Hello Traders, this is my view of the eur/usd.
Using Wyckoff methdology to track price, we see price is in an accumulation trading range (TR).
We've had a spring action, and a sucessful test of the spring, as such we are now in phase D of the Wyckoff phases, which will be a show of strenght (SOS); price aggressively marching out of the TR.
As such, I'm on the lookout for opportunities to buy the current pullback.
A successful march of price out of the TR, and I'd anticipate the next Wyckoff event; a backing up of price to the last point of support (LPS) proiding yet another opoortunity to go long. This would be phase E, which is the mark up of price.
My target is the 1.1200, which is an area where we had a rotation on the Weekly.
I'm in for the long term, but will seek to take advantage of intraday opportunities as they unfold, and ofcourse open to change my opinion should the market do otherwise.
Let's see how this plays out.
Feel free to share your take on this.
Using Wyckoff methdology to track price, we see price is in an accumulation trading range (TR).
We've had a spring action, and a sucessful test of the spring, as such we are now in phase D of the Wyckoff phases, which will be a show of strenght (SOS); price aggressively marching out of the TR.
As such, I'm on the lookout for opportunities to buy the current pullback.
A successful march of price out of the TR, and I'd anticipate the next Wyckoff event; a backing up of price to the last point of support (LPS) proiding yet another opoortunity to go long. This would be phase E, which is the mark up of price.
My target is the 1.1200, which is an area where we had a rotation on the Weekly.
I'm in for the long term, but will seek to take advantage of intraday opportunities as they unfold, and ofcourse open to change my opinion should the market do otherwise.
Let's see how this plays out.
Feel free to share your take on this.
Comment:
Trailing this one tight.
Have now moved my stop to 1.11240
Have now moved my stop to 1.11240
Trade closed manually:
USD news out in a bit. Not waiting aound to be a hero, so booked profit at 1.1690.
About 30 pips shy of original target.
About 30 pips shy of original target.
Trade closed: target reached:
Target of 1.1200 reached. As earlier stated I already booked my profits earlier.
Also as anticipated, we had a backing up action (BUA); price backing up to the LPS as earlier stated, this provided another entry opportunity as well.
We can now also see the mark up of price.
We are now in phase E of the Wyckoff phases.
Target remains 1.1200. Beyond this price level, I'd be looking for this bull run to come to a climax. Then I'd be on the lookout for an opportunity to go short as we're approaching a weekly area of interest.