I’m just studying Wyckoff. I know nothing. Assume I’m wrong.
To me this looks like the end of a distribution range and the beginning of the markdown phase. Last week I shorted at the LPSY and closed when the price reached support. With today’s price action and volume so far (it’s midday), I think we are seeing sig s of no demand as it tries to move back up to what was support.
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I placed my stop loss too low and was stopped out of the trade yesterday. The loss was minor: 0.5% of my trading account.
I still believe in my thesis so I entered the trade again this morning. See image.