Intraday accumulation phase in progress

5 Apr 2016

I found volume spike (selling climax) in the background. The very next bar was up bar in a high volume (reversal up-thrust). This must be that demand overcame supply and that there are more buyers then sellers. Later on , we saw a successful test of supply on low volume, which is the sign that smart money is interesting in upward price. Wyckoff called this background accumulation phase. My advice is to watch for buying opportunities on the dips. First take profit level is set at the price of 1.1400. Second take profit level is set at the price of 1.1460. Of course, I will fallow price action ana volume to see if we got signs of weakness. In the case, i will close position earlier.