dee718

GBPUSD 07 SEP 2023 (FOLLOW UP)

Short
dee718 Updated   
OANDA:GBPUSD   British Pound / U.S. Dollar
While the broader market may present an illusion of stability, discerning market participants, such as specialists and floor traders, have identified underlying vulnerabilities. This fragility is manifested by a diminution in trading volume, particularly when the equity or index endeavors to appreciate, indicating a paucity of demand. Institutional and seasoned traders, adhering to the Japanese tenet of "Nana korobi, ya oki" (fall seven times, get up eight) — an embodiment of patience and perseverance — will recognize this latent weakness and abstain from engagement in the prevailing bullish trajectory. Their reticence to participate provides tacit confirmation of any subsurface weak signals you might have intercepted.

Upon introspection, my evaluation of the price zone appears astute. The current market behavior mirrors the classic Wyckoff distribution schematic, punctuated by an upthrust designed to ensnare unsophisticated retail traders into a bullish position. Such deceptive maneuvers are par for the course in the intricate chess game of trading, and unfortunately, the majority of retail market participants, lacking the patience symbolized by the Japanese proverb "Ishi no ue ni mo sannen" (even a stone will warm up if you sit on it for three years), often find themselves mispositioned in these scenarios.
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