EURUSD - Wyckoff Cycle In Action!

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

I found EURUSD Weekly chart a great practical example of Wyckoff's Theory.

As per Wyckoff Price Cycle, we are most probably entering in an accumulation phase.

and yes, it is still too early to judge, as for the accumulation phase to start, we will need a consolidation as highlighted in purple.

If we get our consolidation, for the markup to start, we will need a momentum candle close above the gray zone.

Meanwhile, until the bulls take over, we are still bearish and EURUSD can still trade lower to form a new lower low, then an accumulation phase.

Which scenario do you think is more likely to happen? and Why?

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich