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There is the Yahoo group run by Gassah (who contributes to this board and this thread), this is at:

http://finance.groups.yahoo.com/group/Wyckoff-SMI/

 

There are books by Richard Wyckoff himself, check them out at Amazon or wherever. There is his 'Day Traders Bible' which can be found as a free download here.

 

There is a book by Jack Hutson: Charting the Stockmarket, The Wyckoff Method. I found it a difficult read, probably because I thought it was an introductory text, or beginners text. It is much more than that and as your knowledge grows of Wyckoff it pays re- and re-reading, there is a lot in it. This book is really cheap, its $14.95 at Amazon and its value is much much more than the better marketed technical analysis books out there.

 

Then finally there is the Wyckoff course run by the Stock Market Institute, at:

http://wyckoffstockmarketinstitute.com/

Edited by DbPhoenix
References to expired links, other trading forums, and commercial sites other than SMI deleted

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There are also, of course, the Stickies provided at the beginning of this Forum. The Introduction includes a pdf of Wyckoff's Studies in Tape Reading, later edited to become The Day Trader's Bible, followed by excerpted chapters (sections) from his original course.

 

Thank-you - let's keep the Wyckoff resources coming!

Edited by DbPhoenix
update

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Section 7

 

DETERMINING THE TREND OF THE MARKET -- A PRACTICUM

 

Determining the Trend of the Market by the Daily Vertical Chart

of the New York Times Average of 50 Stocks

 

(see pdf, below; see also Comparing Strength and Weakness: Group Charts [chapter 8] and Volume Studies [chapter 14])

 

And if you've enjoyed and benefited from going through Wyckoff's analysis of the market, above, you may also enjoy and benefit from his analysis of eighteen months in the life of a stock (Individual Chart Studies, chapter 16, below).

Wyckoff Analysis 1930-31.pdf

W INDIVIDUAL CHART STUDIES (16M).pdf

Edited by DbPhoenix

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Section 4

 

Every upward or downward swing in the market, whether it amounts to many points, only a few points, or fractions of a point, consists of numerous buying and selling waves. These have a certain duration; they run just so long as they can attract a following. When this following is exhausted for the time being, that wave comes to an end and a contrary wave sets in. The latter may attract more of a following than the former. By studying the relationships between these upward and downward waves, their duration, speed and extent, and comparing them with each other, we are able to judge the relative strength of the bulls and the bears as the price movement progresses.

 

All stock market movements, however large or small, are made up of buying and selling waves. The market does not rise and fall like the water in a tank which is being filled or emptied. It moves to a higher or lower level by a series of surges - a good deal like an incoming or outgoing tide, with successive waves higher or lower than those preceding.

 

The small buying and selling waves which occur during every stock market session run so many minutes. They are caused largely by the restlessness of active professional traders, much like the ripples produced by the wind upon the ocean. Traders must have activity; they make their livelihood by trading on fluctuations. Therefore, they engage in a ceaseless tug of war, trying to put prices up whenever the condition of the market is favorable, or drive them down when they find that the bulls are weak or have over-extended themselves. The degree of success or failure attending their efforts enables us to determine whether the market is growing stronger or weaker.

 

These small waves are part of the larger waves which run several days, and eventually make up movements of 3 to about 5 points [Note: this was the average daily range of the index at that time; today the average daily range is more than 200 points; adjust accordingly]. The 10 and 20 point moves are made up of 3 to 5 point waves, and the bull and bear markets are composed of many swings of 10 to 20 points or more.

 

You can easily confirm the above by examining any chart. It is important that you do this so as to impress upon your mind these numerous waves of various sizes, inasmuch as this will help you to understand the market. You will thereafter think in waves.

 

When you are looking for an opportunity to buy, watch for the down waves in the market and in your stock. After you have bought, you sit through a number of small, medium and good-sized waves, until finally you observe that it is about flood tide in that stock. Then watch for an especially strong up-wave and give your broker an order to sell your stock at the market.

