Hi everyone,
Thank you for considering reading my idea.
This is a continuation update of my previous idea of Wyckoff but this is on 4h timeframe instead of 1h.
In this 4h chart, we had our Selling Climax (SC) at 33K then an Automatic Rally (AR) going up to 39K. We also formed another resistance at 40K. We had our secondary test (ST) at 34K that is somewhat near our SC at 33K.
Currently, we may be in the middle of Phase C. We hope to see some Spring action at 31-32K - then bounce from there; get a test on one of our support lines before going up and see signs of strength (SOS).
What does it mean to get a Spring or Test?
From wyckoffanalytics.com, it says that large operators or institutions will test the market for supply throughout a trading range (TR). A spring is often followed by one or more tests; a successful test typically makes a higher low on lesser volume.
If you want to compare the Accumulation Schematic #1, view it here: wyckoffanalytics.com/wp-content/uploads/_pda/2019/08/2-2.png
If you want to know more about Wyckoff Method, read here: wyckoffanalytics.com/wyckoff-method/
Like this idea and follow me for more analysis like this. TAYOR.
Cheers,
Juvs
Thank you for considering reading my idea.
This is a continuation update of my previous idea of Wyckoff but this is on 4h timeframe instead of 1h.
In this 4h chart, we had our Selling Climax (SC) at 33K then an Automatic Rally (AR) going up to 39K. We also formed another resistance at 40K. We had our secondary test (ST) at 34K that is somewhat near our SC at 33K.
Currently, we may be in the middle of Phase C. We hope to see some Spring action at 31-32K - then bounce from there; get a test on one of our support lines before going up and see signs of strength (SOS).
What does it mean to get a Spring or Test?
From wyckoffanalytics.com, it says that large operators or institutions will test the market for supply throughout a trading range (TR). A spring is often followed by one or more tests; a successful test typically makes a higher low on lesser volume.
If you want to compare the Accumulation Schematic #1, view it here: wyckoffanalytics.com/wp-content/uploads/_pda/2019/08/2-2.png
If you want to know more about Wyckoff Method, read here: wyckoffanalytics.com/wyckoff-method/
Like this idea and follow me for more analysis like this. TAYOR.
Cheers,
Juvs
Note
Can we get some Spring action?Note
We got our SPRING action! All we need is a test.Note
We're getting strong momentum to the upside. We still need to test our support lines.Note
We almost reach our support lines at 34K. Let's see if 33-34K will holdNote
I think what we experience on the 34.8K was the test signal.We're now trying to break our resistance lines at 39-40K
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Related publications
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.