Riding the Wyckoff Wave - Page 26

gassah · #**251** (**permalink**) 04-27-2008, 07:35 PM

Keep in mind the PnF targets are just a "watch, look and listen" area. I use them to make sure a stock I'm interested in has enough of a count to supply a minimum 20-25% move as an IT trader. Once the stock begins trending I look for supply or demand in the target region.

A definite exit for me is the appearance of a climax at an overbought or oversold position (channel lines), combined with the meeting or exceeding of a PnF target. As has been mentioned before it is sometimes difficult to distinguish preliminary support/supply from a climax. If a target has not been reached then I'll give it the benefit of the doubt and conclude that it hasn't climaxed yet.

DbPhoenix · #**252** (**permalink**) 04-27-2008, 07:42 PM

	Quote:	gassah
	and conclude that it hasn't climaxed yet.

Okay, that's enough of that.

gassah · #**253** (**permalink**) 04-27-2008, 07:48 PM

	Quote:	DbPhoenix
	Okay, that's enough of that.

Climaxing all the time is the best part of W.

gassah · #**254** (**permalink**) 04-28-2008, 05:08 AM

GBPUSD 30m spring?

gassah · #**255** (**permalink**) 04-28-2008, 06:27 AM

A couple of composite MP views of where the spring found support.

DbPhoenix · #**256** (**permalink**) 04-28-2008, 08:35 AM

	Quote:	gassah
	A couple of composite MP views of where the spring found support.

The "spring", however, appears to have created the profile. If you were using the profile to find support, what would the profile look like prior to the test's having occurred?

gassah · #**257** (**permalink**) 04-28-2008, 09:03 AM

	Quote:	DbPhoenix
	The "spring", however, appears to have created the profile. If you were using the profile to find support, what would the profile look like prior to the test's having occurred?

I should have kept the borders on. I stopped the profile at the rally before the spring.

Tannism · #**258** (**permalink**) 04-28-2008, 03:11 PM

Is this the type of consolidation area where one might look for being on the springboard in either direction?

DbPhoenix · #**259** (**permalink**) 04-28-2008, 03:27 PM

I'd say no. The balance of volume appears to push price higher. However, the price has advanced 40% from the bottom and this is the third of these consolidations. If you're trading one lot, consider moving your stop up below this TR.

You do know you entered 4pts too late, don't you?

Tannism · #**260** (**permalink**) 04-28-2008, 04:05 PM

	Quote:	DbPhoenix
	You do know you entered 4pts too late, don't you?

Still don't care for PnF?

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