Great Opportunity to go LONG as price reached into Monthly Demand zone
In the Weekly Chart, - price is also reaching Weekly Demand - however, the area is not fresh for a good quality trade
In the Daily Chart, - Price may rebounce from the fresh area (Daily Demand 1) instead of touching it deeper - This differs from the usual S&D prediction that price may reach deeper to get more BUY orders since the area has been re-touched several times. This serves to test my understanding of this deviation. - We shall see how price behaves - Nevertheless, I will place a pending BUY order in the Daily Chart based on this prediction
A pending BUY limit order has been placed in the Daily Chart on 30 May 2023.
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An update on the Weekly chart as I took another look and discovered that there is a fresh Demand area that a potential trade may also be placed in the Weekly chart. Price is reaching the fresh area which is embedded in the Monthly demand area.
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An update on my comment on the D1 chart as well: Price may reach the Daily Demand 1 as it is fresh. For more conservative trades, consider placing orders in the Daily Demand 2 as it is more deeply embedded in the Weekly Demand, which is embedded in the Monthly Demand.