Potential distribution range on btcusd. Presence of supply at the lows with little demand at the highs. Price action has taken out short orders before making a move to the downside.
No change of character, it is redistribution. Look at it as a continuation of character...
maxisbored
⋅
@PistonHonda, Indeed, redistribution. That is why the chart is titled Wyckoff Redistribution, I'm sorry you found that confusing.
Regarding the change of character, in this case is a local event on a lower timeframe and not a HTF change in market structure. While certainly not as valid as a break in structure it is still worth identifying. Price action in this case made a deviation in the downwards move as it did it not find relief at several important areas of support that were respected in both directions on every move in the past, including the .618 fib retracement, point of control and daily horizontal levels etc. You can read more about a local change here: wyckoffanalytics.com/run-recognizing-a-change-in-behavior/
PistonHonda
⋅
@maxisbored i know how to recognise a change in behaviour :) . The only change of behaviour here would have been on a reversal in an accumulation schematic indicated by the sign if strength in phase C. Obviously that was a UTAD so no change of behaviour indicated.
change of behaviour also needs to happen on the same timeframe as you analyse the structure on otherwise you will definitely get some false signals :)
maxisbored
⋅
Thanks for your comment, but I believe that there is no right or wrong data but rather only interpretations and misinterpretations. The movement in the range is clearly unlike any other and therefore it is a change of character. Understanding price action at a lower timeframes helps to build confluence in a case of understanding what will happen on the higher TF. But I'm not here to argue :) There's plenty of info on this case in specific on the link above. You're also course feel free to share your own data. Best of luck!
PistonHonda
⋅
@maxisbored, hahaha maxy.... you so funny and clever :) forgetting I taught you most of what you know about Wyckoff.
It is not a change of character shown by the other down bars within the range. The only possible change of character was the two green up bars on demand that was very short-lived, therefore, being not a change of character.
You have some more studying to do... smart ass ;)
PistonHonda
⋅
@maxisbored, 13th Dec 13:00, widespread down bar. 9th Dec at 09:00 also aggressive supply on wider spread. The move down on your change of character is actually in the same character. It never changed. There was an attempt to change on the 21st Dec at 01:00 followed by larger up bar on the 23rd at 17:00. It never followed through though so the character remains the same "distributional" ;)
Dortis
⋅
oh no...any other plan that goes up?
maxisbored
⋅
@Dortis TA is never 100% and this is only a potential scenario. A move back to the top of the range would (at least temporarily) invalidate this setup, and could make the upthrust movement a sign of strength in an accumulation type scenario.