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Hi everybody. Today is January 7,
And this is my first lesson

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Wyckoff Trading Course.

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We will have 15 lessons, and
I'm always excited when starting a new course,

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to meet new people, new traders,
New Wyckoffians have joined

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our universe and become a part of
community. We welcome you.

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And for those who are guests,
Just attend this session, please enjoy

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lesson. If there are any questions,
Please email me, or visit our website.

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Browse our products, courses,
including free documents.

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Who knows, maybe you'll decide to join
other classes.

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And if you have questions about the course,
I will be happy to answer

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via email or today.
You can always ask questions by typing in the chat box.

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So, for those of you who have signed up
this lesson.

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There are actually two groups of people,
no, three groups of people in the lesson

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ours today.

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The first group are registered students
and are new students.

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If you have never taken this course before,
so I will have my own approach

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with you. I will

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During this lecture,
I will give specific instructions about it

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What do I expect from you next week?
We will talk about homework.

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We're going to talk about some of the books I'm going to recommend,
some additional documents

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that I want you to read or watch.

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And the second group is the alumni.

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Students who have completed the course
and they come back just because

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there is so much knowledge and work
absorb it all in one study session

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can be a bit difficult.

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And I got a lot of great feedback from
alumni when they join

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second course, and of course
We have discounts for you.

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So, for those of you who are alumni,
If you feel like you need a refresh

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your knowledge. And obviously, this keyword
Through another course, I hope that I

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are improving documents, adding more knowledge,
or explain it in one way

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other.

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Hope that helps.
And the third group are the guests.

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Once again, to those who are guests,
Welcome.

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And I'm so glad you're here.

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Wyckoff Price Structure Series,
the first four sessions,

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starting today. I will continue
on the 14th and 21st

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and January 28. We will meet at 3 p.m
Pacific time. For those who know me,

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I manage my time extremely poorly
just because I want to give it to you

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so much knowledge.

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And sometimes we are a bit "out of time".
compared to the usual 5 o'clock mark

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to end the class. So in this key,
and here is a new improvement, I have decided

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officially extended the class in
two and a half hours, from 3 p.m

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to 5:30 p.m. Pacific time.

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And as you know, the people who attended
We sometimes study these classes before

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6 o'clock.

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Sometimes I feel like we need to finish
assignment or need to finish

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sermon and we'll do that.
So I advise you, set aside about three hours

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for live lessons, and of course
You don't have to stay all the time

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class if necessary.
That is completely understandable.

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And, you know, if you...

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unable to attend the class in person, or
We have a lot of international students

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live around the world.

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For those of you living outside the US,

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or, you know, in another continent and time zone,

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All our sessions are recorded,
and I'll post them every night after class.

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And usually, the slowest is in
The next morning, you will be there

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videos of previous classes and lecture slides as well.

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For those of you who are guests, to register for this course,
please visit

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wyckoffanalytics.com.
You can find the course right on the homepage or...

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Just browse the website and find the right page.
Please register. We are

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introductory price is $998.

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This offer will probably last until January 14,
And that's the price for 15

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webinars or recorded sessions.

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All recordings and lecture slides will be available
provided to those who have registered

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this class.

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This special session will be posted on
YouTube channel. So right now,

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Take note of this, right here, at
bottom, bottom left corner of

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slides. I'm posting an announcement that
we're recording this session and it

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will be available on YouTube.

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If not tonight, then tomorrow
tomorrow morning. And again, if you need to go,

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remember this and you can
Review at your convenience.

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A very quick announcement for the students
registered for this course.

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There's a specific way I want it
receive your homework, and

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we did this for over 15 courses,
and

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I think there are more than that, maybe more than 20 courses.

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I want you to submit your homework
in just one file.

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I don't need to receive many files from you
with all charts.

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Please combine them into a single file.

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And I prefer PowerPoint format,
PDF or Word

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read.

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And of course, I want to see your name.
You do not need to fill in your last name.

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And you can clearly state what exercise number this is.

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I saved all your assignments.
I looked through them all. I approved them all.

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And the reason I do that is because
I need to understand what we're stuck with

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What are the mistakes as a group,
What do we have in common?

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how we receive instructions,
documents, etc.

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And I'll talk more about this when
Explain next week's homework

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friends.

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And the final announcement, this
extremely important for those of you

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register.

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Our classes are extremely interactive.

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The first lesson is the only lesson
only lectures.

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All remaining sessions are classroom
which I will just lecture,

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and then I'll open the mic
a particular student or for

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everyone, and everyone can comment.

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And when we do our homework,
I will chat with you. This means

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I want you to have your microphone ready.

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Usually I recommend headphones
has a built-in microphone.

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That's the best way. That's what I'm using.

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And, as alumni or students
Others can tell you,

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There's a lot of interaction going on
in this class. Reason me

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interacting with students is because I want to
understand how you think and problems

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What is in your analysis?

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And it is through conversation that
The truth will come out and

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It's easier for me to teach that way.

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And this has been going on for years,
That's a very normal thing to do

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us.

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Okay, we're done with this part.

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Let's see, and of course everything
we discuss today in

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This lecture is for educational purposes only.
You can pause the video and read the whole thing

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Disclaimer.

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What will we look at today?

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Today, as usual in the first lesson,
I'll show you a few examples of

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my transactions.

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Yes, I trade, and I teach,
and I teach what I trade.

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My main trading time frame
is the swing time frame, and there are several

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the difference that I usually have,
or very short scalping transactions

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a few days to a week.

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or scalping transactions that last for months.

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And in the past two years, I also started doing it
lots of campaign trades.

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So I'll show it to you too
some of those transactions. And of course, here

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just to highlight the method,
analysis, implementation,

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tactics.

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I am also a person...

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Extremely honest with my students and me
show them my mistakes and I think I need

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I want to be in a space of honesty
with your students.

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I want you to show me your mistakes
and I will show you my mistake, and

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together, we will learn from it.
We will analyze, we will

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Analyzing again, we will find out
What are we doing right or

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wrong.

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That's the type of relationship I usually have
Build with your students. So,

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Today we will look at four transactions,
two short orders

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and two buy orders (long).

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Some are great deals, some
are good deals, and then some

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are bad deals.

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We will look at the mistakes
Where was it created?

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Also, and this is what... me
usually don't do much in this class,

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whenever the market is extremely volatile,
I tend to discuss the market almost in

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every class just because I know the right thing to do
How difficult is it to get exposure to the market?

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And then when something happens, you know.

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Obviously, students will have questions,
and I was "terrorized" by email.

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You know, "what do you think?", "what's going on?",
"Can you see this?" and

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I will also talk about the Wyckoff Market Discussion class
that we organize

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on Wednesdays.

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Currently, we are having a promotion.
I will mention that.

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So I think today is very appropriate
to quickly glance at the market analysis section.

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Then we'll go in
course overview.

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I will only cover the main topics
which we will learn in

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four lesson series.

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And then we will
Start with the practical course.

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We'll start with the introduction
about the Wyckoff method.

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about Richard Wyckoff himself.

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We will define the Composite Operator (CO)
What does it mean to us? We will talk about price cycles,

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This is a mainstream framework
for us.

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And then we'll start with the concepts
main structure, which is change

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in change of character and then in characteristics
of accumulation and distribution.

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And of course, this is just an introduction.

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This is something I just put out there for you guys
to be able to imagine

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What's coming up and to think about
benefits

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of this knowledge.

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and how you can apply this knowledge
into your trading.

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Then we'll definitely look into it
homework.

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Next class, for those who have registered
or intend to register,

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we will go into details
Price structure analysis.

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First, we will correct the homework.

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By the way, the most popular question from
Registered students are,

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about the recordings, of course,
so you'll have them almost

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immediately.

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And the second most common question is,
"You can email me questions
and asked the teacher

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What if you don't understand something?"

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You certainly can, but me
Would love to consider your question

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and answer it right in class.

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There is a...

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much greater value for me and for the students
in class if I answer your question

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in the next lesson.

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And of course, I want that question
related to the content that we are

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discussed at the time.
So any questions may include
some documents

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up front, I'll just say that
We will learn this later.

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Or I would say, let's keep this question
for session number 15, that would be

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Q&A session (Q
And some questions are not demanding

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I have to write a lot, I can just,
you know, write a quick answer.

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But mainly we will answer
and consider those questions in

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next lesson.

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We will talk in session two about...

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reaccumulation and redistribution
within the structure of the price cycle.

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Some differences there,
Some differences in labeling.

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And the biggest question here about
reaccumulation and redistribution

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for example with reaccumulation is,
Is this re-accumulation or distribution?

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And the market clearly gave it to us
such a puzzle in 2018.

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And I think that puzzle still exists
continue. No means

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We have escaped this form.
It still continues.

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But we will talk about the characteristics of
reaccumulation and distribution,

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the difference between re-accumulation
and distribution,

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differences in labeling, etc.

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And then we'll go in
details on price structure analysis,

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where we will discuss how
define phase boundaries, you know,

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and we'll talk about phase analysis,
why do we need it, and we will tell

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about this a little today.

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We will talk about identifying Phase C.
For those of you who are familiar with

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Wyckoff method, Phase C is a phase
Very important in price structure.

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price structure.

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Phase C that structure, we'll talk about
Spring and Shakeout types.

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are the specific price actions that we
determine. They happen in a specific way,

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we want to be able to identify them
and develop skills in recognizing them

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when they happen.

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We're going to talk about signs of strength,
and that is...

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pass Phase C, enter the next Phase D.

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So in a sign of strength,
it will act as a change in properties.

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And that's lesson number two.

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Each class will have some type of homework.

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One of the things I heard from students
of every course I have taught

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is the course is too heavy and
it

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request, you know, definitely need
time to keep up with the course.

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And unfortunately, I only have these
The answer is qualitative

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relative value to these comments
yours.

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I think it's always the speed of
a specific practitioner I'm talking about.

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If anyone has time...

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and you are very serious about this knowledge
and you want to get it as soon as possible

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the better, then yes, you must do it
homework every week.

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And if you miss out, make sure
You come back, do it, send it

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me, and then watch the lesson correction video
Or at least you should have

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few questions.

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If you don't have much time
to do homework, then I think the best thing

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for you is just assurance
you watch the video.

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And as you watch the video,
I want you to take notes

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a few things. And that doesn't need to be
The notes are too long. I just want you

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pause the video, think about the concepts,
Write them down, write those concepts down

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in your own words.

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And that would be for the best. In this way,
you are absorbing knowledge.

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you are absorbing knowledge. And throughout this course,
I will repeat

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concepts over and over again.

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Because that's how our brains work.

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Our brains, you know, and especially if you,
like

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I myself, no longer young,
You know, it takes time.

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00:18:20,080 --> 00:18:23,900
to understand some concepts,
and there is nothing wrong in that. We just

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need to repeat them many times.

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So, as you may have seen,
I am extremely passionate about

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00:18:33,500 --> 00:18:38,780
This document, the transaction as a whole,
the Wyckoff method in general, and my students as well

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00:18:38,780 --> 00:18:40,540
anymore. I like to see progress.

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I love motivating you guys. So I have
slightly trending, you know,

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00:18:46,180 --> 00:18:47,280
like...

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00:18:48,680 --> 00:18:53,320
push you to your limits
Let me, you know, motivate you.

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00:18:53,800 --> 00:18:58,460
And I think, that's the one
value of this course. And I heard

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These previous comments from practitioners that
They appreciate my teaching style and I

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00:19:03,480 --> 00:19:07,280
also appreciate that comment and, you know,
In fact, a lot of them just spin

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00:19:07,280 --> 00:19:08,280
return.

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00:19:08,360 --> 00:19:11,780
But that's the intensity and that's it
my style.

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00:19:12,200 --> 00:19:16,160
And again, if you feel that way
A bit overwhelming, by no means

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00:19:16,160 --> 00:19:17,160
you don't...

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00:19:17,760 --> 00:19:19,520
You do not need to take the course.

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00:19:19,900 --> 00:19:22,140
Take the course, but follow along
your own pace.

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00:19:22,600 --> 00:19:28,880
You can always, you know, buy the course
and then review

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00:19:28,880 --> 00:19:29,880
at your own pace.

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00:19:30,100 --> 00:19:31,100
Send me your assignments.

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00:19:31,300 --> 00:19:32,380
Send me questions.

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00:19:33,000 --> 00:19:35,220
You can come to the lesson in person if you want.

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00:19:35,860 --> 00:19:39,440
Actually I would do both if I had time,
live lesson and then review

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00:19:39,440 --> 00:19:40,440
video recording.

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00:19:41,320 --> 00:19:44,320
Again, this session is being recorded.

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00:19:44,730 --> 00:19:49,890
and I will post it on the channel "Wyckoff Trading Method"
ours on YouTube.

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00:19:50,150 --> 00:19:56,530
By the way, check it out. Now we
there are quite a few videos, and almost every week

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00:19:56,530 --> 00:20:00,530
Everyone has an update.
There is a new video uploaded.

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00:20:01,610 --> 00:20:07,150
So check out our channel. And,
For those of you who want to register,

264
00:20:07,470 --> 00:20:08,530
Please visit our website.

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00:20:09,130 --> 00:20:14,110
Currently, the price is still a preferential price,
so make sure you subscribe

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00:20:14,110 --> 00:20:16,510
before it increases in price.

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00:20:17,810 --> 00:20:22,790
Okay, let's start with the situation
first study. And the first situation,

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00:20:22,870 --> 00:20:29,030
well, because, you know, there's a mentality
so pessimistic (bearish sentiment) right now, and

269
00:20:29,030 --> 00:20:36,010
obviously, that makes sense, we already have
lower highs, lower lows, a definition

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00:20:36,010 --> 00:20:37,010
usually.

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00:20:37,310 --> 00:20:43,850
of a downtrend, so of course, you know,
I want to review the transaction

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00:20:43,850 --> 00:20:49,210
is carried out in a downward direction.
So we're going to look at Novavax and

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Russell 2000, and here are those two trades.
First, let's look at Novavax.

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00:20:55,670 --> 00:21:02,090
Novavax is a very interesting case study
and I think

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um...

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00:21:06,030 --> 00:21:11,870
Perhaps more time is needed for analysis
about this issue and

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00:21:11,870 --> 00:21:18,790
to fully understand how and at what point
our biases

278
00:21:18,790 --> 00:21:25,310
change, and at what point in time
strategy we will enter into this position

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00:21:25,310 --> 00:21:28,190
and establish a short position.

280
00:21:29,390 --> 00:21:33,430
And again, guys, I'm extremely...

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00:21:34,000 --> 00:21:40,560
to be honest with you guys about what I thought
or my transactions at any given time.

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00:21:40,560 --> 00:21:47,360
So as the price is still making higher highs
and the bottom is higher, my bias

283
00:21:47,360 --> 00:21:49,280
is still in an increasing direction.

284
00:21:49,660 --> 00:21:54,160
And in many cases in this trading range,
you will see the benefits

285
00:21:54,160 --> 00:22:00,600
of that. Obviously, Novavax is a stock
Big lead in

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00:22:00,600 --> 00:22:02,480
business cycle that we've had.

287
00:22:03,740 --> 00:22:09,060
It is one of the best stocks
to hold for a long term campaign.

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00:22:09,300 --> 00:22:11,580
It is also one of the best scalping stocks.

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00:22:11,840 --> 00:22:18,660
So there is nothing wrong here, in my opinion,
in this trading zone, while still

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00:22:18,660 --> 00:22:22,540
maintain a bullish bias. Because if you are
a scalper, you will

291
00:22:22,540 --> 00:22:24,700
Open a position near the support zone.

292
00:22:25,610 --> 00:22:30,990
And whenever they fail,
that's when you want to get out of those positions.

293
00:22:31,310 --> 00:22:36,570
So even in this upward sloping trading zone
with higher highs, higher lows, you

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00:22:36,570 --> 00:22:43,410
Maybe it can be managed, maybe not completely

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00:22:43,410 --> 00:22:48,950
true about long-term bias, but again
true about short-term bias and still

296
00:22:48,950 --> 00:22:50,530
earn some money from it.

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00:22:53,110 --> 00:22:57,900
Also, please note, because of the characteristics
lead, because

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00:22:57,900 --> 00:23:02,520
the strength that this stock and this industry group,
you know, the semiconductor group,

299
00:23:02,520 --> 00:23:08,140
has shown for many years in this business cycle,
distribution phase

300
00:23:08,140 --> 00:23:12,000
doesn't necessarily look like one
distribution phase.

301
00:23:12,580 --> 00:23:16,980
If you look at the initial reaction
Start by buying

302
00:23:16,980 --> 00:23:23,360
After the peak price increase, which we
identified in this course is the

303
00:23:23,360 --> 00:23:24,360
first excitement,

304
00:23:24,540 --> 00:23:25,640
Let's look at the initial reaction.

305
00:23:26,080 --> 00:23:33,040
It happened during the three, four day sale,
a very quick sell-off, but then
is a very price increase

306
00:23:33,040 --> 00:23:34,920
Strongly climbed back to old peaks.

307
00:23:35,220 --> 00:23:36,500
So what does that tell us?

308
00:23:37,120 --> 00:23:39,720
Someone is selling, but someone is still buying.

309
00:23:39,980 --> 00:23:43,840
Some organizations are still seeing value
in this stock.

310
00:23:44,300 --> 00:23:48,600
So at this point, we just
are noting this price action, the

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00:23:48,600 --> 00:23:52,780
development of prices, and we are saying that
there has been a change of character in the way

312
00:23:52,780 --> 00:23:53,900
But the price...

313
00:23:54,540 --> 00:23:58,980
has gone down with signs of peak volume
and how quickly it recovered.

314
00:23:59,340 --> 00:24:03,600
And at this point, we will
think we'll develop one

315
00:24:03,600 --> 00:24:04,459
trading range.

316
00:24:04,460 --> 00:24:08,660
That was our logic at that time.
We know we're in potential Phase A,

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00:24:08,720 --> 00:24:13,960
which will show us a buying climax,
automatic reaction, and secondary test.

318
00:24:14,260 --> 00:24:20,320
So all these three points are here
in Phase A. Again, at this point,

319
00:24:20,320 --> 00:24:23,200
You might think this might be
a reaccumulation phase.

320
00:24:24,420 --> 00:24:30,240
And that's exactly the point
which I had when

321
00:24:30,240 --> 00:24:36,980
The market peaked at the end of January
and there was a very strong reaction

322
00:24:36,980 --> 00:24:38,960
at the bottom of February.

323
00:24:39,600 --> 00:24:41,260
Novavax looks very good.

324
00:24:41,600 --> 00:24:44,580
It looks a lot better in comparison
the market itself.

325
00:24:44,880 --> 00:24:51,800
So this is a natural tendency for us
look for stocks and

326
00:24:51,800 --> 00:24:52,800
choose stocks.

327
00:24:52,920 --> 00:24:56,460
have those guiding characteristics
in time

328
00:24:57,880 --> 00:25:02,200
difficult. Then I won't go through Phase B.
There are some points we can

329
00:25:02,200 --> 00:25:08,160
talk about, as a minor sign of weakness here,
efforts to push prices up (upthrust),

330
00:25:08,160 --> 00:25:12,980
structure of price and volume signals
shows no

331
00:25:12,980 --> 00:25:18,740
supply at this time. And that
hinted at a price increase, and it happened. And

332
00:25:18,740 --> 00:25:20,820
it happened in a very...

333
00:25:22,010 --> 00:25:26,770
familiar with how some price increases
in the developed trading area.

334
00:25:27,710 --> 00:25:34,650
And when we react to half
of the trading zone and during the price increase

335
00:25:34,650 --> 00:25:39,830
Next, we're trying to get through
resistance point slopes up.

