BAUTO - Minor wyckoff accumulation before marking up?
Hi,
I think this hourly TF shows a nice VSA/Wyckoff accumulation pattern
We have a confluence of horizontal line A which was a previous resistant than has been broken to the upside, and the up trendline C which has been supporting price before (please zoom out the chart to clearly see the significant of these two lines)
Bar 1 and 2 both had high volume and their closes were away from the low of the bars. In VSA method, a down bar that closes away from the bar's low with high volume indicates buyers entering the market (stopping volume). These high volume bars are usually "tested" again to see any remaining supply, and in this case I believe bar 3 was the test. Bar 3 was a down bar with light volume.
If price manages to break above the downtrend line A, it might be ready to mark up higher.
Trade at your own risk, comments are welcomed.
I think this hourly TF shows a nice VSA/Wyckoff accumulation pattern
We have a confluence of horizontal line A which was a previous resistant than has been broken to the upside, and the up trendline C which has been supporting price before (please zoom out the chart to clearly see the significant of these two lines)
Bar 1 and 2 both had high volume and their closes were away from the low of the bars. In VSA method, a down bar that closes away from the bar's low with high volume indicates buyers entering the market (stopping volume). These high volume bars are usually "tested" again to see any remaining supply, and in this case I believe bar 3 was the test. Bar 3 was a down bar with light volume.
If price manages to break above the downtrend line A, it might be ready to mark up higher.
Trade at your own risk, comments are welcomed.