Last night’s webinar was a real eye-opener for the participants.
As I mentioned last night, there was a tremendous amount of information conveyed by David, who I and many others consider the world’s expert on the Wyckoff Method. It took David years to develop the insights he shared with you last night. You saw some of the charts he studied from the 1930s and some of the hand-drawn charts he made from the 1990s through today that led him to develop what he showed you last night.
So take your time in learning what he taught you. Very few have this information. Study the Weis Wave carefully. The ability to read the market – either through price bars or waves – does not come overnight. It is a skill to develop, and like all skills, it takes review and practice. Readers of this blog know there is no short-cut in trading. You need to do the work.
Here is a chart of the last few days of the S&Ps (ES). It is a 27,000 Tick Chart. This is just a higher time frame version of what I generally use during the trading day. It is similar to a 45-minute to 60-minute standard chart, depending on the activity. It is a good one with which to view the “bigger picture.”
We discussed last night the effort vs result in yesterday’s overnight market and then the UT and supply that came in yesterday and how the trading range was unlikely to hold support. Well, here it is. Note that we broke the 1177-78 level, that has served as recent support. Lower prices are now likely. Watch for a weak rally to short.
Thank you very much for this one Gary! Regarding letter A I had not gotten this one fully in. I have seen it several times in other turning points and started to have this inner dialog “how can one be without the classic volume histogram to see this #%&#!!!”. I now understand that it fits very well indeed with the UpThrust and that it actually shows heavy selling comming in, all the way up I suspect. This is very cool indeed : )
Thanks,
Lars
Lars,
David’s wave chart is really something, isn’t it? It is pure Wyckoff. The volume on that rally on wave A should have taken the market up higher. Clearly, there was a lot of effort (buying) to do so, but the lack of result indicates that for all that buying, selling met and overcame it. I don’t know anywhere else you see it so clearly but in the Weis Wave. And, yes, we do see this all the time. Glad you “got it,” Lars. It is surely a good thing to know.