Downside Pullback Imminent
Updated
Note(s):
There is now plenty of room/potential for USDMXN to fall like a stone... (Even just a small pullback to the downside will be significant in terms of pips...)
This is a pair which I will now be eyeing for Short opportunities/signals only.
The following are other pairs, which are inside my "hot-list" currently:
NZDCAD 0.21% (Short)
GBPNZD -0.35% (Long)
GBPUSD 0.05% (Long)
USDMXN 0.46% (Short)
EURMXN 0.35% (Short)
EURNZD -0.46% (Long)
AUDNZD 0.20% (Long)
*For each of the above pairs; I will be looking out strictly either for the Long or Short opportunities only (in the 5mins chart; I will get in once I received a signal & then be ready to secure the trade with BE-SL or TL-SL, & then just let the trade run; if I should get stopped-out; then I will keep on re-entering again & again on-signal-based).
Best regards.
There is now plenty of room/potential for USDMXN to fall like a stone... (Even just a small pullback to the downside will be significant in terms of pips...)
This is a pair which I will now be eyeing for Short opportunities/signals only.
The following are other pairs, which are inside my "hot-list" currently:
NZDCAD 0.21% (Short)
GBPNZD -0.35% (Long)
GBPUSD 0.05% (Long)
USDMXN 0.46% (Short)
EURMXN 0.35% (Short)
EURNZD -0.46% (Long)
AUDNZD 0.20% (Long)
*For each of the above pairs; I will be looking out strictly either for the Long or Short opportunities only (in the 5mins chart; I will get in once I received a signal & then be ready to secure the trade with BE-SL or TL-SL, & then just let the trade run; if I should get stopped-out; then I will keep on re-entering again & again on-signal-based).
Best regards.
Note
This pair is currently having a "weak" sell signal (in the 5mins chart); but I will need to wait for it to be more convincing (hopefully coming Monday); then only I will enter a Short position...Best regards.
Note
In case if you are curious as to "what shall be a Sell signal?"- The most "simple" method will be to use Heiken-Ashi Candlesticks; just lookout for a series of red-color candlesticks formation (in higher timeframes like the 1hr chart for example) - to have a confirmation for a Short.
- Another method is to use ZigZags (indicator); I personally use a series of custom ZigZags that defines the primary wave & also the secondary waves; so if the primary wave is down, then I can wait for a secondary wave to form upwards - to Short a upwards pullback/retracement/correction; for the main trade down (the primary wave direction). The ZigZags (2 sets) must be customized/set correctly, appropriately, & accurately.
- Another option is to use moving average(s) (which must also be set correctly, appropriately, & accurately). I personally use my own custom moving averages (such as the Non Lag Moving Average Version 6) on higher timeframes like the 1hr chart; together with the Heiken Ashi candlesticks if you need to.
Regards.
Note
Forgot to mention above that my custom ZigZags works quite perfectly in the 5mins chart (zoomed all the way out); it is by far the best timeframe for a confirmation signal, for the pairs of ZigZags that I'm currently using, based on my experience.Regards.
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