(2021-09-23, 01:09 PM)isatrader Wrote: Ethereum with a spring attempt yesterday on the daily chart from the recent backup range, but volume was light
I'm assuming that was a reference to Wyckoff, I'm part way through reading up on that.
Yes, a Wyckoff Spring is an event that happens in the later part of an accumulation base structure, but not all. i.e. during the later part of Stage 1. But you can have spring type action in any base structure, where it undercuts a support level, and then rebounds back into the range.
Thanks. 've read How I Trade and Invest In Stocks and Bonds by Wyckoff. It does not go into the technical detail that I see when the Wyckoff method is discussed but I the book is short, cheap and an easy read and I think is worthwhile for the outlook it gives. The book is about 100 years old, so it is interesting reading the parts of it that seem like they apply today, and also amusing insights like there being a potential market for 2 million automobiles in the US. What surprised me a lot was the background research advocated - actually going to visit the companies he was planning to buy stocks in and or commissioning research from people who work in the fields of the companies he was planning investments in. I suspect that he was talking of investing institutional amounts of money as I don't think that I could just go and visit the board of a company just because I want to invest several thousand in them via my ISA...
I need to read up more Wyckoff, from what I have see he seems to regard the smart money as more adversarial than Weinstein. I note from the few interviews out there that Weinstein regards the markets as more rapid, and perhaps aggressive, than when he wrote the book. Aggressive may have been my interpretation though. So I suspect a little more paranoia/insight based on Wyckoff is worthwhile?
(2021-09-23, 08:27 PM)pcabc Wrote: Thanks. I've read How I Trade and Invest In Stocks and Bonds by Wyckoff. It does not go into the technical detail that I see when the Wyckoff method is discussed but I the book is short, cheap and an easy read and I think is worthwhile for the outlook it gives. The book is about 100 years old, so it is interesting reading the parts of it that seem like they apply today, and also amusing insights like there being a potential market for 2 million automobiles in the US. What surprised me a lot was the background research advocated - actually going to visit the companies he was planning to buy stocks in and or commissioning research from people who work in the fields of the companies he was planning investments in. I suspect that he was talking of investing institutional amounts of money as I don't think that I could just go and visit the board of a company just because I want to invest several thousand in them via my ISA...
I need to read up more Wyckoff, from what I have see he seems to regard the smart money as more adversarial than Weinstein. I note from the few interviews out there that Weinstein regards the markets as more rapid, and perhaps aggressive, than when he wrote the book. Aggressive may have been my interpretation though. So I suspect a little more paranoia/insight based on Wyckoff is worthwhile?
I've put a bunch of Wyckoff materials in the Resources thread in the members area. Read the short article called Anatomy of the Trade, as that is a good primer, and I've put a bunch of video resources in there too.
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
(2021-09-23, 08:32 PM)isatrader Wrote: I've put a bunch of Wyckoff materials in the Resources thread in the members area. Read the short article called Anatomy of the Trade, as that is a good primer, and I've put a bunch of video resources in there too.
Percentage of Crypto Currencies above their Moving Averages breadth charts
% Above their 20 day MA: 10.07% (-17.45%)
% Above their 50 day MA: 22.15% (-34.23%)
% Above their 150 day MA: 38.26% (-20.13%)
% Above their 200 day MA: 33.56% (-14.06%)
Average: 26.01%
Big declines in the Cryptos this week has brought the short term measures back into the lower zone, which is a lower risk field position, and the overall combined average is down to 26.01%, so I will be watching for the next bullish signal to develop - which is a move above 30%.
Now that the data is building up for this I've taken it a little bit further and created the combined chart like I use on with the Percentage of Stocks.
So below is the Combined Percentage of Crypto Currencies chart of the 20 day MA, 50 day MA, 150 day MA and 200 day MA data.
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
Ethereum potentially in Stage 1 following the failed Stage 4 breakdown attempt in July which formed a spring and then had a sign of strength (SOS) rally. So potentially forming a major backup (BU), which is the developing weekly Stage 1 range.
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
(2021-09-30, 08:10 PM)isatrader Wrote: Bitcoin catching everyone napping while the focus is on the stock market weakness attempting to breakout into Phase D of its short term base structure
Bitcoin with the sign of strength rally underway, so look out for RS in the altcoins and crypto related stocks like $COIN, $MARA, $RIOT etc
Another altcoin getting interest following the bitcoin strength is $ICX.X ICON Project which is rebounding strongly above the +1x ATR level in the backup range today
There are numerous other altcoins on the move as well in their backup ranges. So expect a big uptick in the crypto breadth figures this weekend.
isatrader
Fate does not always let you fix the tuition fee. She delivers the educational wallop and presents her own bill - Reminiscences of a Stock Operator.
