SLO @ 1.1085 (80m)
TP3 @ 1.1055 (closing ALL Buy Orders)
TP2 @ 1.1020 (shaving 50%)
TP1 @ 1.0980 (shaving 50%)
BLO 1.0915 📈
-SL @ 1.0885 🚫
🚫 Unfortunately, my SL was too tight and "they" got me. Price Action on the 3m chart appears to be based on the Wyckoff Accumulation Phase, so I re-entered @ the same BLO (see above)
Wyckoff Accumulation Phase
(s3.tradingview.com/s...shots/s/S3EHLqtJ.png)(High Probability)
1. We have the “Preliminary Support” (PS)
After a long move down, we start to see signs of high volume and gaps getting bigger. As buyers start to show up, we also see the first sign that selling might end soon.
2. Referred to as the “Selling Climax” (SC)
Prices drop quickly during this fear-selling phase, which starts when Preliminary Support stops working. This can cause prices to jump way out of their normal range and gaps to get very big. In some cases, the ending price can be far from the low. When this happens, the candlestick chart will show a big "wick."
3. The Automatic Rally (AR)
When sellers stop putting as much pressure on prices, prices often go back the other way with almost as much force when buyers start putting pressure on prices again. This change happened because short sellers bought back the instrument they were shorting. It's important to keep in mind that the peak at this time often marks the top of the stabilization.
4. The Secondary Test (ST)
With a more measured approach, Price Action tends to return to the structure's lower levels. As a result, sellers are in play; however, the volume will only increase once sellers find a better opportunity. During this time, it is not uncommon to have a few more tests, like this.
5. The Spring (S)
At this juncture, the bottom is unexpectedly retested with sufficient force to deceive market participants into thinking the downward trend has resumed. A "swing failure pattern" describes this kind of behavior nearly precisely. It is basically a shakeout. However, it's essential to remember that this movement is only sometimes necessary. As a result, we anticipate that Price Action will react by regaining control from a lower major Support Level.
TP3 @ 1.1055 (closing ALL Buy Orders)
TP2 @ 1.1020 (shaving 50%)
TP1 @ 1.0980 (shaving 50%)
BLO 1.0915 📈
-SL @ 1.0885 🚫
🚫 Unfortunately, my SL was too tight and "they" got me. Price Action on the 3m chart appears to be based on the Wyckoff Accumulation Phase, so I re-entered @ the same BLO (see above)
Wyckoff Accumulation Phase
(s3.tradingview.com/s...shots/s/S3EHLqtJ.png)(High Probability)
1. We have the “Preliminary Support” (PS)
After a long move down, we start to see signs of high volume and gaps getting bigger. As buyers start to show up, we also see the first sign that selling might end soon.
2. Referred to as the “Selling Climax” (SC)
Prices drop quickly during this fear-selling phase, which starts when Preliminary Support stops working. This can cause prices to jump way out of their normal range and gaps to get very big. In some cases, the ending price can be far from the low. When this happens, the candlestick chart will show a big "wick."
3. The Automatic Rally (AR)
When sellers stop putting as much pressure on prices, prices often go back the other way with almost as much force when buyers start putting pressure on prices again. This change happened because short sellers bought back the instrument they were shorting. It's important to keep in mind that the peak at this time often marks the top of the stabilization.
4. The Secondary Test (ST)
With a more measured approach, Price Action tends to return to the structure's lower levels. As a result, sellers are in play; however, the volume will only increase once sellers find a better opportunity. During this time, it is not uncommon to have a few more tests, like this.
5. The Spring (S)
At this juncture, the bottom is unexpectedly retested with sufficient force to deceive market participants into thinking the downward trend has resumed. A "swing failure pattern" describes this kind of behavior nearly precisely. It is basically a shakeout. However, it's essential to remember that this movement is only sometimes necessary. As a result, we anticipate that Price Action will react by regaining control from a lower major Support Level.
Professor C. E. Ward
