GBPUSD re-accumulation at 50% fib retracement (reference)
In continuation of the last reference.
Price entered new high ground where you can see the lack of profit taking/lack of supply (low supply in an uptrend = bullish)
Potentail no supply and push through entries circled. Took 2-3 days before it broke out of the trading range. Something to consider is what would have been optimal stop loss placement level? Could I have had the emotional fortitude to wait that long without being shaken out (fear)?
Doing my sunda afternoon warmup for the week and this scenario came up. Thought it may be useful.
Note the wicks, RSI and volume at support. Note where the volume falls off... think "path of least resistance".
Note: anyone charging you thousands of dollars for training is ripping you off. They are probably making more money from you than from trading. .All the information you need is freely available if you want to put the work in.
Sources of education:
Richard Wyckoff
Tom Williams Volume spread analysis VSA/ Master the Markets
Pete Faders VSA*
Read the ticker dot com
Wyckoff analytics
Dee Nixon
Avoid buying into weakness/supply/resistance
Avoid selling into strength/demand/support
Avoid entry when price is in middle of a range (phase B)
Price entered new high ground where you can see the lack of profit taking/lack of supply (low supply in an uptrend = bullish)
Potentail no supply and push through entries circled. Took 2-3 days before it broke out of the trading range. Something to consider is what would have been optimal stop loss placement level? Could I have had the emotional fortitude to wait that long without being shaken out (fear)?
Doing my sunda afternoon warmup for the week and this scenario came up. Thought it may be useful.
Note the wicks, RSI and volume at support. Note where the volume falls off... think "path of least resistance".
Note: anyone charging you thousands of dollars for training is ripping you off. They are probably making more money from you than from trading. .All the information you need is freely available if you want to put the work in.
Sources of education:
Richard Wyckoff
Tom Williams Volume spread analysis VSA/ Master the Markets
Pete Faders VSA*
Read the ticker dot com
Wyckoff analytics
Dee Nixon
Avoid buying into weakness/supply/resistance
Avoid selling into strength/demand/support
Avoid entry when price is in middle of a range (phase B)
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