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puakeng
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The test is not confirmed. But it probably needs a second test. The volume is low on 9 Oct. From the chart, I conclude that Smart Money intentionally tests the market to wash out potential weak holders. They are healthy signals for an uptrend. :missy:
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There is a low volume test on 8 oct. The volume is clearly low. It means there is no supply to the down side. However, we need the next bar to confirm it. This is the EOD chart, maybe intra-day chart kud get you a clearer picture. If the test is confirmed, the market has to follow the path of least resistance, which is up. With strength in the background, I personally expect higher prices for gold. This test seems that professional money wanna prices to break 1800.
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I am a pure Wyckoff leaner. I am neither Tradeguider user nor Weis Wave. But they are my fundamental technical tools. I read books by Gavin(Trading In The Shadow of Smart Money), Tom Williams(Master the Market), Timothy Ord (The Secret Science of Price and Volume) and Hank Pruden (The Three Skills of Top Trading). I am also a big follower to Doctor Gary Dayton who is a renowned Wyckoff expert. My purpose of getting involved in this site is to share and learn with you guys about VSA and Weis Wave.I am looking forward to you guys who are passionate to learn and share with me the Wyckoff strategy.