Hello traders. In the last few weeks, I have been experimenting with trades on a smaller time frame - trying to catch moves perhaps a little sooner. During this period I returned to Wyckoff and have incorporated some of his markups to help me recognize periods of bullish momentum. I have spent the last few weeks just marking up charts in the manner pictured above. I have added some of my own terms like PSH, PSL, and LTR. Preliminary support high, preliminary support low, and Last test of the trading range. I have also started to see the Creek as a fractal of the actual section I'm marking up + plus have also coined an early move-in the A or B phases as illusionary spikes, aimed to trap early buyers before sharply returning into the TR-Trading Range or below it. E1 means entry one. The other requirement is that the RSI must remain above 60 for an entry too. I hope soon to produce more charts like this and hopefully, together we can capture more profits. I'm still experimenting and learning elements of Wyckoff's trading method. Exercise caution if trading from this chart. I have marked up my entry requirements and a possible exit point, where some naked imbalance needs correcting. Good luck!
Comment
⋅
The steps required before trade entry. 1.PSL 2.PSH (Both preliminary highs and lows must be created first to establish our trading range.) 3. SC (Selling climax) 4. AR (Automatic Rally) Caused by decreased selling pressure) 5a. Fake illusion spike in phases A or B (Traps and don't always occur) 5B. ST/spring1) Test of the selling climax established support zone. 6. Creek/Fractal ( Accumulation period) 7. JAC (Jump above creek) prior highs. 8. First test of the PSH (Sign of pending market strength) 9.LTR (Last test of the range, midline or PSL) 10.last test of PSH( The first buy order can now be activated: E1 only if RSI is above 60 and in an upward trajectory. If the RSI is not above 60 we must wait. as it could signal another test may be necessary. If all steps are completed we enter with a stop below the PSL
Comment
⋅
I forgot to mention price must also be above the 20EMA and 9EMA once the price is in the markup phase. The JAC must-see price jump and remain above the 20EMA too.