GBP/USD Short
This is a point and figure chart. It's used in Wyckoff logic to calculate TP projections based on accumulation/distribution range sizes/areas. The box size/settings are given reliability in a certain market based on how accurate previous calculations have been. As you can see, the accumulation range on the left gave a TP box (centre marked with green line) which was hit to the pip - this is common in Wyckoff methodology but not in 100% of cases.
Using the same methodology that gave the 100% accurate upside target, a new downside target has been calculated based on the distribution range that we are leaving at the moment. The target box and centre line is on the right (1.20721 may vary depending on the broker). As you can see, this is suspiciously in line with an area of liquidity that made a significant low in March. Based on this, I am now bearish on GU down to this level. I will post updates on how I enter.
Using the same methodology that gave the 100% accurate upside target, a new downside target has been calculated based on the distribution range that we are leaving at the moment. The target box and centre line is on the right (1.20721 may vary depending on the broker). As you can see, this is suspiciously in line with an area of liquidity that made a significant low in March. Based on this, I am now bearish on GU down to this level. I will post updates on how I enter.
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