I've been studying Wyckoff's Smart Money Theory for a while. And after staring at the EURUSD chart it almost looks picture perfect to a Wyckoff accumulation chart. If there are any other Wyckoff students out there, please let me know what you think. I just made a play on the operator candle (The long play box is in the chart) )as this should go long right now according to his theory and just now having the second "Spring" on the chart. Would like to see if anyone else has a Wyckoff chart draw up for EURUSD?
We've hit the Buyers climax, had the Automatic Reaction, the Up Thrust, two tests on the support line. Then the Up Thrust After Distribution (That's the signal that you're in phase C), then the Springs. Now we just need the jump across the creek. What does anyone else thinl?
Thanks
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By the time I was done typing this I was 40 pips, and I just started this idea right after I entered the trade. I traded first and posted the idea after. My bad for anyone that wanted to follow.
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For my entry I found the last bear candle, measured the body with a fib and used the 50% + a little room as my entry, at 1.7800. My Stop loss just below the candle and my TP1 at the mot recent high. However, I should hold as long as I can because we could see the jump across the creek within the next week or two.
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My apologies. Phase C is a little off, that should be the UTAD part only, to look a little more like this