GBPJPY, 1-hour Wyckoff Distribution Idea
Updated
If you look at the the Daily chart we have a reversal significant bar (engulfing candle). This is the first time it has appeard since the start of the rally from the 150 level. This bar can be powerful and can signal a potential pullback in the swing. If we analyze the 1-hour chart we had a re-accumulation that failed, this signals a change of behavior in the rally.... Look at the rallies from the 1-hour chart, all springs and re-accumulation were working perfectly. A re-accumulation and spring that fails signal a change in behavior in the rally. Also, selling volume in the 1-hour chart has started to pick up.
Hopefully I can redeem myself with this analysis, my prior Wyckoff idea on GBPJPY was completely off, but I know what I did wrong. Good luck trading.
Hopefully I can redeem myself with this analysis, my prior Wyckoff idea on GBPJPY was completely off, but I know what I did wrong. Good luck trading.
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