Based on last weeks data and assuming the strength/weakness continues this week I have put together some pairs to keep on the radar for possible setups using pivot theory.
1. The blue circles are showing possible W-M2 to W-M4 trades.
2. The charts without circles are possible W-PP areas to look for an entry.
3. The long black lines are M-PP’s on the charts that have them so watch those zones as well to be respected by price.
Move into minute charts and trade your preferred setup for an entry if your bias matches these setups.
Note: For the eur/nzd trade to work the aud/nzd would probly need to retrace to weaken the nzd since these are both strong based on the meter ‘But’ will therefor also affect the eur/aud trade at the same time and you may have to wait longer for a eur/aud entry. Its probly a good idea to keep an eye on these relationships as an exercise alone on other pairs as well.
Lets see how it plays.
Results Post Analysis:
The white lines represent price action that took place close to actual levels.
While pivot theory didn’t prevail as planned the direction outlined for strong vs weak, except the aud/nzd, was tradeable by mid week on a few pairs.