When a specific set up unfolds, I ask myself,what would Mr Wyckoff or Mr Livermore would do if they put their analysis into the instrument analysed ? Course of action they would take without hesitation. Trigger for an exit or entry is what I am talking about here.
In the case with WBC, as it is testing a MAJOR SUPPORT within a MAJOR UPTREND, would I look for a SHORT or a LONG TRADE knowing the position in the major trend? A successful test would tell me to GO LONG where the REWARD/RISK is most favourable even if the trade fails.
I am publishing the WBC daily chart with some markings showing fine tunning effect. There are some points of interest marked on the chart. It is important to try and learn how to read the message they try and convey. Why those points ( two are shown with an arrow at the bottom and the box opposite) ? Comparing apples with apples is the answer.
I have also marked some support and resistance lines in Red. Smaller recent trading range also has a range of approx. $1.50.If completed successfully that would be a double bottom. Can we project the height of the pattern to the upside as a target on completion ( if completed successfully). Yes we can or exit the trade on a retest of the previous high at approx. $31.40 level.
With those friends/chart lovers who has registered for the upcoming WYCKOFF SPECIAL GROUP WEBINAR, we will continue further. There will also be a Midday session after the latest confirmation received. Thanks S. Email will be sent with date and agenda items.
Disclosure : WBC is held with short term view.
WBC daily chart is courtesy of tradingview.com
All the information and analysis provided on this website is general in nature and for educational purposes only and does not constitute financial advice. No content in any way implies a recommendation to buy, sell, hold or short sell any financial instrument, nor is it financial advice.
Investing and trading in financial markets carries considerable risk, and should always be done in consultation with a licensed financial adviser taking your personal circumstances, financial situation, objectives and needs into consideration.
Links to other websites are inserted for convenience only and do not constitute endorsement of any of the material on those sites, or any associated organisation, product or service. Kazim Agaoglu is not responsible for the content of any site owned by a third party that may be linked to this website and such links are provided as a courtesy with no judgment or warranty being made concerning the suitability, accuracy or otherwise of the content on any such site.
Kazim Agaoglu disclaims any undertakings, warranties or guarantees, express or implied and shall not be liable for any loss or damage whatsoever arising out of in connection with the use of or reliance upon any of the information on this website. The user accepts sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information on this website is no substitute for financial advice.