Last week was a magnificent trading for trading.
I analysed 3 instruments and all of them acted as expected.
Sometimes things just work out smoothly and this was one of those times.
I took a long position in both DAX and GBPUSD.
In both instruments I am already out.
I did not want to wait for too long before taking my profits.
It looks like DAX has hit a supply zone and has formed a bearish piercing pattern on the daily chart.
This is more bearish than bullish, so for now I decide to stay on the sidelines with the possibility of shorting it at some point.
It will all depend on price action but for now it looks more bearish than bullish.
USDCAD Trading Analysis
Today I am looking at the USDCAD pair.
There is a demand zone that has been hit.
On the daily chart the pair formed a 2-day bullish engulfing pattern.
Those two signs are telling me that more buyers might queue on this pair and start buying it.
I will be looking for the price to possibly retrace back to 1.4000 and form a bullish candlestick on the 4H chart.
If that confirmation appears I will most likely go long.
Stay safe and happy Sunday,