336
00:25:40,190 --> 00:25:44,890
We see that there is only one commit
temporarily in an increasing direction.

337
00:25:45,230 --> 00:25:50,470
There is only one price bar, one close
located on top of the previous peak.

338
00:25:51,210 --> 00:25:55,470
and then the price quickly failed
Return to the trading area.

339
00:25:55,730 --> 00:25:59,710
So the question here is, why
did this happen again?

340
00:26:01,230 --> 00:26:06,970
If the stock is so strong, why is it
fail again when breaking?

341
00:26:07,350 --> 00:26:11,830
And we can clearly see that when
price returns to the trading zone,

342
00:26:11,990 --> 00:26:18,170
There is a gap, there is a downward spread.
is increasing, and also

343
00:26:18,170 --> 00:26:20,010
Supply is increasing.

344
00:26:20,460 --> 00:26:26,640
Those are all elements of selling
potential of organizations. So we want to

345
00:26:26,640 --> 00:26:32,640
Surely we don't necessarily
short a leading stock immediately.

346
00:26:33,340 --> 00:26:39,440
There are plenty of other stocks to short
before that, even before October and

347
00:26:39,440 --> 00:26:43,560
September, already in a downtrend.
If you look at some

348
00:26:43,560 --> 00:26:48,720
stocks, even when we look at Russell,
let's look at the September action.

349
00:26:50,740 --> 00:26:57,480
compared to other indexes and other stocks,
you can see

350
00:26:57,480 --> 00:27:01,900
that the stocks in the Russell 2000 were
shows weakness.

351
00:27:02,200 --> 00:27:06,900
So in the first sale,
This is where you must be. You must

352
00:27:06,900 --> 00:27:08,220
stay in weaker assets.

353
00:27:08,920 --> 00:27:13,860
But when I'm actually doing it...

354
00:27:18,250 --> 00:27:23,930
a presentation for StockCharts.com above
MarketWatchers Live, I actually have

355
00:27:23,930 --> 00:27:30,570
this position. And I took this position
in the second sale. Here

356
00:27:30,570 --> 00:27:34,250
is the actual price bar where I started
this position.

357
00:27:34,530 --> 00:27:39,990
And this kind of position I always
done with options trading.

358
00:27:40,190 --> 00:27:45,810
So I only buy directional options.
with

359
00:27:47,280 --> 00:27:50,860
and I have to look a little closer,
What is the expiration date?

360
00:27:51,100 --> 00:27:55,380
But usually for this type of transaction
This short term, I will have an expiration date later

361
00:27:55,380 --> 00:27:56,440
one or two months.

362
00:27:57,100 --> 00:28:01,820
I'm expecting a sale,
and I will explain shortly why.

363
00:28:02,960 --> 00:28:07,080
But first, let's talk about timing.
Let's talk about choosing.

364
00:28:07,920 --> 00:28:14,460
How do we move on from a stock
Leading to a sold-off stock?

365
00:28:14,860 --> 00:28:18,840
and to a stock that we can
sell short with confidence.

366
00:28:19,160 --> 00:28:23,880
Well, this whole movement here,
let's see what happens here.

367
00:28:24,120 --> 00:28:26,620
It is a change in character.

368
00:28:27,180 --> 00:28:30,840
Stocks are starting to behave accordingly
another way.

369
00:28:31,240 --> 00:28:35,560
We are seeing many gaps in price.
when opening the door.

370
00:28:36,660 --> 00:28:40,800
We are seeing a downward spread.
is increasing.

371
00:28:44,190 --> 00:28:50,290
And compare this motion with the
previous bearish movement in the same

372
00:28:50,290 --> 00:28:55,150
a trading zone, this is probably
strongest bearish price movement.

373
00:28:55,390 --> 00:28:59,110
Not only that, look into the distance
which it went.

374
00:28:59,310 --> 00:29:03,130
This is the largest discount gap
in this trading area.

375
00:29:03,430 --> 00:29:07,250
So if they sell, they actually advance
down below.

376
00:29:07,870 --> 00:29:12,150
we will discuss in the second part
of a relationship course

377
00:29:12,150 --> 00:29:18,850
between volume and price, or like us
will determine

378
00:29:18,850 --> 00:29:23,390
it is in other terms, relationship
between effort and result.

379
00:29:23,650 --> 00:29:29,350
So we saw that for the first time
all efforts to push up prices

380
00:29:29,350 --> 00:29:31,110
In the trading area, all transactions were unsuccessful.

381
00:29:31,770 --> 00:29:36,850
And for the first time, it's not just distance...

382
00:29:37,080 --> 00:29:42,380
Um... of the response has increased
and the nature by which it moves

383
00:29:42,380 --> 00:29:47,140
we also see an increase of
sign of supply or rather an increase of

384
00:29:47,140 --> 00:29:54,100
Downward effort and it is
Synchronize with the downward result.

385
00:29:54,100 --> 00:29:58,540
and that's what we're looking for

386
00:30:00,170 --> 00:30:05,830
in stock selection
end of some kind of form and now

387
00:30:05,830 --> 00:30:09,970
shows us that organizations are
sold out at this time.

388
00:30:10,710 --> 00:30:15,530
So that's the deciding factor for
choosing this transaction. Everything

389
00:30:15,530 --> 00:30:20,890
The others are all quite mechanical,
You know, because tactics are tactics.

390
00:30:21,030 --> 00:30:22,030
They will not change.

391
00:30:22,790 --> 00:30:26,830
We are determining the first sale
is a sign of weakness.

392
00:30:27,270 --> 00:30:28,930
And then let's look at the price increase.

393
00:30:29,440 --> 00:30:30,600
A very weak price increase.

394
00:30:31,700 --> 00:30:38,080
It can't even go back half way
of the trading area.

395
00:30:38,300 --> 00:30:39,620
And then it just fails.

396
00:30:39,920 --> 00:30:45,900
So the position was opened on this price bar
as soon as the door opens

397
00:30:45,900 --> 00:30:50,980
after the price has passed
previous bottom.

398
00:30:51,380 --> 00:30:55,360
And it's just an interesting transaction
because it happens very quickly.

399
00:30:56,120 --> 00:31:02,360
So from about $236 down to $188,
How much is that?

400
00:31:02,980 --> 00:31:04,480
So that's almost $50.

401
00:31:05,660 --> 00:31:07,360
And it happened very quickly.

402
00:31:07,600 --> 00:31:14,540
One, two, three, four, five, six, seven
days, seven trading days. So that's one

403
00:31:14,540 --> 00:31:15,540
week and a half.

404
00:31:15,980 --> 00:31:20,820
And look, if you are a scalper
and a short-term swing trader, this is

405
00:31:20,820 --> 00:31:22,600
a very quick profit.

406
00:31:22,960 --> 00:31:27,880
And also think about leverage, right?
So I'm betting on put options.

407
00:31:28,980 --> 00:31:32,480
So I'm definitely taking advantage of the leverage
for this position.

408
00:31:32,720 --> 00:31:39,660
Now, the reason for closing the position
is that we have created a bottom,

409
00:31:39,660 --> 00:31:43,040
The bottom is lower than the bottom of the natural reaction.

410
00:31:45,370 --> 00:31:47,730
Clearly oversold here.

411
00:31:48,590 --> 00:31:53,970
The mass sign is not
climax, but we're predicting that

412
00:31:53,970 --> 00:31:56,570
at that point, we might have a type
some stopping action.

413
00:31:56,770 --> 00:32:01,090
Why? Well, because the sale doesn't
happens consistently.

414
00:32:01,570 --> 00:32:07,870
There is always some kind of organization
will find some

415
00:32:07,870 --> 00:32:09,450
value when price moves down.

416
00:32:10,090 --> 00:32:13,950
Because if they are holding their position
and they thought, well,

417
00:32:13,950 --> 00:32:19,110
This was a leading stock, even in the
this context, I would rather keep it

418
00:32:19,110 --> 00:32:21,090
because it is a leading stock.

419
00:32:21,590 --> 00:32:27,410
Then at some point, when the price goes down
below the point at which they purchased or

420
00:32:27,410 --> 00:32:30,910
they think there is some value,
they will participate and they will

421
00:32:30,910 --> 00:32:33,270
stop buying. And we see that
from the volume sign.

422
00:32:33,650 --> 00:32:37,730
So a lot of discussion that we
will be available throughout this course is

423
00:32:37,730 --> 00:32:38,830
will be about.

424
00:32:39,440 --> 00:32:40,680
psychology of organizations.

425
00:32:41,060 --> 00:32:46,180
Where and how do they find value?
Where to find liquidity?

426
00:32:46,580 --> 00:32:53,040
Those are two things that organizations
request to us,

427
00:32:53,120 --> 00:32:57,720
they asked so they could open
position.

428
00:32:58,060 --> 00:33:02,460
So increasing the volume sign
suggests increased activity of the

429
00:33:02,460 --> 00:33:03,460
organization.

430
00:33:07,020 --> 00:33:09,860
And we see that there has been a move
price increase.

431
00:33:10,260 --> 00:33:12,940
Therefore, some people have biases.
at this time.

432
00:33:13,500 --> 00:33:18,860
There's no reason for me to wait for one
Potential trading area for development.

433
00:33:18,980 --> 00:33:22,600
That was the thinking at the time. So,
Exit order is only when closed.

434
00:33:23,220 --> 00:33:27,580
And initially, I thought analysis
mine is correct.

435
00:33:28,030 --> 00:33:32,430
And I think that after the selling climax (selling climax)
and automatic rally, we already have

436
00:33:24,30 --> 00:33:38,690
a secondary test and we are in
Phase A and we will continue a trading zone

437
00:33:38,690 --> 00:33:43,010
until the next sale as one
continuation.

438
00:33:43,570 --> 00:33:45,790
Unfortunately, it didn't happen that way.

439
00:33:46,510 --> 00:33:52,470
The price has plummeted and it plummeted due to
surrender of organizations. Here it is

440
00:33:52,470 --> 00:33:55,350
where organizations just give up
their position.

441
00:33:57,790 --> 00:34:04,490
And we have to say there is one
the difference between a strong hand or a

442
00:34:04,490 --> 00:34:10,969
weak hand. There are organizations that are
Act at this time like strong players

443
00:34:10,969 --> 00:34:13,889
and some organizations are acting like these
weak player.

444
00:34:14,290 --> 00:34:19,889
So clearly, capitulation occurs due to
Selling by institutional players is weak.

445
00:34:20,880 --> 00:34:24,940
And then, some strong players are
see that there are some, again, some

446
00:34:24,940 --> 00:34:31,280
The value is not there for them
190, 180 levels, but they saw some value at

447
00:34:31,280 --> 00:34:32,280
150,

448
00:34:32,820 --> 00:34:38,360
140, 130. So they're participating
and they are stopping the price from moving

449
00:34:38,360 --> 00:34:44,500
Go deeper by initiating positions
buy from them.

450
00:34:45,820 --> 00:34:49,219
So it was a relatively easy and quick transaction.

451
00:34:50,990 --> 00:34:55,310
emotionally very stable because
Prices are basically plummeting.

452
00:34:55,550 --> 00:34:57,950
And that's how it usually happens
bear market.

453
00:34:58,910 --> 00:35:02,730
And I really like shorting.

454
00:35:03,190 --> 00:35:08,850
We just didn't have the chance
selling short for quite a long time,

455
00:35:08,850 --> 00:35:15,690
I'm not just talking about shorting specific stocks,
but the market in general.

456
00:35:16,090 --> 00:35:17,730
Talking about the market.

457
00:35:18,920 --> 00:35:25,440
as we are continuing with the
development of bearish psychology.

458
00:35:25,760 --> 00:35:32,120
In this area, I've had quite a few
bullish expectations, and i

459
00:35:32,120 --> 00:35:33,420
Totally fine with that.

460
00:35:34,440 --> 00:35:37,420
There are two things you must remember.

461
00:35:37,760 --> 00:35:43,520
It's all about the context of where we are
where we are and how we trade.

462
00:35:44,360 --> 00:35:50,660
And the context here is when we were
establish, assume,

463
00:35:50,740 --> 00:35:57,520
a discounting bias, which makes no sense
is that there is no bullish transaction that we

464
00:35:57,520 --> 00:36:01,960
exploitable, even on base
short term.

465
00:36:02,400 --> 00:36:09,260
So when the market is going down in
The second wave here, we can see that

466
00:36:09,260 --> 00:36:11,800
Supply is really running out.

467
00:36:13,930 --> 00:36:16,370
My opinion here is in the upward direction.

468
00:36:16,590 --> 00:36:20,950
And I still maintain that opinion. And I thought
That's a great statement because of that statement

469
00:36:20,950 --> 00:36:26,430
just for a scalping trade or for a
price increase occurs. And it actually happened

470
00:36:26,430 --> 00:36:33,370
several times in other markets,
on the

471
00:36:33,370 --> 00:36:34,710
Other metrics are even better.

472
00:36:35,390 --> 00:36:39,010
So I'll show you some
trade in this area if you are

473
00:36:39,010 --> 00:36:41,590
a scalper and way trader
exploit it.

474
00:36:41,910 --> 00:36:43,310
But in this case,

475
00:36:44,110 --> 00:36:47,830
a continuation that occurred after one stroke
Spring (turn on bottom check) failed.

476
00:36:48,090 --> 00:36:51,730
And we're going to talk about Spring and
Next is the definition of Spring, everyone.

477
00:36:51,790 --> 00:36:52,890
so don't worry about that.

478
00:36:53,950 --> 00:36:58,410
But it acted as a failed signal.

479
00:36:58,870 --> 00:37:04,530
And a failed signal is probably the signal
You are the best in technical analysis

480
00:37:04,530 --> 00:37:05,169
can be found.

481
00:37:05,170 --> 00:37:12,170
Why? Because often a signal fails
There will be a very rapid change

482
00:37:12,170 --> 00:37:13,430
quickly in market psychology.

483
00:37:14,090 --> 00:37:18,190
when the majority of traders were
being on the wrong side of the transaction.

484
00:37:18,550 --> 00:37:23,730
And then when they close their position,
either through a stop loss order or

485
00:37:23,730 --> 00:37:30,110
capitulation, that creates a
Big opposite move compared to psychology

486
00:37:30,110 --> 00:37:35,350
that. And we can see it already
happens exactly this way. Well, first

487
00:37:35,350 --> 00:37:37,150
We are breaking out of a sharp peak.

488
00:37:37,570 --> 00:37:42,010
So here we think velocity
will increase on the way down.

489
00:37:42,680 --> 00:37:49,100
you know if, if the Spring (turn on the bottom check) fails
and when it fails, it gives us a place

490
00:37:49,100 --> 00:37:55,260
Very great strategy to open positions,
which of course I took advantage of.

491
00:37:55,260 --> 00:38:02,180
Um... and... not necessarily
The best way out is here

492
00:38:02,180 --> 00:38:07,980
and you know, I think later
Can we discuss this material

493
00:38:07,980 --> 00:38:10,440
in the Wyckoff course or in
practical part (practicum)

494
00:38:11,620 --> 00:38:17,520
But I still feel that it's better
much more than not

495
00:38:17,520 --> 00:38:23,500
Enter the market at a time when
bias is too pessimistic. That's the number thing

496
00:38:23,500 --> 00:38:30,460
one. Second, at that time, I had some
long positions, which are positions according to the campaign

497
00:38:30,460 --> 00:38:34,300
or even the surfing position, and me
want to hedge risks.

498
00:38:34,520 --> 00:38:37,200
So one way to do it
Exactly like this.

499
00:38:37,950 --> 00:38:44,050
You know, you can hedge your risk
by opening a position, let's say, against

500
00:38:44,050 --> 00:38:47,930
the positions you have with the price bars
different, and that's the idea.

501
00:38:48,050 --> 00:38:53,470
and it worked quite well,
almost perfect. I'm just a little concerned

502
00:38:53,470 --> 00:38:58,190
About the exit point here. My choice
will be a slightly lower exit

503
00:38:58,190 --> 00:39:03,210
right at this closing level. Why? Well,
because of this price bar

504
00:39:03,210 --> 00:39:06,570
shows on the volume sign.

505
00:39:07,920 --> 00:39:08,920
a climactic action.

506
00:39:09,140 --> 00:39:15,200
Therefore, this is the characteristic of a selling climax.
more truly

507
00:39:15,200 --> 00:39:17,620
compared to the previous price bar.

508
00:39:18,500 --> 00:39:23,340
And why I think so now
I remembered that was just the closing price.

509
00:39:23,340 --> 00:39:29,580
The closing level had a bit of an upward push
which we really don't have

510
00:39:29,580 --> 00:39:30,580
before.

511
00:39:30,680 --> 00:39:33,140
I remember that was the thought at the time.

512
00:39:33,360 --> 00:39:39,460
Also, look at oversold conditions.
right here. Even this price bar, the exit price bar,

513
00:39:39,660 --> 00:39:41,900
It's already in oversold condition.

514
00:39:42,920 --> 00:39:47,360
And so, and the volume sign
is also relatively high.

515
00:39:47,600 --> 00:39:54,600
It is one of the highest we have
had. And if we use analogy

516
00:39:54,600 --> 00:39:59,660
about how the price actually stops here,
There's a hint of that somewhere

517
00:39:59,660 --> 00:40:01,560
Here there can be a stopping action.

518
00:40:01,800 --> 00:40:03,080
That's my logic.

519
00:40:04,330 --> 00:40:09,310
but could definitely have been a little better
about the exit point.

520
00:40:09,710 --> 00:40:16,390
So those are some transactions
I was

521
00:40:16,390 --> 00:40:19,790
done in this bear market.

522
00:40:20,190 --> 00:40:25,630
But as I mentioned, there are some
The trade I made was on the long side, and

523
00:40:25,630 --> 00:40:26,630
sure

524
00:40:26,880 --> 00:40:30,840
I want to admit that. That is
number one thing. I want to explain the logic.

525
00:40:30,840 --> 00:40:36,980
I want you to understand that logic.
So we'll go through it, and hope

526
00:40:36,980 --> 00:40:43,280
After this reanalysis, you will
have a feel for, number one, how I trade,

527
00:40:43,380 --> 00:40:49,100
second, what I teach, and third and
more importantly, how can we use

528
00:40:49,100 --> 00:40:54,560
Wyckoff method for determination
Choose and determine strategies for

529
00:40:56,910 --> 00:41:03,130
transaction. A question here from Eric. After the sign
of weakness (sign of weakness) to the exit point at 188, is it

530
00:41:03,130 --> 00:41:09,890
Is it better not to trade? Is that right?
is the question no,

531
00:41:10,010 --> 00:41:11,010
Eric?

532
00:41:12,330 --> 00:41:17,450
Okay, after the sign of weakness
to the exit point at 188.

533
00:41:17,690 --> 00:41:19,610
Okay, is it better not to trade?

534
00:41:19,830 --> 00:41:25,050
I do not know. It worked, right?
So I think what happened here is

535
00:41:25,310 --> 00:41:26,990
Institutions have started selling.

536
00:41:28,670 --> 00:41:34,770
And there really isn't much selling.
If you think about, you know,

537
00:41:34,770 --> 00:41:41,230
This bearish movement, what it takes
in terms of reduced force,

538
00:41:41,230 --> 00:41:44,890
you can see an increase in the sign
supply. But if we compare it with

539
00:41:44,890 --> 00:41:50,550
previous sell-off attempts, you know,
it really does

540
00:41:50,550 --> 00:41:54,250
less downforce. However,

541
00:41:54,960 --> 00:41:58,560
look let's move down
how fast.

542
00:41:59,140 --> 00:42:05,600
That means there is no resistance
let the price stop at some point and

543
00:42:05,600 --> 00:42:07,060
The response increased again.

544
00:42:07,760 --> 00:42:12,340
There is no buying bias at this time.
That is the logic of continuity.

545
00:42:15,140 --> 00:42:20,200
Okay, Eric, I hope I understand
your question. If not, you can

546
00:42:20,200 --> 00:42:22,640
respond. Let's look at the situation
further research.

547
00:42:23,560 --> 00:42:26,040
And this one is Canadian Solar.

548
00:42:26,700 --> 00:42:32,600
This particular stock I have
follow for a while.

549
00:42:33,620 --> 00:42:38,480
And I'll go through the analysis
before arriving at your entry point

550
00:42:38,480 --> 00:42:41,200
would understand the logic of why I was inside
this position.

551
00:42:41,440 --> 00:42:43,160
I'm still in this position right now.

552
00:42:43,400 --> 00:42:48,620
This is a campaign position,
Which means I'll keep it

553
00:42:48,620 --> 00:42:51,300
for quite a long time. I want...

554
00:42:51,630 --> 00:42:58,230
I want this position to grow into one
sustainable upward trend, where not only

555
00:42:58,230 --> 00:43:05,010
This stock, but also the industry group and
Stocks in the same industry will confirm that we

556
00:43:05,010 --> 00:43:06,450
is in campaign mode.

557
00:43:06,910 --> 00:43:13,390
And it all starts with Phase A, where we are
see the final climactic act

558
00:43:13,390 --> 00:43:18,970
with price range increasing, gaps decreasing,
Huge volume sign.

559
00:43:19,610 --> 00:43:23,590
That represents both an increase
of supply and an increase in demand.

560
00:43:24,130 --> 00:43:29,010
Increase in supply from weak hands
and an increase in demand from strong hands.

561
00:43:29,010 --> 00:43:35,930
And I will teach you how to determine
those two types of traders

562
00:43:35,930 --> 00:43:39,230
on price action and volume action.

563
00:43:39,470 --> 00:43:43,510
And then there were multiple checks, which i
is classified as Phase A.

564
00:43:43,930 --> 00:43:46,190
And then Phase B is very interesting.

565
00:43:46,960 --> 00:43:51,760
Complete selection for this trade
based on Phase B. And someone could

566
00:43:51,760 --> 00:43:55,340
thinking, who knows the Wyckoff method,
What the hell? What is he saying?

567
00:43:55,340 --> 00:43:59,880
So? How can you identify an option
based on

568
00:43:59,880 --> 00:44:03,820
Phase B?

569
00:44:05,560 --> 00:44:09,520
Well, look where Phase B is.

570
00:44:10,800 --> 00:44:14,820
It is located on top of Phase A.

571
00:44:15,260 --> 00:44:20,800
and the beginning of Phase B, also above
of the support zone

572
00:44:20,800 --> 00:44:26,140
preliminary potential (preliminary support),
happens before the climactic action.

573
00:44:27,040 --> 00:44:28,360
What does that say?

574
00:44:29,720 --> 00:44:34,460
Well, it tells us one thing, that
Institutions have bought in

575
00:44:34,640 --> 00:44:38,760
This stage and after that they don't want to
sell it.

576
00:44:40,040 --> 00:44:43,360
And the shakeout has...

577
00:44:43,930 --> 00:44:50,930
specific characteristics that we will
This research and shake-out happened very quickly

578
00:44:50,930 --> 00:44:57,370
it does not create a lower bottom in comparison
climactic action

579
00:44:57,370 --> 00:45:03,710
it's actually a higher bottom and look
how quickly after capitulation

580
00:45:03,710 --> 00:45:09,210
which is still the surrender of the institutions.
They are thinking along

581
00:45:09,210 --> 00:45:16,080
precious. For many consecutive quarters, the stock was not given
see absolute profits,

582
00:45:16,320 --> 00:45:19,060
and the stock shows no profit
relatively.

583
00:45:19,860 --> 00:45:24,760
What will they do if the stock starts
downward? They will sell it.

584
00:45:24,760 --> 00:45:25,760
It.

585
00:45:26,440 --> 00:45:30,500
They will sell shares from the portfolio
your investment, and this is exactly it

586
00:45:30,500 --> 00:45:34,920
Volume signals and price behavior
Tell us that story.

587
00:45:36,640 --> 00:45:43,030
So from here, we have a recovery
relatively fast, which tells us that This

588
00:45:43,030 --> 00:45:48,950
just a kind of short-term surrender
of organizations and places

589
00:45:48,950 --> 00:45:54,830
a lot of other organizations actually
have collected all their shares.

590
00:45:55,130 --> 00:46:00,470
And we're seeing more testing.
In itself, this bottom is a test for

591
00:46:00,470 --> 00:46:04,670
the bottoms in Phase A and the beginning of B.
This was followed by many local checks.

592
00:46:05,130 --> 00:46:09,450
And my entry point was actually
right here.

593
00:46:11,040 --> 00:46:12,640
So what am I seeing here?

594
00:46:12,880 --> 00:46:19,600
Well, I think from this point on,
We'll probably only go up

595
00:46:19,600 --> 00:46:26,280
into a potential sign of strength,
into Phase D, which means we're expecting

596
00:46:26,280 --> 00:46:30,940
The price will surpass all levels
previous resistance.

597
00:46:31,900 --> 00:46:38,640
And then it doesn't happen right away.
There is a smaller shakeout. And one

598
00:46:38,640 --> 00:46:43,160
of the things that... we study is
that kind of behavior.

599
00:46:43,420 --> 00:46:49,760
Once you determine the properties of
stock in terms of how it moves, how it prices

600
00:46:49,760 --> 00:46:55,400
move, and obviously it's all based on
how organizations are behaving

601
00:46:55,400 --> 00:46:57,820
how weak players are behaving.

602
00:46:59,960 --> 00:47:06,580
And this kind of shedding is okay
Expect as we have seen

603
00:47:06,580 --> 00:47:09,340
before this type of behavior.

604
00:47:11,310 --> 00:47:17,870
So you shouldn't worry too much
until the price

605
00:47:17,870 --> 00:47:23,610
actually hit our stop loss,
located below the main bottom.

606
00:47:23,950 --> 00:47:29,730
So I'm still in this position, even though
a local shakeout is occurring. I see

607
00:47:29,730 --> 00:47:34,870
Positive actions here, where there is
Rapid reversal of the bottom, where there is

608
00:47:34,870 --> 00:47:37,130
some value, and then there's a test.

609
00:47:37,810 --> 00:47:39,290
So that looks great.

610
00:47:40,000 --> 00:47:44,060
Add position here. I missed that.
But I want one

611
00:47:44,060 --> 00:47:49,000
confirmation. I want to see a position

612
00:47:49,000 --> 00:47:54,440
positive before I start adding
into position.

613
00:47:54,700 --> 00:48:01,080
So I let this bull run continue,
But this hike is truly amazing. It shows me that,

614
00:48:01,120 --> 00:48:05,880
Indeed, this is a worthy stock
let me pay attention.

615
00:48:06,280 --> 00:48:08,620
And the Wyckoff structure,

616
00:48:09,360 --> 00:48:14,740
is ending. We're in potential Phase C,
and we have a price increase there

617
00:48:14,740 --> 00:48:18,360
a lot of momentum. And remember, guys,
from conventional technical analysis,

618
00:48:18,680 --> 00:48:21,020
Momentum always precedes price.

619
00:48:27,540 --> 00:48:30,080
I'm rapidly losing my voice at the start of the new year.

620
00:48:31,540 --> 00:48:36,540
Next shakeout or elimination
shake-off reaction.

621
00:48:37,390 --> 00:48:38,890
It's all related to the market.

622
00:48:39,530 --> 00:48:42,050
It is not related to stocks.
It is not related to the industry group.

623
00:48:42,270 --> 00:48:43,270
It's all about the market.

624
00:48:43,610 --> 00:48:47,210
Market volatility drags on
Leading stocks go down.

625
00:48:47,590 --> 00:48:52,030
So we just need to evaluate it
What kind of damage can the market cause?

626
00:48:52,030 --> 00:48:53,690
for this particular stock.

627
00:48:54,010 --> 00:48:58,810
Again, we'll get out if
Our stop loss is hit. There are no questions about

628
00:48:58,810 --> 00:49:00,350
that, but it is not touched.

629
00:49:00,760 --> 00:49:04,900
Instead, we are seeing a higher bottom,
and we still want to stay in this position.

630
00:49:05,020 --> 00:49:06,880
And right now, I'm still inside
this position.

631
00:49:07,140 --> 00:49:13,380
The goal is very long-term, but logical
about the way I choose

632
00:49:13,380 --> 00:49:18,520
stock or how I entered
stock or how I pass one

633
00:49:18,520 --> 00:49:21,080
These are all periods of upheaval
according to Wyckoff.

634
00:49:21,460 --> 00:49:27,240
All this analysis about staying,
add to the position, or exit

635
00:49:27,240 --> 00:49:28,240
out of position.

636
00:49:28,620 --> 00:49:31,380
all based on the Wyckoff studies,
Wyckoff concepts.

637
00:49:31,660 --> 00:49:37,780
And I want you to see the benefits,
you know, through actual transactions

638
00:49:37,780 --> 00:49:43,620
of research methods and, you know,
Develop visual recognition skills

639
00:49:43,620 --> 00:49:45,480
all those concepts.

640
00:49:46,160 --> 00:49:47,860
A few questions here.

641
00:49:48,300 --> 00:49:49,300
Okay, great.

642
00:49:51,100 --> 00:49:53,060
I like my group to be active.

643
00:49:53,360 --> 00:49:55,520
This means we will have one
Nice course.

644
00:49:59,180 --> 00:50:00,180
Wait a minute.

645
00:50:01,100 --> 00:50:02,100
Alright.

646
00:50:02,960 --> 00:50:07,400
This sentence comes from Charles. Oh, Charles,
hello.

647
00:50:07,940 --> 00:50:13,800
Just a thought on Eric's comment.
When he said "decommissioned", he probably meant

648
00:50:13,800 --> 00:50:17,800
Should we continue to look for opportunities?
immediately for new transactions?

649
00:50:17,800 --> 00:50:19,200
Just a thought.

650
00:50:20,340 --> 00:50:24,860
Okay, yes, I can understand that point of view,
Charles. And we're still talking about

651
00:50:24,860 --> 00:50:27,640
Novavax deal, so I'll be back
that transaction.

652
00:50:28,510 --> 00:50:33,410
go to that slide, you know, if you have one
any other thoughts about it. So I can

653
00:50:33,410 --> 00:50:39,510
Definitely understand that. And then again
Eric, in Canadian Solar's Phase B, there

654
00:50:39,510 --> 00:50:43,290
Is it an upward push?
Upthrust action and what is the difference?

655
00:50:43,730 --> 00:50:50,310
Alright. Well, yes, we certainly have
Many situations push prices up here,

656
00:50:50,330 --> 00:50:57,030
right? So we have a price push up
first here, another push up

657
00:50:57,030 --> 01:02,580
here. Another push up, another push up.
So what is the price push up? Price push up

658
01:02,580 --> 01:07,880
are just temporary commitments
increasing direction across levels

659
01:07,880 --> 01:12,780
resistance and then almost immediately
back below that resistance level.

660
01:15,120 --> 01:18,380
And we are seeing that in all
cases, this is what we see.

661
01:18,760 --> 01:21,280
Temporarily committed price.

662
01:22,410 --> 01:25,670
and then return below the resistance level
almost immediately.

663
01:25,990 --> 01:31,390
Now, the difference between an upthrust and an upthrust is
and upward action, and all of them

664
01:31,390 --> 01:36,930
are all just price-inflating actions, in my opinion,
at this moment, is when

665
01:36,930 --> 01:43,050
we say this is an action that pushes prices up,
we actually suggest a particular bias,

666
01:43,170 --> 01:47,450
that is in the increasing direction. So the action pushes the price up
will be discussed in stages

667
01:47,450 --> 01:49,310
accumulation and reaccumulation.

668
01:50,970 --> 01:54,490
will be discussed in stages
distribution or redistribution.

669
01:54,790 --> 01:59,350
We will talk about this more
and more details.

670
01:59,630 --> 02:04,030
And specifically in lesson number three
and four, we'll talk about

671
02:04,030 --> 02:10,050
There are many stages of distribution. And I will give it to you
a lot of, you know, definitions of

672
02:10,050 --> 02:16,530
upthrust, the act of pushing prices up,
Spring (bounce to test the bottom), different types of Spring, shakeouts,

673
02:16,530 --> 02:19,170
etc. So it's all ahead.

674
02:20,970 --> 02:22,730
Okay, next question.

675
02:23,870 --> 02:30,470
In Phase A, what is the automatic rally?
of the first drop comes

676
02:30,470 --> 02:35,350
Temporary line or candle has
Weakness to straight line?

677
02:36,770 --> 02:38,510
Oh, Eric, so what's the question?

678
02:39,370 --> 02:40,990
What is the automatic rally?

679
02:41,270 --> 02:46,070
Okay, got it. Yes, so Eric, me
definitely feel that, you know, there is

680
02:46,070 --> 02:50,330
the knowledge behind it, behind
question. Actually, in my opinion,

681
02:51,470 --> 02:54,550
There are three natural reactions here.

682
02:56,010 --> 03:02,550
Just because we're discussing Phase A
there is this check, this area is one

683
03:02,550 --> 03:08,010
test, and it's like the conclusion
of Phase A testing.

684
03:08,590 --> 03:11,930
We have had many efforts go down.

685
03:12,930 --> 03:16,630
So this has the same intensity as
selling climax.

686
03:16,890 --> 03:23,010
Therefore, we want the test to have
same intensity as the action

687
03:23,010 --> 03:24,010
climax.

688
03:24,810 --> 03:31,290
From that perspective, we could have
many natural reactions. And here,

689
03:31,310 --> 03:34,790
again, is what we're going to get into
details. This slightly

690
03:34,790 --> 03:37,190
more advanced. So usually these things we...

691
03:37,710 --> 03:41,830
We leave it for the practical part (practicum),
is a continuation of the Wyckoff trading course

692
03:41,830 --> 03:46,310
And here's a little more advanced concept,
but really good question.

693
03:46,310 --> 03:47,310
question.

694
03:48,210 --> 03:52,170
From Justin, Ramon, how do you choose
Your entry point?

695
03:54,050 --> 04:01,010
So I developed a kind of mechanism
exclusive reversal

696
04:01,010 --> 04:05,190
where I define specific price bars.

697
04:05,930 --> 04:12,750
are price bars that reverse and behave as
what I call the point of no return.

698
04:12,750 --> 04:19,310
This type of price bar suggests that one
reversal has occurred and

699
04:19,310 --> 04:26,150
you need... this will be your entry point
optimally, it lies below

700
04:26,150 --> 04:32,330
These entry points or rather
the bottoms where you can

701
04:32,330 --> 04:34,330
get

702
04:35,230 --> 04:39,310
best reward-to-risk ratio.

703
04:40,030 --> 04:43,310
And these are the points of risk
lowest.

704
04:43,810 --> 04:49,930
And as Wyckoff's followers,
we always want to open positions, let's say we

705
04:49,930 --> 04:54,490
Open a position in the following upward direction
reaction, after reaction, after

706
04:54,670 --> 04:55,670
reaction.

707
04:55,710 --> 04:58,230
There are only two points.

708
04:58,670 --> 05:04,430
One was identified by Wyckoff himself,
and the second point we added.

709
05:04,830 --> 05:06,010
in the Wyckoff trading course.

710
05:06,290 --> 05:11,270
And again, this is what we will
mentioned. We will talk about the month

711
05:11,270 --> 05:14,590
fourth, in March, April, about tactics.

712
05:14,910 --> 05:21,830
How do we enter orders? I will show you
Wyckoff's way, his logic works

713
05:21,830 --> 05:24,890
about entry points, stop losses and
exit the command.

714
05:25,270 --> 05:31,950
And then in the practice part as one
continuation, we would certainly say

715
05:32,250 --> 05:34,970
about, you know, this proprietary technique
which I will show you.

716
05:37,050 --> 05:42,290
Okay, let's look at another transaction
or another case study.

717
05:43,090 --> 05:48,810
And this situation is about Shake
Shack. For those of you, you know,

718
05:48,810 --> 05:55,410
Follow my analysis and follow us on
WyckoffAnalytics.com or,

719
05:55,490 --> 06:00,410
you know, the presentations that I
occasionally performed on StockCharts.com.

720
06:01,630 --> 06:05,050
You are probably familiar with trading
This I have done.

721
06:05,810 --> 06:10,190
I also have a description of the transaction
first on YouTube, so I won't

722
06:10,190 --> 06:14,090
spend a lot of time on it. This is one
Really good trade, a really good scalping trade

723
06:14,090 --> 06:19,890
transaction. This is a type of transaction
very typical that I would have in

724
06:19,890 --> 06:21,210
a bull market.

725
06:21,590 --> 06:26,010
So as for the bear market, kind of
This transaction will not necessarily

726
06:26,290 --> 06:30,010
success. And you will see this almost immediately.

727
06:31,680 --> 06:37,000
But this deal is great. It is based on
idea that the income statement will

728
06:37,000 --> 06:39,900
there was a favorable response.

729
06:40,620 --> 06:46,840
And we will have a type
push into overbought condition after the announcement

730
06:46,840 --> 06:53,280
income statement. And the plan is just that
exit this position when there is excitement of

731
06:53,280 --> 06:56,800
Weak players are still participating
into this position.

732
06:57,260 --> 07:01,480
Therefore, I want to take advantage of this.
I am using options calls.

733
07:02,680 --> 07:09,040
This is one of the profitable trades
in 2018, which is

734
07:09,040 --> 07:12,300
extremely profitable.

735
07:12,820 --> 07:13,960
You can see why.

736
07:16,080 --> 07:20,060
The first entry point is on this price bar
again.

737
07:20,880 --> 07:25,880
Question about how you choose
entry point, I will explain later,

738
07:26,040 --> 07:29,560
but as you can see, an entry point
a bit early.

739
07:30,220 --> 07:36,420
Adding commands is much better. It
Much more optimal in terms of points

740
07:36,420 --> 07:43,000
enter order. The price remains the same, but I have
have to endure for several weeks

741
07:43,000 --> 07:44,000
until next time.

742
07:44,700 --> 07:49,800
until the next command is added. I am adding command here
same price because I see what

743
07:49,800 --> 07:56,780
is happening here with the earnings report when
price creates a gap down, it doesn't actually go

744
07:56,780 --> 08:01,480
much lower than the bottom, there is only one price bar
Commit reduction and then

745
08:01,480 --> 08:08,020
There is immediate recovery. So,
itself works strongly after one

746
08:08,020 --> 08:09,160
Negative reaction to earnings reports.

747
08:09,950 --> 08:14,710
And also, you know, there's a structure
much longer term, a trading zone

748
08:14,710 --> 08:17,830
has grown and has a sign
great power.

749
08:18,570 --> 08:23,850
And we are in the backing up phase,
type of action at the last point of support.

750
08:24,810 --> 08:29,550
After that, everything was mechanical,
quite easy. There are some other points

751
08:29,550 --> 08:31,010
you can add to the position.

752
08:31,310 --> 08:33,310
This is one. Here's another point.
Here's another point.

753
08:33,850 --> 08:37,930
And then before the income statement itself,
you really can, you know.

754
08:38,970 --> 08:45,230
If you are a speculator like me,
You can create a position even here

755
08:45,230 --> 08:47,090
with weekly options.

