When I was looking at the structure of EU, I was thinking that we were going to see continuation. I am actually still in a long trade as we speak. But EUR is quite weak and we have yet to see any sign of continuation nor break of structure. The more I look at the structure, It appears to be distributing more than accumulating. As such, I have changed my bias.
I've redrawn my chart to show a distribution schematic. I am currently waiting for a UTAD and assuming it rejects above the highs, I will look to enter a short. As it is still unclear which way this is going, if anywhere, so if this plays out, I may not enter at the top and wait for more confirmation then try to enter at a supply zone instead.
Anyway, I am still quite new to Wyckoff so if anyone has any comments on my chart, please do not hesitate to provide any feedback or comments. It would be greatly appreciated.
Trade Safe! HEET
ps. Just before posting, I had a quick look at DXY and it looks like DXY may be in a spring right now. But I don't see any rebound, so maybe this is all wrong?
Trade active
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I took an entry at the imbalance, as I wasn't expecting another UT. Due to that, the entry wasn't great but it ended up going in my direction. Hopefully, it continues down.