pantheo

Coming to possible reversal zone

FX:AUDNZD   Australian Dollar/New Zealand Dollar
137 12 1
Big M pattern, positive momo divergence
CONTROL WHAT YOU CAN
ChimbOt PRO
2 months ago
could be revering now
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pantheo PRO ChimbOt
2 months ago
We see. My limits didn't triggered yet. I would like to see a deep dive into the demand zone and possible a candle reversal in the smaller timeframes before I add positions. Cheers. P.
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ChimbOt PRO pantheo
2 months ago
i see a doji on the weekly with divergence ..
snapshot
. i did not draw s/d
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pantheo PRO ChimbOt
2 months ago
You're right. I'ts there, but since we are in downtrend, I need more reasons to play it countertrend. If next week is bullish, it might print a morning star, so we can establish longs when it will revisit the area between the close and the high of the doji. This way you are getting a fairly good R/R, in case you are wrong and price continues lower breaking down from the doji. If you draw the demand zone, you'll see that starts around 22 pins lower than the low of doji. It happens some times, i'ts called bullish spacing, but it's not part of my trading plan to buy the break up off of the doji in a downtrend without further confluence conditions. Cheers, P.
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ChimbOt PRO pantheo
2 months ago
thanks for your insight?
can u explain bullish spacing
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pantheo PRO ChimbOt
2 months ago
It's the zone right above the support or demand zone. If a swing low happens there, means that fresh long orders added up to the order flow, after the event that caused the previous, lower, swing low to the left of the chart.
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ChimbOt PRO pantheo
2 months ago
Understood ! also see a possible demand level here
snapshot
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pantheo PRO ChimbOt
2 months ago
snapshot

Maybe it will swing there, who know:-) it's safer though to draw the demand zone where the thrust is in the previous swing low, i.e. just a little bit lower than the low lower of your yellow box.
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ChimbOt PRO pantheo
2 months ago
you are correct!
could be painting a i/HS and the right shoulder must be higher
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pantheo PRO ChimbOt
2 months ago
:-) symmetry says that it's not a proper IH&S.
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ChimbOt PRO ChimbOt
2 months ago
Time to ptake profit
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pantheo PRO ChimbOt
2 months ago
That's the right spirit. It created a higher demand zone. When and if there again, a price action reversal is buyable.
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