756
08:47,650 --> 08:52,010
And it worked very well. I think
This is a buying climax,

757
08:52,010 --> 08:55,310
we will have a kind of trading zone
at this time.

758
08:56,370 --> 09:01,990
A lot of supply is appearing
on this price bar. Again, something that doesn't

759
09:01,990 --> 09:05,950
must be visible to the naked eye.

760
09:07,280 --> 09:12,020
I'll show you how to decode it
volume signals based on price

761
09:12,020 --> 09:16,660
to understand that supply is coming
at this time.

762
09:17,560 --> 09:24,420
So I just need to close the position, both,
and clearly us

763
09:24,420 --> 09:30,520
see that the supply has appeared, but
Absorption is happening quite quickly.

764
09:30,940 --> 09:35,100
And that's the suggestion, to still keep
at least part of the position.

765
09:35,770 --> 09:36,930
as a continuation.

766
09:37,530 --> 09:43,570
Okay, that's the first transaction.
But the next series of transactions

767
09:43,570 --> 09:45,950
takes place in an environment
other.

768
09:46,270 --> 09:53,210
Remember the word market environment
February, March, April, where we have

769
09:53,210 --> 09:55,750
absorption of supply in the market.

770
09:56,510 --> 09:58,790
So that's favorable for this transaction.

771
09:59,210 --> 10:02,610
What happened next was not so favorable.

772
10:02,970 --> 10:04,850
We are in September.

773
10:05,680 --> 10:12,200
So we've had some slight decline,
However we are in a stock

774
10:12,200 --> 10:18,240
Leading, that's number one.
Second, it shows a Wyckoff structure

775
10:18,240 --> 10:24,800
accurate, both in the trading zone and
also in

776
10:24,800 --> 10:25,800
increasing trend.

777
10:27,420 --> 10:33,000
And we're at the support point,
which I am interpreting as Phase C.

778
10:33,960 --> 10:40,420
I am entering a position on the above day
This price bar, acts as a sign

779
10:40,420 --> 10:45,240
potential strength (sign of strength),
suggests that there will be at least some continuity to come

780
10:45,240 --> 10:46,240
70 dollars.

781
10:49,280 --> 10:54,100
And instead, the price just reversed.
It reverses in a specific way.

782
10:55,220 --> 10:58,200
We still think that sign
power is growing here.

783
10:58,860 --> 11:02,320
And then there's a backing up,
a small reaction.

784
11:03,200 --> 11:10,160
should reach the support zone and then
reverse and continue

785
11:10,160 --> 11:11,158
price increase.

786
11:11,160 --> 11:12,740
And this is where failure happens.

787
11:12,980 --> 11:16,040
So this price bar here shows
that failure.

788
11:18,160 --> 11:23,680
I don't necessarily close the position
right away. I'm thinking, well, maybe

789
11:23,680 --> 11:29,480
This Phase C is not Phase C,
that we are still in Phase B?

790
11:30,080 --> 11:32,840
And could this be a potential Phase C?

791
11:33,100 --> 11:37,180
Not much supply appeared,
as we saw, let's say, here.

792
11:37,620 --> 11:40,120
That's the point of hesitation.

793
11:41,080 --> 11:47,680
I feel good when prices recover,
but it recovers to the same extent

794
11:47,680 --> 11:51,060
resistance we have encountered
before.

795
11:51,360 --> 11:56,720
And once, after the lower peak, we have
Next failure, I exit.

796
11:58,090 --> 12:04,790
And actually, I think in my opinion,
and I tell my students, that

797
12:04,790 --> 12:05,790
This is a good deal.

798
12:06,050 --> 12:11,110
And again, in your head, you can
thinking, wow, what is he saying

799
12:11,110 --> 12:12,690
So? Why is this a good deal?

800
12:13,290 --> 12:20,050
It's a good deal because you give
yourself an opportunity to profit from

801
12:20,050 --> 12:22,970
a continuation of an uptrend
has been set up.

802
12:23,450 --> 12:29,180
And if you fail, then you just
Quickly close that position and just

803
12:29,180 --> 12:30,940
Get out with your risk management.

804
12:31,220 --> 12:37,780
I don't take more than necessary,
But I give myself that chance and it

805
12:37,780 --> 12:38,780
just didn't work out.

806
12:39,200 --> 12:46,180
Next transaction, so if the first transaction
is a good deal or best deal or one

807
12:46,180 --> 12:49,640
perfect deal, well, not perfect,
Exit point is a bit early.

808
12:51,680 --> 12:57,820
Second transaction for sure, I will
Call it a bad trade.

809
12:58,700 --> 13:04,820
So what's going on here? I think
I'm getting carried away with my emotions here

810
13:04,820 --> 13:05,980
previous transaction.

811
13:07,160 --> 13:09,400
And I'm playing by the income statement.

812
13:09,820 --> 13:13,060
So entry point number five, which actually...

813
13:13,260 --> 13:15,520
executed before entry point number four.

814
13:15,820 --> 13:20,980
So, entry point number four on this price bar
is an entry point before the earnings report. That is

815
13:20,980 --> 13:22,180
the day before the earnings report.

816
13:22,440 --> 13:29,060
So my analysis shows that it should
There is some kind of positive reaction

817
13:29,060 --> 13:33,400
with income statements. I just don't know the type
What reaction will occur with

818
13:33,400 --> 13:39,900
Positive earnings reports. During a bear market,
Positive earnings reports are sometimes possible

819
13:39,900 --> 13:40,900
brings negative results.

820
13:41,240 --> 13:47,120
And institutions will sell in
the power of

821
13:47,120 --> 13:51,520
Weak players are trying to react
with positive earnings reports.

822
13:51,840 --> 13:57,100
So basically I was wrong
with this entry point.

823
13:57,440 --> 14:03,720
But I think where I'm proud of
itself is

824
14:03,720 --> 14:10,400
The way I managed that mistake was by
realize

825
14:10,400 --> 14:16,440
that the income statement date exists on its own
elements of a selling climax.

826
14:16,900 --> 14:19,100
We have a sign of increasing volume.

827
14:19,360 --> 14:25,580
We are reaching the support point,
was identified by three

828
14:25,580 --> 14:28,640
point. So it's a valid downtrend.

829
14:29,660 --> 14:36,100
And if this is a selling climax, then we are
can profit from a type of reaction

830
14:36,100 --> 14:37,140
some price increase.

831
14:37,380 --> 14:43,020
Every time we have a climactic action,
with that increased volume,

832
14:43,020 --> 14:48,280
discount margin, we know that
There will be some effort to go

833
14:49,500 --> 14:54,780
up. So what I'm trying to do and compensate
for the loss, which I still remain as one

834
14:54,780 --> 14:58,180
position, is the push up there.

835
14:59,420 --> 15:04,300
And it happened exactly the way I did
thought.

836
15:04,560 --> 15:08,740
I don't know that we will
such a quick recovery.

837
15:11,100 --> 15:13,040
This price bar is really good.

838
15:13,280 --> 15:18,800
And here the question becomes is in
environments where bias is dimensional

839
15:18,800 --> 15:25,560
decrease, a committed effort in the upward direction
usually

840
15:25,560 --> 15:28,200
more frequently will become an upward push.

841
15:28,420 --> 15:30,600
Also at the same point.

842
15:31,520 --> 15:37,740
So once the price push develops and
Prices quickly returned,

843
15:39,200 --> 15:43,640
below resistance, there is no reason
let me wait, and I'm close

844
15:43,640 --> 15:44,740
most of its position.

845
15:45,460 --> 15:51,460
Now, I left a few, and this is just one
insignificant position,

846
15:51,460 --> 15:57,420
But I still want to see me
How will it be managed?

847
15:57,740 --> 16:01,180
And when the price goes down, look
what happens?

848
16:02,040 --> 16:04,520
I see that the sale has been
depleted.

849
16:05,020 --> 16:09,350
I don't see the same type on sale
which... Let's say we saw it somewhere

850
16:09,350 --> 16:10,350
from the top.

851
16:11,250 --> 16:15,790
So this kind of sale has created
This backlash.

852
16:16,290 --> 16:18,670
But here, the sale was more exhausted.

853
16:18,890 --> 16:20,290
Supplies have been exhausted.

854
16:21,210 --> 16:24,290
And we also see that in
discount margin.

855
16:25,230 --> 16:29,690
And once we get into the situation
oversold, which we are defining as

856
16:29,690 --> 16:35,070
potential stop action here,
then I think there will be

857
16:35,070 --> 16:36,070
another reaction.

858
16:36,670 --> 16:41,770
And we'll probably see one
React back to the point

859
16:41,770 --> 16:42,770
resistance.

860
16:42,870 --> 16:49,490
So you can see that I'm
explain to you how I manage

861
16:49,490 --> 16:52,870
position, even when I meet
difficult.

862
16:53,290 --> 16:56,750
And I think this is a very important skill
for us to develop.

863
16:57,010 --> 16:59,570
And I don't always do this.

864
17:00,390 --> 17:05,830
This is the skill that a trader
Advanced needs to develop.

865
17:06,330 --> 17:12,290
to understand how the structure occurs
And what are the most favorable points?

866
17:12,290 --> 17:15,030
for us to act.

867
17:15,750 --> 17:22,490
So, again, something that we
will discuss

868
17:22,490 --> 17:29,410
in the tactical section in March - April
briefly, and then we'll discuss

869
17:29,410 --> 17:31,710
it's more in the WICA practice section.

870
17:32,780 --> 17:37,540
This is a very interesting case study
about all these transactions. This is like

871
17:37,540 --> 17:44,420
a godsend because it gives students
My see, first

872
17:44,420 --> 17:50,000
is a spiritual and personal perspective
analysis, and tactics.

873
17:50,280 --> 17:52,780
Lots of tactics here with
this position.

874
17:53,060 --> 17:57,220
And so, like in one
for example, you have everything. good,

875
17:57,220 --> 17:59,460
bad, and bad. I like that.

876
17:59,960 --> 18:01,960
Alright. Some questions here.

877
18:03,630 --> 18:09,770
In Shake Shack, we can assume
From entry point two at 42, the price is increasing

878
18:09,770 --> 18:10,810
because there is no selling power.

879
18:11,210 --> 18:18,149
Supplies are available, organizations have it all.
I would like if you could explain

880
18:18,149 --> 18:22,450
volume signal about that second entry point,
please.

881
18:22,810 --> 18:28,330
Alright. So the entry point is number two.
Yes, and the logic is correct, Eric.

882
18:29,010 --> 18:31,490
An increase in supply.

883
18:32,540 --> 18:36,560
shows a major increase in
income statement event.

884
18:37,479 --> 18:42,880
And then, the supply remains relative
high on some price bars, but

885
18:42,880 --> 18:43,880
it drops.

886
18:44,000 --> 18:50,500
But not only that, something I want
you see no

887
18:50,500 --> 18:55,200
only supply is decreasing at the moment,
but demand is also increasing. And

888
18:55,200 --> 18:59,060
This is also extremely important.
Look at the bridge.

889
18:59,580 --> 19:04,960
On this price bar and even on this price bar,
There are many bridges above

890
19:04,960 --> 19:08,279
this price bar. Again, something we will learn
in the second month.

891
19:08,680 --> 19:15,300
But compare this area and this area
with what we saw earlier in the

892
19:15,300 --> 19:19,560
response, we are seeing an increase
clearly in the bridge sign.

893
19:19,899 --> 19:20,920
So what does that mean?

894
19:21,420 --> 19:25,700
Institutions are coming back. They are
establish your position because

895
19:25,700 --> 19:26,859
What do they see? They see value.

896
19:27,370 --> 19:30,990
And also on this type of price bar, they see
liquidity.

897
19:31,510 --> 19:36,310
Liquidity is an extremely important event
let them participate because

898
19:36,310 --> 19:37,108
their scale.

899
19:37,109 --> 19:43,050
They are huge. They have billions and
trillions of dollars. And let them

900
19:43,050 --> 19:48,330
To open a position, someone has to sell to
They can buy that big position.

901
19:48,550 --> 19:52,930
Again, something that we will
discussed later in the course.

902
19:53,800 --> 19:59,580
We can assume if we see an increase
volume at each sell-in climax

903
19:59,580 --> 20:04,740
downtrend channel that the context is
Prices are falling quickly and prices are coming soon

904
20:04,740 --> 20:08,820
increase to an automatic rally?

905
20:09,660 --> 20:13,260
Sometimes the questions are worded
a bit strange.

906
20:13,540 --> 20:15,280
So we'll work on this, Eric.

907
20:17,000 --> 20:19,640
So we're looking at this point
here.

908
20:20,940 --> 20:23,620
So increasing the volume sign,
What does this suggest?

909
20:24,100 --> 20:28,620
The action stops, right? So why is this
a stopping action? Well, because

910
20:28,620 --> 20:35,120
an increase in volume will usually be present
an increase in both supply and

911
20:35,120 --> 20:40,060
bridge. We just want to understand something
prevails at this time.

912
20:40,440 --> 20:43,040
Supply still prevails over demand,
but...

913
20:43,580 --> 20:48,500
Demand is absorbing supply
the sugar goes down, and then it absorbs up

914
20:48,500 --> 20:51,700
the line goes up over the next price bars
or more price bars.

915
20:51,980 --> 20:53,480
The same thing happens here.

916
20:54,500 --> 20:59,740
The absorption of the sign, the sign is
increases, but demand is also increasing

917
20:59,740 --> 21:04,380
up. Supply still prevails in comparison
demand, but that absorption, the

918
21:04,380 --> 21:08,940
appearance of the bridge.

919
21:09,760 --> 21:14,400
And then the buying after that,
we see that in the next three price bars,

920
21:14,580 --> 21:19,240
suggests that there is value, yes
Liquidity for large organizations is

921
21:19,240 --> 21:24,160
engaged, they're buying, and that's it
Suggest one type at least an attempt

922
21:24,160 --> 21:28,660
price increase. And that's the big difference,
because if the bias is downward

923
21:28,660 --> 21:32,900
here, then the difference will be
Our transaction will be just one

924
21:32,900 --> 21:33,900
price increase.

925
21:33,920 --> 21:37,900
And I think in this reanalysis,
This is one of the mistakes I made

926
21:37,900 --> 21:44,260
got caught, you know, later with
This particular stock, that, you know, more

927
21:44,260 --> 21:49,180
here rather than here, that we are in
decreasing trend.

928
21:49,500 --> 21:54,240
And so do all transactions, even
when you open it at a very favorable moment

929
21:54,240 --> 22:00,020
which entry point is perfect,
you have to be faster.

930
22:00,720 --> 22:01,880
exit the position.

931
22:02,120 --> 22:08,300
So the exit point is relatively okay, but
could have been much better. And by the way,

932
22:08,300 --> 22:12,260
guys, you know, throughout the course,
This is my mentality

933
22:12,960 --> 22:18,000
don't like it when people say, oh,
you

934
22:18,000 --> 22:23,860
Don't think about perfect entry points
and perfect exit points.

935
22:24,400 --> 22:26,620
Well, I don't think so.

936
22:27,340 --> 22:30,200
I don't like this way. I don't like it
think this way.

937
22:30,700 --> 22:37,440
What I like is that we do research
how, where

938
22:37,440 --> 22:43,140
exactly we will participate in
position, at what point and why,

939
22:43,340 --> 22:48,760
and where exactly will we exit?
and why too?

940
22:49,340 --> 22:51,420
And I want us to stay focused.

941
22:52,320 --> 22:58,280
on perfecting our skills,
don't just recognize what's developing first

942
22:58,280 --> 23:04,880
our faces, but also develop tactical skills,
execution skills about where we open

943
23:04,880 --> 23:09,780
position and where we play. And for any reason
No reason, everything is right

944
23:09,780 --> 23:10,780
logic. logic.

945
23:10,820 --> 23:13,580
If not, don't do it.

946
23:14,360 --> 23:15,360
Alright.

947
23:18,220 --> 23:19,480
Doug is asking.

948
23:21,800 --> 23:26,800
Can you talk about the setup
profit and risk as it sometimes seems

949
23:26,800 --> 23:32,220
price support as a resulting stop loss
the possibility of a large dollar percentage loss?

950
23:33,000 --> 23:38,040
Yes, so I'll answer extremely quickly
here, Doug, for this slightly

951
23:38,040 --> 23:43,260
is out of range. So at your entry point,
Determine your entry point.

952
23:45,060 --> 23:49,140
Determine your risk score with
stop loss order.

953
23:49,700 --> 23:51,000
Identify the risk itself.

954
23:52,270 --> 23:57,910
And that would be in dollars here.
And then define your goals. For example,

955
23:57,910 --> 24:02,190
Here, I have identified the goal
from long term chart. I just

956
24:02,190 --> 24:05,290
are pointing on this chart, this is where
my goal.

957
24:05,570 --> 24:12,470
So the logic here is, when the price
shows the climactic action in the area

958
24:12,470 --> 24:14,250
target, I will escape.

959
24:14,850 --> 24:16,650
And that's exactly what I did.

960
24:19,290 --> 24:25,650
If you understand your entry point
and let's say your minimum goal

961
24:25,650 --> 24:29,350
let's say $56 and then risk here
What is it?

962
24:29,950 --> 24:32,350
About two dollars, two and a half dollars.

963
24:33,750 --> 24:40,670
Then you can find out what the potential is.
So that's $18

964
24:40,670 --> 24:47,650
profit and then $2 risk.
So what is our risk to reward ratio? That is

965
24:47,650 --> 24:48,650
18 dollars.

966
24:49,530 --> 24:53,910
Divide by $2, and that's 9:1.

967
24:54,450 --> 24:59,450
So this is a reward to risk ratio
very good, and it worked very well

968
24:59,670 --> 25:04,970
good. The risk-reward ratio is here
or is it different here? So we thought

969
25:04,970 --> 25:10,110
About 70 is our goal, perhaps
A little bit higher as an upward push on it, perhaps

970
25:10,110 --> 25:12,230
72, 73, 74.

971
25:13,290 --> 25:17,270
We can also use the PNF chart here, right,
to calculate potential.

972
25:18,080 --> 25:22,640
Well, it didn't work out, so that's it
didn't matter at that time.

973
25:26,660 --> 25:31,220
Why enter orders before the earnings report?
is it gambling? Come in later.

974
25:31,760 --> 25:33,120
This sentence is from Michael.

975
25:33,880 --> 25:37,840
Yes, I agree with you, Michael. And me
would say that for beginners and

976
25:37,840 --> 25:40,600
Intermediate traders, don't do it
this.

977
25:40,980 --> 25:46,560
If you don't understand how to trade
according to income statements, avoid them.

978
25:47,900 --> 25:52,440
During the course, I bring
lots of evidence for you that

979
25:52,440 --> 25:59,260
The income statement is really a subject
of institutional bias

980
25:59,260 --> 26:02,420
at that time.

981
26:02,720 --> 26:06,780
And I'll talk about this in the course.
I won't develop this into one

982
26:06,780 --> 26:12,440
comprehensive discussion, Michael, right now,
But let's discuss this in

983
26:12,520 --> 26:14,220
course. It is a very, very big topic.

984
26:19,430 --> 26:25,450
Okay, another comment from Michael.
So from February 6 to 9, blocked by

985
26:25,450 --> 26:30,430
Resistance from peak until June 11.
Do not take a long position until there is clear direction.

986
26:30,770 --> 26:36,170
Yes, and this is what I'm discussing,
Michael. You know, it's obvious

987
26:36,170 --> 26:37,170
very bad.

988
26:37,490 --> 26:41,550
And clearly a lot of mistakes were made
stuck here.

