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Is anyone could tell me where I could get some information on Mr.Richard Wyckoff method ?
Any books or web site about it ?
Thanks for your kind help |
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Well winnie, you must feel as if you have opened up a hornet's nest here, you have to ignore all this bickering, anyway to be successful in this arena, courage, self reliance, discipline, persistence and hard work are essential qualities. You have to seek out the right knowledge that makes sense to you and you only and then verify in real market, develop your own strategies/tactics and trade management rules. In the final analysis the choice is yours whether to follow the herd or be independent, it is your career and your money on the line.
Leave you with this to ponder over:
1. ES 1, 14th May The strategy regarding short trade was explained away in terms of previous resistance levels of 2nd and 6 May, sign of weakness, upthrust, no demand etc.(post 1178)
“You could see weakness as I pointed out on the 5 minute chart. This was especially clear on the up thrust with high volume (2nd W). I saw the no demand bar at 1, as you pointed out. You could have taken a short trade there, and there would have been nothing wrong with that. Your stop would be above the last high, and if you had sat through all sideways action for the next 40 minutes, you would have been fine. I don't take those because of just that. I saw the up thrust and no demand, but this did not meet my trading plan requirements, so I let it pass. But, its a personal choice.”
2. ES 2 - This is price action on 15th May, study this and then examine 5min charts ,
(note similar times of the day around 1.30-2.30p.m), We have resistance to the left, all the signs of weakness, upthrust, no demand, As per the above strategy, what are the tactics this time????
3. NQ1 - similar exercise for Nasdaq,
and then watch the ensuing price moves. Hope this helps on your educational journey.