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Let's Do some chart reading on EURJPY - Wyckoff Up thrust might be coming up, SI is warning us.

We will start with D1:

The Story:

  1. We have hit a Major Resistance and broke it (130pips) but found sellers and return back in.

  2. On the way back to reach resistance level again we observe an Abnormal SI of 127.5 but still forming (therefore not confirmed). If it forms similar to this number then there is nothing like on all the up moves which meaning probably that sellers are absorbing all the buy orders = HTMU.

Therefore the Bias is for short but it will be 100% confirmed if we break that Entry Short blue line. So if I was trading the Daily chart I would wait for the break which could also form a Wyckoff Up-thrust.

But since the daily is not offering all the details I will switch to a lower TF H4 and analyze

The Story:

  1. Same as before hit resistance

  2. But After the false break the indicator signals that we have an a Wyckoff Up thrust with the WU 21.2 signal and down we go. That entry provided around 160 pips profit.

  3. The down wave is linear and is the largest after very long time.

  4. On the second up wave we have an Abnormal Si of 49.0 which most probably a HTMU wave.

So what do we do ?

Scenario 1: Place a Short now with an excellent R/R just above the yellow line

Scenario 2: Wait for the break of the Entry Short blue line because we could start ranging for a while. If we do start ranging then the story must be reevaluated.


We will follow up on this!!! Enjoy!



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