FX:AUDCAD   Australian Dollar/Canadian Dollar
992 4 80
Retest back into a fresh supply zone , possible retracement, a short opportunity.

Stuff to remember:

— First look for significant move, then follow it to its origins where you might find a suitable level to evaluate further

— Make sure the initial move is significant on the same timeframe as the one you use for viewing your candidate level most clearly

— Check the distance that price traveled before the trend ended, longer distances mean larger initial imbalances and improved probabilities in the future

— The strong initial move can contain a few small retracements but not so many that make this move slow and weak

— Avoid opposing levels on the same and immediately higher timeframes, prefer to have a clear road ahead for your trade to run

— Make sure your level is placed correctly (low for Demand, high for Supply) in relation to the big picture's important tops and bottoms

— Trading the first return of price to a valid "fresh" level carries the highest probabilities due to the larger imbalance

— A valid level is considered "fresh" if price has not returned to it since its creation. It has nothing to do with how old the level is
why considered fresh supply zone? looks more a resistance than supply.
+5 Reply
I see what you are doing over and over again, and it makes a whole lot of sense. your reasoning is sharp. good job man.
Reply
Tradewonk TOP behavioral_e
@behavioral_e, Thank you very much.
Reply
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