 

The waves of the market furnish a clear insight into changes in supply and demand. By learning to judge all sizes of market waves, you will gradually learn to spot the time when a rising market or a rally, and the time when a declining market or a reaction, has halted and is about to reverse. These are the turning points.

 

To be able to say when these turning points are occurring - at the bottom of a bear market, or at any important rallying point on the way down to the bottom, or at the top of a bull market, or at any important reactionary point on the way up - is a mark of ability in an investor as well as a trader.

 

Remember: The market itself tells us everything we need to know about its probable future action. Every significant change in supply or demand is registered on the tape. When you have learned to analyze the market by its own action, as recorded on the tape or on your charts, then you will be proficient in the art of operating in stocks.

 

Of all the things that are most desirable to know about the stock market, these two are most important:

 

(1) First, to be able to determine the final top of a bull market, and second, to determine the top of the intermediate swings, and finally the top of the minor moves.

 

(2) To be able to determine the final low in a bear market, the bottom of the intermediate swings, and the end of the minor moves.

 

Master this branch of the subject thoroughly, it is vital.

 

But there is one step more: Your education will not be complete until you can cover all your shorts and go long at the bottom of a panic, a depression or of an intermediate swing, and sell out all long stocks and go short at the top of a boom or an intermediate bull movement. This will be the result of practice, training, and experience. It requires great flexibility of mind and absolute control of your emotions. You can learn to do it if you will study and faithfully practice this Method.

Edited by DbPhoenix

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There are two kinds of artists: one who paints the plan which has been made in his mind on the canvas, and the other who takes suggestions from the picture itself as he goes on painting.

 

The difference is that the one is merely an artist and the other is a master. The latter is not bound to the plan; the former has designed something and is bound to what he has designed; he is limited.

 

Hazrat Inayat Khan

------------------------------------------------------------------------------------------------

Section 3

 

The business of Wall Street is to finance corporations and to sell the securities - stocks and bonds - which result from this financing. Some securities are good; others not so good. Those who manufacture and sell them to the public know their value best. The public has comparatively little idea of their real value, except for seasoned securities—those which have been on the market for a long time and which, therefore, have established earning power and intrinsic value.

 

In every case the banker who does the financing and the dealers who help distribute, have paid for their securities either in cash or in services, or have underwritten them. The object is to market these stocks and bonds at as high prices as possible. This marketing is done through distributing houses and syndicates, by private sale, by public offering, and by means of listing on the stock exchanges.

 

In the latter case, the stock is advertised by making it active on the tape. If the price be advanced, and the transactions made large, the activity attracts buyers, and those who are handling the stock are thus able to dispose of their shares.

 

Sponsorship is sometimes continued after the market is thus made for a company’s shares. The bankers operate for themselves, or others operate for them. After a stock is floated, its sponsors try to create a stable market and support the price as well as they can without taking back too much stock. When it is thoroughly distributed and enough people are interested in the stock to make a market which takes care of itself, under ordinary conditions, the original banker, syndicate or sponsor may discontinue operations and turn attention to some other stock which affords a new opportunity for money-making.

 

Other interests may begin operations in that stock. Generally speaking, there are usually one or more sponsors or large operators working in every stock. Sometimes there are many. These interests see opportunities for profit, accumulate a line, mark up the price when conditions are favorable and then sell out. Or they may sell short, depress the price and cover.

 

No one can deny that in Wall Street the big fish eat the little ones. Large operators could not operate successfully without the large number of people making up the public; that is, if there were only ten big interests in the market and no public, these ten could only make a profit by dealing with each other. It would be difficult for one crowd to deceive any of the nine others. But when the public enters the stock market, the large operator’s game becomes easier for him.

