TRADE WITH ME WYCKOFF RE-DISTRIBUTION AUDJPY
Updated
We've seen that AUDJPY, has been on a downtrend since the start of November, prior to that downtrend, AUDJPY, had a distribution phase forming at the top. Price has dropped ever since then and is now doing a correction, I believe we're in a re-distribution where after a prolong downtrend, the CO, has taken a pause to collect more orders before heading down.
Now we're just at the start of phase, so many things can happen from here on out however, I can't help but notice since our PSY, volume has been dropping ever so slightly, indicating substantial buying from the correction has come to end.
We've then had a buying climax where the CO has absorbed all buying orders and quickly shifted back down, causing a bull trap on later buyers. Since the CO has absorbed the buyers and trapped them, in addition to volume decreasing, buying pressure is no longer valid so sellers enter once more and tries to push the market down until they've got exhausted and created an AR. Now we have our trading range for AUDJPY and await our secondary test. From here we play the waiting game.
Thanks for reading any comments or questions post them below
IssaLJ,
Now we're just at the start of phase, so many things can happen from here on out however, I can't help but notice since our PSY, volume has been dropping ever so slightly, indicating substantial buying from the correction has come to end.
We've then had a buying climax where the CO has absorbed all buying orders and quickly shifted back down, causing a bull trap on later buyers. Since the CO has absorbed the buyers and trapped them, in addition to volume decreasing, buying pressure is no longer valid so sellers enter once more and tries to push the market down until they've got exhausted and created an AR. Now we have our trading range for AUDJPY and await our secondary test. From here we play the waiting game.
Thanks for reading any comments or questions post them below
IssaLJ,
Order cancelled
After time pass, I was to early with the analysis, back into the den
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