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Wyckoff Trading Method
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Wyckoff Trading Method

  #1101 (permalink)
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BIDU

Some time ago I posted about BIDU. I felt that it had gone through a long distribution and that major support was broken. That may have been true, but the projected area that BIDU would get to was around 60-65. That never happened. You can see in the chart that there was Shortening of the thrust and probably effort vs. Reward in the Weis Wave. When the down channel was broken it was done on good wave volume while the next pullback showed little supply. The broken trend channel and the demand on the WW are a change in behavior. Since that time the stock has rallied almost $50. It just goes to show you that no matter what, don't get married to an idea or opinion about what the entity is supposed to do. It will do what it will do. What that website, "tradeitdontdateit.com.

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CL 3000 Tick chart

It appears to me that CL is setting up to drop. On the attached 3k tick chart it looks like it may be starting to rollover. There was a high volume up wave that could not reach the opposite side of the trend channel. The largest down wave volume in several days occurred and the trend channel was broken. The high and low of today (8/13/13) are good areas to monitor for a breakdown or breakout as well as false breakdown or breakout. On a longer term I'm estimating 98-100.

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Daily CL


I'm not clear on what CL is doing. We did get a sell off and we did get a rally off of yesterdays low. Its in a trading range so be aware of false breakouts or breakdowns. The wave volume currently is almost double the prior two up waves on the daily. My first thought is that it's Effort vs. Reward and that it's preparing to drop as I said yesterday. Now I'm wondering if its absorption. Absorbing the supply before going higher. I don't know know and I'm second guessing myself. We will see what takes place soon enough.

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Looks like the we may have E v R on the daily.

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David_R View Post
Looks like the we may have E v R on the daily.

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Hi David

May i ask what E v R stands for?

Thanks

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Market Sniper 88 View Post
Hi David

May i ask what E v R stands for?

Thanks

Sure thing. Sorry about that. E v R is. Effort vs reward, or effort vs result. They mean the same thing. Effort is volume and reward is price movement. If we see high volume we " expect" to see a result consistent with the effort. The daily chart shows 700k vol in the last wave up. It's double or close to it than the prior two up waves. One would think with all the effort price should make a new high, but it didn't.

D

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Range Bound??

Seems we are in a range at present on the daily, my bias being towards to the downside.

COT data would also suggest Funds are overly long CL creating risk to long positions.

Should be interesting if the bottom of the range gets taken out - Im guessing alot of stops there.

Cheers

Mike

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Euro and Pound

Both the Euro and the Pound are at or near areas of
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Wyckoff Trading Method-eurow.png   Wyckoff Trading Method-eurod.png   Wyckoff Trading Method-pound.png  
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Euro and pound with WW

Here are the Daily charts of the Euro and Pound with the Weis wave.
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Oil


CL approaching support at 102 area. Support below at 100 if it breaks
. Volume on WW not very large to date.

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