EC mitigated it's previous High and Order block then had a huge rejection as expected. Price went bearish and hit TP. 330 pips
CHECK THE SETUP POST BELOW.
Price is consolidating after breaking the trend. Accumulation event will cause price to fill the imbalance created in price after the strong push down and then go bearish.
Price may go higher over high demand. But after mitigating the above OB, price will be pushed down.
There are BUY TEST and SELL TEST which was proposed by Wyckoff in his Third law; Efforts versus results which signals a change in trend direction. But on the chart is only BUY TEST. Divergence between Volume and Price is used to detect this change.Is simple but powerful strategy...
FOR BUY TEST,
Buy when volume diminishes during reaction(like the chart above) and...
Price broke structure to collect buy side liquidity (BSL). On a HTF price failed to make Equal High which comfirmed a shift in structure.After the Stop hunt, price is now bearish but it may retrace for fair price then continue bearish.
Bearish Order block is the last bearish candles that forms before an upward move by bull candles. If it forms a peak and move downward to close below the Order block, it confirms a sell. It may require a retest.Price broke the resistance level for stop hunt or grab liquidity to move the price down.
AUD/NZD has formed a Channel inside a Channel which is bullish and is slowly breaking the trend's resistance line.Buyers are gaining control therefore it can even go higher.
Demand is on the rise as supply seems to dry up. The rise in demand and the state of the supply shock ratio is likely to trigger rally in the coming days. The continuation pattern is not ending soon as exchange flows are back to their accumulation mode to keep up with the rising demand
