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Wyckoff Trading Method
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Wyckoff Trading Method

  #721 (permalink)
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muscleman View Post
Hi everyone,
I am a newbie to futures trading. I am considering using wyckoff method for intermediate term trading based on daily charts. Here is an ES daily chart. From the white circle that I outlined, we are testing that important resistence, and volume is quite low. Doesn't this mean we should go short there according to wyckoff? In the past 3 years' daily chart, I have seen a lot of times where we test an important high with low volume, and then later just move slowly up. Could anyone tell me what is wrong with my analysis here please?

I love this chart- David R has answered your question. I would ask you... would you go short on apple stock up until a two weeks ago? no way right. Your chart show that supply is taken out of the market (up to 1350 definitely). No one is willing to go short even at old highs.

When traffic is all going one way- only those with very big pockets would go in the other direction, and only when it suited them.

Few notes on your chart showing a couple of the Wyckoff processes.


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Wyckoff is a wonderful, wonderful Method, trade-able on all time frames. Enjoy the Process.

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Apple


Thought I had better look at Apple as I posted about it without looking!

Apple has entered a trading range- lets see if if its distribution or re-accumulation

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Thank you Mike! I should start with that.
There are quite a few books. Shall I buy all of those?

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traveller View Post
I love this chart- David R has answered your question. I would ask you... would you go short on apple stock up until a two weeks ago? no way right. Your chart show that supply is taken out of the market (up to 1350 definitely). No one is willing to go short even at old highs.

When traffic is all going one way- only those with very big pockets would go in the other direction, and only when it suited them.

Few notes on your chart showing a couple of the Wyckoff processes.


Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


Wyckoff is a wonderful, wonderful Method, trade-able on all time frames. Enjoy the Process.

Maybe I should start to read a few wyckoff books.... I only had limited knowledge from viewing Dr. Dalton's webinars.
As I understand, that 1350 level is an important high, and when price run to there, volume is decreasing, so that should imply the resistence is likely to hold. Then we see a small down bar with increasing volume, so that should be the short entry, right?

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Could you recommend a good book for me on Wyckoff methods? I did some search on his books, and none of the books' reviewers say the books have clear explanation of his methods.

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muscleman View Post
Could you recommend a good book for me on Wyckoff methods?

I know virtually nothing of Wyckoff. Better to wait for others to comment.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
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muscleman View Post
Could you recommend a good book for me on Wyckoff methods? I did some search on his books, and none of the books' reviewers say the books have clear explanation of his methods.

I'm not sure what books really explain his methods, but have heard studies in tape reading is a good one. I've been meaning to get it and it's like $10. There is a book called Charting The Wyckoff Way (or method), I forget, but it's $15 on Amazon, I think.

. I like Dr. Gary Dayton's Chart Reading Course because it is distilled down to very clear and understandable concepts. The thing with Wyckoff that I find difficult is the areas of accumulation and distribution. Wyckoff has schematics of phases of accum and Dist as well as reaccum and redistribution. I rather look at it as a trading range and then a break of that trading range. If you look through this thread you will find the schematics.

D

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muscleman View Post
Could you recommend a good book for me on Wyckoff methods? I did some search on his books, and none of the books' reviewers say the books have clear explanation of his methods.

I don't know about others but its not one single book which does justice to his methods. Its actually a combination of reading several ones. I'd recommend the following in the beginning.

1. Charting The Stock Market The Wyckoff Method - Jack Hutson
2. The Three Skills of Top Trading (Read The Part on Schematics and Tests) - Dr Hank Pruden
3. Master The Markets - Tom Williams

Hope This Helps

Cheers

If you can visualize, it will materialize
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Placebo View Post
I don't know about others but its not one single book which does justice to his methods. Its actually a combination of reading several ones. I'd recommend the following in the beginning.

1. Charting The Stock Market The Wyckoff Method - Jack Hutson
2. The Three Skills of Top Trading (Read The Part on Schematics and Tests) - Dr Hank Pruden
3. Master The Markets - Tom Williams

Hope This Helps

Cheers

Excellent Books.

Personally I would read Undeclared secrets of the stock Market rather than Master the Markets, also by Tom Williams- it just cuts through all the Trade guider references and outlines the main concepts in a clear structure. MTM tends to be about a particular product- that of Tradeguider. However if you decide to go the VSA route (which I would not recommend) Tradeguider (Google it) has hundreds of resources (often free), videos, courses, information and of course the program.

Regards

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