AbsS
Long

GBP/USD Long (update 2)

FX_IDC:GBPUSD   British Pound / U.S. Dollar
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Eventhough I wrote in the last idea that i put the SL in the wrong place on the chart and i haven't been stopped out, I've re-published the idea with the SL in the right place. Nothing in the analysis or entry has changed - this can be backed up by original publication link at the bottom.

Wyckoff Analysis:

A: Volume increase on peak 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) before reaching top of range again and marking up. Can scale in at BUI (back up onto ice)/range retest at top dotted line.
E: not taken place yet - markup.

Written prior to the move re: entry (can be checked in link below):
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.
Comment: We may be seeing the range retest now. I will scale in here.

Comment: Looks like the retest happened as expected.
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