Mayfair_Ventures

GBPJPY - Wyckoff concept?

Short
FX:GBPJPY   British Pound / Japanese Yen
Not looked at Wyckoff concept for a while but watched a video the other day and found something similar after distribution. These guys were using an average level from accumulation/distribution . So with it being Christmas, I thought I would look into it again.

This looks like it is setting up for a drop - we could indeed be in phase C of the concept.

I would be keen to speak to others who trade Wyckoff and welcome comments and feedback below.

It would make overall sense for a weaker Pound - Although Brexit had a deal, there's a long way to go and I am not sure how good the deal truly is. We then have Covid - 21 to contend with. Which is likely to cause the UK more issues than most.

Daily Elliott is in an uptrend but looks like we have tagged the 3 wave extension - meaning it's due a pullback which could be this short here on the smaller Timeframes.


Happy New Year to you all.

Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
Comment:
Comment:
Comment: The BC was actually an LPSY setting the structure up much higher. Making this a re-accumulation and not a distribution. Hence the value of Wyckoff is not to get in until the Sow or Sos are broken.
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