FX_IDC:GBPUSD   British Pound / U.S. Dollar
62 0 2
Wyckoff Analysis

A: Volume increase on rally followed by inability to rally higher = buying climax. Consolidation range set.
B: Cause being built with sudden change of character - biggest rally since range started. Sign that something is now happening in terms of long/short by smart money. Gradual increase in volume towards C therefore rally in B seen as sign of weakness.
C: Biggest volume to date in range (ignore news peaks) at lowest point = spring. Accumulation and not distribution confirmed, tests done after spring too to doubly confirm. Another test possible (first green arrow) where a buy may be entered.
D: LPS (last point of support) possible before reaching top of range again + thin move down Thurs 11th = void fill may coincide with rally away from bottom of range before markup begins. Can scale in at BUI (back up onto ice)/range retest (second green arrow).
E: not taken place yet - markup.

Second test after spring would not be unexpected to shake out weak holders of GBP before they shoot/rally up after composite operators absorb offloaded positions. This has already happened in EUR/USD             .

Long on retracement which may be a test. Stop at spring.
Typical Wyckoff minimum 3:1 trade.
Scale in on markup out of range.
TP1 = top of range.

NOTE: long position box not drawn to scale in terms of time.
Comment: Update: Long was indeed the correct direction as shown by Wyckoff analysis.
Will look to enter on LPS or BUI/throwback.
Comment: TP updated.
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out