989
26:41,810 --> 26:48,620
But my point here is that when you make a mistake,
you, so many of you,

990
26:48,620 --> 26:53,100
and I see because I've worked with so many
traders and many more

991
26:53,100 --> 26:55,740
student, I see that you are withdrawing.

992
26:56,080 --> 26:58,980
And I understand that pain. That's one
emotional pain.

993
26:59,180 --> 27:05,140
And often we are created as humans
in this way to survive, to stay away

994
27:05,140 --> 27:06,140
emotional pain.

995
27:06,420 --> 27:10,320
And the market always has opportunities
us, you know.

996
27:10,890 --> 27:16,450
to create this kind of pain when we
doing something unplanned, when

997
27:16,450 --> 27:22,030
we deviate from that plan, when we
misinterpret what we see. And me

998
27:22,030 --> 27:26,450
think that's what it was
happened here in that bad transaction.

999
27:27,090 --> 27:33,130
But it is a very valuable lesson for all
us and for me alone for me

1000
27:33,130 --> 27:37,510
traded this and, you know, just one
small portion remains in that transaction.

1001
01:17:37,750 --> 01:17:38,890
What is the lesson?

1002
01:17:39,350 --> 01:17:44,590
Well, obviously, you know, let's have one
feedback loop in the trading plan.

1003
01:17:44,590 --> 01:17:45,369
That's number one.

1004
01:17:45,370 --> 01:17:48,550
Again, the thing that we
discussed in other classes.

1005
01:17:49,070 --> 01:17:53,150
And second, find a way
Manage your position.

1006
01:17:53,830 --> 01:17:59,630
Even if, you know, you lose money,
especially with options, you have a lot,

1007
01:17:59,630 --> 01:18:04,370
ways to minimize your losses.

1008
01:18:07,339 --> 01:18:09,780
That's how I see these
that.

1009
01:18:11,060 --> 01:18:15,780
Okay, let's move on to the next part.

1010
01:18:17,580 --> 01:18:19,200
Okay, let's talk about the market.

1011
01:18:19,420 --> 01:18:24,600
And this part will be very quick
because I just want you to understand

1012
01:18:24,600 --> 01:18:28,640
logic, my logic when looking at it
market.

1013
01:18:29,550 --> 01:18:35,110
Our Wyckoff logic, which by the way,
every Wednesday, my colleague Bruce Frazier,

1014
01:18:35,110 --> 01:18:41,290
and a great Wyckoffian and I,
we discuss in Discussion

1015
01:18:41,290 --> 01:18:42,290
Wyckoff Market.

1016
01:18:42,470 --> 01:18:48,510
Every Wednesday, all of our students
go to that class, submit their chart,

1017
01:18:48,710 --> 01:18:50,070
which Bruce and I will consider.

1018
01:18:50,690 --> 01:18:57,590
We discuss the market every time,
and we look at the entire market.

1019
01:18:57,930 --> 01:19:02,490
From an industry perspective, from a perspective
Industry groups, stocks in

1020
01:19:02,490 --> 01:19:04,630
those groups, we look at the goods.

1021
01:19:05,010 --> 01:19:08,270
We have a lot of case studies
which we passed.

1022
01:19:08,970 --> 01:19:12,690
We talk about non-Wyckoff topics.

1023
01:19:15,430 --> 01:19:19,770
Bruce is a great storyteller,
and he has been in this industry for a while

1024
01:19:19,770 --> 01:19:21,110
quite a long time, since 1982.

1025
01:19:21,890 --> 01:19:27,030
So always great to hear
stories from the past and also

1026
01:19:27,030 --> 01:19:30,230
listen to his explanation.

1027
01:19:30,830 --> 01:19:37,630
And I'll show you three slides
from last Wednesday's class, which, by the way,

1028
01:19:37,630 --> 01:19:43,310
You can find the entire class above
Our YouTube channel. It's a free class

1029
01:19:43,310 --> 01:19:44,310
last week.

1030
01:19:44,780 --> 01:19:49,900
And let's see what we discussed
in this class. All the codes we posted

1031
01:19:49,900 --> 01:19:54,500
so our students can see
what's coming up in our discussions. All of these

1032
01:19:54,500 --> 01:19:55,720
That code was discussed last time.

1033
01:19:56,540 --> 02:01,200
And now, we have a program
Promotion for this class.

1034
02:01,420 --> 02:08,340
You can subscribe for $79 a month,
Regular price is $99. And this offer will

1035
02:08,340 --> 02:10,100
Expires this Wednesday.

1036
02:11,520 --> 02:16,720
Go to our website, find that class,
Sign up and check it out. And check it out

1037
02:16,720 --> 02:21,020
on YouTube, where we just posted that video,
and it's an outstanding video.

1038
02:21,640 --> 02:23,360
So what are we looking at here?

1039
02:23,680 --> 02:29,280
Well, obviously, we're right here now.
So I haven't updated the chart yet.

1040
02:29,540 --> 02:36,360
So we're back to one
trading range or

1041
02:36,360 --> 02:39,900
above this local climactic action.

1042
02:40,510 --> 02:44,070
This is a good bearish sign
a bullish sign?

1043
02:44,330 --> 02:50,490
Well, it can be interpreted both ways,
and we still don't know what will be

1044
02:50,490 --> 02:53,730
happen. So I'll show you
both scenarios.

1045
02:54,190 --> 02:59,810
Bearish scenario and analogy
for the discount scenario I'm using here is

1046
02:59,810 --> 03:06,170
market in 2008, where we also have
same type of action to push the price up (upthrust action).

1047
03:10,470 --> 03:16,050
like a structural point related to
previous bottoms.

1048
03:16,510 --> 03:21,650
Then we have a price increase,
an attempt to create a new high and a failure.

1049
03:22,130 --> 03:29,010
And even structurally, we also
have it the same way, where we see one

1050
03:29,010 --> 03:33,990
lower high, followed by a Spring (test of bottom turned on)
potential failure.

1051
03:34,630 --> 03:39,690
And remember that the failure signal is
best signal. Again, potential Spring owl.

1052
03:41,200 --> 03:42,440
and then failure.

1053
03:43,860 --> 03:46,780
And how did it develop in 2007?

1054
03:47,380 --> 03:53,900
Well, I think in December, the session
Last December, that is

1055
03:53,900 --> 03:59,140
December 16, and we did
That lesson was three hours with Gary

1056
03:59,140 --> 04:04,460
Fuller, very pleased. Gary is like
a great Wyckoff follower, and just

1057
04:04,460 --> 04:07,720
is a wonderful person, and he always was
very energetic and enthusiastic.

1058
04:09,059 --> 04:14,140
And if you get the chance, you know, please
See his products above

1059
04:14,140 --> 04:20,000
Wyckoff products. He is a trader
on the day very, very well. He is a person

1060
04:20,000 --> 04:25,440
according to Wyckoff and is a Wyckoff expert
on volume and price range analysis.

1061
04:25,980 --> 04:30,600
And Gary and I, we were together
organize a class about Spring and Upthrust.

1062
04:30,600 --> 04:33,860
It's so much fun and there's just so much of it
Great information.

1063
04:35,309 --> 04:37,530
Kudos to Gary for doing all this work.

1064
04:37,810 --> 04:41,590
So let's look at the situation we get into
How to oversold?

1065
04:41,810 --> 04:46,670
So we predicted that continuation
into climactic action based only

1066
04:46,670 --> 04:47,429
this analogy.

1067
04:47,430 --> 04:52,310
And this analogy suggests to
Wyckoff structure that we can

1068
04:52,310 --> 04:56,690
are in a trading zone.
That's scenario number one. And that's one

1069
04:56,690 --> 05:02,810
discount scenario where we can
encountered some resistance at the point

1070
05:02,810 --> 05:03,990
support.

1071
05:05,240 --> 05:12,200
that we met before, and after
just check again, check again, and one

1072
05:12,200 --> 05:16,680
transaction area. A trading area like this
would suggest a continuation of the bearish move

1073
05:16,680 --> 05:22,440
If only we did in 2007,
2008, and also in 2000 and 2001.

1074
05:23,360 --> 05:26,340
Okay, let's take a quick look
another scenario.

1075
05:27,040 --> 05:33,190
This is not necessarily the scenario
which is... my favorite scenario.

1076
05:33,190 --> 05:36,050
I will show you another bullish scenario
Which I like better.

1077
05:36,350 --> 05:43,070
But I wanted to point your attention to it
two boxes here, two

1078
05:43,070 --> 05:44,270
blue box.

1079
05:44,530 --> 05:47,890
One of them appeared in 1998.

1080
05:49,150 --> 05:56,130
And obviously we can compare
These analogies are based on

1081
05:56,130 --> 05:58,950
our economic environment and location
during the cycle.

1082
05:59,310 --> 06:05,890
What I like about the 1998 script is
it creates on the basis

1083
06:05,890 --> 06:11,390
technically an oversold condition,
and that's exactly what we created

1084
06:11,390 --> 06:12,390
recently.

1085
06:12,690 --> 06:17,750
And this very oversold situation
important because we were inside

1086
06:17,750 --> 06:19,590
a long-term uptrend for quite a long time.

1087
06:20,090 --> 06:26,830
So every time we are in a situation
Oversold, we've had a bull run

1088
06:26,830 --> 06:28,010
very soon after that.

1089
06:28,940 --> 06:33,180
And if we are discussing a scenario
price increase, this will be the scenario

1090
06:33,180 --> 06:40,140
best for the bulls to get the bull run
That's fast. Why? Well, because if everyone

1091
06:40,140 --> 06:42,900
Everyone is so pessimistic, who will sell?

1092
06:44,220 --> 06:47,180
Who else would sell if everyone
Are they all so pessimistic?

1093
06:47,520 --> 06:54,340
Pessimism to the point at one point
somehow, if we are in phase

1094
06:54,340 --> 07:00,390
reaccumulation, the whole move
This discount will be considered a shakeout.

1095
07:00,390 --> 07:02,230
instead of a downtrend.

1096
07:02,970 --> 07:08,630
And for that reason, and I always
look at both scenarios, by the way, and

1097
07:08,630 --> 07:13,390
This is what I teach my students, us
Always look at both bearish and bullish scenarios.

1098
07:13,390 --> 07:19,710
But if we are looking at the cases
which price increase will be very

1099
07:19,710 --> 07:23,930
quickly, and that will...

1100
07:24,240 --> 07:31,100
There are some cumulative elements of
organizations, then that makes sense

1101
07:31,100 --> 07:36,160
that from the oversold condition,
Institutions will close positions

1102
07:36,160 --> 07:41,580
Sell their shorts and they will see that
Large institutions are buying in and institutions

1103
07:41,580 --> 07:45,020
following the trend will also
Participate in this price increase.

1104
07:45,900 --> 07:49,360
So one of the bullish scenarios
based on this.

1105
07:49,760 --> 07:55,860
diagonal, not diagonal, but
extended triangle, place

1106
07:55,860 --> 08:01,800
you have different environments in
structure, where you have

1107
08:01,800 --> 08:07,140
The texture re-accumulates with price
and volume shows a decline

1108
08:07,140 --> 08:12,120
of volatility, check the bottoms
before that, and then the failed price hike.

1109
08:12,640 --> 08:16,640
and develop a delivery structure
and then there's a kind of downtrend

1110
08:16,640 --> 08:22,620
short term. Look what happened
in the trading zone 1960-1980 in

1111
08:22,620 --> 08:24,700
market. Same texture.

1112
08:24,920 --> 08:29,700
We have a re-accumulation structure
Firstly. That suggests that the word

1113
08:29,780 --> 08:33,920
lower bottom, we will have either a sign
strength or a price push up. It becomes one

1114
08:33,920 --> 08:38,340
upthrust. Lots of features
distribution here and then one

1115
08:38,340 --> 08:44,570
short-term downtrend. And then the word
That oversold condition, we have a pretty good bull run.

1116
08:45,390 --> 08:47,150
Well, let's look at recent developments.

1117
08:47,390 --> 08:51,130
There are many similarities.

1118
08:51,810 --> 08:57,890
Texture re-accumulates with the
absorbed in March, April, May, and

1119
08:57,890 --> 09:03,590
a price increase becomes an upward push (upthrust)
also evolved into a local distribution with

1120
09:03,590 --> 09:09,970
short-term downtrend. So the key
for this analogy to work is obvious, right

1121
09:09,970 --> 09:14,990
Surely if we have a price increase,
it will be quick and it will

1122
09:14,990 --> 09:20,110
quickly brings us to the least
half of the trading area.

1123
09:20,750 --> 09:27,610
If, on the contrary, the price increase fails
and we will have

1124
09:27,610 --> 09:32,870
retest and trading range, i
will favor continuity

1125
09:32,870 --> 09:38,050
More discounts, obviously with a little
circumspect.

1126
09:38,600 --> 09:44,420
If we have something like
what we saw in 2016, this is possible

1127
09:44,420 --> 09:47,520
is another potential re-accumulation.

1128
09:47,900 --> 09:54,260
So those are the things that we often do,
Bruce and I, review in WMD classes

1129
09:54,260 --> 10:00,300
again on Wednesdays. Program
Current promotion will last until

1130
10:00,300 --> 10:02,960
This Wednesday, January 9.

1131
10:04,480 --> 10:05,480
Okay.

1132
10:06,460 --> 10:11,160
Let's go to the next slide. And I will
speed up a little bit, so I will

1133
10:11,160 --> 10:17,500
Ignore your question for now,
guys. Let's see the end

1134
10:17,500 --> 10:19,560
How much time does our class have left?

1135
10:20,760 --> 10:25,520
I just feel like we spent so much
time for transactions, but that's one

1136
10:25,520 --> 10:29,480
good part. So what will we learn?
in the Wyckoff trading course?

1137
10:29,880 --> 10:36,080
Well, as I mentioned, analytics
Market structure, price structure analysis

1138
10:36,080 --> 10:42,940
is the dominant topic with

1139
10:42,940 --> 10:44,300
Wyckoff method.

1140
10:45,060 --> 10:51,580
If you think about what this method is
includes, in addition to price structure analysis,

1141
10:51,580 --> 10:54,560
and we'll talk about
volume and price.

1142
10:55,520 --> 11:01,080
Volume and price are mentioned in
technical analysis, so you don't necessarily have to

1143
11:01,080 --> 11:03,980
There is the Wyckoff method to discuss
about supply and demand.

1144
11:04,830 --> 11:08,370
At the same time, clearly there is
some differences.

1145
11:08,950 --> 11:15,010
But talking about price structure analysis,
What is there for us?

1146
11:15,010 --> 11:18,350
discover? Well, we'll start with
change of character. And here is one

1147
11:18,350 --> 11:21,570
Extremely important yet very simple concept.

1148
11:21,890 --> 11:27,230
And I'll show you the environment
how and what change we need

1149
11:27,230 --> 11:31,830
define that change for us
understand the price will

1150
11:31,830 --> 11:33,810
how to behave in the near future.

1151
11:35,610 --> 11:40,350
We also, that will lead us to
that price structure environment, do we have

1152
11:40,350 --> 11:45,390
trending or not trending. And if we
is trending, you know, kind of trending

1153
11:45,390 --> 11:49,910
Which we are in. Then we will talk
of Wyckoff Stages and Wyckoff Events.

1154
11:50,490 --> 11:57,450
So whenever we go in
consolidation phase, we want

1155
11:57,450 --> 11:58,890
Conduct phase analysis.

1156
12:01,360 --> 12:06,140
it's all about identifying the facts
Specific Wyckoff and characteristics

1157
12:06,140 --> 12:13,000
specifically belongs to those events
helps us determine the moment

1158
12:13,240 --> 12:19,540
helps us determine the moment
when the price is ready to leave the period

1159
12:19,540 --> 12:24,860
reinforcement, and also a property
potential that price will

1160
12:24,860 --> 12:27,200
move. So that will be our goal.

1161
12:27,820 --> 12:33,760
Supply and demand will help us
in both, you know, not just both, but in all

1162
12:33,760 --> 12:37,620
them. It will help us determine
bias and confirmation bias.

1163
12:37,840 --> 12:42,520
It will help us determine
moment when the price will

1164
12:42,520 --> 12:47,160
leave. And also, it will be very
important in determination

1165
12:47,160 --> 12:48,540
nature of the next move.

1166
12:48,920 --> 12:55,820
Now, if bias is the main concern
of beginners, then

1167
12:55,820 --> 12:59,720
Timing is certainly a concern
more of the intermediate trader.

1168
13:00,920 --> 13:06,560
Nature is all about advanced research.
And that's how it goes with

1169
13:06,560 --> 13:10,640
course. We will talk first
about bias and timing, and then

1170
13:10,640 --> 13:13,260
will move on to the practical part
properties.

1171
13:14,380 --> 13:19,600
One thing about nature that i
will say, and then I'll let it go

1172
13:19,600 --> 13:20,600
this part.

1173
13:21,540 --> 13:27,020
Extremely important properties, and in
In some cases, students come to me and

1174
13:27,020 --> 13:30,320
they asked me a question. Well, how
The teacher can determine the properties of

1175
13:30,320 --> 13:31,320
Next move?

1176
13:31,760 --> 13:36,920
Well, you look at the price and
volume, and it's all there.

1177
13:37,980 --> 13:42,920
In many cases, when students arrive
to me, if beginners come to me and

1178
13:42,920 --> 13:46,520
If they ask me, the teacher will introduce me
What to read?

1179
13:46,920 --> 13:48,160
What kind of books?

1180
13:49,290 --> 13:53,390
We have all the above recommendations
His website, by the way, is below

1181
13:53,390 --> 13:55,090
resource navigation button.

1182
13:58,930 --> 14:05,290
The books that Wyckoff himself wrote,
the books that people have written about the Wyckoff method,

1183
14:05,410 --> 14:07,170
and also books on technical analysis.

1184
14:07,510 --> 14:10,130
Those are the books we recommend
used for beginners.

1185
14:11,790 --> 14:18,010
For intermediate and advanced traders,
I advise against reading the book.

1186
14:18,600 --> 14:24,780
And my only recommendation is
Read the chart because it's a chart

1187
14:24,780 --> 14:27,000
has everything you need.

1188
14:27,780 --> 14:34,480
That statement by Wyckoff, where we
must judge

1189
14:34,480 --> 14:40,040
the market by its own actions is one
Very profound statement for me personally.

1190
14:40,680 --> 14:46,600
And much of my research,

1191
14:46,760 --> 14:53,320
99%, right now as you know after 20
years of reading, reading

1192
14:53,320 --> 15:00,300
the articles are all about charts,
nothing else, so um, just one

1193
15:00,300 --> 15:05,900
Side note on that, let's come back
With supply and demand, what is there?

1194
15:05,900 --> 15:09,800
there we will study
well, obviously just volume and price analysis

1195
15:09,800 --> 15:14,520
and the relationship of
effort and results, those things are like

1196
15:14,940 --> 15:16,300
Extremely important concepts.

1197
15:16,620 --> 15:22,100
And then we'll get into the details
of analyzing each price bar or

1198
15:22,100 --> 15:22,999
Analyze each swing.

1199
15:23,000 --> 15:28,020
Analyzing each price bar is analysis
volume spread analysis, as you know. And analysis

1200
15:28,020 --> 15:31,880
Every swing is extremely important,
especially in the trading area.

1201
15:32,800 --> 15:38,080
We will discuss volume patterns
of the different Wyckoff stages within the stages

1202
15:38,080 --> 15:44,370
Different reinforcement, is cumulative
or distribution. And we'll talk about

1203
15:44,370 --> 15:49,930
not only the mass characteristics, but also
price behavior for the characteristics

1204
15:49,930 --> 15:55,950
that volume. And then we'll talk
about the historical analogies I use even

1205
15:55,950 --> 15:57,590
in the course for beginners.

