Wow, fantastic! I guess that’s my weekend taken care of!
Thanks
Andy
Wow, fantastic! I guess that’s my weekend taken care of!
Thanks
Andy
It is a good book to read, but don’t think that reading it just the once will give you all the information. Over time, you will read it over a few times. Depending on your level in FX trading, a lot may not sink in the first time, however, it is a great start
Also try googling “Wykoff Schematics”. You will find a pdf from market Technicians. It is only 6 pages in length, but it is extremely useful information to use
Link here hankpruden.com
My setup from yesterday:
GBP H1: price markdown to previous support at 1.5660. Upper trendline as resistance
GBP M5: Entered this trading range. Accumulation throughout the entire asian session. Waited for a break above the upper trendline resistance and a test with no supply. Entered after bullish candle close
I think this is a decent example of the wyckoff schematics that tassiefx has posted above - this trade correlates well with whats explained in the pdf
Looking out for a push and test on the GBP to go long.
Too high Volume going up, looks like it’s put paid to that idea.
Hi Traderjoo,
Could you please highlight the NS candle? I do not see that around where you marked your entry. Thank you.
Huh, it was so close. Nice job.
Good day.
I have a little question, pls help me with this information.
Can this be considered a push through? In that case this is a forming reaccumulation. The price went above the Fib area, then consolidated. Or is it a starting distribution phase? What should we watch in this case? Also please see my Fib, is it correctly drawn? Thank you for your answers in advance.
Have a nice weekend for you all.
Hi Andras, hope you are well.
From what I can see is it is simply price being marked up with SM offloading into the up bars as there doesn’t seem to be much, if any, supply to push through.
Looking at it now it appears to be in a distribution phase,watch for high vol. upbars near the highs with lower vol down bars near the lows for confirmation.
You have drawn your fib correctly if you were looking for price to reverse down in the 50 to 61 fib area, but SM had other ideas I’m afraid. Keep watching.
Sorry if I missed this answer in all the stuff I have read on here but here goes.
When looking for NS/ND, how many candles away would you still consider a close above/below (considering all other factors are still in play, such as no close below or above the NS/ND candle)?
Hey Pandras!
That’s probably because his entry was on the close of the confirmation candle.
You see that red candle with a green arrow on the bottom of the lower wick? that’s the NS candle.
Even though this isn’t a textbook confirmation, he assumed it because of the next 2 candles.
I think Pete mentioned something about this on the webinar or his youtube videos.
I think that clears up your question =)
I can’t precisely answer your question about the amount of candles. I’m sure someone will though.
Now if you see that red candle with a big wick crossing that blue rectangle (fib zone), that’s an upthrust in a strength background context and I wouldn’t use it for this ND bars you’re talking about.
Now if that little green bar (the 3rd one counting from the right to the left), that could be a nice ND bar IF the volume and the background indicated that too.
Maybe this could help answer some questions
Well thanks for your input. I think the volume on that candle you are referring to has higher than the volume 2 bars ago. I could be wrong but yeah :). I do see the strength coming in, but looked like a lot of weakness on the 1 hour. I got in a higher price, so I’m break even on my trade. Might close might ride it… we’ll see
+30 Pips so far!
I didn’t know what pair you were looking neither the time frame, i just pointed out from what I’ve seen.
If that is the m5 chart, then you have to seek the background for a proper analysis, Imho never trade on quick analysis on the m5 and even on the 1h charts.
You need to have a properly clean chart especially if you’re new to this
Sorry man thought it showed. It’s the USD/CHF on the 5 minute. The 1 hour showed lots of weakness. I also was looking off the daily using the Ichimoku. I’ll see if it breaks the cloud. I got in profit enough that I can see if it breaks and stay in. The 5 minute keeps making lower lows for now. I appreciate your advice. I have been following his videos and analysis for a while. I didn’t make a “quick” analysis. Reasoning behind my trade… even if I do explain it poorly:) That I will try to improve on.
were is every body…lol
Here! I’m waiting until the water clears from the whole Greece thing to look for entries.
pls when will dat be?
Probably until the press can find another source of speculation (I hear its hard to find good stories to speculate on since the whole phone hacking scandal has handicapped the news industry)… Meanwhile I wait for near-perfect setups…