First I have to note the following: As I always say smart money needs time to absorb a lot of orders - so be patience you have plenty of time - In the specific case it took them 5 days.
The Story (there is a lot to tell about this chart, this is just a summary) :
We are approaching a significant level which is a Fib level coming from the daily chart drawing.
Right above the 61.8 Fib we have a Resistance Level also coming from the daily chart
Therefore we have two levels that we will find some reaction. Why ? Because they have taught you to trade at these levels and also robots trade at these levels. Smart guys trade after price leaves these level (as I always say: "Let them do what they have to do and then FOLLOW" . Ok, this what they did: they did a false break of 61.8 Fib and touched (3. Res) resistance level. PVR says sellers 3.S high volume rate at the top but price does not break upwards.
PVR says sellers again (4. S) . How do I know that sellers are coming in? Because as price moves up PVR is increasing but then price moves downwards therefore these were sellers.
Finally Plutus notes that we have a Wyckoff Up-trust pattern with another overshoot of 61.8 Fib. This is our confirmation and Entry. The Result 214 pips so far.
Learn to read the charts or if you are too bored, trade when the "x moving average crosses the y moving average" and loose your money.
Comments