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Wyckoff Trading Method
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Wyckoff Trading Method

  #451 (permalink)
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Gary Fullett View Post
I am using the Nasdaq 100 futures. When referring to the S&P spread, I'm referring to the Nasdaq 100 futures versus the S&P 500 futures. I posted a chart of this spread the other day.

I'm following your charts using the TOS platform and I've marked a chart using Wyckoff terms. Please let me know if you think these are marked correctly. What platform are you using?

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StockJock View Post
I'm following your charts using the TOS platform and I've marked a chart using Wyckoff terms. Please let me know if you think these are marked correctly. What platform are you using?

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Well, I have mixed feelings about your chart. In my opinion, the ND, PS, and SC are incorrect. I do agree with your ST, Shakeout / Spring.

Gary

There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
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  #453 (permalink)
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Gary Fullett View Post
Well, I have mixed feelings about your chart. In my opinion, the ND, PS, and SC are incorrect. I do agree with your ST, Shakeout / Spring.

Thanks for your feedback. My chart looks like an intermediate reaccumulation, do you think? Possibly it should be marked similar to this figure. Its hard to tell sometimes, because every chart is unique.

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Last edited by StockJock; February 25th, 2012 at 10:17 AM.
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  #454 (permalink)
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StockJock View Post
Thanks for your feedback. My chart looks like an intermediate reaccumulation, do you think? Possibly it should be marked similar to this figure. Its hard to tell sometimes, because every chart is unique.

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I greatly appreciate your intense thirst to learn Wyckoff, and I will do everything I can to help you or anyone else looking for clarification. I'm not sure where you got this chart, but it's not an accurate Wyckoff chart. It has some Wyckoff in it, however. For example, you do not have a markup phase, then PSY, BC, then a trading range, then go higher. The essence of the BC is that the uptrend ends. In your example, the uptrend continues. The only way that works is if you have multiple time frames. In other words, you could have a BC on a 5 min chart, and still be part of the uptrend on a daily chart. I think if you Googled "Wyckoff Wave chart", you'd find some great examples.

Gary

There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
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  #455 (permalink)
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Gary Fullett View Post
... I'm not sure where you got this chart ...

Gary,

I have a collection of articles and charts that I study and I should have given you a reference. I just assumed that the chart was correct. See attachment.

"Take Action Using Wyckoff Theory"
SFO, Vol. 9, No. 10, October 2010

Attached Thumbnails
Wyckoff Trading Method-hank-pruden_sfo_article.pdf  

Last edited by StockJock; February 26th, 2012 at 11:57 AM.
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StockJock View Post
Gary,

I have a collection of articles and charts that I study and I should have given you a reference. I just assumed that the chart was correct. See attachment.

"Take Action Using Wyckoff Theory"
SFO, Vol. 9, No. 10, October 2010


The Stock Market Institute and the Wyckoff course they have is the "bible" for traders, so that is the standard I go by. If you go to the SMI site at Wyckoff Stock Market Institute | archives, you'll see the following paragraph:

"The Wyckoff trader also wants to see a clearly defined stopping action at the top of an advance. This involves four steps. They are the meeting of preliminary supply, a buying climax, an automatic reaction and a secondary test. As an advance is approaching an objective, a reaction will develop over several days where the activity is clearly bearish. This is preliminary supply. It represents the first wave of bulls who bought at lower levels taking their profits. The meeting of preliminary supply is an early warning that an opportunity on the short side may start to develop soon. After preliminary support has been met, there will be one more thrust to the up side usually on wide spread and increased volume into an up side objective. This is the buying climax. It provides a clearer warning to the potential short seller that an opportunity is beginning to develop. The stopping action is completed by the automatic reaction and the secondary test. The automatic reaction is the decline that immediately follows the buying climax. It is caused by the exhaustion of demand on the buying climax. As the automatic reaction unfolds and the price retreats from the high recorded on the buying climax, some bulls will be re-energized and will begin buying again. However, at this point, they will be in the minority. The rally that their activity is able to accomplish will have less volume than wad present as the price rallied to the buying climax. It will also tend to have narrower price spreads to the up side and it will put in a lower top than was recorded on the buying climax. This is referred to as being the secondary test of the buying climax. It completes the stopping action and allows the price to begin preparing for the next move."



Gary

There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
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  #457 (permalink)
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The Stock Market Institute and the Wyckoff course they have is the "bible" for traders, so that is the standard I go by. If you go to the SMI site at Wyckoff Stock Market Institute | archives, you'll see the following paragraph:


Quoting 
Wyckoff Stock Market Institute | archives
... Although the stopping action at the top of an advance is vital to the development of an opportunity to begin a campaign on the short side, it does not guarantee that the next move will be down. In longer term bull markets, there will likely be a series of advances each being preceded by the stopping of the previous advance. For the Wyckoff trader who is looking for an opportunity on the short side to know that a resumption of up side progress is not likely, he looks for the passing of additional selling tests as the action continues to unfold.

What are the patterns or indicators that will predict the breakout of the range? Will it be long or short? What's the best time frame to observe these indicators?


Last edited by StockJock; February 27th, 2012 at 11:12 AM.
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What are the patterns or indicators that will predict the breakout of the range? Will it be long or short? What's the best time frame to observe these indicators?


Wyckoff works on all time frames. The problem with shorter time frames is that they are susceptible to acute news items, thus making the chart noisy.

Usually, the market will jump over the creek or break the ice with increased volume and increased bar length. This will indicate specs and funds willingness to join the fray. The time frames that you use will vary depending upon your niche. I have my favorites, like everyone else.

If the market experiences a buying climax, this will indicate lower prices ahead, and a selling climax will indicate higher prices ahead.

Gary

There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
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  #459 (permalink)
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Gold Weekly chart

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Gary

There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
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  #460 (permalink)
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Quoting 
Wyckoff Stock Market Institute
3435 W. Tangerine Lane
Phoenix, AZ 85051
Wyckoff Stock Market Institute|Stock Market Technical Trading
Stock Market Buying Tests - Part One
How to Take a Profitable Position in the Stock Market

Wyckoff traders looking for a trading opportunity on the long side have a number of options that may be employed in an effort to identify the best trade candidates. Using the five steps of the Wyckoff method and searching for primary buying positions are two options.

A third approach is to use the series of nine buying tests that Wyckoff identifies. Each buying test is a development in the price and/or volume action that indicates that the price is preparing for an advance. It is normal for buying tests to be passed over a period of time.

The Wyckoff method takes a series of tests from observing both the Vertical chart and the PnF chart. It seems that there is a 5 step preliminary steps of stock selection and 9 tests to evaluate if the stock is ready to move and in which direction. In the attached article “Wyckoff Laws and Tests”, Hank Pruden references a table summarizing these 9 tests that are described in SMI's 3 part article on "Stock Market Buying Tests"

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The challenge for those of us who are students of Wyckoff is to practice applying these 5 steps and 9 tests to learn the Wyckoff method as discribed in the SMI Article Archives. Maybe our mentor, Gary Fullett, can help us with this.


Quoting 
References:

Stock Market Buying Tests - Part One
Pruden, Henry O. (Hank), Ph.D. and Bernard Belletante, Dean and Professor of Finance, “Wyckoff Laws and Tests.” STA Journal, November 2004, London, U.K.
Jack K. Hutson, Editor, Charting the Market: The Wyckoff Method (Technical Analysis, Inc., Seattle, Washington, 1986).


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Wyckoff Trading Method-wyckoff-laws-tests.pdf   Wyckoff Trading Method-buying_tests-part1.pdf  
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