Watching for a break to the upside yesterday afternoon, too bad it happened last night. Beautiful. Thank you @Feibel. Hope it is okay to post occasional screenshots in your journal

gizmoisone 

I drew the channels a few days back, nice to see it test the lower (15Nov) and then the upper (29Nov) Wish I had bought some of those 80 odd points!

Appreciate the contribution, however I would just like to point you in the right direction.

Structure is extremely important, one of the core basic foundation elements of trading that spans across many different methodologies. What makes S&R and channels and other structural features so strong is the ability to read them and importantly that everyone ''draws'' the same channels, as the mass psychology of these levels have a pinch of self fulfilling prophecy to them.
The beginning of your channel is very ambiguous and not clean, very few professionals (if any) will be drawing/using that channel, l understand that as traders we need some what of an ''artistic licence'' and ultimately it's down to the individual and their interpretation, but in most cases especially channels (as they are the most difficult), keep it simple.

The correct use of the channel via the daily has been applied (green) and being honest, I wouldn't hold too much faith in this channel, it's not the best.

The purple line, is the reason why the last bar on your chart held and bounced (along with the demand zone), this is a diagonal axis line (very rare) and dates back to mid July. If you go through the old Chronicles, this was plotted way back months ago. Bar E was the first test and look at the response ''professionals'' are active at this line.
A few will be thinking why doesn't the break after C&D have high volume, it doesn't need to; the action via C&D was to absorb the selling, the fact we broke in a fairly orderly manner (no surges in volume) gives us confirmation that supply (upside friction) has been depleted. hence the 5 day low volume rally thereafter.

Please refer to the PDF for further clarification, it was a great observation and I encourage questions/observations.

Hope this helps,

F

Sometimes it seems that trend lines are random, or perhaps that there are many trendlines. Also, I have noticed at times the trend line doesn't necessarily fall at the top or the bottom of a wide range candle, but along the more consolidative-type candles afterwards.
Also, I wonder at times if a trendline is more like a trendzone or trend-band rather than just a line.

Anyway, for your perusal, I'd like to submit the following channel with a midline. The candles I labeled were the ones used to find the trendline.




And perhaps, the above channel is really only half of the story. Here's the other half below, equal width:

Wyckoff and VSA principles at play in today's action:

Trending (low volume pullback setup)
Structure (various time frames)
Waves
Effort vs. Result
No supply
High volume testing (setup)
Bar by Bar analysis
Multiple Time Frames

and a price action aberration (extremely important)

PDF attached (4 pages)

Thank you very much for the write-up. Your analysis has been helping me tremendously with my own understanding of the market.

I have a question for you. On page 3, the 5min bar F that was part of the complex correction. That qualifies as a spring off support I believe, why not enter a 2nd long in that location? I think I would have been trapped long in this location were I trading it.

Please find PDF in reference to the potential spring

Hope this helps,

F

Thank you very much for the answer, and your time. Makes a lot of sense.

Thank you for creating this journal and sharing your insights. Very interesting journal.

Mtype 

Thank you for creating this journal and sharing your insights. Very interesting journal.

Appreciate the support.

This thread is as only as good as the person reading the Chronicles; one should extract the core principles, write them down, to then look through their own charts and apply the knowledge, (in a practical sense). Other concepts that are not clear, should be worked through to gain an understanding. Then the trader may use a combination of the Wyckoffian principles to either integrate them into their existing methods (to apply an additional edge) or to use to the concepts from a pure Wyckoffian standpoint. Unfortunately most readers will not do the necessary work as it requires effort and time, however for those who are diligent and hardworking, hopefully this thread can provide the ''action takers'' the tools to make a successful trader

Wyckoff and VSA principles at play in today's action:

Stopping Volume
Failed Test
Potential short play?
Excellent volume histogram readings
VSA No demand (setup)
Trend Channels
Climatic Behaviour?
Upthrust
Advanced concepts (trading ranges)

PDF attached (3 pages)