Favorite Futures: Retrospectroscope - for 20/20 Hindsight
Posts: 115 since Aug 2012
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SJ - you can find it at weisonwyckoff.com and there's an archive there too. For standard PnF du Plessis' book 'The Definitive Guide to PnF' is excellent: lots of examples and clear and concise. Also Weis has a new book out on Amazon in a few weeks time.
"Give me control of a nation's money and I care not who makes the laws."
Mayer Amschel Rothschild (1744 -1812)
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It seems like others who write about Wyckoff's method can't resist adding a little of their own interpretation and we tend to think that it's Wyckoff's teaching. So it would seem that to learn the pure Wyckoff method would be to read only those publications that are specifically published by Wyckoff himself.
What would you say about the 5 Step Method? Is that the SMI method?
Interesting. I have been on the SMI newsletter list for a while now and you might also find this useful. Studying the Wyckoff Wave. Jim O'Brien from SMI posts his charts and he discusses his detailed analysis of these charts using the SMI/Wyckoff method.
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In part. Determining the status of the group of which the stock is a part is also a key element of W's approach. But, you have the course, so why not Ctrl+F it and look, for example, for "law"?
As for goals, this is how I put it in the Introduction to the Wyckoff Forum:
Wyckoff sought to develop a comprehensive trading system which (a) focused on those markets and stocks that were “on the springboard” for significant moves, (b) initiated entries at those points which offered the highest probability of success, and (c) exited the positions at the most advantageous time, all with the least possible degree of risk*. His favorite metaphor for the markets and market action was water: waves, currents, eddies, rapids, ebb and flow. He did not view the market as a battlefield nor traders as combatants. He counseled the trader to analyze the waves, determine the current, “go with the flow”, much like a sailor. He thus encouraged the trader to find his entry using smaller “waves”, then, as the current picked him up, ride the current through the larger waves to the natural culmination of the move, even to the extent of pressing one’s advantage, or “pyramiding”, as opposed to cutting profits short, or “scalping”.
So I guess you could call that three. But there's more than one way to say the same thing.
I see you've posted a pdf of the first part of the course. I should point out, though, that the title is actually The Richard D. Wyckoff Method of Trading and Investing in Stocks (about 400 pages). The tape reading part, the second part, is called The Richard D. Wykcoff Method of Trading in Stocks: A Course of Instruction in Tape Reading and Active Trading (about 97 pages).
There are parts of the course which one can skip, of course, unless one doesn't know what a chart is. And I question the value of maintaining a "Wyckoff Wave". But that's just me.
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