DislikedI have a similar view to your self, I’m waiting to see if anymore new levels of demand are created. to take out the supply. If we could pull back to weekly supply area this could form a H&S, I’ve measured the target and it would come in right at that monthly demand level. I’m fighting weather or not to classify huge pin bar as a touch of that weekly demand zone and only reason being is when I look at the weekly on dollar index I have a pin bar formed right in weekly supply level. Also if we got the pull back I think the MA would have nice confluence....Ignored
Thanks for sharing your thoughts.
I guess there is something in your comment that i have missed when i analized this chart. Price is currently very extended so there might be some pullback/correction on the way down, and probably the correction is happening right now, with the weekly pinbar as the sign.
Speaking about the pinbar, it is about 80 pips away from the next demand area on weekly, so i think it would be too wide of a distance to take it as a touch, is it correct?
One question though, if the weekly chart have the possibility of forming a correction, does this mean that the EURUSD pair is not available to sell for at least about the next 1 week? because price have to reach the weekly demand CP before continue moving down?
What do you think about my decision selling on the new supply area right after a demand get broken? Is it to hasty?
Meanwhile, i will wait for Alfonso's response too.
Thank you,
Ivan
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