Tape Reading and Chart Reading enable one to detect and profit by these inside operations or manipulation; to judge the future course of stocks, by weighing the relation of supply and demand. This sometimes can be done from price movement alone, but if you consider also the volume of transactions you gain an additional and vitally important helpful factor.

 

By accurately judging this supply and demand, you are able to determine the trend of the whole market and of certain stocks; also which stocks to buy or sell, and, what is even more important, when to do so.

 

You always aim to select the most promising opportunities; that is, the stocks which are likely to move soonest, fastest and farthest. You make no commitments without sound reasons and you avoid undue risks.

 

Whenever you study the tape or a chart, consider what you see there as an expression of the forces that lift and depress prices. Study your charts not with an eye to comparing the shapes of the formations, but from the viewpoint of the behavior of the stock; the motives of those who are dominant in it; and the successes and failures of the buyers and sellers as they struggle for mastery on every move.

 

The struggle is continuous. The tape shows all this in detail. The charts enable you to pick the market apart and study whatever portion or phase of it you choose.

 

Supply and demand may be studied on the tape of the stock ticker, and to even better advantage from charts.

 

The tape is like a moving picture film. Every minute of the day it is demonstrating whether supply or demand is the greater. Prices are constantly showing strength or weakness: strength when buyers predominate and weakness when the offerings overpower the buyers. All the various phases from dullness to activity; from strength to weakness; from depression to boom, and from the top of the market down to the bottom – all these are faithfully recorded on the tape. All these movements, small or great, demonstrate the workings of the Law of Supply and Demand. By transferring to the charts portions of what appears on the tape, for study and forecasting purposes, one is more readily enabled to make deductions with accuracy.

 

And now that you are undertaking to learn this Method, it is best that you prepare your mind for it by discarding most of the factors that you have heretofore employed in forming your judgment and making your decisions, such as: tips, rumors, news items, newspaper and magazine articles, analyses, reports, dividend rates, politics and fundamental statistics; and especially the half-baked trading theories which are expounded in boardrooms and popular books on the stock market.

 

It is not necessary for you to consider any of these factors because the effect of all of them is boiled down for you on the tape. Thus the tape does for you what you are unable to do for yourself; it concentrates all these elements (that other people use as a basis for their stock market actions) into the combined effect of their buying and selling.

 

You draw from the tape or from your charts the comparatively few facts which you require for your purpose. These facts are: (1) price movement, (2) volume, or the intensity of the trading, (3) the relationships between price movement and volume and (4) the time required for all the movements to run their respective courses.

 

You are thus far better equipped than the man who is supplied all the financial news, statistics, etc., from the whole world.

 

I, therefore, claim that:

You need
never
read anything on the financial page of your newspaper except the table of stock prices and volumes.

 

You need pay no attention to the news, earnings, dividend rates or statements of corporations.

 

You need never study the financial or the business situation.

 

You need not understand railroad or industrial statistics, the money market, the crop situation, the bank statements, foreign trade or the political situation.

 

You can absolutely ignore all the thousands of tips, rumors, reports and especially the so-called inside information that flood Wall Street.

 

You can discard all of these
completely
and
finally
.

UNLESS YOU DO THIS YOU WILL BE UNABLE TO GET THE BEST RESULTS FROM YOUR MARKET OPERATIONS.

Edited by DbPhoenix

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Section 2

 

I had been in Wall Street 20 years when I discovered that it was possible to judge the future course of the market by its own action. In my book, Wall Street Ventures and Adventures through Forty Years, I stated my experience and observations in 1909 as follows:

I saw more and more that the action of stocks reflected the plans and purposes of those who dominated them. I began to see possibilities of judging from the very tape what these master minds were doing. My editorial work was proving a most valuable means of self-education. In gathering material that would benefit my readers, 1 was actively searching out the stuff that would aid me personally. While my subscribers were given the best of what I collected, there was much in material discarded which helped to build up what I might call a code of enlightened procedure for use in this greatest of all the world’s games.

 

I had a friend who had been a member of the Exchange and who was well up on the technique of the market from the standpoint of the floor trader. We often discussed the difference between reading the tape simply to follow price changes (as most clients did) and reading the tape in order to judge the probable action of stocks in the immediate future.

 

Starting from the simple ground that the logical action of a stock was to decline when offerings exceeded the number of shares bid for, and to advance when the amount bid for was greater than the amount offered, we agreed that the quantity or volume of stock changing hands in each succeeding transaction was of great importance. Anyone who undertook to rend the minds of the momentary buyers and sellers was able to measure, to a certain degree, their eagerness or anxiety to buy or sell; also to measure the force of the buying power or selling power as shown by the number of shares; and to judge of the purpose behind the action, whether it was to buy without advancing the price, or to force the price up, or to mark it down, or to discourage buying or selling by others, as the case might be.

 

Each transaction carried with it certain evidence, although it was not always possible to interpret that evidence. All stocks no matter by whom they were owned, bought or sold, looked alike on the tape. But the purposes behind this buying and this selling were different and these might be fairly clear to those who understood market psychology.

 

Each transaction, although recorded only once, represented a meeting of minds; those of a buyer and a seller. This meeting of minds took place at a certain post on the floor of the Stock Exchange, even though the buyer might be in the far west and the seller in Europe.

 

Not all transactions were significant, but the interpreter must detect those which were. He must see that some indicated a purpose. Some one or some group was carrying, or attempting to carry, something through. He must take advantage of that.

Continuing my studies of the tape, I realized that the Basic Law of Supply and Demand governed all price changes; that the best indicator of the future course of the market was the relation of supply to demand.

 

The Law of Supply and Demand operates in all markets in every part of the world. When demand exceeds supply, prices rise, and when supply is greater than demand, prices decline. This is true not only of stocks; it is constantly being demonstrated in markets for wheat, corn, cotton, sugar and every other commodity that is bought and sold; also, it is reflected in other markets such as real estate, labor, etc.

 

I demonstrated this further in a series of articles entitled: “Studies in Tape Reading” which attracted wide attention as the first of their kind ever published anywhere, as far as I knew.

 

My basic idea in this series was that the stock market, by its own action, continually indicates the probable direction of its immediate and future trend, and anyone able to determine this with accuracy should attain success in trading and investing.

 

Coming events, I claimed, were foreshadowed on the tape because large interests there disclosed their anticipation of advances or declines by their purchases or sales. So, too, with the large speculator who was endeavoring to raise or depress prices. If one were to become sufficiently expert, he could judge by the action of stocks what was in the minds of these large interests and follow them.

 

The trend was simply the line of least resistance. When a stock met opposition in its rise, it must either be strong enough to overcome this resistance (selling) or it must inevitably turn downward, and when, in its downward course, sufficient buying was encountered to halt the decline, it would turn upward. The critical moments in all these various phases of the market were these minor and major turning points, or else the points where the price broke through the opposition into a new field.

 

Further development of this method of judging the market from its own action resulted in my using it as a basis for predicting the probable course of the market, and this eventually led to my issuing weekly, “The Trend Letter” (first published in 1911) which had a most successful career for many years. In fact, the forecasts contained in this Letter were so accurate that a large following was developed. As a result of a series of successful campaigns we were not only overwhelmed with business but brokerage houses throughout the country passed along these recommendations to their clients. So many followers were gained that an undue effect was had on the quotations for the stocks in which they traded, and in certain cases the effect on the market was important.

 

My reason for mentioning these facts is to show that this method of judging the market by its own action was highly successful from the standpoint of profits realized for subscribers who followed my advices, as well as for many thousands of people who were not subscribers but who bought and sold when we did.

 

From the above you may judge how vital it is in the stock market, as in every field, to operate with the proper principles.

 

 

 

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.

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Edited by DbPhoenix
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Guest forsearch

BTW, Wyckoff penned the book "Studies in Tape Reading" under the nom-de-plume of "Rollo Tape" in 1910. I have uploaded it to the TL file sharing facility; download the book here. Or click the attachment below.

 

-fs

Studies_in_Tape_Reading.pdf

Edited by mister ed
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I'll start this off with a trade in progress. The real-time posting and the add-on position was made on my Yahoo! board the minute of the trades. I'm only going to own three stocks and will hold for the intermediate term if all goes well. I also bought partial positions in RIMM and SOHU which I can get to another time. I'm borrowing the following from a post I made today describing the DGLY situation:

 

The rise from A to B is clearly strong with wide spreads and heavy volume. More specifically, the breakout bar is more than double the size of the previous bar (A), it opened and closed in the lower and upper quartiles with most of the bar above the top of the high of the trading range. Volume was very high and price continued higher, it followed through.

 

The reaction, the backup to C looked fine. It stopped at the close of the breakout bar, only retraced 50%, and took out the lows of the previous eight bars probably providing enough of a wash-out to eliminate weak holders. I also look for reactions to hold above previous rally highs but that isn't really applicable here. The bar at C closed off the low and the next two bars didn't seem interested

in the downside so I felt comfortable going long at the arrow.

 

It goes real dull on very light volume forming an apex from which it rallies up from. The bar at D was a little concerning, a potential upthrust, but I rarely react to the action of one bar preferring to wait for follow through that this didn't provide. I've also seen many bars like this at the beginning of rallies and it could be viewed positively by noting the higher open, high and close. It's also no surprise that supply came out because it was back at the high of B that had heavy selling. The D bar did mess up my plans to add-on earlier than I ended up doing because I was looking for a close above the previous few highs and D raised that high well above the initial purchase price. So much for finessing. On the other hand, if price could negotiate the highs of B and D successfully than it would

probably indicate significant strength and be a good place to add-on anyway.

 

At this point, with a gain of 18% on the initial entry, I have a stop set at break-even and will look to add the final 1/4 after the last 1/4 becomes profitable, which will probably come with a move above Thursday's high. I have a point and figure (0.25pt) target of 17-18

or around 100% higher so I will give it plenty of room. I'll look for climactic activity in the target vicinity and will also have a trailing stop which I can describe another time.

DGLYDaily.thumb.png.328c20f68997c884c41d89642ccec352.png

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I've tried to emphasize the point in my "how to manage a trend day" posts that one must allow price room to retrace, particularly if the trader nailed the entry. So many people panic when price moves against their position by even the most trivial amount. They then grab what little profit they have while price continues on its merry way (I suspect this is why so many beginners turn to scalping).

 

But that first retrace gives you your line in the sand. Not only does it provide a swing point, it also provides a point to hand a trendline on. And from there, it's just management. Is there anything more relaxing than managing a winning trade? :)

Edited by Soultrader

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Was it due to the 1330 news?

 

No. This is the first time I'm trying this rule. As for news, I don't get any except the occasional major headline email. I'm usually blind to what is happening throughout the day except for the major events like the FOMC meetings.

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What I meant was did the drop have to do with the drop in the Naz as a whole or was it due to something specific to these stocks? And will the reason have anything to do with your decision to try again or move on to something else?

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What I meant was did the drop have to do with the drop in the Naz as a whole or was it due to something specific to these stocks? And will the reason have anything to do with your decision to try again or move on to something else?

 

I would say it's the market as a whole that is responsible for them not moving. The stocks don't look bad and I'd be willing to re-enter them if I don't see something else. I think this might be a little confusing for newcomers since I stated I trade for the intermediate term but I'm out after 4-5 days. It has to move within a short period of time otherwise my timing was poor, IMO.

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The stocks don't look bad

 

I want to recant what I said about RIMM. In retrospect, and I had doubts about it when I bought it on 5/14, I wouldn't give it a high rating. I gave some weight to the decent volume for the breakout but I would prefer to see it rally up to the high with better volume. After 4/3 there aren't any above average volume bars except for the b/o day and I wouldn't be surprised to see it re-enter the range.

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BTW, Wyckoff penned the book "Studies in Tape Reading" under the nom-de-plume of "Rollo Tape" in 1910. I have uploaded it to the TL file sharing facility; download the book here.

 

-fs

 

Much appreciated - thank-you forsearch!

Edited by DbPhoenix

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Exited the DGLY trade for breakeven. I don't regret taking the three longs with early exits. I was fully aware of the market resistance and the way it had risen, along with the excessive bullish sentiment, most notably on TL a couple of days ago, and am fine with the risk taken.

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Gassah,

 

If you don't mind, could I get you to clarify a few points on EOD trading? Or at least your take on it.

 

Are you using daily price bars for your set-up? And Entry? And Exit?

Or perhaps you are using the dailies for set-up and something like hourly for entry and exit?

 

Are you placing orders for the EOD stuff after hours, and then checking the end of the following day to see if there was an execution?

 

Are your entries based on braking the range of the end of a previous price bar? If so, do you have tactics to deal with an opening gap in the direction of your entry, which puts you into the market at an unfavorable price? For instance, the stock set-up price range is 45 to 50, you place an after hours order to buy at 50.10, the stock opens at 54 and triggers your order at or around that price (54), but then closes for the day at say 51.

 

Thanks

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Are you using daily price bars for your set-up? And Entry? And Exit?

 

Pretty much. I'll take a look at intraday charts but over the last couple of years I've been shifting toward just using daily bars. I'm looking for stocks to go up at least 50% so I don't waste much time anymore trying to eke out a percent or two here and there.

 

Are you placing orders for the EOD stuff after hours, and then checking the end of the following day to see if there was an execution?

 

I watch the market all day and can usually place orders any time. In general, I prefer waiting till the last hour to take a position, especially if the market looks like it's weakening. If the market appears to be at the beginning of an advance I'm more inclined to enter in the morning, after the first 30 or 60m high. Sometimes I'm too impatient to wait till the close (one of my weaknesses) so I'll take a partial position in the morning to satisfy the urge and fill the rest at the end of the day if it still looks good.

 

If I can't be at the computer in the morning and the setup criteria were met the day before then I'll enter a market order or a buy stop.

 

Are your entries based on breaking the range of the end of a previous price bar? If so, do you have tactics to deal with an opening gap in the direction of your entry, which puts you into the market at an unfavorable price? For instance, the stock set-up price range is 45 to 50, you place an after hours order to buy at 50.10, the stock opens at 54 and triggers your order at or around that price (54), but then closes for the day at say 51.

 

Yes, almost all entries require strength by breaking at least a daily high and usually a swing or range high. If it gaps up I'll control risk by decreasing the position size so that I'm not going to lose more than 1% of the portfolio if the stop is hit. If I had planned on taking an initial 1/3 position but it has moved out of reach then I might cut it back to 1/2 of the 1/3 or 1/6. If I didn't have the luxury of position sizing then I would let it go.

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Goodmorning DbPhoenix,

 

do you know if the original Wyckoff course is still for sale ?

If yes, do you know where can I find additional information about it and eventually who can I buy it from ?

 

Thank you for your kind attention.

 

Mike

 

It's available from the Library of Congress (it was never put into book form, as was common back then with regard to courses, which is why so many of them are lost to us).

 

The basics of the basics are provided here in the stickies. Section 1M, the Introduction, is skipped, as are Section 4M, Volume Studies (though this particular section is posted elsewhere), and Section 6M, Chart Studies. Section 7M, to which you referred, acts as a sort of summary of what's been addressed up to that point in the course. Section 8M, which focuses on comparing strengths among groups, has its own thread. Therefore, regardless of what you decide to do with regard to the entire course, I suggest you read and reread and rereread the first three stickies to become at least acquainted with the underlying concepts, then study the fourth, the analysis of 1930-31, which acts as an illustration through application. If you're intrigued, go on into Volume Studies and Comparing Group Strengths. After that, review the posts which, for the most part, have to do with application (this post and this post in particular may provide some illumination). Then put in your own screentime (which can't be avoided, no matter how much you read or how much you spend) and try to apply what you've learned (or think you've learned) in real time.

 

The process of learning how to trade this -- or any other approach -- is involved. More detail on this process can be found in The Trading Journal and The Trading Log.

Edited by DbPhoenix
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Great, thanks for your suggestions Db.

 

I will follow your indications and will order a few books about Wyckoff on Amazon, before evaluating if to take or not SMI course.

 

Best regards.

 

Mike

 

If you enjoy "market books" in general, and classic market books specifically, and if you're looking primarily for trading advice and "wisdom", then you will likely find all of these books enjoyable. However, if you're looking for specifics on how to implement Wyckoff's ideas, you will likely be disappointed.

 

Those of Wyckoff's books which are available are useful primarily for preparing you mentally for the nuts and bolts of creating and developing a trading strategy based on his ideas. But, contrary to what you might expect, the best book to help in implementation is one written not by Wyckoff but by Jack Hutson, Charting the Stock Market, even though some believe that it goes into too much detail and can be intimidating. There is also mine (click "My Blog", below).

 

Therefore, if you can obtain these books without spending too much money, buy them, read them, enjoy them. But don't expect a course.

Edited by DbPhoenix
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Looking at what's currently available re Wycoff's work, I notice a book I hadn't seen before: Stock Speculation Classics. I've never heard of most of the people included, but 24 titles which include Wyckoff's Stock Market Technique #2 and Neil's Tape Reading and Market Tactics, all for $24.95, is a hell of a deal.

 

Edited by DbPhoenix
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    • There are millions of people who are earning profit from forex market, so ti understand the market fluctuations and scenario is very important. One can build up this by Trading in forex and practicing on it by strategically planning to trade.
    • Date : 28th February 2020. “Fear” dominates the market 28th February“Fear” dominates the market – The COVID-19 virus has cropped up in sub-Saharan Africa and New Zealand for the first time. Markets remain firmly in the grip of virus fears and global stock markets continue to sell off globally.Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • A History Of Consecutive -3% Days (Decline) https://seekingalpha.com/article/4327321-history-of-consecutiveminus-3-days by Ploutos CFA Summary The global spread of the coronavirus has pushed the S&P 500 down 3% on consecutive days. That is a fairly rare occurrence for markets with only 15 occurrences of consecutive down days of that magnitude since the Great Depression. When these types of consecutive down days occur outside of economic recessions, markets have tended to recover and move sharply higher over the next year. With the epidemic slipping towards a pandemic, the extent of economic damage remains unknown.  Markets are selling rich valuations and pricing in negative outcomes. +------------------------------------------------------------------------------+ The Difference this time is, the decline has occured after consecutively achieving market highs With the last Bear Market in 2008 The sharp pullback which the News is crediting it to the Virus How do a Technician Interpret on the Chart without the news  factor ? I would earmarked it as an first important indication (in built fear) occuring in the US President Election Year It would be better to review Gold & USD Chart for Safety and Fear What remains to be observed approaching US Presidential Election is;  If the Gold Price Continue to Hold & remain Higher and Will USD perform Strong With Historical Low Interest Rates Gold is Good Asset to offset Risk. Interesting thing to observe will be Cryptos and related Stocks & Technology I think some exposure to Crypto is Quintessential (Around the Sell in May and Go Away Season of Correction) Awaiting some opportunity ...........   .........   .......  ...... Play if Safe with Stop Loss but also some Protection in Place or Fear will provoke your primitive Mind and Take over.   Enjoy Minoo  
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