Those that follow my youtube channel probably have seen my videos on the Wyckoff method so I won't go into detail here but here is the link if you need a refresher: youtube.com/watch?v=Jjdxt8AGvaQ&t=1699s We are at an early stage because we still need to do a successful test of the support for me to start buying in, but this is as good as reward to risk ratio gets when trying to pick a multi-week position and building it up while managing risk. Keep in mind that this is highly reversed correlated to GBPCHF, which i called yesterday, so manage your exposure accordingly. Also, like any trading pattern, there are failed ones. I find that a failed Wyckoff is an awesome opportunity as well to trade the opposite side since you know exactly when it fails. Therefore, I have a high degree of confidence that there will be an opportunity on this pair next week, but time will tell. Have a great week-end!
Trade active
This looks like it was a successful test of the support so I took a jab at it.Trade closed manually
Out of this trade for now. I want to see if we bounce off the resistance. If we are able to climb above it and accumulate a bit, I might consider getting back in but for now I am out.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.