Learning Wyckoff With Bitcoin From the Beginning
Pasted in comments again for easier reading of text bubbles:
Be patient while we learn this together. Charts will follow one after another over time for us to learn Wyckoff Schematics TOGETHER with each event that occurs within the Schematics.
Notes will be copied and pasted within text bubbles in each phase of the schematics from the following link: stockcharts.com...school/doku.php?id=chart_s... Other things discussed in this link; such as, SUPPLY AND DEMAND ANALYSIS, Comparative Strength Analysis, Nine Wyckoff Buying Tests for Accumulation, Nine Wyckoff Selling Tests for Distribution and Wyckoff Point and Figure (P&F) Count Guide should probably also be discussed at some point during this publication. I haven't decided WHEN yet. We'll determine this WHILE we progress.
I will TRY to lay this out for each Schematic OVER TIME in as organized a manner as possible. This publication will more or less be a rough draft of possibly a better publication in the future. So, again, be patient.
I'm also about to get into doing business taxes (Due on March 15th). So, this is not the best time for me in regards to TIMING. However, we will get it done over time.
I'm working on adding more text bubbles to the current chart I just posted as a cover chart. Be right back (brb).
Be patient while we learn this together. Charts will follow one after another over time for us to learn Wyckoff Schematics TOGETHER with each event that occurs within the Schematics.
Notes will be copied and pasted within text bubbles in each phase of the schematics from the following link: stockcharts.com...school/doku.php?id=chart_s... Other things discussed in this link; such as, SUPPLY AND DEMAND ANALYSIS, Comparative Strength Analysis, Nine Wyckoff Buying Tests for Accumulation, Nine Wyckoff Selling Tests for Distribution and Wyckoff Point and Figure (P&F) Count Guide should probably also be discussed at some point during this publication. I haven't decided WHEN yet. We'll determine this WHILE we progress.
I will TRY to lay this out for each Schematic OVER TIME in as organized a manner as possible. This publication will more or less be a rough draft of possibly a better publication in the future. So, again, be patient.
I'm also about to get into doing business taxes (Due on March 15th). So, this is not the best time for me in regards to TIMING. However, we will get it done over time.
I'm working on adding more text bubbles to the current chart I just posted as a cover chart. Be right back (brb).
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Of course, if you could print this out IN LANDSCAPE from your printer, that would be better.
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This one looks better with proper Red Resistance Lines and Green Support Lines:
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I had a complaint about the TEXT in the following chart that should probably be posted in THIS publication:
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Simply adding Abbreviation Description to this chart. No major changes...
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Below, is a brief example of my style of trading:
Richard Wyckoff rules, laws and schematics are used for Long Term analysis:
Generally, high time frames should be used to obtain an idea of the LONG TERM picture of what the market movers are up to. Wyckoff refers to them as, "Composite Man." I call them, “Composite Group(s).” Wyckoff schematics should only be used with higher time frames . Sometimes, it is necessary to use lower TF’s (720m and Daily). Especially, if the pair has little history to go by or I need to see more details to get a better idea of something. Such as, where Preliminary Support may be located .
When using Wyckoff schematics, it also depends on what currency pair, stock, commodity or crypto currency pair you’re applying it to AND how much history is available in order to determine what TF(s) one would utilize when applying Wyckoff schematics and rules. As you can see, I’ve learned to be careful about making flat statements when trading. It often involves many specific details and rules. Sometimes, those details and rules are not REALIZED except by EXPERIENCE. Which is why I know I still have much to learn.
Once I get a general idea of a potential LONG TERM picture (schematic) in high time frames, I begin to look at my indicators to see if my analysis is potentially correct. What analysis? As to which Wyckoff Schematic I chose based on price action in the market in those high time frames. When using Wyckoff to determine long term direction and events, it can often take time between events to make a determination of which schematic is unfolding. Especially, in regards to transitioning from Phase D and/or E of a schematic into Phase A of another schematic .
Richard Wyckoff rules, laws and schematics are used for Long Term analysis:
Generally, high time frames should be used to obtain an idea of the LONG TERM picture of what the market movers are up to. Wyckoff refers to them as, "Composite Man." I call them, “Composite Group(s).” Wyckoff schematics should only be used with higher time frames . Sometimes, it is necessary to use lower TF’s (720m and Daily). Especially, if the pair has little history to go by or I need to see more details to get a better idea of something. Such as, where Preliminary Support may be located .