1206
15:58,890 --> 16:02,870
Then our attention will turn
relative analysis and comparison.

1207
16:03,550 --> 16:09,510
Relative strength analysis
is a fairly common analysis

1208
16:09,510 --> 16:12,230
in technical analysis.

1209
16:13,290 --> 16:17,310
I don't spend much time on that
Because usually the students arrive first

1210
16:17,310 --> 16:22,690
well prepared, but there are some
specific and especially contextual

1211
16:22,690 --> 16:27,110
of the Wyckoff method which I will
only your attention comes. Above

1212
16:27,110 --> 16:31,910
top of that, I'll show you some
the thing that I do or that I

1213
16:31,910 --> 16:36,470
advise our students to do in
filtering and scanning.

1214
16:36,810 --> 16:41,230
And we're going to use something simple
like the StockCharts tool.

1215
16:42,370 --> 16:49,110
StockCharts.com tool to determine
select that and to go through those

1216
16:49,110 --> 16:50,130
that filter and scan.

1217
16:51,050 --> 16:55,770
And then our last part will
for trading strategies and

1218
16:55,770 --> 17:00,690
management. And you saw
a little preview with some

1219
17:00,690 --> 17:02,330
transaction, some logic there.

1220
17:07,880 --> 17:12,300
The logic that I have explained somewhat
More advanced than some

1221
17:12,300 --> 17:17,640
transaction. We will mainly
think about entry points,

1222
17:17,640 --> 17:23,500
where and why do we open positions,
the initial stop loss and how we move it

1223
17:23,780 --> 17:26,880
it, and then how do we get out
and what the strategies are.

1224
17:27,760 --> 17:33,820
about exits that we can use.
We will talk about scaling in,
Scaling out, that

1225
17:33,820 --> 17:37,660
beneficial to our risk management profile
how, etc.

1226
17:38,060 --> 17:41,860
And then we'll also talk about
different tactical scenarios.

1227
17:42,060 --> 17:45,300
And this is an analytical skill
There's more to it than tactical skill here.

1228
17:45,560 --> 17:52,500
But tactics are sometimes useful
more than analysis

1229
17:52,500 --> 17:53,500
itself.

1230
17:57,390 --> 18:02,550
Some trades that I make are based solely on
tactics instead of analysis itself.

1231
18:04,670 --> 18:11,210
Okay, and as I mentioned before,
Course duration is 15 hours

1232
18:11,210 --> 18:17,190
session. We start today, so
Our last class will be on the day

1233
18:17,190 --> 18:19,390
April 15. Time...

1234
18:19,720 --> 18:24,640
that we will spend together is
two and a half hours. So 37 and a half hours

1235
18:24,640 --> 18:29,020
exposure for the entire course.
Again, we're at the price point now

1236
18:29,020 --> 18:30,020
incentives.

1237
18:31,160 --> 18:32,940
So let's take advantage of that.

1238
18:34,000 --> 18:35,000
Alright.

1239
18:36,880 --> 18:42,600
Alright. Well, finally, we really are
Start teaching about the material.

1240
18:42,660 --> 18:46,380
Let's talk about Richard D. Wyckoff himself.

1241
18:46,860 --> 18:47,980
Who is he?

1242
18:49,020 --> 18:55,720
I think he is a character
interesting just because of the way his life was

1243
18:55,720 --> 18:56,720
take place.

1244
18:57,120 --> 19:04,080
One of the most interesting articles about
The Wyckoff that I have actually read is in

1245
19:04,080 --> 19:09,760
Stocks and Commodities magazine, article by
Stella Asoba on Richard D. Wyckoff, which i

1246
19:09,760 --> 19:14,160
believed to have been published two years ago
or one and a half years.

1247
19:15,160 --> 19:20,660
during the summer of 2017, I believe,
Maybe sooner than that.

1248
19:21,080 --> 19:27,100
It is a five-part article. I am very
Encourage it, don't

1249
19:27,100 --> 19:30,860
Just an overview of myself
method.

1250
19:31,780 --> 19:38,520
Maybe it could have been deeper,
although I think Stella did

1251
19:38,520 --> 19:41,820
it's good to talk about the method itself
anymore.

1252
19:42,120 --> 19:43,460
But it...

1253
19:44,040 --> 19:49,840
very interesting to read about his life
Richard D. Wyckoff.

1254
19:50,380 --> 19:56,180
He is an editor. He is a trader.

1255
19:56,420 --> 20:02,940
He was, you know, an acquaintance of

1256
20:02,940 --> 20:08,980
Large market operators such as
Jesse Livermore or Herman King.

1257
20:10,560 --> 20:16,780
And clearly, he lived in the period
JP Morgan is implementing these

1258
20:16,780 --> 20:23,180
his campaign. And what he did was he did

1259
20:23,180 --> 20:27,080
keep track of those stock market operators.

1260
20:27,320 --> 20:34,020
And he collected data about
their transactions, interview them, and

1261
20:34,020 --> 20:37,580
try to draw on their best methods.

1262
20:38,460 --> 20:44,820
Um... about how they run their campaign
and the whole course and ideas about

1263
20:44,820 --> 20:49,880
the presence of the institutions he called
Composite Operator

1264
20:49,880 --> 20:56,660
based solely on his observations of
those people and um, really

1265
20:56,660 --> 20:59,360
Interesting to think he had access

1266
21:00,090 --> 21:05,850
sometimes direct or through access
interviews just by living through them

1267
21:05,850 --> 21:11,910
that time and collect information about
Such great traders at that time.

1268
21:12,170 --> 21:16,890
And he systematized all of these
That method into a course.

1269
21:17,570 --> 21:20,750
Unfortunately, his personal life...

1270
21:21,550 --> 21:28,290
somewhat chaotic, and he lost relatively
young, I think, compared to our times.

1271
21:28,430 --> 21:29,910
Perhaps that was normal at that time.

1272
21:30,130 --> 21:34,430
He died in Sacramento in 1934,

1273
21:35,410 --> 21:42,310
34, and after her third marriage,
which failed, and

1274
21:42,310 --> 21:48,630
which his wife took possession of
almost everything.

1275
21:48,890 --> 21:50,890
And I think he was forced to.

1276
21:51,520 --> 21:56,540
after the divorce and into the early 30s,
you know, to create something else.

1277
21:56,800 --> 22:01,960
You know, his Wall Street Journal
has been taken away. Real estate

1278
22:01,960 --> 22:04,340
His was taken away.

1279
22:04,800 --> 22:10,660
His family was ruined in some way.
And he was in very poor health

1280
22:10,660 --> 22:11,660
that time.

1281
22:12,340 --> 22:17,420
And I've been thinking a lot about this, you know,
and sometimes I feel like, you

1282
22:17,460 --> 22:18,880
like, you know.

1283
22:19,440 --> 22:24,240
talking to him, you know, obviously,
from the back of my mind, you know, and

1284
22:24,240 --> 22:29,840
imagine what he would answer me
and talk to him and discuss, friend

1285
22:29,840 --> 22:35,320
you know, his life and, you know, what was
happened during that time. I feel

1286
22:35,320 --> 22:37,600
that he was forced to write the course.

1287
22:38,820 --> 22:45,020
Next, this slide here,
course that he published.

1288
22:46,000 --> 22:52,880
And 31, 32, 33, 34, that's the main course
remaining

1289
22:52,880 --> 22:57,820
for us, it's more sequential as one
educational documents.

1290
22:58,160 --> 23:04,780
Now, whenever students ask me,
and first of all, you can find this online. I

1291
23:04,780 --> 23:07,800
believe it is now in the public domain.

1292
23:08,440 --> 23:10,240
Whenever students ask me.

1293
23:10,920 --> 23:17,100
Do you recommend reading this course?
For starters, yes. But if you have

1294
23:17,100 --> 23:23,240
the opportunity to not read that course and read it
later, I'd rather you do that.

1295
23:23,860 --> 23:25,920
And there's a reason why.

1296
23:26,160 --> 23:29,800
Because of that particular course
a bit outdated.

1297
23:30,400 --> 23:36,020
And my recommendation, if you want
Read about Wyckoff, read Bruce's blog.

1298
23:36,300 --> 23:37,880
And I already mentioned Bruce.

1299
23:39,110 --> 23:40,110
many times.

1300
23:40,290 --> 23:43,830
So Bruce organized a WMD session with me
on Wednesday.

1301
23:45,830 --> 23:50,990
Bruce is a blogger on StockCharts.com.
Many of you know that. Lots of people

1302
23:50,990 --> 23:51,909
read his blog.

1303
23:51,910 --> 23:55,910
But for those of you who don't
familiar with his work, please visit

1304
23:55,910 --> 23:57,550
StockCharts.com, find his blog.

1305
23:57,870 --> 23:59,630
It reads like a book.

1306
24:00,310 --> 24:05,510
I'm trying to push Bruce to publish
my blogs into a book.

1307
24:06,030 --> 24:11,290
That means a lot to me. So,
we'll see how it goes. But

1308
24:11,290 --> 24:17,570
Our students are required to read
His blogs, whether you will start

1309
24:17,570 --> 24:22,170
from the beginning, and sometimes it reads like
a book, you know, he came across

1310
24:22,170 --> 24:28,230
analysis, you know, and there's a
series of blogs on specific topics

1311
24:28,230 --> 24:33,730
that he has or a series of blogs about
specific concepts, etc.

1312
24:33,730 --> 24:39,840
This is definitely a must-read,
And I would say even before

1313
24:39,840 --> 24:42,300
Wyckoff course.

1314
24:43,820 --> 24:47,820
So you can definitely do your research
Wyckoff method via his blog.

1315
24:48,040 --> 24:53,800
If you don't want to read, come
classes. If you want more detail,

1316
24:53,800 --> 25:00,760
deeper, and more interactive things,
then obviously a class would be

1317
25:00,880 --> 25:03,420
best choice. But definitely take a look
Bruce products.

1318
25:05,200 --> 25:06,340
Okay, let's go back.

1319
25:06,600 --> 25:13,360
Well, it was Wyckoff, I thought,
not only was he a great trader, but he was one

1320
25:13,360 --> 25:14,360
Really good businessman.

1321
25:14,540 --> 25:19,400
And sometimes people overlook this,
but since I'm in this field, I

1322
25:19,400 --> 25:26,080
understand how difficult this business is
because you always get it

1323
25:26,080 --> 25:29,700
recorded again.

1324
25:30,340 --> 25:35,100
And as you can see, even today,
I'm showing you the deals and someone

1325
25:35,100 --> 25:38,100
would say, oh, you shouldn't do this
or you shouldn't do it, etc.

1326
25:38,100 --> 25:38,938
et cetera.

1327
25:38,940 --> 25:44,560
So you constantly suffer
"terrorized" by everyone's responses.

1328
25:44,980 --> 25:51,560
And I have a lot of respect for those people
do this work and Wyckoff himself

1329
25:51,560 --> 25:58,200
because he was a pioneer
in this field. And at one point, he had more

1330
25:58,200 --> 26:00,140
200,000 subscribers.

1331
26:01,260 --> 26:07,600
We don't have many subscribers
His current services I must tell

1332
26:07,600 --> 26:08,478
you immediately.

1333
26:08,480 --> 26:10,100
But you know who did it?

1334
26:11,320 --> 26:12,320
William O'Neill.

1335
26:12,500 --> 26:15,780
And that's why I have so much respect
William O'Neill.

1336
26:16,360 --> 26:21,280
And we know that William O'Neill,
about the technical side of the CanSlim system,

1337
26:21,420 --> 26:28,140
used many of Wyckoff's ideas.
And we have seen this as a word confirmation

1338
26:28,140 --> 26:30,040
comments from...

1339
26:30,719 --> 26:37,300
someone like Chris Katcher or Morales
and others.

1340
26:37,780 --> 26:43,760
And even if you look at some
William O'Neill's deals, not the deals

1341
26:43,760 --> 26:47,680
is a necessary breakout transaction,
which are long-term transactions, them

1342
26:47,680 --> 26:49,000
very similar to Wyckoff.

1343
26:49,580 --> 26:56,340
And we're going to talk a lot about
the difference between

1344
26:56,340 --> 26:57,340
CanSlim method.

1345
26:57,960 --> 27:03,300
entry and exit points and entry points
and exit Wyckoff's command.

1346
27:03,580 --> 27:06,620
There's a lot to learn there in
difference.

1347
27:08,240 --> 27:12,460
You know, I have a lot of students from
CanSlim comes and goes for real

1348
27:12,460 --> 27:17,620
very, very enjoyed and benefited from
knowledge of the Wyckoff method

1349
27:17,620 --> 27:23,350
because. It gives them control
a little better technically

1350
27:23,350 --> 27:25,630
of everything.

1351
27:25,870 --> 27:32,030
That definitely requires further research
on technical basis.

1352
27:32,290 --> 27:36,050
And look what Wyckoff did. He was
publishes the magazine "The Ticker".

1353
27:36,770 --> 27:41,970
And here, this is great, an article
with William D. Gann.

1354
27:42,430 --> 27:46,740
And that just goes to show you, he was
Living in a wonderful time for

1355
27:46,740 --> 27:53,560
Technical analysis, where Dow is
created his theory where Elliott is

1356
27:53,560 --> 27:59,360
created his structural theory where Gann
are doing all these

1357
27:59,360 --> 28:04,420
This transaction and just great material
which he is publishing.

1358
28:04,640 --> 28:09,920
And he lived in an era of those
Such a great stock market operator.

1359
28:10,740 --> 28:12,840
Later he...

1360
28:13,080 --> 28:18,540
become editor of the magazine
Wall Street, a huge subscription.

1361
28:19,800 --> 28:22,920
And it's great to see it all
Western Union telegram.

1362
28:24,100 --> 28:26,640
And after that he published quite a few books.

1363
28:26,880 --> 28:31,340
Now, also a question about books.
Should I read books? Have. If you are

1364
28:31,340 --> 28:35,980
beginners and intermediates according to Wyckoff,
You should definitely have them.

1365
28:38,440 --> 28:43,620
They don't have to be books
where you can draw a systematic approach

1366
28:43,620 --> 28:49,040
to trade, but you will find a lot
Great advice and some

1367
28:49,040 --> 28:53,760
tactical factors as well. You just
need to read all this and

1368
28:53,760 --> 28:55,640
Distill information from those books.

1369
28:56,740 --> 29:03,300
Again, if you want a shortcut to
knowledge, then let's start with the course,

1370
29:03,560 --> 29:05,100
Read Bruce's blog.

1371
29:05,680 --> 29:10,460
Read the specific books I give you,
And here is my advice for beginners

1372
29:10,460 --> 29:13,360
and intermediate traders, one way
circumspect.

1373
29:13,680 --> 29:17,760
For advanced traders, bet
My chat with you will

1374
29:17,760 --> 29:22,000
other, and it will be biased
Let's put the chart up and let's

1375
29:22,000 --> 29:26,380
talk about it. Let's analyze it and let's
find a way to understand it.

1376
29:26,500 --> 29:28,460
So that's how I teach.

1377
29:30,280 --> 29:31,280
Alright.

1378
29:33,130 --> 29:35,030
Let's talk about the Composite Operator.

1379
29:35,490 --> 29:42,090
So this concept, Wyckoff
mentioned, Composite Operator, or

1380
29:42,090 --> 29:44,090
Gary always says, Composite Man?

1381
29:45,550 --> 29:51,210
Well, Composite Operator or Composite Man
is a heuristic method.

1382
29:51,770 --> 29:57,770
It's a tool that helps us
understand the pricing structure formed

1383
29:57,770 --> 29:59,270
how and why.

1384
29:59,530 --> 30:04,210
So I'm going to translate this
modern terms.

1385
30:04,490 --> 30:10,990
We are basically talking about the
Large organization as one

1386
30:10,990 --> 30:14,970
group of

1387
30:14,970 --> 30:21,970
Influential investors and traders

1388
30:21,970 --> 30:26,690
to the pricing structure in a huge way.

1389
30:27,520 --> 30:32,740
Because of their huge scale, and just think
about something like

1390
30:32,740 --> 30:38,480
PIMCO or Warren Buffett or

1391
30:38,480 --> 30:45,360
BlackRock and many giant organizations
other, and they may be

1392
30:45,360 --> 30:49,840
hedge funds, they can be banks,
They can be any type of financial institution

1393
30:49,840 --> 30:53,640
like a pension fund,
insurance company.

1394
30:54,460 --> 31:00,000
And by the way, there are many of those organizations
money, and I worked with investors

1395
31:00,000 --> 31:05,800
organization, and I'm still doing it, and it's always
surprised me, you know, the scale

1396
31:05,800 --> 31:10,280
they have, the requirements that they
available for trading. It's a type

1397
31:10,280 --> 31:12,720
transactions are different from retail transactions.

1398
31:12,940 --> 31:19,840
So all those organizations, if they
is running its campaign according to the same

1399
31:19,840 --> 31:25,830
way, they are becoming a major force
behind buying and selling in the market.

1400
31:26,030 --> 31:28,010
And that's what moves prices.

1401
31:28,310 --> 31:30,990
And that's what absorbs the supply.

1402
31:31,330 --> 31:36,990
And that's what generates the points
liquidity

1403
31:36,990 --> 31:39,690
where they operate.

1404
31:40,270 --> 31:46,710
And Wyckoff called it Composite Man.
And the assumption is because

1405
31:46,710 --> 31:48,910
scale, they can dominate.

1406
31:49,560 --> 31:55,360
potential buyers of the move
Next, this is absolutely true.

1407
31:55,580 --> 31:59,820
The more money you have, the better you are
Invest in stocks, the more you

1408
31:59,820 --> 32:00,820
control.

1409
32:01,520 --> 32:08,100
So he called it a synthetic man.
He suggests that many operators

1410
32:08,100 --> 32:14,580
Stocks may be pushing up prices (marking up).
or push the price down (marking down) and do the following

1411
32:14,580 --> 32:18,740
that campaign. In our times,
I'm talking...

1412
32:19,130 --> 32:23,250
only about organizations. I will
refers to Composite Man or

1413
32:23,250 --> 32:26,990
Composite Operator, and you should
understand this concept.

1414
32:28,370 --> 32:34,130
Okay, let's talk about price cycles.
And we'll also go into the situation

1415
32:34,130 --> 32:40,930
Research Apple, where I'll show you
specifically at that point, Apple was

1416
32:40,930 --> 32:44,690
How to choose and what the transaction was
how to do it.

1417
32:45,050 --> 32:48,110
But first, let's talk about theory
more.

1418
32:48,860 --> 32:49,860
price cycle.

1419
32:49,980 --> 32:56,820
So now that we've talked about the Composite Operator,
I also want to talk about the

1420
32:56,820 --> 32:59,520
difference between strong hands
and weak hands.

1421
33:00,140 --> 33:06,640
We often think, and
This is how we were unfortunately told

1422
33:06,640 --> 33:12,720
or teach, that the player is always weak
is the public.

1423
33:13,140 --> 33:15,440
This is absolutely not true.

1424
33:15,960 --> 33:20,880
And actually, if that's true,
The market will have a different look and

1425
33:20,880 --> 33:21,880
another structure.

1426
33:24,120 --> 33:28,660
The weak player can be the public
and organizations.

1427
33:29,220 --> 33:35,560
And when I work with traders
organization, I told

1428
33:35,560 --> 33:40,800
you guys that organizations are like
us, flesh and blood.

1429
33:41,300 --> 33:42,880
They are also human.

