GOLD - Wyckoff Price Cycle!
Hello TradingView Family, this is Richard, and if you like this idea, kindly support with a like or a comment.
I found GOLD chart as a great practical example of Wyckoff's Theory.
GOLD is overall bullish trading inside the brown channel and it is currently sitting around the lower bound/brown trendline acting as non-horizontal support.
So we are looking for trend-following buy setups. Unless of course, the bears manage to break below 1750, which would invalidate the idea.
As per Wyckoff Price Cycle, we are currently in an accumulation phase. For the Markup to start, we need the bulls to prove control by breaking the blue channel upward.
As per my trading plan:
Since the blue channel is already valid, I will be waiting for a momentum candle close above the last major high in gray to buy.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
I found GOLD chart as a great practical example of Wyckoff's Theory.
GOLD is overall bullish trading inside the brown channel and it is currently sitting around the lower bound/brown trendline acting as non-horizontal support.
So we are looking for trend-following buy setups. Unless of course, the bears manage to break below 1750, which would invalidate the idea.
As per Wyckoff Price Cycle, we are currently in an accumulation phase. For the Markup to start, we need the bulls to prove control by breaking the blue channel upward.
As per my trading plan:
Since the blue channel is already valid, I will be waiting for a momentum candle close above the last major high in gray to buy.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
Trading Made Simple; and Rule-Based
RichTL.com
Instagram:
instagram.com/richthesignalyst
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t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram:
t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal
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