When using Wyckoff schematics, it also depends on what currency pair, stock, commodity or crypto currency pair you’re applying it to AND how much history is available in order to determine what TF(s) one would utilize when applying Wyckoff schematics and rules. As you can see, I’ve learned to be careful about making flat statements when trading. It often involves many specific details and rules. Sometimes, those details and rules are not REALIZED except by EXPERIENCE. Which is why I know I still have much to learn.
Once I get a general idea of a potential LONG TERM picture (schematic) in high time frames, I begin to look at my indicators to see if my analysis is potentially correct. What analysis? As to which Wyckoff Schematic I chose based on price action in the market in those high time frames. When using Wyckoff to determine long term direction and events, it can often take time between events to make a determination of which schematic is unfolding. Especially, in regards to transitioning from Phase D and/or E of a schematic into Phase A of another schematic .
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Main indicators used are the following:
1.) Phoenix 1.393 with first three inputs set to 9, 6 and 3 - It is thirteen (13) indicators merged into one indicator. It’s author wishes to remain anonymous and insists I do not give it to others without his approval. He’s currently working on other indicators; some of which are in the patent process. "Godmode 3.1 Mod with LSMA" is somewhat similar to Phoenix 1.393 and makes a workable replacement for those who follow me on Trading View.
2.) Phoenix ARI 1.07 (Alternate Reality Indicator) is another indicator by the same author who wishes to remain anonymous.
3.) Stochastic RSI “merged” with Phoenix ARI 1.07 above.
4.) I also occasionally use Moving Averages (MA’s) with various inputs; depending on time frame(s) I’m utilizing for various purposes and types of trading.
The first three indicators listed above are used predominantly. They can be used on ANY pair (stock, currency, commodity, crypto) on most ANY time frame. I use them to assist with best possible entry and exit . Lately, I’ve been preoccupied with several things going on with my mining business and remodeling of my home. As well as remodeling of my mining room for proper cooling this summer. I have a power upgrade from 225 amps to 400 amps scheduled for Wednesday, April 25th. I’ve had to make preparations in the garage and attic for electricians to come in to do their work on that day. Once the power upgrade is completed, I need to finish the remodel in my mining room in regards to cooling of mining rigs. That may take another 5 to 10 days.
Needless to say, I’ve been very busy lately. Which means the type of trading I’ve been doing lately has involved only using low, middle and high time frames (60m to 7-Day) with my indicators. I consider anything less than 60 minute (60m) “very low” TF. I consider anything higher than 7-Day “very high” TF. This means I may implement 2 to 6 trades in a two week period on a crypto currency pair .
1.) Phoenix 1.393 with first three inputs set to 9, 6 and 3 - It is thirteen (13) indicators merged into one indicator. It’s author wishes to remain anonymous and insists I do not give it to others without his approval. He’s currently working on other indicators; some of which are in the patent process. "Godmode 3.1 Mod with LSMA" is somewhat similar to Phoenix 1.393 and makes a workable replacement for those who follow me on Trading View.
2.) Phoenix ARI 1.07 (Alternate Reality Indicator) is another indicator by the same author who wishes to remain anonymous.
3.) Stochastic RSI “merged” with Phoenix ARI 1.07 above.
4.) I also occasionally use Moving Averages (MA’s) with various inputs; depending on time frame(s) I’m utilizing for various purposes and types of trading.
The first three indicators listed above are used predominantly. They can be used on ANY pair (stock, currency, commodity, crypto) on most ANY time frame. I use them to assist with best possible entry and exit . Lately, I’ve been preoccupied with several things going on with my mining business and remodeling of my home. As well as remodeling of my mining room for proper cooling this summer. I have a power upgrade from 225 amps to 400 amps scheduled for Wednesday, April 25th. I’ve had to make preparations in the garage and attic for electricians to come in to do their work on that day. Once the power upgrade is completed, I need to finish the remodel in my mining room in regards to cooling of mining rigs. That may take another 5 to 10 days.
Needless to say, I’ve been very busy lately. Which means the type of trading I’ve been doing lately has involved only using low, middle and high time frames (60m to 7-Day) with my indicators. I consider anything less than 60 minute (60m) “very low” TF. I consider anything higher than 7-Day “very high” TF. This means I may implement 2 to 6 trades in a two week period on a crypto currency pair .
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When preparing to trade:
1st) I identify WHERE we are located (Phase and Event) in a Wyckoff Schematic.
