A monthly OB identified on the chart back in March 2020. We will refine it in lower time frame.
Comment:
Price validated the orderblock back in April.
Comment:
Switch to weekly chart.
We would love to see a violation over previous bar's high, and then refine it as a bullish orderblock.
We would love to see a violation over previous bar's high, and then refine it as a bullish orderblock.
Comment:
However, the reaction after it didn't play well. We would love to see a breakthrough of 2 - 3x of the previous down candle's range between O and C. So we'll seek more opportunities for another bar or in another month.
Comment:
Let's firstly examine another month. As the figure shows, the monthly orderblock was not cross any support level. Thus, it's not a orderblock by definition.
Comment:
So back to past month we examined before. We can see that a potential orderblock in lower time frame according to this chart even though it's not validated. We'll switch to LTF to check further details.
Comment:
In lower time frame, we see that a chart that successfully clear the past down candle and is 2 - 3x higher than it. Also it was running into a monthly orderblock to seek liquidity on a monthly chart.