ReadtheMarket - Supply and Demand with Price Action
- #7,003
- Oct 7, 2020 4:26pm Oct 7, 2020 4:26pm
this is how i see it {image}
Here is my take on this. Take a Look at the H1, we have an ignored MPL that is much further back. Also not that price followed symmetry and bounced off of the FO level way in the past as well. Finally, take a look at the H1 Engulf of the FL (this is within a stronger Monthly Demand level, so to engulf that level shows clear decision to go down from ITs.
Now to the M5: Price forms a QM near the level, suggesting an incoming diamond, but also IT manipulation and it increases probability of reversal. Chart is filled with lines so hopefully not too confusing.
Now, it is much easier to analyze in retrospect rather than make the decision in the present. So do not take me as a guru or an expert, just sharing my thoughts. Perhaps fdx could affirm this analysis.
- #7,005
- Oct 7, 2020 7:54pm Oct 7, 2020 7:54pm
{quote} Valas, where can I get those drawing tools you have on the top left corner?
I got it somewhere as well from the forum can't remember where tho
Anyways here it is.
- #7,015
- Oct 14, 2020 2:48pm Oct 14, 2020 2:48pm
- Joined Jun 2012 | Status: Trader , Analyst and Mentor | 5,884 Posts
Say something meaningful or Silence!!
hey rtm mates what do you think about gbp usd. i think they cooking something big GBP USD DAY QUASIMODU COMPRESSION FLAG ORDERBLOCK PTZ. please share your view so we can learn and benefit from each other {image}
Price engulfed up. So it is a signal that price is going up. But before that, there is no barrier to stop a retrace down to 1.2760 level.. it is a QM level. This is just my view.
