I see a Wychoff Distribution Schematic no. 1 forming. I have setup 2 trades one is targeting the SOW area within the schematic and the second is a higher R:R trade of 1 : 6.3 targeting the previous 30M / Hourly support level.
We'll see how it plays out
We'll see how it plays out
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Not a very good outcome I didn't actually take this personally on my MT4. I saw it as an opportunity but was more of a forward test after I re-evaluated it.
I noticed my SOW marking was invalid due to it not breaking below the AR rally to the support so this wasn't a valid sign of weakness therefore it invalidated the whole schematic and was more likely an accumulation / re-accumulation after reviewing the reaction the market had. Plus we had the huge FOMO candle due to the US stimulus release and Powell's speech about interest rates.
All lessons learnt.
I noticed my SOW marking was invalid due to it not breaking below the AR rally to the support so this wasn't a valid sign of weakness therefore it invalidated the whole schematic and was more likely an accumulation / re-accumulation after reviewing the reaction the market had. Plus we had the huge FOMO candle due to the US stimulus release and Powell's speech about interest rates.
All lessons learnt.