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Wyckoff trading method, page-1159

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Beany72

3,285 Posts.

5

19/11/16

10:26

Post #: 20735273
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Originally posted by Jako64 ↑

Yeah, I saw what happened.
Wednesday's bar was a breakout bar of sorts, and I know from experience there is a reasonable chance price would come back and test the strength of the breakout at some point in time (it probably happens about 65-75% of the time after a breakout.....and sometimes it is successful and price accelerates away after the test, and at other times the testing fails, and price either resumes in a sideways trading range, or it breaks down and starts a downtrend).
I just hoped (for your sake) it would be in a few days time so you could get a bit more out of it.

Keep watching it and see if you get another test for a second chance at it.

I have the breakout line at either 98.5cps or $1.00, depending how you want to draw it, a nice low volume test bar at that level, may be worth it.

View attachment 341174

cheers

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Disgusting result today. But interestingly both down days volume is less than the up day? Do we read anything into that?
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