AUDNZD Bearish Trading IdeaDisclaimer, these ideas are for my records of what I see in the market after taking a trade. It will help me document the reason of why I took the trade so I can have a track record. And as such, this is not a financial advice.
At the monthly timeframe, the pair was doing what I believe was a wyckoff accumulation. In which it left an unmitigated past point of demand (LPD).
Going down the weekly timeframe, the pair did a quasimodo pattern (QM), with the head touching a supply zone. Additionally, I was able to reduce the LPD.
If you don't know what is quasimodo, I'd recommend you to watch the following video www.youtube.com . This YouTuber explains clearly supply and demand concepts, go watch his videos if you want to learn more.
At the daily timeframe, the fakeouts become more apparent (marked with $$$). Additionally, the LPD was further reduced.
Furthermore, at the 4H timeframe, the picture becomes more clearly. At the top of the head of the QM pattern, you can see an unmitigated supply zone. The zone is just above a fakeout level marked with $$$.
Also, it is possible to notice an unmitigated LPD just below a fakeout marked with $$$.
I believe price will complete the QM pattern to mitigate the 4H unmitigated demand zone, then it will drop until the LPD. After mitigating the LPD it will took off for a long term uptrend completing the monthly wyckoff accumulation pattern.
For now I'll be focusing first on the sell and then once near the LPD area, I'll start looking for long-term buys.
