EURGBP markup after re-accumulation
Updated
Price has been ranging, showing signs of (vertical) absorption of supply (re-accumulation), on a diminishing volume over the phases. Now price is trying to overcome the level of the upthrust UT of phase B. I expect a back up to either the UT lvl or BC lvl for testing.
(this can still turn out to be a new upthrust if institutions see value at this higher pricelevel (we will then see this as high amounts of supply coming in with poor absorption))
The BU (back up) will offer new opportunities to enter/scale in IF there's signs of no supply. If supply emerges and if it suggests strong hands selling, then i expect a throwback into the range or a new consolidation.
At this point i see no reason to believe the range was distribution.
(this can still turn out to be a new upthrust if institutions see value at this higher pricelevel (we will then see this as high amounts of supply coming in with poor absorption))
The BU (back up) will offer new opportunities to enter/scale in IF there's signs of no supply. If supply emerges and if it suggests strong hands selling, then i expect a throwback into the range or a new consolidation.
At this point i see no reason to believe the range was distribution.
Trade active
Price consolidated into a minor trading range after the back up/last point of support. Second entry opportunities presented themselves on the breakouts above the upper edge of the minor TR.Price now tests the high of the MSOS and might offer another entry or an opportunity to exit (scale out) if the support gets broken with increasing effort/ease.
Note
A new smaller trading range formed, it looks like CO(?) has been selling into the demand here what would suggest this is distribution (vertical) or some (partial) profit taking at least. Volume has shrunk considerably after that (no participation of smart money). For me an indication to get out of the positions partially (and leave a bit on the table while the trading range matures).Trade active
Trade active
labelled the last trading range. Although there was liquidation in the beginning it did turn out to be re-accumulation as it seems. Trade closed manually
al long positions closedTrade active
Note
Trade closed: target reached
We went long and short during these few days. A nice example of the power of Wyckoff analysis recognising both accumulation and distribution. I'm closing this 'session' with the 'target' reached of this last short trade.
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