A smaller re-accumulation pattern within a larger 6 month long re-accumulation pattern. Culminating in a smaller/larger TSO (Terminal Shakeout). This trade offers an excellent reward:risk profile of 4.5:1 at the current level. Ideally, we wait for a JTC (Jump of the Creek) on the smaller pattern, followed by a BUC (Back Up to the Creek) on low volume; this would be the more conservative entry. The more aggressive entry would be to enter now before confirmation. I wish I had seen this chart on Friday, because I could have entered a small probe position yesterday, and taken advantage of the nice up days of yesterday and today (woulda, coulda, shoulda). I may enter a very small initial position tomorrow and add to it when and if we get a pullback. Good trading all.
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Correction, TOS on the larger pattern is SP
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Trade playing out well right now. Remain long at this time.
enjoy your explanations a lot. they're helpful as I'm trying to learn these patterns. thanks for sharing!!
npatz_2000
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@therealnapster, My pleasure, I am no way a Wyckoff expert, but the methodology just seems to make sense to me. It makes the market seem more like a story that I am reading, rather than just random prices on a chart. Good luck to you.