EURUSD 14 AUG 2020 After action/top down checklist


EURUSD 14 AUG 2020 After action/top down checklist

EUR/USD OANDA:EURUSD



Context
Daily: Trading range W/I uptrend. Key resistance/previous supply zone .

1 hour: High stopping volume /SOS established a support on moderate volume . On the test of support, support is broken but is met with high volume (higher than the initial time) which pushed the price back into the trading range..evidence of buying/demand (SOS). Note that RSI is below median line with signs of strength.

15 Min: 15 minute detail helps to identify TR phases. As price broke support, volume began to increase further confirming strength. Hold your Wyckoff accumulation schematic side by side and its fairly easy to see all of the phases.You can see them even better on the 5 minute (15 used here for resolution)

Arrow points to a confirmed “no-supply” entry (Search VSA no supply or no demand for specific criteria).

Also begins to resemble the classic cup/handle pattern.
from confirmed no supply signal to current price is approx .40% gain and counting. Initial proift taking area is in vicinity of resistance.

Its Friday so be aware that people like to take profit before the weekend and we are high in an uptrend!



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