AUDJPY - Wyckoff Up-Thrust

FX:AUDJPY   Australian Dollar / Japanese Yen
Every chart has a story and this is the recent story of this one.
The indicator did not produce a WU signal but if you know how to read your waves together with Speed Index this is a Wyckoff Up-Thrust.
The Story:
After the Longs from the exit form the range we have hit the Fib with more longs and this is where I mentioned to get profits out of some of them.
Then we have a Fib 61.8 overshoot with long signals but price went nowhere
Finally Speed Index alerts us that something is cooking. An Abnormal Speed index of 66.6 nothing like that on all the up moves= HTMU (Hard to Move Up)= Sellers and down we go!!!

Learn to read and trade any market!
Trade closed: stop reached:
Stop Reached.
Wyckoff Up-Thrust logic did not work. That high up volume wave at the bottom had momentum. Next resistance level is coming up on the left, to re-evaluate waves at the top!

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.