AUDCAD has crossed weekly R1. Weekly pivot is still on the table. Other pairs have followed suit, either crossing S1, R1, or the Weekly pivot.
After Mondays Move, we see possible extremes being formed (AUDCAD as an example). Depending on todays close, we can expect the same two scenarios.
1. R1 Greater than PrevHigh
2. S1 Less than PrevLow
I drew the scenarios using daily candles. In scenario 1 and 2 I’ve drawn two new days into the future as to what I expect. This is what I understood when MO said something along the lines of “Anything longer than a scalp is based on an expectation of price expansion over time”…Don’t quote me hahaha.
In scenario 1, if you look at your own chart and look at the daily reversals, you will see a similar pattern. In smaller timeframes, it shows up as the head and shoulder pattern. I can simply look at daily candles and imagine how the candles inside that tf behaved. Little nugget there.
Scenario 2 would be the best one if I was looking to short AUDCAD, but if R1 is over previous high, I would expect a new weekly high to form and possibly reverse from that.
This is the market ideas I’m talking about. Pivots allow me to think, see, and work in the “more likely” space.
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"If you're wrong, guess what...thats TRADING"