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Wyckoff Trading Method
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Wyckoff Trading Method

  #511 (permalink)
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I agree the chart and price action is interesting and your comments too. I was wondering as you are a master of Wyckoff principles could you describe how you use this information to profit from it. Do you use some signals or do you place limit orders ahead of time at key levels. For example, you indentify a bar with the label 'selling'. In hindsight, we can see it resulted in more selling but when you make such a comment, it would be interesting to understand what you make of this information and how it can result into a tradable opportunity. Thanks.


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trendisyourfriend View Post
I agree the chart and price action is interesting and your comments too. I was wondering as you are a master of Wyckoff principles could you describe how you use this information to profit from it.

My first criteria is determining the trend for the time frame I'm trading. If I see weakness in that trend, I am looking to sell resistance. The subsequent action that I labeled "selling", comes AFTER the decision I made to sell. In other words, if I am looking to sell, I am looking for a trigger to sell. This is usually found in the creek resistance area and usually, I prefer to sell in this upthrust of the creek resistance area,


Quoting 
Do you use some signals or do you place limit orders ahead of time at key levels.

I rarely place limit orders in the markets in fear of not getting filled. I do not mind giving up a tick or two to catch the bulk of the move.


Quoting 
For example, you indentify a bar with the label 'selling'. In hindsight, we can see it resulted in more selling but when you make such a comment, it would be interesting to understand what you make of this information and how it can result into a tradable opportunity. Thanks.

In conclusion, I am mainly following trend and selling at resistance. In anticipation for that selling bar to come somewhere in that sequence. Since I determined the trend was down, the likelihood of that selling give s me an edge. And vice versa for buying. If I determine to sell that upthrust, I then monitor the action to see if I have continued weakness. If I don't have continued weakness from the upthrust position, I simply liquidate the trade. I understand that the labeling and chart could be seen from hindsight. The purpose was to show the Wyckoff sequence.

I hope this helps.

Gary

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  #513 (permalink)
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Query for the Wyckoff Master


Hi Gary,

I'm wondering if you can outline the differences between Selling and Supply? Does Wyckoff treat them differently in a range? Does Supply normally show on the right side of the Trading range, whilst Selling may occur whenever?

My understanding is Supply is when you get High Volume and A Wide Range. But what does this tell you that is different from a selling bar that has high volume and wide range?

Supply is always selling, but selling is not always supply.

Ill treat the opposite for Demand and Buying.

Cheers Traveller


Last edited by traveller; March 4th, 2012 at 02:09 PM. Reason: spelong
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I see that there's some info on Trading Ranges and Future Directions from SMI.

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I'm trying to do a little pattern matching with my chart and the SMI chart above showing the previous down trend and the current ranging patterns.

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ES daily and 15 minute charts

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  #517 (permalink)
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re

the last chart is very valuable. TY

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  #518 (permalink)
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THANKS


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Hi, Gary, I attended your webinar this weekend, very impressive, I'd like to read some books about wyckoff method, do you have any recommendation? thanks

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Hi, Gary, I attended your webinar this weekend, very impressive, I'd like to read some books about wyckoff method, do you have any recommendation? thanks

best ones are:
Day Traders Bible by Wyckoff
Charting the Stock Market: The Wyckoff Method by Jack K. Hutson
Studies in tape reading by Wyckoff
Jesse Livermore's Methods of Trading in Stocks by Richard D. Wyckof
The Three Skills of Top Trading: Behavioral Systems Building, Pattern Recognition, and Mental State Management by Hank Pruden

There are tonnes more but these will get you to a good start.
Im sure others can add to this list, but these worked as a good start for me

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Aussie


Thought I might throw up a chart of the Aussie, I have been watching for a while.

Nice Upthrust Entry for short and see if we get back up to the Ice for another entry, which will confirm my Analysis.

Couple of things that just need to be noted on chart- This is more of a Lack of Demand topping action than a classical Buying climax topping action. So some of the labels on the chart might not be strictly true according to Even Echoes.

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Last edited by traveller; March 6th, 2012 at 08:07 PM.
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