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The S&P Chronicles - An Amalgamation of Wyckoff, VSA and Price Action
registered an account just to say thanks for these analysis.
one question,
say a 3 days consolidation was broken downwards and we are rallying back to ice after 3 days. Often I find that trading the immediate re-test is difficult because essentially we are fading a strong intraday upwards. I find that entering at the first pin rejection, there would be momentum remaining that is enough to take out my SL at the top of pin, despite weis wave is showing effort but little result.
Is there any additional signs or confirmations you would wait for before entering for these?
In comparison, intraday creek / ice is so much easier to time entry.
Attached charts are from today. Price has gapped down from last Friday consolidation and Red arrow is where I entered short two times. Also below the chart is where it shows strong effort v result.
The last 15m chart shows the overall picture and where price eventually went.
Is it just one of those days that the market doesnt follow the chart? But its more likely im missing something very important and still have a lot to learn, because this isnt the first time i get the timing wrong on rally back to ice that span across a few days which to me the difficulty lies in that this is fading an intraday uptrend.
Would love to hear everyone's insight on this matter. Can't thank you guys enough.
Apologies for the late reply, the wife booked a surprise trip to Switzerland for the festive period (no trading allowed)
There is not enough data on your charts as I cant see an established trading range/support area for ice to form, in any case one must analyse the demand/supply equation on the approach to ice. Is it buying of good quality or bad quality? How deep was penetration of ice (the strength of sellers) was the move checked with a high volume bar, acting semi climatic, or did the sellers exhaust themselves (big difference). How are the waves of selling compared to the waves of buying? as there will be subtleties in the price action etc.
The S&P Chronicles will return (minimum two a week) However due to the recent trading conditions (extreme volatility) to be honest the best I have ever witnessed (one is very lucky to have these present conditions/environment) I want to spend my time actively trading, making hay when the sun shines, it wont be long until the market is range bound and will last for months, building cause for the next big move.
thank you for your reply.
I must admit, i didnt consider any of those factors you mentioned!! now i have a better understanding on what to look for. much appreciated.
One more question, I wonder if you have ever incorporated reading Times & sales into your trading decision?
