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RXP today gapped over resistance which goes completely against...

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Beany72

3,285 Posts.

5

21/04/17

19:33

Post #: 24203286
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Originally posted by Beany72 ↑

Yes, Jako's rule that has stuck in my head is that the wyckoff methodology is most effective in up trending stocks which RXP currently is not. So I'm paper trading the same way I would normally trade (prebuilt conditional orders) to test the waters with RXP. However, generally my entry points are made when the stock moves up (eg my conditional entry is higher than the open price not lower) which it wasn't in RXP's case. This trade in question I think is more like bottom feeding / range trading than wyckoff. Although we had wyckoffed the action prior to the entry and the risk ratio was acceptable. However, looking back on it why did I take the entry at 0.77 (previous support line from yonks ago) and not the more recent bottom at 76? The good thing is I didn't get the urge to remove my stop loss when it did fall. Which is something I'm proud of, my ability to stick to my orders.

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RXP today gapped over resistance which goes completely against what I was anticipating. What do you guys make of today's action with what has occurred in the background? I see it as quiet significant given that it held above 84.
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