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Wyckoff Trading Method
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Wyckoff Trading Method

  #221 (permalink)
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Dr. Gary,

Thanks for the insite. Background information like that is not readily available. In studying the Wyckoff method, I'm looking to apply the concepts as I learn them. Wyckoff recommended to read through his materials from beginning to end, skip nothing and read them three times. I'm neither pro nor con on indicators; so maybe I should skip the study materials that discuss these indicators? From what you're telling me is that these indicators have nothing to do with what Wyckoff intended to teach and they were developed by his successors. This sound much like how VSA and WCVA have been developed by other Wyckoff followers. So I'll filter through the study materials and skip over indicators. Thanks for your advice.

Edit: To indicate or not to indicate, that is the question. In learning how to trade, the various Wyckoff sources do not give a clear guidance on this. Even Tom Williams has several indicators and about 193 chart patterns in TradeGuider. See attached document that lists all the VSA chart patterns used in TradeGuider. Like you said its a personal decision.

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Register to download File Type: txt Williams - VSAsignals.txt (126.9 KB, 155 views)

Last edited by StockJock; March 15th, 2011 at 11:31 AM.
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Glad to help. You could do much worse than follow Wyckoff's advise. There is a lot of material to cover. It is best to take you time with it. The contributions by others were also helpful to me, but they can always come later. There are some that think only Wyckoff's original writtings are valid; all else heresey or at least invalid/suspect. I personally use a lot of what Bob Evans, George King, Dave Mathys, Tom Williams and David Weis wrote -- all, of course came after. Color me heritic, I'm happy. Again, find what works best for you and ignore the politics as noise.

Although, as Wyckoff said, all is important, I personally found a few things of particular import. So, FWIW:

The chapter (7) on the Case Study of the NY Times Average of 50 Stocks - "Determininting the Trend of the Market ..." I find this to be incredibly useful. The person I learned Wyckoff from said it had a profound impact on his trading, and I would have to agree. I think it the best writing in the course.

How the Composite Man's Intentions May be Detected (Chapter 10) is also highly useful. This is a hypothetical market (Wyckoff made it up). The key here, I think, is that it truely reflects Wyckoff's thinking and how he viewed the important elements of buying and selling and how they occur. It's his basic model of the market.

The Anaconda study (Chapter 16) is another section that is very useful.

I selected the above because they have been most useful to me. There is, of course, so much more. Enjoy the journey.

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I see a lot of excellent Wyckoff chart examples posted in this thread and I was wondering if anyone would be willing to include the associated point and figure (PnF) charts with each of them or post new examples that include both the PnF charts and the Vertical charts together.

One of the challenging points of my study of Wyckoff's method is finding the correlated accumulation points and the distribution points that are indicated on the examples in this forum with the same points locations that would occur on the PnF charts. Wyckoff teaches that counts are to be taken on the PnF charts to determine the cause for the next action (effect). Would anyone care to discuss how to apply this part of Wyckoff's method?

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Just to start things off on the Vertical and PnF chart matching, attached are the two charts of the S&P500. I found the vertical chart somewhere and it has the accumulation area identified. How would the locations identified on the vertical chart be located on the PnF chart? What information did you use to identify the various accumulation identifiers (i.e. PS, SC, AR, ST, Support, Resistance and Shakeout)?
The PnF chart made by Bull's Eye Broker uses the Wyckoff method; whereas the PnF chart made through Amibroker does not. Observe the difference in the PnF patterns.

Attached Thumbnails
Wyckoff Trading Method-_s-p500-vertical.jpg   Wyckoff Trading Method-_s-p500-pnf.jpg   Wyckoff Trading Method-_s-p500-charts.jpg  

Last edited by StockJock; March 24th, 2011 at 06:17 PM.
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Just to start things off on the Vertical and PnF chart matching, attached are the two charts of the S&P500. I found the vertical chart somewhere and it has the accumulation area identified. How would the locations identified on the vertical chart be located on the PnF chart? What information did you use to identify the various accumulation identifiers (i.e. PS, SC, AR, ST, Support, Resistance and Shakeout)?
The PnF chart made by Bull's Eye Broker uses the Wyckoff method; whereas the PnF chart made through Amibroker does not. Observe the difference in the PnF patterns.

SJ,

I don't know about the others that have added to this thread, but i don't know PnF charting. The only study I've done regarding Wyckoff is through Gary's chart reading class and we did not get into PnF. Maybe the thread is lacking since it's doesn't cover all the aspect of Wyckoff.

David

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How is the Wyckoff Method working out for you David?

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I'm learning Wyckoff's method of trading and he used PnF charts. Since mine is a self directed study, I post question in Wyckoff discussion forums for concepts that are not clear to me whether they be PnF charts or SMI indicators. Since SMI was essentially established by Wyckoff himself, I'm presuming that their textbooks contain what Wyckoff intended to teach. Attached is one of the SMI courses that I found in another forum. These days there are a variety of other course providers that claim to teach the Wyckoff method and there are forum member who speak well of them.

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Wyckoff teaches that counts are to be taken on the PnF charts to determine the cause for the next action (effect). Would anyone care to discuss how to apply this part of Wyckoff's method?

Ideally the cause is measured to determine the length of the effect. I personally keep away from PnF charts but there are still other ways of measuring the effect once a cause is seen built up in a TR. The easiest and simplest would be Wide Range Body Candlesticks (WRB) by Mark Perry which can be used to exit a position.

You can do a google search on WRB's and find his website. Read his theories and see if this suits your style of trading.

If you can visualize, it will materialize
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StockJock
Would anyone care to discuss how to apply this part of Wyckoff's method?


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The easiest and simplest would be Wide Range Body Candlesticks (WRB) by Mark Perry which can be used to exit a position.

Thanks for your reply, but then we wouldn't be discussing Wyckoff's method.

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Well, I'll give it a try. If anyone wishes to comment, please participate. Here are a vertical chart and a PnF chart of the Dow Jones Industrials. Please note that the market symbol is $INDU; however, Yahoo Finance uses ^DJI for the same thing. On the vertical chart I've located what I thought might be the Wyckoff re-accumulation phase points and I recorded the dates where they occurred. Then using the same dates I located the same points on the PnF chart. For the support I used the low value of the Selling Climax (SC) bar and for the resistance I used the high value of the Automatic Rally (AR) bar on the vertical chart and used the same values on the PnF chart. Hence, I plotted the Support and Resistance lines for both charts. Below are the dates that I used between the two charts that are attached to this post.



Attached Thumbnails
Wyckoff Trading Method-indu-vertical-chart.jpg   Wyckoff Trading Method-indu-pnf-chart.jpg  
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