I am off to Asia early next week for a series of seminars. One of the things I will be teaching is the classic Wyckoff setups, such as the Jump Across the Creek, which the market experienced yesterday.
Absorption, JAC shown by Weis Wave
In the doldrums of late August, the market went sideways and volatility collapsed. As a Wyckoff trader, trading ranges like we have had for the past few weeks give opportunities to make trades around the edges of the range for small profits. But the real opportunity comes as the market breaks out of its range and “jumps the creek” to overcome trading range supply.
The Weis Wave on a higher intraday time frame set to identify larger swings showed that although there was a drop in buying activity, sellers were on vacation, too. Both the waves and the wave volume highlighted this. David’s indicator is the most valuable tool we have. It told us in advance that the odds favored that absorption was taking place within the range and we could look for continuation of the uptrend. We discussed this each week in Deep Practice as the chart unfolded.
Asia Pacific Masterclass
I’ll review the details of this and other Wyckoff principles in the Asia Pacific Chart Reading Masterclass with my good friends from TradeGuider. Seminars take place in Singapore on September 15-16, then to Kuala Lumpur September 22-23, with a last stop in Sidney, Australia September 29-30. We conveyed a lot of great chart reading information at the Chicago and London events. The coming seminars will be equally as good. Come join us, if you can. I understand there are still a handful of slots available. Click the link below for the details. See you in Asia!
Leave a Reply