1430
33:43,320 --> 33:46,380
They are governed by emotions
like us.

1431
33:47,200 --> 33:48,720
They have the same brain.

1432
33:49,000 --> 33:53,320
The only difference between them and us,
a few things.

1433
33:53,540 --> 33:57,860
First of all, it's a nine to five job
their. That's number one. So they spend

1434
33:57,860 --> 34:00,060
more attention for what they do.

1435
34:01,000 --> 34:06,700
Second, they have a huge scale, one
Huge advantage in how they receive

1436
34:06,700 --> 34:07,700
information.

1437
34:08,080 --> 34:12,260
And those are the advantages
like...

1438
34:12,540 --> 34:16,000
motivate them, in many cases,
become a strong player.

1439
34:16,460 --> 34:22,000
But every year, in every type of market,
since I started

1440
34:22,000 --> 34:23,760
teaching,

1441
34:25,200 --> 34:32,040
trade, learn these things, work
in the field of finance, every year I read

1442
34:32,040 --> 34:33,180
articles that...

1443
34:33,560 --> 34:38,980
more than 90% of all hedge funds
cannot surpass the market.

1444
34:39,180 --> 34:45,980
And that's why the newest idea,
and I love Warren Buffett's idea, is

1445
34:45,980 --> 34:52,660
You can also be in a long-term bull market
just invest in ETF,

1446
34:52,800 --> 34:53,800
Market ETFs.

1447
34:53,840 --> 34:59,120
You can make a transaction
more selective.

1448
34:59,850 --> 35:05,390
like this based on industries and
industry groups, not specific stocks.

1449
35:06,530 --> 35:08,970
But it was very, very successful.

1450
35:09,210 --> 35:14,430
And as we know, Warren won by one
The bet lasted, how long, 10 years, i

1451
35:14,430 --> 35:20,570
think, $1 million that ETFs,
Market ETFs will outperform. That's one

1452
35:20,570 --> 35:22,570
The bet has very low risk.

1453
35:23,830 --> 35:27,950
And clearly, Warren knows a lot
about those things.

1454
35:29,340 --> 35:34,180
we can see sometimes we can
confusing organizations with strong players.

1455
35:35,540 --> 35:40,000
I don't want you to think this way.
I want you to restructure your thinking

1456
35:40,000 --> 35:46,380
and thinking in non-organizational terms
and the public, which in the term strong player

1457
35:46,380 --> 35:47,500
and weak players.

1458
35:47,800 --> 35:52,620
And then we'll say that usually
strong player will be

1459
35:52,620 --> 35:53,620
Composite Operator.

1460
35:54,040 --> 35:57,060
Composite Operator will scale
giant.

1461
35:57,520 --> 36:02,060
And timeframe for Composite Operator
will always be one

1462
36:02,060 --> 36:03,540
cycle and more.

1463
36:03,840 --> 36:09,600
Think about Warren Buffett and time
His average holdings per winning stock

1464
36:09,600 --> 36:10,600
or don't win.

1465
36:11,580 --> 36:12,760
It's not a year.

1466
36:13,060 --> 36:18,060
It's not two years. It's not five years.
It is a decade or two. I mean, some

1467
36:18,060 --> 36:24,360
shares that he has held throughout
His career, it was there in one

1468
36:24,360 --> 36:25,360
very, very long time.

1469
36:27,370 --> 36:32,650
These are the characteristics and properties
by Composite Operator. Why this

1470
36:32,650 --> 36:38,870
important? Well, because of their behavior
will be based on needs

1471
36:38,870 --> 36:39,789
they have.

1472
36:39,790 --> 36:46,690
They have a need to establish a huge position,
significant, and they need to keep

1473
36:46,690 --> 36:53,130
this position for quite a long time.
They can't come in today and close

1474
36:53,130 --> 36:55,870
position tomorrow. That won't
means nothing to them.

1475
36:56,360 --> 37:01,800
Tax issues they will
encounter, that's the number one problem.

1476
37:02,160 --> 37:07,020
And then there's portfolio rotation,
That's problem number two.

1477
37:07,480 --> 37:12,220
And then simply in and out,
as you can tell even from

1478
37:12,220 --> 37:16,980
Trading on your own, is very dangerous
because you are increasing the number of mistakes

1479
37:16,980 --> 37:17,919
that you have.

1480
37:17,920 --> 37:21,480
And these are the things that I
heard from institutional customers

1481
37:21,480 --> 37:24,040
yes, that those are the big things that...

1482
37:24,320 --> 37:26,040
They pay a lot of attention.

1483
37:26,740 --> 37:31,640
Then we will have, later
Composite Operator, which is essentially one

1484
37:31,640 --> 37:37,340
who bucks the trend in many ways,
we will have a lot of trend following investors

1485
37:37,340 --> 37:43,160
of the organization. Those are also organizations
has a large scale, and they often look at

1486
37:43,160 --> 37:48,200
market cycle time frame, ie
Their positions probably will

1487
37:48,200 --> 37:49,200
lasted more than a year.

1488
37:49,220 --> 37:53,460
That will be favorable from
tax perspective.

1489
37:54,389 --> 38:00,990
But they will act very similar
a Composite Operator and jump in

1490
38:00,990 --> 38:07,530
emerging trends and jumping out of trends
once they see the signs

1491
38:07,630 --> 38:13,310
weakened. And they will choose
the time frame allows them

1492
38:13,310 --> 38:19,850
keep money for quite a long time
to follow the entire uptrend and then

1493
38:19,850 --> 38:23,170
distributed or on the way up.

1494
38:23,480 --> 38:29,160
in the consolidation phase or on the way
goes down, and that's what creates

1495
38:29,160 --> 38:35,820
This double effect and big profits
They accumulate over many years.

1496
38:37,480 --> 38:43,420
In addition, on the strong player side, us
There will be professional traders.

1497
38:43,680 --> 38:48,000
And here under professional traders,
I should probably mention that there is

1498
38:48,000 --> 38:49,940
These experts are the experts of the organization.

1499
38:51,210 --> 38:53,430
And then there are retail professionals.

1500
38:55,470 --> 39:01,790
Obviously, the organization's experts will
slightly larger scale,

1501
01:57:01,790 --> 01:57:08,350
true professional traders
There will also be a good capital scale.

1502
01:57:09,110 --> 01:57:16,090
A good professional trader will not have one
small capital size in the stock market

1503
01:57:16,090 --> 01:57:18,070
just because it doesn't make sense.

1504
01:57:18,990 --> 01:57:24,050
With risk management, you must
control risk in a specific way, so

1505
01:57:24,050 --> 01:57:29,930
you can't put all the capital, you know,
enter a particular position or enter,

1506
01:57:30,030 --> 01:57:37,010
You know, some positions. You will,
you know, control your risk and

1507
01:57:37,010 --> 01:57:41,370
portfolio risk through a number
the technique they have, and therefore

1508
01:57:41,370 --> 01:57:44,690
must have a capital scale. So this is still the case
a group of very considerable size.

1509
01:57:45,440 --> 01:57:52,180
It's a professional group, in many ways
case, they can be strong players and

1510
01:57:52,180 --> 01:57:53,840
stand on the right side of bias.

1511
01:57:54,260 --> 01:58:00,220
As for the weak players, we still will
talking about retail traders as

1512
01:58:00,220 --> 01:58:04,400
public, but we will also talk about
organizational and professional managers.

1513
01:58:04,900 --> 01:58:10,740
And I mentioned it to you a minute ago
that those people

1514
01:58:10,740 --> 01:58:13,000
can also be wrong.

1515
01:58:14,410 --> 01:58:19,670
Our first assumption, you know, when we
began studying the Wyckoff method,

1516
01:58:19,910 --> 01:58:23,290
that strong players, organizations
always right.

1517
01:58:23,930 --> 01:58:24,970
Well, that's not true.

1518
01:58:25,330 --> 01:58:26,350
I have seen that myself.

1519
01:58:26,710 --> 01:58:27,950
I mean, I trained them.

1520
01:58:28,470 --> 01:58:32,670
I advised them. I taught them
method. I have seen their mistakes.

1521
01:58:34,390 --> 01:58:40,410
A lot of them just, you know,
like us. They just have more time to devote

1522
01:58:40,410 --> 01:58:41,410
for this profession.

1523
01:58:42,300 --> 01:58:46,800
You know, like in any profession,
someone is good, someone is better, and

1524
01:58:46,800 --> 01:58:48,040
someone is not very good.

1525
01:58:48,520 --> 01:58:52,820
And, you know, the market doesn't
tolerance. So are customers.

1526
01:58:53,220 --> 01:58:59,440
So if you are not progressing with your studies,
market understanding,

1527
01:58:59,440 --> 01:59:02,240
how to execute, you will be eliminated very quickly.

1528
01:59:03,220 --> 01:59:08,820
So let's look at the price cycle itself.
And now let's try to understand.

1529
01:59:09,790 --> 01:59:15,910
the behavior of strong and weak players,
how they will behave at different points

1530
01:59:15,910 --> 01:59:16,910
of the price cycle?

1531
01:59:17,130 --> 01:59:22,050
Well, first of all, the price cycle itself
just an expression of

1532
01:59:22,050 --> 01:59:26,610
accumulation phase

1533
01:59:26,610 --> 01:59:33,330
in oversold condition, where
Market sentiment changed from

1534
01:59:33,330 --> 01:59:34,490
price reduction to price increase.

1535
01:59:35,230 --> 01:59:42,150
then enter the markup phase.
based on supply absorption and absence

1536
01:59:42,150 --> 01:59:47,710
availability of such supply by organizations
During the price increase period,

1537
01:59:47,710 --> 01:59:51,870
then go to the distribution area,
that area

1538
01:59:51,870 --> 01:59:58,870
Strong players will begin
stock distribution.

1539
01:59:59,710 --> 02:00:04,490
And that would be overbought.
extreme and where market psychology

1540
02:00:04,490 --> 02:00:10,070
will begin to change as it happened
in September and October 2018

1541
02:00:10,070 --> 02:00:16,690
from bullish bias, a mentality
price increase

1542
02:00:16,690 --> 02:00:18,310
to a bearish mentality.

1543
02:00:19,490 --> 02:00:25,930
And when this distribution occurs,
it begins a markdown period, one

1544
02:00:25,930 --> 02:00:27,370
downward trend

1545
02:00:28,330 --> 02:00:33,470
On the way down, we'll see
Various groups surrendered (capitulate) at

1546
02:00:33,470 --> 02:00:34,470
many times.

1547
02:00:35,030 --> 02:00:39,050
And we'll talk about that in more detail
later in the course.

1548
02:00:39,470 --> 02:00:43,610
Now, each group will have characteristics

1549
02:00:43,610 --> 02:00:50,310
specific psychology.

1550
02:00:52,770 --> 02:00:56,910
And they behave in a particular way.

1551
02:00:58,780 --> 02:01:02,740
So, hey, thanks so much for being here.
And by the way, if someone has to go,

1552
02:01:02,880 --> 02:01:06,360
don't forget that, you know, I will
Post this video to YouTube for you

1553
02:01:06,360 --> 02:01:10,160
can review later. Yes, me
really appreciate that, especially with

1554
02:01:10,160 --> 02:01:14,300
Those of you who are in Europe or
Middle East or Asia.

1555
02:01:14,720 --> 02:01:17,380
I understand the commitment you and I have
appreciate this.

1556
02:01:17,620 --> 02:01:20,460
And I see you. Thanks for that.

1557
02:01:21,540 --> 02:01:26,660
So let's talk about that mentality and
psychological context and

1558
02:01:26,660 --> 02:01:27,660
behaviors.

1559
02:01:27,870 --> 02:01:32,070
of strong and weak players. Well, we know
that in a downtrend, when comes to

1560
02:01:32,070 --> 02:01:36,350
end of downtrend, coming to action
stop, will be defined as

1561
02:01:36,350 --> 02:01:43,030
selling climax, we will have
point of extreme fear and capitulation of

1562
02:01:43,030 --> 02:01:43,769
weak players.

1563
02:01:43,770 --> 02:01:48,670
Don't forget that weak players don't
necessarily just the public.

1564
02:01:48,930 --> 02:01:51,430
They are also organizations and experts.

1565
02:01:51,730 --> 02:01:58,690
And so that surrender by
the large amount of money they carry,

1566
02:01:58,690 --> 02:02:04,630
The stock they have will create
that rapid downward move,

1567
02:02:04,630 --> 02:02:10,170
where they say "sell me at any cost,
I don't care, I'm done, I had to

1568
02:02:10,170 --> 02:02:16,930
endure too much and my customers
pressing". So at that time,

1569
02:02:16,930 --> 02:02:22,150
this creates this kind of action,
create liquidity.

1570
02:02:24,810 --> 02:02:31,690
And it also creates, when the price
scroll down, a value proposition for

1571
02:02:31,690 --> 02:02:32,690
Composite Operator.

1572
02:02:33,790 --> 02:02:38,230
And we must say that it is not just that
liquidity, but high liquidity.

1573
02:02:38,590 --> 02:02:45,450
And it's not just one value, but one
extreme values on a long-term basis

1574
02:02:45,450 --> 02:02:46,770
and short-term basis.

1575
02:02:47,250 --> 02:02:52,270
And that's exactly what people like
Warren Buffett, Jim Rogers favorite.

1576
02:02:54,060 --> 03:00,960
They want to participate and they do
Get stocks at the best price and

1577
03:00,960 --> 03:07,300
with the best availability, where everyone
are giving up en masse and they just

1578
03:07,300 --> 03:13,060
said, "okay, I'll take it. I see
value here. And maybe not in three months,

1579
03:13,140 --> 03:18,760
Maybe not in six months, I would
earn money. But in a year or two, when

1580
03:18,760 --> 03:19,760
development structure,

1581
03:22,389 --> 03:24,470
into a more favorable structure.

1582
03:24,810 --> 03:30,370
And as business conditions improve,
whether it is market conditions,

1583
03:30,370 --> 03:36,770
whether it's industry group conditions,
and whether this

1584
03:36,770 --> 03:42,110
just the conditions related to the stock,
they basically just say long

1585
03:42,110 --> 03:43,510
term, I see value.

1586
03:44,120 --> 03:47,660
And I see that this is an extreme point.
I will participate and I will

1587
03:47,660 --> 03:51,100
buy. I'm going to establish that initial position
or a large part of my position.

1588
03:51,680 --> 03:58,640
This will be where we will be
Identify the signs on the chart

1589
03:58,640 --> 04:01,640
The first of intelligent accumulation
by strong players.

1590
04:03,500 --> 04:10,420
And then throughout the trading zone,
A lot of people still would

1591
04:10,420 --> 04:11,920
skeptical.

1592
04:12,600 --> 04:14,520
about the next trend to come.

1593
04:14,960 --> 04:21,820
So when Composite Operator
will buy average in

1594
04:21,820 --> 04:28,140
lower price of the trading zone,
and that will create price increases.

1595
04:28,440 --> 04:34,640
The levels will then be rechecked
support and where

1596
04:34,640 --> 04:39,960
Composite Man will begin adding
Get into position every time it touches

1597
04:39,960 --> 04:40,960
their point of purchase.

1598
04:42,350 --> 04:44,690
Market psychology will gradually change.

1599
04:45,610 --> 04:50,250
The bears have been selling aggressively
and strong, they will see

1600
04:50,250 --> 04:55,590
that their transactions are not working
or works but not as well as in

1601
04:55,590 --> 04:57,290
the trend is down, and they will give up.

1602
04:58,030 --> 05:03,130
Some weak players will give up
purchases

1603
05:03,130 --> 05:10,090
Their closest may or positions that

1604
05:10,090 --> 05:11,090
they had.

1605
05:11,260 --> 05:13,280
And they kept even in
decreasing trend.

1606
05:14,180 --> 05:19,240
And Composite Man will only collect
all remaining supply.

1607
05:19,480 --> 05:23,860
And that will absorb the supply
to the point where technically, the price

1608
05:23,860 --> 05:26,280
will start making higher peaks and
higher bottom.

1609
05:26,980 --> 05:32,680
This is where a trend emerges
will happen. And here is one

1610
05:32,680 --> 05:35,080
extremely important concept.

1611
05:37,520 --> 05:40,400
The emergence of a trend is...

1612
05:40,830 --> 05:46,230
everything I talk to managers about
organization's money.

1613
05:47,370 --> 05:53,010
All support is essentially based on
or a counter-trend value proposition

1614
05:53,010 --> 05:58,530
or the appearance of one
significant trend.

1615
05:59,070 --> 06:05,630
And this is the place I call
Those who follow the organization's trends will

1616
06:05,630 --> 06:06,589
participate.

1617
06:06,590 --> 06:08,470
And they will begin
set up...

1618
06:08,830 --> 06:12,150
their position, that will push
prices went up even more.

1619
06:13,330 --> 06:17,830
The public is not yet actively participating
at this time because of them

1620
06:17,830 --> 06:18,830
scared.

1621
06:19,010 --> 06:25,810
They have just experienced the pain of loss
they suffered throughout

1622
06:25,810 --> 06:26,890
transaction area.

1623
06:27,450 --> 06:31,330
So as prices continue to rise,
this is where they start

1624
06:31,330 --> 06:36,610
become very active. It's in the section
the second of an uptrend of the markup period.

1625
06:37,180 --> 06:42,580
And because they're excited
here and they're generating more volume

1626
06:42,580 --> 06:49,120
and they are maintaining their sales
organizations are selling

1627
06:49,120 --> 06:51,640
on the strength of the weak player.

1628
06:52,520 --> 06:58,040
Once that power is exhausted,
Sales will begin to generate

1629
06:58,040 --> 07:00,760
Pricing structure is like
a more consolidated phase.

1630
07:01,420 --> 07:06,510
And when all the buyers will
exhausted by this process, price

1631
07:06,510 --> 07:09,890
will start to weaken and it will
starting to show lower lows.

1632
07:10,130 --> 07:17,110
At that time, the smart money,
the actual smart money flow in that particular position,

1633
07:17,270 --> 07:24,090
and by the way, money flow wise as I see it
now with all the knowledge

1634
07:24,090 --> 07:28,210
and the experience I have in teaching
and dealing and working with people, whether

1635
07:28,210 --> 07:29,670
is an organization or individual,

1636
07:34,410 --> 07:41,070
Definition of smart cash flow only
related

1637
07:41,070 --> 07:43,130
to the last transaction you made.

1638
07:43,870 --> 07:50,210
So in a way, it's like
in the NBA basketball tournament,

1639
07:50,450 --> 07:56,410
a win or lose tournament, right?
So you always have to stay level

1640
07:56,410 --> 08:02,290
That performance where you don't point
create...

1641
08:02,980 --> 08:07,580
Positive results, which you really
outperforms the index. If not, why?

1642
08:07,580 --> 08:08,920
They give you money to manage?

1643
08:09,140 --> 08:13,280
They could just give it to the market,
put it in ETFs, and that's it.

1644
08:13,280 --> 08:14,280
that.

1645
08:14,480 --> 08:21,420
So, definition for each
always organized

1646
08:21,420 --> 08:23,060
change with a particular transaction.

1647
08:23,600 --> 08:28,800
And they can be in one transaction
represents smart money flow and in another transaction

1648
08:28,800 --> 08:31,580
they may represent weak players.

1649
08:31,860 --> 08:34,000
And Buffett is a typical example.

1650
08:34,340 --> 08:39,080
I mean, look at, for example,
His dealings at IBM, where he was involved and

1651
08:39,080 --> 08:44,100
he then had to close the position with a loss
and relatively soon after he opened

1652
08:44,100 --> 08:50,800
position. So even here it is possible
was a weak player at some point.

