BTC/XLM following Wyckoff You can look at XLM as well and put the same points on them. XLM is cheaper and could be a potential play if it mimics BTC. Been buying around the 31-34 cent ranges for a play to the upside.
Wyckofftheory
Potential ReAccumilation to the upsideSQ at first looked like a distribution but the Apr 13th high never went above the previous high on Feb 11th. I do see a potential false 1st spring on march 4th to the upside which didnt play out but there is another potential spring to the upside on may 19th that is slightly lower than the march 4th 'Spring" . I cant post a pic on here but if anyone else is looking at this let me know what ya think. Possibly this week we will get a better picture of the puzzle <3
BTC Wyckoff Accumulation Phase - UPDATED!< #NotInvestmentAdvice >
I previously published a version of this that I now believe was overly-pessimistic. With a couple additional days of hourly bars closed, I believe this updated version lines up the Wyckoff events far more accurately.
In particular, I believe the Phase "A" events (PS, SC, AR, ST) line up perfectly according to their textbook descriptions, which places us solidly into Phase "B" at this time.
PLEASE NOTE: The dotted projection lines & arrows are conjecture/guesstimation ONLY - it is impossible for anyone to predict exactly where the market will move in the future.
Having said that, I believe the remainder of this accumulation phase will very likely follow the general parameters of this Wyckoff pattern. Personally, I am preparing take modest profits between $42k-$46k in preparation fro a possible plunge below $29k intended to shake out any remaining "weak hands" and transfer their BTC to the Large Interests and the Composite Man Composite Man . If that does happen, I want to be prepared to accumulate along with those interests.
Note that NOT all Wyckoff accumulations involve the "Spring", and in fact we may not even drop below $29k, that may have actually been the Bottom. But after the turbulence of the past couple weeks, I'm not betting my portfolio on that, and I'm making sure I am fully prepared for both of these contingencies, and I have a plan in place in case of further drop. I suggest *everyone* has their own plan in place appropriate to their personal investment strategy. (If you happen to be using leverage, BE CAREFUL and do not engage in wishful thinking! Plan in advance what you'll do if you need to ride BTC down to an unanticipated low!)
Again, personally I do NOT believe we are in a bear market; I believe what we are seeing is the result of blatant & obvious market manipulation by the Large Interests that want to buy our crypto at fire-sale prices (<$30K? WTF??? That's just GREEDY!) I expect these interests are going to try to hold our heads underwater until we lose our nerve, capitulate, and cash out at current prices or lower. I have no interest in doing that. I *hope* we've already bounced off the bottom & have a linear move straight up to the Moon, but I don't really believe that. Hope for the Best, but Prepare for the Worst ...
Lastly, I STRONGLY URGE you to spend 20 minutes educating yourself on the basics of Wyckoff theory by reading the overview page at: school.stockcharts.com
Technologies change, but human nature & emotions don't, which I believe is why this 100 year old theory still provides value!
Wyvkoff - Basic Scheme of AccumulationNearly 100 years ago, Richard D Wyckoff born in the 19th century was a famous stock trader and investor. Wyckoff developed and carved out a revolutionary and ground breaking methodology which interlinked the institutional activities and large organisations to price movement within the chart. Wyckoff’s method and edge is based on logical reading of price action and volume.
The Wyckoff method provides traders and investors with the tools, knowledge and ability to exploit markets movements consistently, whilst minimising risk exposure and aiding capital preservation, across multi-asset classes.
The Wyckoff methodology provides the opportunity to select high probability trading opportunities with a solid reward/risk
The detailed image / graphic is a typical 'basic scheme of accumulation focusing on the Phases and different key metrics / elements that make up all of the moving parts.
PS = Preliminary Supply
SC - Sellers Climax
AR =Automatic Reaction
ST = Secondary Test
UA = Upthrust Action
ST as SOW = Secondary Test as Sign Of Weakness / Sample of Weakness in test function
SP = Spring
Test = Test Spring
LPS = Last point of Support
BU = Back Up
BUEC = Back up to the Edge of the Creek
SOS = Sign of Strength
Best Regards
Phantom
Possible EURAUD Short Scenario I believe its getting ready to transition form phase b to phase c which is where we will see price sink below the TR(floor).
eurusdwyck distribution schematic 1
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I was thinking Friday to go long at the open but then I drew this up, the ar may have been fomoed boosting a little higher than schematic and phase b is somewhat distorted but overall eu is following Richard Wyckoff's distribution concept.
Forex open is always iffy and slow moving so im just watching close for now.
compare this chart to the mentioned schematic to see for yourself
safe trading all
frbIII
AUDCAD 230-250 pips Swing Trade Accumulation1D - Going toward the end of Accumulation where we are staying patient for it to bounce back for a retest.
1HR - Broadening Wedge has been broken & retested. Will go short for about 20-30 pips Into the buy zone.
15Min - Retest has been respected with long wick. Another breakout should occur from the new Ascending Triangle that has formed below.
OANDA:AUDCAD
230-250pip reward
