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Wednesday, January 13, 2021

Elliott -Wyckoff Breakdown (2) of (2)

Elliott -Wyckoff Breakdown (2) of (2)

Although it's a crazy time with the whole world in Pandemic mode due to Covid - you can still see the Wyckoff theory at work, by looking at these principles near or in key levels you can see the advantage of waiting to join smart money moves.

As a mentor, I often get emails and messages asking should I long this or short that. And usually, as soon as you see the chart, it's obvious that the retail game is being played. And we wonder why over 70% of retail traders lose money.

Looking for confluence and then trading with confidence into or from key zones makes more sense than trading support and resistance levels which have been open to a subjective view. Chat rooms, trade ideas, signals, indicators - all move the trader away from the real structural significance.

Again like Elliott - there are plenty of educational videos, PDFs, and books on Wyckoff and his theory. Some good books include "How I trade and invest in stocks and bonds" by Richard D Wyckoff and another good Wyckoff book is "The Wyckoff methodology in-depth" by Ruben Villahermosa Chaves.


Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.



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