Wyckoff trading method, page-1415

  1. 16,642 Posts.
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    No worries, firstly your lines look nice, and are where I would place them (@20cps & @19.5cps, and the high of 22cps)

    It looks to me like price has made an attempt to breakout, although not a really strong one, and then price has come back to test the break. Which is where you opened your position. And now price is attempting to accelerate away from the danger point.

    This acceleration has drawn out more supply & the last two bars appear to be making a decent attempt at absorbing that supply.
    If the absorption process is successful, price will continue to accelerate away, but if the supply that is drawn out overwhelms price (or becomes too expensive to absorb at this level), then a shakeout, or a secondary test of the breakout becomes more likely, in an attempt to remove the supply which is thwarting the upward progress..

    And yes, the weekly chart looks better than the daily......

    Hope it works out OK for you...it looks promising so far.......

    cheers
    Last edited by Jako8557: 03/02/17
 
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