#replay 97 - Identifying Orderblock

Od p3nchan

Zaktualizowano

A monthly OB identified on the chart back in March 2020. We will refine it in lower time frame.

Uwaga

Price validated the orderblock back in April.

Uwaga

Switch to weekly chart.
We would love to see a violation over previous bar's high, and then refine it as a bullish orderblock.

Uwaga

However, the reaction after it didn't play well. We would love to see a breakthrough of 2 - 3x of the previous down candle's range between O and C. So we'll seek more opportunities for another bar or in another month.

Uwaga

Let's firstly examine another month. As the figure shows, the monthly orderblock was not cross any support level. Thus, it's not a orderblock by definition.

Uwaga

So back to past month we examined before. We can see that a potential orderblock in lower time frame according to this chart even though it's not validated. We'll switch to LTF to check further details.

Uwaga

In lower time frame, we see that a chart that successfully clear the past down candle and is 2 - 3x higher than it. Also it was running into a monthly orderblock to seek liquidity on a monthly chart.

p3nchan

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