EURCHF - Waiting for Accumulation - LONG - Signal Pending 5-5-24
4 HOUR CHART EURCHF Continuing with the trend
as expected. The greater trend timeframe has the
market trading in a re-accumulation trading range.
Price has pulled back from the top of the trading
range (after completing multiple UA's which are in
and of themselves 'signs of strength'), and is
currently travelling in the direction of the bottom
of the trading range, presumably to complete a
'secondary test' (ST). At this point I will be looking
for an accumulation trading range to develop,
confirming the ST and then subsequently a
breakout of this accumulation with provide a POE
for an opportune RR trade long, as per the mark
up drawing suggestions on the chart.
I'm of the belief that there is a high likelihood
that should price action unfold as described then
the prevailing price action will put the greater
range re-accumulation structure into Phase C
and we will be looking to initiate trades long under
conditions that should reflects 'signs of strength'
(SOS) in Phase C as per Wyckoff description.
as expected. The greater trend timeframe has the
market trading in a re-accumulation trading range.
Price has pulled back from the top of the trading
range (after completing multiple UA's which are in
and of themselves 'signs of strength'), and is
currently travelling in the direction of the bottom
of the trading range, presumably to complete a
'secondary test' (ST). At this point I will be looking
for an accumulation trading range to develop,
confirming the ST and then subsequently a
breakout of this accumulation with provide a POE
for an opportune RR trade long, as per the mark
up drawing suggestions on the chart.
I'm of the belief that there is a high likelihood
that should price action unfold as described then
the prevailing price action will put the greater
range re-accumulation structure into Phase C
and we will be looking to initiate trades long under
conditions that should reflects 'signs of strength'
(SOS) in Phase C as per Wyckoff description.