[erierambler]

Originally Posted by DbPhoenix »

I don't know that I'd call it capitulation. .

Yes , after going back through some of my similar charts, I realise that the wording should have been , TOB ( test of bottom/support ). Capitulation was wrong.
erie

[namstrader]

Db, or anyone else, I came across Hank Pruden's Wyckoff website and I would like to know what you think about this guy and perhaps you have read his book "The Three Skills of Top Trading" (there is a 16 page pdf that highlights it of sorts at his site).

[gassah]

Originally Posted by namstrader »

Db, or anyone else, I came across Hank Pruden's Wyckoff website and I would like to know what you think about this guy and perhaps you have read his book "The Three Skills of Top Trading" (there is a 16 page pdf that highlights it of sorts at his site).

Pruden has been teaching the SMI/Wyckoff course for many years. I believe he instructs mostly on Unit 1 of the course which is mostly SMI's modifications to the original Wyckoff material. It's hard to evaluate his book because I know the SMI course pretty well and the book is a brief summary.

Disclosure: I'm working with Pruden on organizing a Best of Wyckoff conference.

[Bearbull]

Originally Posted by gassah »

Pruden has been teaching the SMI/Wyckoff course for many years. I believe he instructs mostly on Unit 1 of the course which is mostly SMI's modifications to the original Wyckoff material. It's hard to evaluate his book because I know the SMI course pretty well and the book is a brief summary.

Disclosure: I'm working with Pruden on organizing a Best of Wyckoff conference.

As I have not read the SMI course, what do you reckon are the main modifications to the original Wyckoff. Gary Fuller at ltg-trading , I presume employs the former as there are numerous references in his archived charts to
"COB - change of behavior", "Jumping over the Creek", "Break of Ice", terms which Wyckoff never used.

[BlowFish]

Well well, DB posting charts with a left hand/outside lines on (channel line). What is the world coming to Seriously I had been under the impression that you did not pay much attention to left hand lines. Is this something you have changed in your trading or is it more likely something I have mis remembered?

Personally I rather like channel lines and will take a trade from the outside one (despite most people recommending against it as it is counter trend). Of course context and confluence help. (need to think of another C)

[DbPhoenix]

Originally Posted by Bearbull »

As I have not read the SMI course, what do you reckon are the main modifications to the original Wyckoff. Gary Fuller at ltg-trading , I presume employs the former as there are numerous references in his archived charts to
"COB - change of behavior", "Jumping over the Creek", "Break of Ice", terms which Wyckoff never used.

Too many to get into. Primarily, the original course is much simpler and more straightforward. The Wyckoff material I've provided here and in my Blog is from the original course. But the course is 500 pages long. To compare and contrast would take an enormous amount of time.and would serve no practical purpose.

I learned long ago to focus on source material. What the originators say about their own work is often quite different from what others say about it and do with it (assuming that the "others" acknowledge the sources of their work in the first place, which is not common). That's why I have a first edition of Schabacker and a fourth edition of Edwards and Magee (before editors started rewriting it). When I was playing with indicators, I read Wilder and Appel.

There's certainly nothing immoral about Tom Williams or any of these other people offering their own interpretations of Wyckoff's work. I do the same thing in my book (though I try to stick as closely to the original as possible). One must keep in mind, however, that one is not trading Wyckoff but someone's version of Wyckoff, and the two may be worlds apart (if one is trading at all; one can learn to provide impressive chart analyses and yet be completely unable to trade them).

[DbPhoenix]

Originally Posted by BlowFish »

Well well, DB posting charts with a left hand/outside lines on (channel line). What is the world coming to Seriously I had been under the impression that you did not pay much attention to left hand lines. Is this something you have changed in your trading or is it more likely something I have mis remembered?

I don't. I'm more interested in the (potential) support and resistance that are provided by the market -- such as a swing point -- than I am the imaginary support and resistance that are provided by a line that I manufacture.

But Wyckoff used these lines to help him track demand and supply, momentum, and stride, and all of that is perfectly legitimate. The trap lies in persuading oneself that the lines one has drawn begin to provide support and resistance themselves, which is (a) illogical and (b) not the point of drawing the lines in the first place.

[BlowFish]

Originally Posted by DbPhoenix »

I don't. I'm more interested in the (potential) support and resistance that are provided by the market -- such as a swing point -- than I am the imaginary support and resistance that are provided by a line that I manufacture.

But Wyckoff used these lines to help him track demand and supply, momentum, and stride, and all of that is perfectly legitimate. The trap lies in persuading oneself that the lines one has drawn begin to provide support and resistance themselves, which is (a) illogical and (b) not the point of drawing the lines in the first place.

AH Ok Ithought that might be your view. Having said that it seems that there is all sort of 'geometry' in the markets that, while there is no directly attributal 'reason', certainly seem to exist and repeats often enough to be more than random. This can certainly be exploted if that is the traders desire.