In last night’s post (see that post here), I indicated a further rally was likely today. And, we did get that rally. Not a rip roaring rally, but it is the holiday period, after all. Many traders leave early for the holidays and so the volume and activity is typically low over the days leading into Christmas as well as the week between Christmas and New Year’s.
Nevertheless, the day was filled with springs. You can see on the 3,000 tick chart that the market started to rally from a spring during the early morning hours, then another spring to open the US session, another one mid-morning, and then one more at about 3:00 Eastern Time. That’s four springs in one day!
I’m not sure if that is a record, but all were winning trades with the last one driving the market to new highs for the week.
David Weis always says that if you traded nothing but springs and up thrusts, you could do well. It’s a Wyckoff trader’s bread & butter trade, and the bread certainly got buttered today.
If you don’t trade springs or don’t really know about them, you might give yourself an early Christmas present with our spring tutorial. It’s a 120-minute recording on one trade setup with over 50 slides detailing everything I know about this valued trade. You are invited to check out the details here:
Note: This will be the last post on the markets until the New Year.
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