Distribution on Daily
Hi guys,
I think USD CAD is in the last fase of Distribution and is about to break out.
I analyze and trade the markets with the Wyckoff method and price action.
Most people that trade Wyckoff are doing it wrong.
They try to copy the accumulation and distribution charts/graph from the internet to their own charts.
But that's not how it works. People need to learn about the ideas of the moves and fases of the Wyckoff method.
Fase A is the most important (and most visible on the chart) fase of the method .
In this fase we can see a change of character which gives us an indication for future trend.
The other 4 fases of the method are mostly hard to spot/not visible on the chart in my opinion.
And distribution mostly looks like a descending triangle.
In distribution the fase consist of a Preliminary Supply, Buying Climax, Automatic Rally and Secondary Test.
The Secondary Test is the most important move in this fase.
If the Secondary Test is of high volume and near or pass the Buying climax we can expect Re-Accumulation.
If the Secondary Test is of low volume and corrective of nature and just below the Buying Climax and Preliminary Supply
we can expect Distribution.
In this case we have a Secondary Test that is low in volume and corrective of nature and far from the Buying climax.
In terms of price action we can also expect a move to the downside because USD CAD is making lower highs and lower lows.
I think the target for this move is 1.34165 which looks (to me) like an important level with a gap that needs to be filled/tested.
This is my analysis guys.
I hope you enjoyed this analysis. Always do your own research and wish you well in trading.
I think USD CAD is in the last fase of Distribution and is about to break out.
I analyze and trade the markets with the Wyckoff method and price action.
Most people that trade Wyckoff are doing it wrong.
They try to copy the accumulation and distribution charts/graph from the internet to their own charts.
But that's not how it works. People need to learn about the ideas of the moves and fases of the Wyckoff method.
Fase A is the most important (and most visible on the chart) fase of the method .
In this fase we can see a change of character which gives us an indication for future trend.
The other 4 fases of the method are mostly hard to spot/not visible on the chart in my opinion.
And distribution mostly looks like a descending triangle.
In distribution the fase consist of a Preliminary Supply, Buying Climax, Automatic Rally and Secondary Test.
The Secondary Test is the most important move in this fase.
If the Secondary Test is of high volume and near or pass the Buying climax we can expect Re-Accumulation.
If the Secondary Test is of low volume and corrective of nature and just below the Buying Climax and Preliminary Supply
we can expect Distribution.
In this case we have a Secondary Test that is low in volume and corrective of nature and far from the Buying climax.
In terms of price action we can also expect a move to the downside because USD CAD is making lower highs and lower lows.
I think the target for this move is 1.34165 which looks (to me) like an important level with a gap that needs to be filled/tested.
This is my analysis guys.
I hope you enjoyed this analysis. Always do your own research and wish you well in trading.
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