Looking like distribution going on for NZDUSD, also lines up perfectly with the 4hr chart I annotated. Probably gonna hold long term or set minor take profit levels.
Evening Traders,
In Today’s Analysis I am going to focus on the Wyckoff Distribution theory on Bitcoin's current Price Action, the similarities are striking and I do believe we are in Phase D, approaching Phase E.
Firstly I’ll list the acronyms for your reference:
- PSY (Preliminary Supply) – First bull impulses in the range
- BC (Buying Climax) – Volume...
NYSE:SNAP SPY
SNAP looks stronger after Accumulation
also have big potential for Short Squeeze
$SPY if very extended so i prefer will go down and will join after
will wait for big potential
$WYCKOFF
$WYCKOFFMETHOD
$WYCKOFFACCUMULATION
$WYCKOFFTRADING
We had a gap yet to be filled and EQH's to target. We are coming to a zone where we previously accumulated so coming into this zone we could see a reaction.
On the HTFs I am very bullish on GU, however we can still make money from the little moves. Ill be selling this as a HTF retracement to then buy it back up long term.
We are entering a weekly supply zone where we could see silver distribute. I am not too sure about my zone but I shall be observing any signs of distribution and waiting to enter off the test
If I see the right PA then I'll look to lay this sell to buy. I will be waiting for a LTF break of structure coming into my zone before I consider entering
On the weekly I am seeing EURGBP distribute but I am looking to buy EURGBP up to it's test where I will then be looking for sells. I will be monitoring this zone on LTFs.
With EURCAD I see us potentially beginning to accumulate. We have had a huge pullback after taking out EQLs however I have reasons to believe price will continue lower. I will be looking at this sell zone just above EQHs to bring it to a daily demand zone where I see the completion of this schematic
X Force Global Analysis:
In this analysis, we explore Bitcoin's bearish scenario based on the Wyckoffian logic.
Analysis
- On the right hand side, we have a simple diagram of the market phases developed by Wyckoff.
- It's important to remember Wyckoff's emphasis on supply and demand, cause and effect, and effort.
- In the accumulation phase, there is a...
We have a lot of liquidity sat above all of those EQH's. It's time to take those out. I am seeing a re-accumulation schematic take place here so I will be looking for the test of the spring already formed. I will use LTFs to get my entry.
This is a zone I will be closely monitoring LTF's around. We are creating liquidity above the high we have just created so I see us potentially taking out that high to also mitigate an order block.
