Wyckoff trading method, page-1547

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Resurgam

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15/03/17

00:54

Post #: 23349276
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Originally posted by Jako64 ↑

Good job @barret81 , yes single bars can mislead you, look for multiple bars that all say a similar thing (and always watch for the response to each bar, as a form of confirmation). Or put another way, a single weak bar, surrounded by a series of strong bars, would most likely be just some short term weakness (perhaps to flush out some ST traders or something), and unless more potentially weak bars follow, the overall influence would probably remain with the multiple strong bars.

When you commented on resistance...did you mean support ??
(support is usually said to be below the current price, and resistance above)

Finally, I had a quick look at the IIL weekly chart and wrote a few short comments on how I saw the price action.
It is hard to say exactly whether that widespread downbar was really climactic and the following price action a washout or the lows, or whether there was just more supply coming in after that widespread downbar that caused price to continue breaking down. Either way, looking back in hindsight now, it is easy to see where the more serious support came in and finally turned price around.
View attachment 504606

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Thanks for the chart. So clear and easy to see.

Ah yes, I meant support not resistance and its also David Weiss who wrote Trades about to happen not Tom Williams. In your experience if a SP keeps knocking at the support does it generally break it and have a serious shake out before it can head up?
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Wyckoff trading method, page-1547

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