Retest back into a demand zone , possible retracement, long 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
more push down then rally... that's what i'm looking for now
leghacy
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tradewonk Gold is proving bearish price action it was just a pullback up what we saw not real bullish move thats funny it means Gold will Go Deep down Big time
boon86
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hi tradewonk, why that level is a demand zone? it did no broke any supply on its way up. Momentum line broke?
Mario_PLN
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Creating those Supply/Demand ranges would be a good confirmation to my Fibonacci thoughts or even main strategy. Ive tried some time ago Alfonso Moreno S/D videos but it is not so obvious for me where to draw those ranges... Maybe Your good work Tradewonk will induce in me some more energy to another try with learning Supply/Demand. Thanks for Your charts;-)
Hi Tradewonk, my name is Belini and I am from Israel.... just want to give a shout out and say that your work is fantastic and many people here in my country always look out for it... plz keep posting...