Position Trade - NZDUSD
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.
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.
Note
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.Note
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.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.