I am looking for a pullback before entering long to the monthly R3 level (114.031).
I have 3 different places where I think price will reverse from a pullback and head back up.
By looking at the 4H Market MA’s, it looks like they have a strong angle and separation heading up. I don’t think the pullback will be too significant. Having said that, I will wait for confirmation to enter at the first area of the pullback, just around 112.000 bank level. This is also a good role reversal area, a bank level area, and the 4H 21 should be caught up to this area by the time the pull back is done.
I will wait for HH and HL from the lower time frames, and I must see a 21 55 cross up on the 15 before committing to the trade. If it continues lower into a deeper pullback, I will plan for the middle orange rectangle at bank level 111.000 and weekly M3, before heading up. Same thing, looking for HH and HL on lower TF and 21 must cross above 55 in the 15 min TF.