Corrective Days

I am sure by now everyone notice that the change in the direction of price. Not because there is still no negativity in price but still we are in the down trend on the EURUSD. This is the time for it to correct itself . Hence it might be a bull for a while. Clearing all those unfilled supply level. One thing that confirms me was yesterday though I did not trade it because we are:

1. IN a larger time frame near demand or was in fact after entering a demand.

2. Supply Near demand is a low probability setup.

See below a Daily Time frame chart.

Daily_Charts

I can’t show it on the post where it is exactly because it was too far on the left , around in the year 2003. So I use the horizontal line and it matches the price bounce of last week. ANd of course this week, All I had to find was a Demand on my H1 time frame. And it did appear just after London Open.

And so setup a 20 pip risk for a 40 pip reward. To confirm it further there is also Demand on the smaller time frame if you want to take a smaller risk on the trade. Smaller risk means smaller reward.

H1_Eurusd_

The nearest supply is still 500 pip away. But with current Volatility, it can reach quick. But if the volatility is normal, then I can consider it is still a long way.

So … Happy hunting everyone!!

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