2nd) Determine if we should wait or is it worth it to make entry or exit on a crypto currency pair Example: We may have finally been able to take the time to possibly make a trade. We get to our computer and open a chart to find the location we believe we are within a Wyckoff Schematic is acceptable to execute because we believe we still have plenty of time to execute the trade before that particular event is over. It may be we are near the completion of an event and about to begin another event in the opposite direction. So, we determine it would be better to wait in that case.
3rd) Is the direction to the next event upside (bull trend) or downside (bear trend). WHY do I want to know that? Example: The downward dips in a bull trend is generally small in comparison to the upward pumps in each wave while moving up in a bull trend from the bottom of a Selling Climax (SC) to the peak of an Automatic Rally (AR). That’s important information to know if the liquidity is available and the volatility is there for scalping a stock on the way up from a Selling Climax to the peak of an Automatic Rally. The same would hold true for scalping on the way down from an Automatic Rally (AR) to a Second Test (ST) in Phase B of an Accumulation Schematic. In that case, we must remember the pumps are small and the dips are large in each wave while in a bear trend moving down to the bottom of a Second Test (ST).
4th) Do the indicators provide sufficient signal in multiple time frames to convince us to implement the trade? That would require knowing how to use the indicators I listed above. For your information: I have created a publication that was a ROUGH DRAFT on HOW to use Godmode indicator. That publication is NOT organized at all.
I was playing around with different inputs in Godmode till I began to notice certain patterns. I described those patterns in that publication WHILE I was teaching myself how to use it. So, that publication was allowing everyone who followed to see the patterns I found while I was using it. I simply posted what I found as I played around with it. REMINDER: It’s NOT organized. Here’s that publication:
Also, when Godmode first came out, the default inputs were not to my liking. I explain how and what to set those inputs to; as well as how to add and change the inputs of an LSMA to Godmode. That portion of the publication can be skipped if you use Godmode 3.1 Mod with LSMA. It already has the inputs and added LSMA set per my recommendations in that publication.
If using my style of trading, it would require knowing how to use Godmode 3.1 Mod with LSMA and Stochastic RSI in conjunction with the teachings of Richard Wyckoff in order to trade successfully on a consistent basis. It’s not something I can explain or teach in a few paragraphs. It requires “hands on” training in order to provide the experience necessary to achieve confidence with my style of trading. I’m sure is the case with learning ANY style of trading. : )
Reminder: What you read above is ONLY a BRIEF description of my STYLE of trading.
1st) I identify WHERE we are located (Phase and Event) in a Wyckoff Schematic.
2nd) Determine if we should wait or is it worth it to make entry or exit on a crypto currency pair Example: We may have finally been able to take the time to possibly make a trade. We get to our computer and open a chart to find the location we believe we are within a Wyckoff Schematic is acceptable to execute because we believe we still have plenty of time to execute the trade before that particular event is over. It may be we are near the completion of an event and about to begin another event in the opposite direction. So, we determine it would be better to wait in that case.
3rd) Is the direction to the next event upside (bull trend) or downside (bear trend). WHY do I want to know that? Example: The downward dips in a bull trend is generally small in comparison to the upward pumps in each wave while moving up in a bull trend from the bottom of a Selling Climax (SC) to the peak of an Automatic Rally (AR). That’s important information to know if the liquidity is available and the volatility is there for scalping a stock on the way up from a Selling Climax to the peak of an Automatic Rally. The same would hold true for scalping on the way down from an Automatic Rally (AR) to a Second Test (ST) in Phase B of an Accumulation Schematic. In that case, we must remember the pumps are small and the dips are large in each wave while in a bear trend moving down to the bottom of a Second Test (ST).
4th) Do the indicators provide sufficient signal in multiple time frames to convince us to implement the trade? That would require knowing how to use the indicators I listed above. For your information: I have created a publication that was a ROUGH DRAFT on HOW to use Godmode indicator. That publication is NOT organized at all.
I was playing around with different inputs in Godmode till I began to notice certain patterns. I described those patterns in that publication WHILE I was teaching myself how to use it. So, that publication was allowing everyone who followed to see the patterns I found while I was using it. I simply posted what I found as I played around with it. REMINDER: It’s NOT organized. Here’s that publication:
If using my style of trading, it would require knowing how to use Godmode 3.1 Mod with LSMA and Stochastic RSI in conjunction with the teachings of Richard Wyckoff in order to trade successfully on a consistent basis. It’s not something I can explain or teach in a few paragraphs. It requires “hands on” training in order to provide the experience necessary to achieve confidence with my style of trading. I’m sure is the case with learning ANY style of trading. : )
Reminder: What you read above is ONLY a BRIEF description of my STYLE of trading.