Okay, this is how you read a chart with VPA/VSA/Wyckoff:
1st pic: you have strength in the background, highest volume bearish candle, 5th from the left, with the next candle up, closing higher, this is a bottom reversal, chart seems bullish. Then volume is drying up during the next 13ish, mostly bullish candles, which means there is “no demand” from the professional side at the higher prices, at least at the moment. This is bearish.
Then you have the highest volume candle in the last 12 candles above where it shows 08:00 on the chart, with the next candle down, closing lower. This is a top reversal, bearish sign, price is knocked sideways.
8th and 6th candle from the right, you have a really low volume bullish candles, this is “no demand”, bearish. 5th candle from the right, they move in on weakness, volume elevated quickly, this is an “effort to go down” the candle closes lower than the several previous bars, also takes out a minor support level, also this is a top reversal, bearish. It also has a bearish reaction in the next candle.
4th candle from the right, you have a candle with a little lower volume than the previous, but the spread is much narrower than the previous candle’s. This is “effort versus result”, the supply started on the 5th candle is getting bought up by smart money on the 4th candle from the right. Same applies to the 3rd bar from the right, bullish.
You have elevated volume on the second bar on the right, also closes on its high, bullish. If the last candle closed like this, then it is a “potential no supply”, which is bullish, if confirmed. The whole pattern what you call 3 hammers, is actually called the springboard.
2nd picture:
Okay, the last candle didn’t close as a no supply, but has the highest volume in the London session, also closed quite in the middle. This signals a battle between bearish and bullish traders, never enter with this in the background until it gets tested, and it is shown who won the battle. Don’t know if you entered on that or the next one, though the reaction is bullish (if the last candle closed like that), it is a low probability setup.
3rd picture:
Okay, the reaction was bearish, which also closed lower, than the open of the highest volume bullish candle. This is a top reversal, too bearish, 2nd candle from the right, disappearing volume on a bullish bar, “no demand”, doesnt look very good.
4th picture:
Okay, the no demand didn’t confirm, there was demand showing up on the test, a bit better for the bulls. I won’t go through all the candles like this on the 4th picture, but then it starts to look good for the bulls later. If you look for a no supply after the 8th candle passed from the left, that would be a high probability, safe entry. You didn’t get that, but I think on the 30M or the H1 chart where the 10th-13rd candles are from the left, there should be a “no supply”. Volume is definitely lower on the bearish, reatracing candles. Your exit is the 6th candle from the right, after it closes like it did as a reaction to such a high volume on the 7th bar from the right.
On the bigger picture I am bearish on UJ, I would only look for shorts on it. You can scalp the retracement of course. It was a bit shaky setup, you got lucky too, I’d say it is a 6/10, not too bad, but not high probability.
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