Those that follow my youtube channel probably have seen my videos on the Wyckoff method so I won't go into detail here but here is the link if you need a refresher: www.youtube.com/watch?v=Jjdxt8AG... We are at an early stage because we still need to do a successful test of the support for me to start buying in, but this is as good as reward to risk ratio gets when trying to pick a multi-week position and building it up while managing risk. Keep in mind that this is highly reversed correlated to GBPCHF, which i called yesterday, so manage your exposure accordingly. Also, like any trading pattern, there are failed ones. I find that a failed Wyckoff is an awesome opportunity as well to trade the opposite side since you know exactly when it fails. Therefore, I have a high degree of confidence that there will be an opportunity on this pair next week, but time will tell. Have a great week-end!
Trade active:
This looks like it was a successful test of the support so I took a jab at it.
Trade closed manually:
Out of this trade for now. I want to see if we bounce off the resistance. If we are able to climb above it and accumulate a bit, I might consider getting back in but for now I am out.