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AUDCAD - Question : After looking at the this chart "What is your forecast?", comment please!



10 comments

10 Comments


Rebound at 14-day POC happened. Now about to test demand line again

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It dropped to the demand line that I mentioned this morning and rebounced right off it. Probably heading to 14-day POC at 0.985'ish

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These multiple Plutus Reversal Short patterns at the top did actually pay off.

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So it dropped overnight making it a distribution phase. It might reverse at the weekly POC (0.98434) or at the strong supply line which goes all the way back to March/October 2020. Or break it... time will tell

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Ok this is how I read it. First of all do not forget that we are in a major uptrend and you have to consider the price location when this is happening. You have broken a major resistance a day before and now we are retracing. In the the beginning it looked easy. These hard to move up waves formed 4 Plutus Reversal Short Patterns but the price did not move fast down. This got me thinking. At SI 31 and that high progressive volume rate we found buyers and that is why the price started moving up. From that point on I believe anything is possible because there is still a fight between sellers and buyers. We might sta…

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Three periods (waves) with lot of effort but no results. Most upper waves are considerably slower than lower waves in the distribution/re-accumulation phase indicating upwards resistance. The last downwards wave with a SI of 31, is significantly larger than other downwards SI waves, so it could indicate a change in behaviour. The large yellow resistance area from 0.985-0.993'ish could potentially create an upwards reversal. I would probably put a buy stop order at around 0.99650 which defines the upper resistance area for the distribution/re-accumulation area, and a sell stop order around 0.99380 with a SL for both stop orders halfway in between these two limits. I still do not have an adequate understanding of the Plutus patterns, so I cannot…

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