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The S&P Chronicles - An Amalgamation of Wyckoff, VSA and Price Action
Hope you don't mind me having a go, getting stuck in helps! unfortunately this is post analysis and not a live trade
At 16:45 today on the 5M we have "A" that looks like a no demand small spread up bar (not unlike your entry "J" in last chronicles), then we get a great move down for 7 points
Then sides ways until 19:15 (more my trading time) with another leg down, but this to me is not so obvious
From 18:15 we have reduced supply and demand, then "B" doesn't really jump out like "A"
Although "C" is a increase in volume and a good close, followed by increasing volume "D" "E" and no demand "F"?
Can you help answer these questions from other members on NexusFi?
Wyckoff and VSA principles at play in today's action:
Multiple Time Frames (setup)
Shakeout
No demand
Classic Wyckoff (Distribution setup)
Evidence of Supply with bar by bar analysis
Overbought Conditions
Effort vs. Result (positive or negative)
Selling of poor quality
Let me first start with congratulating you on one of the greatest threads I've ever read on trading anywhere! It's really remarkable and inspiring! Thank you so much for continuing to share all your trading insights with us
Early on you had mentioned a 4th page of the Chronicles where you go over your strengths and weakness privately. I'm looking at trying to make the most of my review process and study time, and was curious if you could talk a little to how you evaluate your performance and the structure/format of that page so that I can try and model something similar.
The way you look at the market and lay out your thoughts has helped me see some of the weaknesses in my analysis and I'd like to see if I can be more efficient with my time. Also do you do the first part of the Chronicles premarket and then add the rest later, and on average how long does it take you to put this whole thing together?
Feibel. I am addicted to your analytical/educational narratives.
I am always looking forward for the next one. They add new elements to my own trading. I am more focused on diversions on various oscillators (RSI, volume zones, etc.) to price action.
Question:Very often you show tick charts. Sometime you make your conclusions based on them. Do you look at both tick and regular charts at the same time. What screens do you have opened at the same time during your day trading of ES? Do you watch any other indicators? Or you open them from time to time for confirmation and enter trade? Seems like you use tick charts to enter.
Yes, I look at both the 5m and tick charts throughout the day. From a personal perspective, tick charts give a slightly better look to market structure over the 5m (especially on volatile days) If one is new to the method, I would highly recommend to only use one or the other. Or perhaps the 5m chart with the wave volume. Become proficient in one area, then add another chart to increase ones skill level
3 screens are used: 2 x 24" and one 27", Time frames: Daily, 60m, 15m, 5m, and 3500 tick (intraday) different for swing trading.
One of my favourite setups are tests after signs of strength and they are best used via a 5m chart. In my trading both charts are used frequently, they display the data at certain times clearer from one another. Low volatile days via the tick chart are more or less impossible to trade, and high volatile days its best to use a tick chart
No other indicators are used; I learned early on in my trading career that this methodology works and has done for over 100 years, it just requires a regimented practice regime and time. There is nothing wrong with adding other indicators if it helps one to pull the trigger (to instil confidence).
Wyckoff and VSA principles at play in today's action:
Waves
Structure (channels) Reverse Use of Trend Lines
Spring
Confluence
Trend Trade (setup x 2)
Wyckoffian Thinking (compare and contrast)
No supply (waves)
Wave Volume Nuance
