GOLD - Wyckoff Price Cycle!

Hello TradingView Family, this is Richard, and if you like this idea, kindly support with a like or a comment.

I found GOLD chart as a great practical example of Wyckoff's Theory.

GOLD is overall bullish trading inside the brown channel and it is currently sitting around the lower bound/brown trendline acting as non-horizontal support.

So we are looking for trend-following buy setups. Unless of course, the bears manage to break below 1750, which would invalidate the idea.

As per Wyckoff Price Cycle, we are currently in an accumulation phase. For the Markup to start, we need the bulls to prove control by breaking the blue channel upward.

As per my trading plan:
I will be waiting for a third swing to form around the upper blue trendline to consider it valid and then buy on its break upward.

OR for a break above the blue trendline, then look for bullish reversal setup on its retest.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich