EURUSD is currently trading between 1.125 - 1.13 structure levels. for those, who are looking for a pullback I suggest to be patient and let the market reach 1.125 level.
it is the safest level to buy the market, with the initial target around 1.13.
Could be a drop to get a bunch of stops. Also there was a nice monthly pivot to touch.
I closed a short on NZDCAD on Friday as it rushed to touch a similar pivot. I love to play those push -pull to significant monthly pivots and big MA like the 200 and the 800 which is basically the 200 of 4 times frames higher.
I will keep an eye for a tap into the yellow zone then a bonce back up to the 800- brown line.
This would be a classic retest but price needs to head back there first. I like this pattern as I will typically sell right where I expect the shorts to step in. I actually sell a bit before in case they don't let me reach the official diagonal line.
A lot of traders don't do anything with those scenarios, they wait until the retest touches the diagonal. However, the move up to the retest is a fairly high probability trade.
Mello42
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Nice idea but i believe we drop from where we are.
I closed a short on NZDCAD on Friday as it rushed to touch a similar pivot. I love to play those push -pull to significant monthly pivots and big MA like the 200 and the 800 which is basically the 200 of 4 times frames higher.
I will keep an eye for a tap into the yellow zone then a bonce back up to the 800- brown line.
This would be a classic retest but price needs to head back there first. I like this pattern as I will typically sell right where I expect the shorts to step in. I actually sell a bit before in case they don't let me reach the official diagonal line.
A lot of traders don't do anything with those scenarios, they wait until the retest touches the diagonal. However, the move up to the retest is a fairly high probability trade.