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I don't like the use of a trend line without the parallel reverse trend line. As you may know, the A6 is directly related to strength or weakness of commodities. This is due to the resources in Australia. However, it is possible that this market has had an upthrust and some weakness on the daily chart. On a long term basis, this market will still need time to go through a possible distribution process. In regards to the daily chart, a weak retest (lighter volume and smaller price range) can show a lack of demand and then lead to markdown.
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.
Very well done! You can clearly see the retest of the breaking of the ice that provides a proper, low risk set-up trade.
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.
In downtrends, which this seems to be, springs tend to fail, so be careful in buying springs when the background of the market and ease of movement is downward.
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.
Springs, upthrusts, price and volume are all Wyckoff principles. VSA uses some Wyckoff principles in their analysis.
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.
Even with the use of the parallel reverse trend line, do these lines need to be replotted whenever there is larger retracement or slight change of slope in the trend. Or do these lines stay the same whereas the larger retracements and slope changes are then considered overbought or oversold conditions?
If I'm to watch the chart for the E-Mini NASDAQ 100 Futures, then what do I look for if its not patterns? Aren't up trends, down trends and ranges patterns? Is Price/Volume divergence considered a pattern? The Wyckoff training teaches divergences between the Optimism/Pessimism Index and the Wyckoff Wave, but those indicators aren't available on most trading platforms. Do you use them?
There are also the Trend Barometer, Technometer, Force and Momentum indicators which also are not available in most trading platforms. I never see these discussed in forums with Wyckoff as a topic. I get the impression that they are not necessary.
Anyway, what do I look for in the NASDAQ 100 and what does "leadership" for the S&P 500 spread mean? Should I watch at the 60 and daily S&P 500 or the E-Mini S&P 500 Futures? Do I focus on the Indicies or the Futures? For that matter, in what context are you using the word "spread" for the S&P? I'm familiar with the spread as the difference between the high and low of a price bar. Sometimes "spread" is used when speaking of option trading.
Missed one of these- but some very good entries on EURO in last few days- with strength in the background.
Look at 4hr chart- beautiful display of Effort VS results on the two highest volume bars. I'm not sure if this is stopping action (might not quite be an accurate definition) but it is definitely take note behavior.
Springs fail in downtrends- however there is an exception when there is strength in the background. And the market has proven that it is undergoing a change of behavior.
(PS all trades taken with just Price and Volume- no indicators) It pays to think in terms of where price will be defended by the CO. (Composite Operator)
Added 4hr to show where Volume came in... I get the message the CO does not want price to go down any further...
Is there any similarity in purpose to the Optimism/Pessimism Index and the Commitments of Traders (COT) Report? I know that they are calculated differently and they are from different sources, but the concept of optimism seems like it would encourage traders to be committed and vice versa.
