Wyckoff Analysis:
Phase A: High volume on left shows selling climax as we leave previous markup channel which can be seen on far left in red dotted lines. Immediate rally is the automatic rally (AR) which sets the new Wyckoff range.
Phase B: Secondary test was lower than selling climax (SC) which added a support line.
Phase C: We can then see maximal volume at the lowest point - this indicates a spring to me which was being tested at the time of checking/entry.
The above tells me that this is accumulation.
I entered long based on the Wyckoff volume analysis. A loss is ok with this method due to very tight stop and high R:R.
TP could not be calculated with a point and figure chart due to technical problems on trading view site. 3 x range has been used as a rough guide. TP is dynamic and may change as the trade progresses.
Phase A: High volume on left shows selling climax as we leave previous markup channel which can be seen on far left in red dotted lines. Immediate rally is the automatic rally (AR) which sets the new Wyckoff range.
Phase B: Secondary test was lower than selling climax (SC) which added a support line.
Phase C: We can then see maximal volume at the lowest point - this indicates a spring to me which was being tested at the time of checking/entry.
The above tells me that this is accumulation.
I entered long based on the Wyckoff volume analysis. A loss is ok with this method due to very tight stop and high R:R.
TP could not be calculated with a point and figure chart due to technical problems on trading view site. 3 x range has been used as a rough guide. TP is dynamic and may change as the trade progresses.