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Yes, I'm aware of PnF charts and the count methods, but I have questions such as:
Since Gary is displaying the 60 minute chart, should I use the 60 minute PnF chart to determine the movement?
This takes practice to become good at this and I think it is a good topic of discussion in a forum discussing Wyckoff as a topic. In the charts that I've examined both on my trading platform and in discussion forums, these phases appear differently and the points of strength and weakness show up differently.
Also, on your statement that there's lots on PnF on the web to learn. That is true and this is one of the places. I think the materials you are referring on the web are explanations of the theory and concepts of PnF; however, to actually learn the materials they have to be practiced. If you think that traders discussion forums are not for members to learn and discuss, then maybe you should ask the forum Administrator Big Mike. Gary himself told me in an earlier post that I could ask any question and he would try to answer it.
You'll find that on many of the traders' forum there are members of various levels of competence and are probably afraid to ask questions like mine, because of responses like yours. If Big Mike would be so kind as to define the level of competence that we should use in his forum, I will comply. The Wyckoff method is rather complex and possibly some questions may seem too elementry.
I feel that all questions are valuable and should be asked. I think that Puma was responding to your first question about the Bonds, when he said that Gary puts notes on the drawings. I still feel it was a valid question because Gary did say that Bonds were approaching broken Ice which coincided with a supply bar to the left. The question if ..."is there anything on the chart that indicates a drop..." is a valid question in my opinion. Yes, the instrument is approaching broken Ice. Does that mean take a trade there? I think the question is valid from the stand point what to look for when approaching the broken Ice. It could be narrow spreads. It could be low volume, or weak rally. It could be a rejection at the level such as a reversal bar. I don't know. This is part of the complexity of the method in my eyes. How to enter, when to enter and where and based on what?
As far the the potential distance it can go, we never do really know, do we. Is it a good strategy to calculate potential targets based on Pnf and let it go? Is it better to have a R:R plan? In other words, if the trade is risking 1$ should my min target be $2 or $3. Maybe back to the opposite end of the range?
If anyone is interested Dr. Gary Dayton from tradingpsychologyedge.com is starting his Chart Reading Mastery Course today after the marke close. It is an 8 week course on reading the market by its own action. It it a Wyckoff based course and I've taken it before and am taking it again. If you can't attend the sessions live it is recorded and you can watch the recordings and do the homework. I do not benefit from this in any way. I just feel the course is very good and helpful.
There lots of materials on the internet about Wyckoff that includes explainations of the method as well as discussions in forum, but there's not much in the detail of the method as covered in the Wyckoff Stock Market Institute training. Their website seems to indicate that the materials have been rewritten or reformatted into their latest editions. Has anyone purchased and studied SMI's course materials? Does anyone know that SMI has a newsletter from their blog Studying the Wyckoff Wave?
I'm sure that Dr. Gary Dayton's seminars are good. Gary Fullett and David H. Weis also have excellent seminars. Dr. Hank Pruden has academic classes in Wyckoff's method at the Golden Gate University School of Business in San Francisco. Both Dr. Dayton and Dr. Pruden also include trader psychology in their training which is also very important. I think it would be good to learn from all of them.