Hello Traders,
We have a situation whereby there are multiple confluences for this bullish move.
To start with, on the monthly chart, we can see that price is retracing while forming an 'M' pattern which will complete at the monthly demand orderblock which is a 'W' pattern. This simply means that we should expect bullish price movement.
On the weekly chart, we have an unmitigated demand zone and the price is approaching this level while creating an 'M' pattern. The expectation is that the price will mitigate this zone and rally.
On the daily timeframe, you will notice there is a demand orderblock that is yet to be mitigated. This orderblock is also in alignment with the equilibrium price level of the weekly demand orderblock.
This pair is on my radar and my alert has been set. Waiting for the price to trade into that zone.
Follow for more updates like this.
Cheers,
Jabari
We have a situation whereby there are multiple confluences for this bullish move.
To start with, on the monthly chart, we can see that price is retracing while forming an 'M' pattern which will complete at the monthly demand orderblock which is a 'W' pattern. This simply means that we should expect bullish price movement.
On the weekly chart, we have an unmitigated demand zone and the price is approaching this level while creating an 'M' pattern. The expectation is that the price will mitigate this zone and rally.
On the daily timeframe, you will notice there is a demand orderblock that is yet to be mitigated. This orderblock is also in alignment with the equilibrium price level of the weekly demand orderblock.
This pair is on my radar and my alert has been set. Waiting for the price to trade into that zone.
Follow for more updates like this.
Cheers,
Jabari