Accumulation Schematic #2: Wyckoff Events and Phases...
This chart provides an excellent example of Wyckoff's Accumulation Schematic #2. A link to understand this schematic much better is located here: stockcharts.com...school/doku.php?id=chart_s...
It would be very beneficial to the reader of the previous Wyckoff School link to read it in full MANY times to understand it well.
Below is a copy of this Schematic to make it clearer and easier to read. Trading View's program tends to scrunch up the initial screenshot used as a cover for the publication. Hence the copy below for easier reading.
More charts will be provided soon to include GodMode Indicator. I need to take a break.
Cheers,
David
IMPORTANT NOTE:
I'M NOT RESPONSIBLE FOR ANY TRADES MADE BASED OFF MY TECHNICAL ANALYSIS. ALSO, MY TIME IS LIMITED.
I ALONE RESERVE THE RIGHT TO RESPOND TO WHOM I WANT, WHEN I WANT AND WHETHER OR NOT I WANT TO RESPOND.
I ENCOURAGE COMMENTS AND SUGGESTIONS. HOWEVER, BE RESPECTFUL WHEN DOING SO, PLEASE.
I'm very busy with a remodel in my mining room to create better cooling. So again, my time is limited.
Happy Trading...
It would be very beneficial to the reader of the previous Wyckoff School link to read it in full MANY times to understand it well.
Below is a copy of this Schematic to make it clearer and easier to read. Trading View's program tends to scrunch up the initial screenshot used as a cover for the publication. Hence the copy below for easier reading.
More charts will be provided soon to include GodMode Indicator. I need to take a break.
Cheers,
David
IMPORTANT NOTE:
I'M NOT RESPONSIBLE FOR ANY TRADES MADE BASED OFF MY TECHNICAL ANALYSIS. ALSO, MY TIME IS LIMITED.
I ALONE RESERVE THE RIGHT TO RESPOND TO WHOM I WANT, WHEN I WANT AND WHETHER OR NOT I WANT TO RESPOND.
I ENCOURAGE COMMENTS AND SUGGESTIONS. HOWEVER, BE RESPECTFUL WHEN DOING SO, PLEASE.
I'm very busy with a remodel in my mining room to create better cooling. So again, my time is limited.
Happy Trading...
Comment:
We have a sell dot on Phoenix 1.38 in the 5h TF. Your dip may be coming soon if you're looking for entry. Also, the Red EMA 3 on the chart is bending down a bit; The Red and blue in Phoenix 1.118 are crossing. All of these are potential signs of a dip incoming. How much of a dip is not given with these indicators.
Something else: This is playing out "LIVE." Which means it's "possible" this could change and go back up on the fly. Especially, since it appears we may be in Wyckoff Spring mode. This does not mean we will not have dips here and there during a Spring. It simply means they may not be as significant of dips as when "not" in a Wyckoff Spring mode.
Something else: This is playing out "LIVE." Which means it's "possible" this could change and go back up on the fly. Especially, since it appears we may be in Wyckoff Spring mode. This does not mean we will not have dips here and there during a Spring. It simply means they may not be as significant of dips as when "not" in a Wyckoff Spring mode.
Comment:
After further analysis, there is a "possibility" of location within Wyckoff Schematic #2. This first chart is with candles and the next one will be without candles:
Comment:
So, it's POSSIBLE we could be in PHASE C, possibly in the beginning stages of Last Point of Support before entering into PHASE D into a continues steady climb. Again, this is POSSIBLE. Keeping an eye on it.
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A copy of Wyckoff Accumulation Schematic #2 if you wish to compare: imgur.com/945poSJ
Comment:
You see my "edit" to Wyckoff schematic has Phase C beginning potentially on 10/01/2017 or 10/02/2017. However, you see another vertical line with a date of 10/26/2017. DO NOT ASSUME I'm saying Phase C will last that long. That line is placed there to have ready to position it properly. So, the 10/26/2017 line is considered "tentative."
Comment:
IMPORTANT UPDATE TO BE CAUTIOUS:
WITH CANDLES... To show how I placed the magenta and blue lines:
WITHOUT CANDLES... To allow you to compare with similar colored lines I placed on Wyckoff's Schematic that will be included below this chart.
Wyckoff's schematic with purple (magenta) and blue lines for comparison: imgur.com/vJDN6um
It would be better if you could pull up my chart without candles and the Wyckoff schematic I just linked you to SIDE BY SIDE for comparison. THEN you will see one might need to be careful here. Still monitoring this...
WITH CANDLES... To show how I placed the magenta and blue lines:
WITHOUT CANDLES... To allow you to compare with similar colored lines I placed on Wyckoff's Schematic that will be included below this chart.
Wyckoff's schematic with purple (magenta) and blue lines for comparison: imgur.com/vJDN6um
It would be better if you could pull up my chart without candles and the Wyckoff schematic I just linked you to SIDE BY SIDE for comparison. THEN you will see one might need to be careful here. Still monitoring this...
