itself I might be looking to short the market.

This needs to be confirmed by the 4H chart, too!

The level of 12950 looks like a good level to book first profits

Happy Sunday,

Colibri Trader

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