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The S&P Chronicles - An Amalgamation of Wyckoff, VSA and Price Action
@Grantx,
You said initially you were trying to help.
I sincerely wanted to clarify what is wrong with this thread and how it may be harmful in the long run and what information we could be missing.
And just asked sincerely what's the difference between this thread and all other threads, books etc. since I'm new to trading.
Now you are saying I'm trying to educate you, home come?
The only thing wrong with this thread are those of you who are 'saving us' from someone who is sharing Wyckoff education for free! If you are interested in Wyckoff, do some research of his methods. Then, come back to this thread and see how someone uses those methods. You will then understand why most everyone here feels lucky that he is sharing his analysis.
WYCKOFF, VSA and PRICE ACTION. If you are not sharing viewpoints on those 3 things. Please, please move on to another thread.
The trades that are discussed in his reports were all available at the hard right edge of the chart. Just spending a few months studying Wyckoff and VSA on my own, in conjunction with his reports, have allowed me to start seeing these trades and taking some of them in my own trading.
This is feibels thread and not the place for the type of discussion you are trying to create. If you are new to trading then its not good etiquette to hijack another persons thread with nonsense questions like:
Sounds like you have a lot of questions. There will be a bunch of people in this very helpful community of traders that will be happy to assist you. Start a journal, show us where you are at, and we can go from there.
I'm not discussing. I asked you a question about your thoughts about THIS thread.
Your words were that following analysis in this thread will lead us to harmful conclusions in the long run. So I was just clarifying your words about information in THIS thread. Am I correct here?
I'm not asking about my trading, not your trading, nor my or your journal.
So what did you mean saying that information in this thread can be harmful?
I just asked, if you don't want to reply - it's fine
Good question; I receive many private emails regarding this topic - let's go over this with a fine tooth comb
Standard volume bars cannot be used with tick data, as they may appear similar (and they should)
Tick data represents transactions regardless of time and volume:
Example: In the Chronicles I use 3500 ticks, this equates to 3500 individual transactions between buyers and sellers, regardless of time and volume. There may be 3500 transactions all with 1 contract, or perhaps 3500 transactions with a 100 contracts per transaction, it makes no difference. For arguments sake there could be 1 transaction found within a 3500 tick bar that contains a large sum of 10000 contracts - this only constitutes as 1 transaction, even though the volume is 10,000 contracts.
That's how we know that the majority of price is still retail or algo driven, as tick volume bars have an average size. However, if for example the 3500 tick bar that contains a couple of 10000 lots (bids) will inevitably drive price higher, hence the spread of the tick bar will increase, this will stick out like a sore thumb (polar bear in the desert) therefore we know that institutional/large players have made a play, they have positioned themselves; essentially we gain an edge
Volume is activity (vice versa) when the market moves fast and is volatile, a 3500 tick bar, may represent a 1 or 2 min bar on occasion, as the rate of transactions (3500) is incredibly fast, ergo there is movement within the market. Here we gain an additional edge; if this occurs within the first 30 or 45 mins trading, it can often fortell a trend day (heavy liquidation)
Example: on any given day within the first 30 mins of trading, ticks may display itself by consuming a 1/4 of my screens real estate (which is an average) When the markets open with high volatility within the same time period (30mins) the tick data will consume the whole of my screen, THIS is vital data, as odds highly favour a huge move, and we want to be aggressive in our trading.
An astute trader will highlight that if we change the size of charts, how do we know the average? I have 3rd party software that highlights the average for any given time period (to be honest, its not needed)
There are many, many advantages to tick data, too many to list and go through. Perhaps a free webinar would help? especially for those who trade forex; tick data along with cumulative wave volume, is an extremely powerful tool; as we all know FX is decentralised, the only real edge using volume is through tick data, that I have found......
Very useful information.
In the volume wave indicator on tick charts are you interested in the volume per price swings that coisides with your specific structure waves? So you adjust accumulation rate in the indicator for every specific situation. Of course accumulation for a longer swing should create higher wave. Short swing - small volume wave. This can be misleading. How can you compare price wave and volume waves abnomality? Or you compare similar leangh and angle of swings.
Are smaller waves within larger waves important to you?
So you focus more on development of volume accumulation within larger price swings. Kind of like breaking it down.
I think both information are useful. I use both. With all this information it is very easy to miss something obvious on regular charts.
Its about time feibel! We have been patiently waiting for this webinar
Come on people reading this forum, throw your support in....give a +1 or something.
