GBPUSD 17 MAY 2022 (Follow up 2% gain)
Very wyckoff looking accumulation pattern. Look up Wykcoff accumulation pattern and I think this is a type 2 r type b. Type A does not have a bar trap, Type B does. ( or vice versa. I forget). But either way, that pattern is very clean.
That was a nice powerful move. Easy to see it coming. Lk at where I iput the verticcal blue line... drectly over t eoff sessin hours. Look at how the volume drops off creating an area that is empty. Think of volume like mountain peaks and valleys. The valleys are the low volume areas. The peaks are the high concentrations of volume.
Confused? I was to. But I paid for a pro account and started practicing patter recognition. You can get thousands and thousands of hypothetical trades. This is the way. You have to see these patterns how they form, why they form and where they form. I used pete faders material for a base but this i had to figure out for myself. But it's there and I hope that ny pointing this out, that people can see it and improve upon it. I do not own it.
Richard Wyckoff saw it and put it on paper. Tom Williams brought the idea forward. I'ts about pressure. Think about where price is currently located. Price move from areas of high concentration to low. it does not want to fight the pressure it wants to move around it.
Look at the area where the arrows are pointing and the volume below.... Path of least resistance.
Look up path of least resistance in tom williams book "master the markets" he explains in detail why this happens better than i can type it here.
Good luck.
That was a nice powerful move. Easy to see it coming. Lk at where I iput the verticcal blue line... drectly over t eoff sessin hours. Look at how the volume drops off creating an area that is empty. Think of volume like mountain peaks and valleys. The valleys are the low volume areas. The peaks are the high concentrations of volume.
Confused? I was to. But I paid for a pro account and started practicing patter recognition. You can get thousands and thousands of hypothetical trades. This is the way. You have to see these patterns how they form, why they form and where they form. I used pete faders material for a base but this i had to figure out for myself. But it's there and I hope that ny pointing this out, that people can see it and improve upon it. I do not own it.
Richard Wyckoff saw it and put it on paper. Tom Williams brought the idea forward. I'ts about pressure. Think about where price is currently located. Price move from areas of high concentration to low. it does not want to fight the pressure it wants to move around it.
Look at the area where the arrows are pointing and the volume below.... Path of least resistance.
Look up path of least resistance in tom williams book "master the markets" he explains in detail why this happens better than i can type it here.
Good luck.
Comment:
