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Old 03-06-2013, 05:20 PM   #1

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Eminiman414's Log (Learning Wyckoff)

I will start my log this evening. I'm excited!

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Old 03-06-2013, 05:24 PM   #2

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Re: Eminiman414's Log (Learning Wyckoff)

That makes three. Hope you talk to each other.
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Old 03-06-2013, 05:37 PM   #3
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Re: Eminiman414's Log (Learning Wyckoff)

looking forward to your posts
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Old 03-06-2013, 07:29 PM   #4

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Re: Eminiman414's Log (Learning Wyckoff)

Great Eminiman! Looking forward for your posts.
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Old 03-06-2013, 10:02 PM   #5

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Re: Eminiman414's Log (Learning Wyckoff)

So quickly I use 100k/10k/1k cvb to located ranges/zones/areas of interests or whatever term you wish to use and plot as S/R. I also use a 1 tick chart used as my "tape" to observe trader behavior alongside a 1min chart with volume so I can view the relationships between price movement and volume (effort/result). At times I also look at a 1tick range chart or for the NQ lets say a .25 range chart which helps me to keep track of the waves associated with the 1 tick chart because sometimes I only get a minute view of price activity on the 1 tick chart.

Trying to follow the basic approach that has been outlined, discussed, and still discussed within the Wyckoff forum.

Attached are charts with the areas I see an interest in.

The first cvb chart I see price broke that "macro" zone breaking the 2780 level. An area of interest below price would be the range from 2/8-2/21 from 2756 to 2780 with the midpoint being 2768.

The second cvb chart shows the macro and micro zones to which price has now entered. Initially I am interested in the range from 9/27 to 10/5 from 2770 to around 2815-20 with the midpoint of 2793.

The third cvb chart shows the last two days and how it is forming a "smaller" range from 2790 to 2809 with the midpoint at 2800.

I do understand that these areas are all "potentially" support and resistance and we will not know until price gets there however this is where I find it slightly more difficult to develop a strategy being that the levels i have listed are 2756, 2768, 2770, 2780, 2790, 2793, 2800, 2809, 2815-2820. Seems to be a lot to look at but I do not think these levels are too far off from what may end up being a sound level. My question then is does one just focus on the immediate smaller range being that from 2790 to 2809, or should the focus be on the previous range from months ago that being between 2770 to 2815-20 since that's the zone we have now entered from previous months??? If one is to focus on this smaller area there really isn't much room for price to go before another potential area comes in to play. According to my levels anyway. Note also I am not trying to scalp for ticks etc. Since 2793ish is a midpoint of one of the ranges I am focusing on and price is about 2790 at this point, should that be more of the zone I am focusing on. Today I was focused on 2780 to 2815 with the midpoint of about 2798.

No immediate plan tomorrow as of right now. Maybe I will get some feedback to all of this and in the morning have something better developed.
Attached Thumbnails
Eminiman414's Log (Learning Wyckoff)-nq-03-13-10000-volume-3_6_2013.jpg   Eminiman414's Log (Learning Wyckoff)-nq-03-13-10000-volume-10_22_2012.jpg   Eminiman414's Log (Learning Wyckoff)-nq-03-13-1000-volume-3_6_2013.jpg  
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Old 03-06-2013, 11:12 PM   #6

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Re: Eminiman414's Log (Learning Wyckoff)

I am going to see what happens in the overnight and reassess in the morning. I am interested in 2790 after that I am looking at 2780 to 2815-20 w 2798-00 midpoint.
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Old 03-07-2013, 08:46 AM   #7

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Re: Eminiman414's Log (Learning Wyckoff)

Quote:
Originally Posted by eminiman414 »
I do understand that these areas are all "potentially" support and resistance and we will not know until price gets there however this is where I find it slightly more difficult to develop a strategy being that the levels i have listed are 2756, 2768, 2770, 2780, 2790, 2793, 2800, 2809, 2815-2820. Seems to be a lot to look at . . .
Yes, it is.

Don't get too carried away with the boxes and lines. Don't forget what support and resistance are: those levels or points at which traders could no longer find trades (and thus had to back up). When those points repeat themselves, a rectangular, tradeable trading range may form. If they don't, you still may have a "trading range", i.e., a state of non-trend, but it will be vastly more difficult to profit from it.

This is not to say that swing points can't provide support and resistance, but they won't necessarily be part of a range. The range represents an area where more trades take place than in a trend, with the largest number of trades taking place in the middle. Why? Because price repeatedly passes through that middle, hence more trades. The fewest number of trades take place at the edges. If you want a sure trade, trade in the middle, but the odds that price will then move in the desired direction are slim. If you want to increase the odds that price will move in the desired direction after you're filled, then trade at the edges, even though the odds of your being filled are somewhat less.
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Old 03-07-2013, 11:39 AM   #8

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Re: Eminiman414's Log (Learning Wyckoff)

I will try to bring my focus to those more important zones and not just sideways movement so to speak. Another thing I am going to do is begin to break my analysis up into 15 minute blocks from 9:30 to 11:00. I did this today and time flew by and for whatever reason I was able to maintain focus a bit better. At this point I'm only getting in about an hour since I switched to the 1tick chart. Once activity starts to slow my mind tends to drift when watching it. As of now I am sharp until about 10:30.

I have attached my analysis on the 1 min chart. Nothing crazy today just some things I witness and thought were interesting when I observed them. I have attached the tick chart associated with a few of the areas. I have noticed that the tick chart and volume on the 1 minute chart kind of go hand in hand. When the pace of the tick chart slows when I look at the volume on the 1 min it is declining and vice versa. This call makes sense as volume is transactions and the tick chart is transactions just never really dawned on me until today. Watching price move at the open at area A in my chart was the most compelling move for me today.

First chart is a 1 min. First tick chart is area A, second is area D, last is area E.
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Eminiman414's Log (Learning Wyckoff)-nq-03-13-1-min-3_7_2013.jpg   Eminiman414's Log (Learning Wyckoff)-nq-03-13-1-tick-3_7_2013.jpg   Eminiman414's Log (Learning Wyckoff)-nq-03-13-1-tick-3_7_20132.jpg   Eminiman414's Log (Learning Wyckoff)-nq-03-13-1-tick-3_7_20133.jpg  
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