The forex pairs ready for pullbacks are included in this video. Gail Mercer goes through each of the pairs and why they are likely to pullback today.
Forex Pairs Ready for Pullbacks
The US Dollar based forex pairs have been on the move lately. However, today is likely the day a pullback to the ATR on the 240 minute chart is likely. In this case, traders should use the TradeFlow Analysis to enter a counter-trend trade based off the ADX magenta peak.
In this video, using the Multicharts Scanner, Gail Mercer, founder of TradersHelpDesk goes through the forex pairs ready for pullbacks on the 240-minute charts.
The scanner is critical for identifying these trades because you can monitor these formations on multiple timeframes. In this case, Gail uses the scanner on the 15, 30, 60, 240 and daily charts to alert her whenever the higher timeframes are overextended and ready for retracements.
The best indications of forex pairs ready for pullbacks are when the Stochastics and ADX are both either overbought or oversold with volume divergence in the direction of the pullback. However, you don’t just go into a trade because the indicators are overextended. You use the TradeFlow Analysis based off the ADX magenta peak, which is available for clients that have purchased the Silver or Diamond Packages.