AUDNZD Bearish Trading Idea
Diupdate
Disclaimer, 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).
https://www.tradingview.com/x/tNdf9kFx/
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 https://www.youtube.com/watch?v=T_F3msaopgE. This YouTuber explains clearly supply and demand concepts, go watch his videos if you want to learn more.
https://www.tradingview.com/x/jyyuk5ul/
At the daily timeframe, the fakeouts become more apparent (marked with $$$). Additionally, the LPD was further reduced.
https://www.tradingview.com/x/bNhxMNeT/
Furthermore, at the 4H timeframe, the picture becomes more clearly. At the top of the head of the QM pattern, you can see an unmitigated supply zone. The zone is just above a fakeout level marked with $$$.
Also, it is possible to notice an unmitigated LPD just below a fakeout marked with $$$.
https://www.tradingview.com/x/IAmFQh5c/
I believe price will complete the QM pattern to mitigate the 4H unmitigated demand zone, then it will drop until the LPD. After mitigating the LPD it will took off for a long term uptrend completing the monthly wyckoff accumulation pattern.
For now I'll be focusing first on the sell and then once near the LPD area, I'll start looking for long-term buys.
At the monthly timeframe, the pair was doing what I believe was a wyckoff accumulation. In which it left an unmitigated past point of demand (LPD).
https://www.tradingview.com/x/tNdf9kFx/
Going down the weekly timeframe, the pair did a quasimodo pattern (QM), with the head touching a supply zone. Additionally, I was able to reduce the LPD.
If you don't know what is quasimodo, I'd recommend you to watch the following video https://www.youtube.com/watch?v=T_F3msaopgE. This YouTuber explains clearly supply and demand concepts, go watch his videos if you want to learn more.
https://www.tradingview.com/x/jyyuk5ul/
At the daily timeframe, the fakeouts become more apparent (marked with $$$). Additionally, the LPD was further reduced.
https://www.tradingview.com/x/bNhxMNeT/
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 $$$.
Also, it is possible to notice an unmitigated LPD just below a fakeout marked with $$$.
https://www.tradingview.com/x/IAmFQh5c/
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.
Catatan
Reversal started, entering a buy if it reaches my level. My target will be up until the supply zone marked at the beginning of this idea.Catatan
Price is near my buying zone, I believe it wants to reach the unmitigated supply zone above the QML, so I'll be buying until it reaches that area.
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