Dear Price Action Signal Traders
The price action signal from last time- DAX, did not work out as good as I expected. You would have not been stopped out if you are still in this trade, but I cut my position around 9600. The daily candle that has formed is a bearish engulfing pattern and I am starting to doubt the legitimacy of the buyers.
Today’s price action trading signal is coming from USD/CAD. I am seeing a bullish signal here. A lot of you and including quite a few price action traders will think I am crazy, because of the bullish rejection candle. But I still believe that the bullish trend has not finished yet. There is an inside bar from yesterday (red encircled area) and I can see more bullish signals from the lower timeframes. It is a more aggressive trading signal, since the price is just below the resistance area, so therefore this trade won’t be suitable for the more risk-averse traders amongst you. My long entry has the parameters: Long at 1.3355. The stop-loss should be placed just under the level of 1.3250. The first price target is the level of 1.3500.