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OK VSA'ers. I'm stumped in this one. It was a wacky and weird day for the GBP/USD with almost a zero sum game today. Ugly bars abound and no "fluid" movement.
Any thoughts on these bars/charts? One is an hourly chart. The other is a daily so that you can get a "feel" for the current state of the market!
Thanks!
Sledge
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I don't follow this, but did see the well developed Wyckoff/SMI story that was unfolding last week and posted the first chart of the daily GBP. It has come down a little more than the ideal, but still looks constructive.
Looking at your daily chart (second chart), it is sitting right on top of support (S) that is highlighted by the dotted line. Bar A looks to me like a bit of bag holding, as there was still high volume on that bar and the bar was narrow with a good close. I am thinking that this market is coming back to test the pretty high volume in both the support (S) areas - there seemed to be a lot of activity there.
I think B is an important bar. I wouldn't want to see it close below this low. That wouldn't be very constructive. It could dip below this low, however, close back above, and spring the support area. That would be quite positive, assuming volume remains tame. I don't really know this market -- just dabbling here
but it looks pretty good.
Eiger