Comment:
Keep in mind, Wyckoff provided "examples" of schematics. He was NOT implying the price action should flow EXACTLY the way he depicts in his schematic. It was only to provide an example. I have yet to see price action on a particular pair to form EXACTLY the way Wyckoff depicts in one of his schematics. It's possible there have been occasions over the decades in which that has occurred. I personally have not seen it.
It's still quite possible we are in the beginning stages of Phase D instead of the beginning stages of Phase C. I simply want to INFORM followers to be cautious.
All the best,
David
It's still quite possible we are in the beginning stages of Phase D instead of the beginning stages of Phase C. I simply want to INFORM followers to be cautious.
All the best,
David
Comment:
Positive long term outlook for XRPUSDT Poloniex. Text bubbles speak for themselves.
Comment:
I'm expecting a Wyckoff "Back Up" around $0.255 to $0.265 range before potential breakout.
The Daily (1440 minute) shows more room to the upside on our current Daily candle with 14 hours remaining. The blue line in the bottom indicator can still go up more. It's the green line that has me thinking it could "potentially" cut short at $0.255 to $0.265 range.
The Daily (1440 minute) shows more room to the upside on our current Daily candle with 14 hours remaining. The blue line in the bottom indicator can still go up more. It's the green line that has me thinking it could "potentially" cut short at $0.255 to $0.265 range.
Comment:
A follower pointed out a statement I made that does not get my point across.
Here was part of the statement in question: "...could "potentially" cut short at $0.255 to $0.265 range."
His question was: What do you mean by "cut short?"
I meant to convey we could see a Wyckoff "Back Up" around that price range... "potentially."
The aqua rectangle coordinates are $0.255 on the bottom and $0.265 on the top of the rectangle. We've already went a little above before we begin to go sideways for a bit during this "Back Up."
Here was part of the statement in question: "...could "potentially" cut short at $0.255 to $0.265 range."
His question was: What do you mean by "cut short?"
I meant to convey we could see a Wyckoff "Back Up" around that price range... "potentially."
The aqua rectangle coordinates are $0.255 on the bottom and $0.265 on the top of the rectangle. We've already went a little above before we begin to go sideways for a bit during this "Back Up."
Comment:
When looking at the indicators, there's still a "possibility" of going up to the RED Horizontal Ray I just placed on the chart at approximately $0.2888. This would take a fairly decent upthrust to shakeout those who have opened a short at current location. Again, I'm saying this is "possible." Not that it's going to occur.
Comment:
Update:
Comment:
Odds are, we're in Phase "D"
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A quick update before I brush my teeth, take a shower and go mail my Federal Quarterly taxes and State Monthly taxes. Blue text bubble to the far right is updated. Nothing technical. Only my opinion...
Comment:
Long term, I still see a Wyckoff Spring in play. I'm basing this statement from what I'm seeing in the 2 Day TF. It still shows plenty of signs of room for more upside .
Comment:
Same goes with this pair as with others in regards to dividing up what you've allotted to put aside for this particular pair into 3rd's .
One third in Phase C
One third on a potential back up at the Preliminary Support Line
One third on sign of strength.
IF YOU WERE LATE TO THE GAME and bought in just before the Back Up (BU/LPS)
One third just before the BU/LPS
One third prepared to buy again at or near the bottom of this BU/LPS
One third on Signal of Strength (SOS)
Here's what the Daily looks like on the indicators :
Here's the 2 Day TF updated:
It's my opinion we have approximately 6 to 48 hours of more downside pressure when looking at the 360m and 720m TF's. Which see:
Does that mean we're destined to test the Support Lines? No, not necessarily. I honestly don't see why they would do this again; for it would allow others who missed out to get in on the cheap side to recoup losses. The goal of the Composite Group here, in my opinion, is to shake out weak hands and liquidate margin bets.
One third in Phase C
One third on a potential back up at the Preliminary Support Line
One third on sign of strength.
IF YOU WERE LATE TO THE GAME and bought in just before the Back Up (BU/LPS)
One third just before the BU/LPS
One third prepared to buy again at or near the bottom of this BU/LPS
One third on Signal of Strength (SOS)
Here's what the Daily looks like on the indicators :
Here's the 2 Day TF updated:
It's my opinion we have approximately 6 to 48 hours of more downside pressure when looking at the 360m and 720m TF's. Which see:
Does that mean we're destined to test the Support Lines? No, not necessarily. I honestly don't see why they would do this again; for it would allow others who missed out to get in on the cheap side to recoup losses. The goal of the Composite Group here, in my opinion, is to shake out weak hands and liquidate margin bets.
Comment:
Comment:
Right now is about as good as any for entry:
Without Indicators:
With Indicators:
Without Indicators:
With Indicators:
Comment:
Ripple heading upside very soon...
Comment:
Now, I'm going to catch up on some news.
Later.