1653
08:52,490 --> 08:56,790
So the player is weak at this time
am viewing this as a value for the first time.

1654
08:56,790 --> 09:01,010
They saw value on the way up,
and they are right here. They were

1655
09:01,010 --> 09:02,010
enjoy profits.

1656
09:02,250 --> 09:06,470
They saw value in spots
The bottom is at the internal support level

1657
09:06,470 --> 09:08,950
Consolidation phase, think will
there is continuity.

1658
09:10,250 --> 09:15,450
And then they still see the value
even when prices start to weaken.

1659
09:15,870 --> 09:18,490
And this is where everything falls apart.

1660
09:20,280 --> 09:22,500
The strong player exited the position.

1661
09:23,520 --> 09:28,140
Absolutely, Composite Man has escaped
position. Or it's only hedged by one

1662
09:28,140 --> 09:32,580
way that still creates a type
bearish psychology.

1663
09:34,080 --> 09:39,780
And then the weak players point
is surrendering during the markdown period.

1664
09:40,700 --> 09:46,820
And that's what creates a move
Quick discount. There is no buying power

1665
09:46,820 --> 09:48,180
and there is only selling force.

1666
09:48,750 --> 09:53,210
And it's not just about selling, it's not about selling
order, but capitulation.

1667
09:53,550 --> 09:58,910
That's why the bear market is so fast,
very strong and very volatile.

1668
10:00,050 --> 10:01,050
Alright.

1669
10:02,310 --> 10:07,930
Let's go to the next slide. And you guys,
I will speed up at this point.

1670
10:08,670 --> 10:13,550
So I'll go back to the comments
Yours may be a little later.

1671
10:14,890 --> 10:17,330
So this is an example of a price cycle.

1672
10:17,850 --> 10:19,850
with Apple stock. This is the weekly chart.

1673
10:21,490 --> 10:25,630
This is actually not the beginning of
cycle. This is just a reaccumulation phase.

1674
10:25,630 --> 10:29,330
of a much larger cycle has begun
from the bottom in 2009.

1675
10:30,050 --> 10:34,310
And we are seeing a re-accumulation phase
finally before the actual distribution

1676
10:34,310 --> 10:35,310
happen.

1677
10:35,670 --> 10:40,170
And we are seeing later stages
reinforcement with bias

1678
10:40,170 --> 10:42,510
increases, we have a markup period.
very good.

1679
10:43,080 --> 10:49,000
the distribution then, leads us
reached a new bottom in 2013,

1680
10:49,100 --> 10:56,020
accumulate again, and then the move
next price increase, and

1681
10:56,020 --> 11:01,960
distribute again, consolidate in
2016, and you all know what happened

1682
11:01,960 --> 11:04,440
here and what has happened recently.

1683
11:04,860 --> 11:11,400
And you can see that this keeps happening
continues, and the price cycle is clear

1684
11:11,400 --> 11:16,560
May look slightly different on base
long term for different stocks.

1685
11:17,580 --> 11:24,380
But for this particular stock, you can
Take this cycle even from the moment

1686
11:24,380 --> 11:30,900
IPO from 1987 to trading zone
2003,

1687
11:31,120 --> 11:36,740
That's a huge amount of time to be in
That kind of trading zone with one

1688
11:37,520 --> 11:39,060
big price increase in the middle.

1689
11:39,660 --> 11:42,120
But then, it's all the same.

1690
11:43,080 --> 11:49,360
This is just a sample from Apple.
So our goal is to understand

1691
11:49,360 --> 11:55,520
What's going on in these
That consolidation period because it seems like

1692
11:55,520 --> 12:02,100
Those consolidation periods are where we have them
moves we want to participate in.

1693
12:02,100 --> 12:03,500
Those are directional trades.

1694
12:03,920 --> 12:06,340
Obviously, you can use several measures
risk protection.

1695
12:07,389 --> 12:11,250
trades, even during trends
increase and decrease.

1696
12:11,730 --> 12:17,930
This is completely acceptable
if you understand how to do this. But

1697
12:17,930 --> 12:23,310
focusing only on directional bias,
on identifying that bias, on

1698
12:23,310 --> 12:28,350
the moment when the price will manifest
that bias either begins to manifest,

1699
12:28,350 --> 12:33,490
on the emergence of the trend, and then
is clear about the nature of the move

1700
12:33,490 --> 12:39,610
that. And not only that, transparent
periods of price increases and decreases, especially

1701
12:39,610 --> 12:45,790
increase the price, we will have a lot
points, lots of stages of consolidation of places

1702
12:45,790 --> 12:50,950
we will apply Wyckoff analysis,
whether it is phase analysis,

1703
12:50,950 --> 12:57,370
price and volume analysis, and us
will determine the specific location of

1704
12:57,370 --> 13:00,910
the moment we want to establish one
position.

1705
13:01,840 --> 13:04,120
for the next potential swing
up above.

1706
13:04,460 --> 13:11,000
And hopefully you guys have seen the type
this transaction

1707
13:11,000 --> 13:17,700
from the case studies I have presented
about your transactions. By the way, on the YouTube channel

1708
13:17,700 --> 13:22,800
I also published quite a bit
transaction.

1709
13:23,160 --> 13:27,000
And all my students are here, guys
everyone knows that.

1710
13:27,690 --> 13:31,890
I often discuss my trades.
Again, this is something I don't shy away from.

1711
13:32,130 --> 13:35,830
I think there should be more
about that.

1712
13:36,050 --> 13:39,650
It doesn't matter if it was a mistake
or a profitable trade.

1713
13:39,890 --> 13:41,530
The important thing is knowledge.

1714
13:41,750 --> 13:44,670
We can draw knowledge from anyone
any transactions?

1715
13:45,150 --> 13:46,150
Alright.

1716
13:46,350 --> 13:51,990
So let's look at the reaccumulation box
first, and let's see

1717
13:51,990 --> 13:54,710
selection process that we will
go through.

1718
13:55,550 --> 14:02,190
Another slide, sorry. Okay, so
before that, before we did that, a few

1719
14:02,190 --> 14:03,190
thing on this slide.

1720
14:03,530 --> 14:09,790
This is a very old slide. This is the slide
which I created for almost 10 years

1721
14:10,430 --> 14:15,210
before. And this slide is based on
Hank Pruden.

1722
14:19,950 --> 14:24,990
And I don't know if Hank is human
initiate this idea or not. I think

1723
14:24,990 --> 14:29,890
it was actually originally a word idea
Stock Market Academy.

1724
14:31,250 --> 14:34,710
It's the idea of ​​an action and a test.

1725
14:35,750 --> 14:38,870
The only thing here that I added is
reaction.

1726
14:39,270 --> 14:42,610
So we have three things being
take place.

1727
14:43,430 --> 14:47,090
Bearish action, reaction to
that.

1728
14:48,650 --> 14:50,170
Action stops during the consolidation phase.

1729
14:50,870 --> 14:53,690
And then comes the test of this reaction.

1730
14:54,330 --> 14:58,290
Will this test fail and price
will go lower?

1731
14:58,850 --> 15:05,790
Or will it stop, reverse, and
a new trend

1732
15:05,790 --> 15:06,790
will appear?

1733
15:09,130 --> 15:15,150
And obviously we can go deeper
enter the consolidation phase and use the same thing.

1734
15:15,590 --> 15:16,750
We can say that

1735
15:18,060 --> 15:23,800
The selling climax itself is an action
is followed by a reaction

1736
15:23,800 --> 15:28,720
is a natural reaction (automatic rally) and then
was followed by a secondary test

1737
15:28,720 --> 15:29,780
in Phase A.

1738
15:31,300 --> 15:38,240
Or we can say, like I told you

1739
15:38,240 --> 15:43,720
Previously, downtrend was an action
and then Phase A and Phase B are a reaction

1740
15:43,720 --> 15:46,140
for that action and Phase C is a test.

1741
15:46,760 --> 15:49,440
for that reaction, for that action.

1742
15:49,920 --> 15:56,760
And the main thing we want
determined in this process is

1743
15:56,760 --> 15:57,860
inspection action.

1744
15:58,360 --> 16:05,280
Because the act of checking usually will
is determined by us not only as

1745
16:05,280 --> 16:08,760
testing tools, but also tools
timing.

1746
16:09,100 --> 16:14,240
If the test is successful, then it is very possible
There will be continuity

1747
16:14,240 --> 16:18,800
of bias that we think, is developing
during the consolidation phase.

1748
16:19,420 --> 16:26,020
So the timing will be
we identify as one

1749
16:26,020 --> 16:32,139
Potential Phase C. So every time we
define Phase C, we will assume

1750
16:32,139 --> 16:36,459
that this is the beginning of
The next big move.

1751
16:37,700 --> 16:41,160
And that's why Phase C is so important.

1752
16:43,469 --> 16:49,450
Well, if Phase C is the bottom of the trend
or the top of a trend, like

1753
16:49,450 --> 16:52,670
an extreme point of the trend,
the beginning of the trend.

1754
16:53,450 --> 16:58,010
And by the way, to those of you who are
thought, well, what if Phase B

1755
16:58,010 --> 17:04,870
has a lower trough than Phase C or a higher peak
What about phase C?

1756
17:06,430 --> 17:11,990
You may be right about that
actual definition of trend.

1757
17:12,570 --> 17:18,610
But, we would still prefer more efficiency
with your entry point. We

1758
17:18,610 --> 17:21,990
It is not necessary to want to enter an inside order
Phase B.

1759
17:22,290 --> 17:26,990
We want to enter a position when
Price is ready to move accordingly

1760
17:26,990 --> 17:27,990
direction of bias.

1761
17:28,450 --> 17:34,070
So Phase C is extremely important,
and Phase D too.

1762
17:34,930 --> 17:40,610
Why is Phase D important? Well, because
Phase D is all about appearance

1763
17:40,610 --> 17:41,610
trend.

1764
17:43,820 --> 17:49,340
And Phase D is all about a change
in nature is confirmed.

1765
17:50,980 --> 17:55,280
From a trendless environment,
we are moving into a trending environment

1766
17:55,280 --> 17:57,000
with a particular bias.

1767
17:58,200 --> 18:00,660
Speaking of Hank, I already mentioned him.

1768
18:01,080 --> 18:03,600
Apparently, Hank has passed away.

1769
18:05,379 --> 18:10,799
Suddenly, his last presentation was...

1770
18:11,990 --> 18:18,930
In August 2017, even talking about
I still feel him now

1771
18:18,930 --> 18:20,049
very sad.

1772
18:21,570 --> 18:23,209
He was a great man.

1773
18:23,730 --> 18:30,410
He was definitely my first teacher
in America,

1774
18:30,410 --> 18:33,150
And I owe my career to him, basically.

1775
18:35,070 --> 18:39,170
And not just from the perspective of
Wyckoff method.

1776
18:40,059 --> 18:43,400
that I consider him as a person
protect.

1777
18:43,639 --> 18:50,120
You know, he always, he always
criticize me for bringing innovation

1778
18:50,120 --> 18:55,559
into the method of, you know, bearing
something like, you know, these

1779
18:55,559 --> 19:00,379
You know, students call it "Romanism,"
you know, like new definitions, ideas

1780
19:00,379 --> 19:07,219
new, etc. He's like
defend the methodology

1781
19:07,219 --> 19:08,219
according to a...

1782
19:08,520 --> 19:09,900
very interesting way.

1783
19:12,139 --> 19:19,020
And he not only, you know, initially,
and

1784
19:19,020 --> 19:22,520
along with bruce, they taught that class,
But I think the first class I

1785
19:22,520 --> 19:24,660
actually learned from Hank himself.

1786
19:25,459 --> 19:30,959
He didn't just teach me
methodology, which

1787
19:30,959 --> 19:34,500
He also taught me a lot about business.

1788
19:35,260 --> 19:37,020
You know, in a way,

1789
19:37,870 --> 19:43,590
community that we have built with
Wyckoff Analytics, it has Hank's stamp on it.

1790
19:44,129 --> 19:50,770
A lot of things that I did
implemented and our team has implemented is

1791
19:50,770 --> 19:55,850
Based on Hank's work at
Golden Gate University. And I'm very happy and I

1792
19:55,850 --> 20:02,270
Very honored to have worked so closely with
he in six, seven

1793
20:02,270 --> 20:03,390
final year.

1794
20:04,300 --> 20:09,160
And I took his classes. I always
recommend students to join his class,

1795
20:09,300 --> 20:10,760
at least once, at least once.

1796
20:11,540 --> 20:16,440
He is a very unique teacher. And very
Many techniques I teach also

1797
20:16,440 --> 20:17,720
learn from him.

1798
20:18,620 --> 20:25,480
Just a very extraordinary person and one
Extreme character

1799
20:25,480 --> 20:31,260
important in my life, not only
in professional life, which partly

1800
20:31,260 --> 20:32,600
also in personal life.

1801
20:33,530 --> 20:40,410
His whole family is very good and
Still good to me, and I'm very

1802
20:40,410 --> 20:41,510
sad because he's gone.

1803
20:42,290 --> 20:49,010
But he lived through us, and here it is
the biggest thing we can do for you

1804
20:49,010 --> 20:54,470
and his family, is just to remember him
and remember him the way he was

1805
20:54,470 --> 20:59,150
teach us how to behave and
behave in the market.

1806
21:00,070 --> 21:05,900
His book, titled "The Three Skills
Top Trades", is a required document

1807
21:05,900 --> 21:10,860
for our students, and I'm sure
I recommend you all to read this book.

1808
21:11,480 --> 21:16,700
Chapters 3 to 7 are especially about
Wyckoff method, and those are

1809
21:16,700 --> 21:22,700
Required chapter that I often request
students read. In this photo,

1810
21:22,820 --> 21:26,060
the award he is holding.

1811
21:26,560 --> 21:32,600
Chartered Market Technician award
which he got, I think, into

1812
21:32,600 --> 21:38,080
April, and he died in August,
So just a few months

1813
21:38,080 --> 21:40,680
before he passed away.

1814
21:41,020 --> 21:46,960
And it's not just him getting it from
Chartered Market Technician, that is

1815
21:46,960 --> 21:50,960
Largest technical analysis organization
in America and

1816
21:50,960 --> 21:55,840
world, but also from IFTA, Federation
International Technical Analysts.

1817
21:56,220 --> 21:59,160
at the 2013 conference in San Francisco.

1818
21:59,920 --> 22:05,940
And he certainly deserves it
very much because

1819
22:05,940 --> 22:12,160
times when methodology

1820
22:12,160 --> 22:17,940
was not in good condition in
about 20, 30 years.

1821
22:19,420 --> 22:21,160
It has...

1822
22:21,500 --> 22:27,860
not necessarily emphasized in one way
profound as a method of technical analysis.

1823
22:28,900 --> 22:35,800
Hank and Tom Williams, David Wise,

1824
22:36,120 --> 22:42,040
Craig Schroeder, that's four
big character...

1825
22:42,280 --> 22:47,500
at that time. And then generations
New Wyckoff followers appear, like

1826
22:47,840 --> 22:54,500
us and there were quite a few followers of Wyckoff
came out of those classes, like Jim

1827
22:54,500 --> 23:00,040
Forte, etc. And then,
you know, my generation came, and we

1828
23:00,040 --> 23:04,920
also become, you know, more understanding
about methodology only

1829
23:05,240 --> 23:11,920
thanks to them. So just a lot of compliments
for him and the way he lived his life and

1830
23:11,920 --> 23:13,000
how he treats students.

1831
23:13,480 --> 23:16,460
I just, you know, still have a lot left
story about that.

1832
23:18,900 --> 23:19,900
Agreed, Eric.

1833
23:20,960 --> 23:23,300
I miss him too.

1834
23:24,240 --> 23:26,880
Okay, let's talk about the situation
research.

1835
23:29,380 --> 23:32,500
So this example, we're looking at
transaction area.

1836
23:33,080 --> 23:37,760
before the big price increase. Actually,
This is the price range. And it's a complicated price zone

1837
23:37,760 --> 23:42,460
because you have a trading zone structure
on a trading area

1838
23:42,800 --> 23:45,440
other. Actually, I participated in this transaction
in a decreasing direction.

1839
23:45,760 --> 23:48,040
Apple has been underperforming in
around this area.

1840
23:48,660 --> 23:52,060
This is a trade and the order has been closed
somewhere here.

1841
23:53,060 --> 23:55,100
So what does this transaction tell us?

1842
23:56,120 --> 24:02,060
That there is no possibility of going down.
Supply has not increased compared to the

1843
24:03,080 --> 24:09,060
another area, and that suggests one
reversal,

1844
24:09,380 --> 24:15,360
a change in bias, and change
in a leading role, which we see on the sign of

1845
24:15,360 --> 24:21,840
price increase. We are definitely showing off
more leading role than the market. Look

1846
24:21,840 --> 24:26,820
into the relative strength ratio line,
and this is what we will explore.

1847
24:27,220 --> 24:29,740
I'll show you how to build it.

1848
24:31,970 --> 24:37,230
shows you how to use it. I will give it to you
see how to interpret it. But here we are

1849
24:37,230 --> 24:44,110
see that relative strength is
shows Apple's superiority in

1850
24:44,110 --> 24:45,130
this price increase.

1851
24:45,330 --> 24:50,810
And if you remember the market entered
At that time, the market was just coming

1852
24:50,810 --> 24:55,570
the top of the resistance zone and then enters
a shakeout.

1853
24:56,170 --> 25:00,710
And even in the shakeout, we see
Apple's superiority in the market place

1854
25:00,710 --> 25:04,170
create lower lows, and stocks
create a higher low.

1855
25:04,390 --> 25:08,130
So power, power, that's great.

1856
25:08,650 --> 25:14,870
And this would be, based on analysis
Relative comparison is, for us, a point

1857
25:14,870 --> 25:15,870
to choose.

1858
25:16,650 --> 25:22,270
Now, there is a downside to what is
happens here, and that's the supply.

1859
25:22,270 --> 25:23,270
suddenly increased.

1860
25:23,480 --> 25:27,700
And we know as supply increases,
We always need a retest.

1861
25:28,500 --> 25:35,000
And we have multiple backtests, starting
create one

1862
25:35,000 --> 25:36,000
trading range.

1863
25:36,440 --> 25:40,980
And so when we go in
trading zone, again, things we

1864
25:40,980 --> 25:46,140
Need to determine bias, timing,
and character.

1865
25:46,700 --> 25:50,820
And this is not necessarily the order
with which Wyckoff approached this

1866
25:50,820 --> 25:55,360
Either SMI has approached this or the way it is
taught at Golden Gate University.

1867
25:55,420 --> 25:58,580
This is just what we were created for
WTC course.

1868
25:58,880 --> 26:03,100
And this is how I teach the material
Present. Those are the three factors

1869
26:03,100 --> 26:05,560
extremely important for me to
understand.

1870
26:06,000 --> 26:10,080
I want to understand what the price will be
where to go, when it will go, and

1871
26:10,080 --> 26:11,120
How will it go up?

1872
26:13,600 --> 26:18,300
When we go through the analysis of
consolidation phase, we are going through

1873
26:18,300 --> 26:19,300
phase analysis.

1874
26:19,480 --> 26:26,440
And we're also going through analytics
supply and demand along the way

1875
26:26,440 --> 26:28,700
price reacts to supply and
that bridge.

1876
26:29,040 --> 26:34,740
And we're seeing that supply
is decreasing significantly in the region

1877
26:34,740 --> 26:41,440
looks like a potential Phase C.
That doesn't just determine absorption

1878
26:41,440 --> 26:42,440
of supply,

1879
26:43,500 --> 26:50,460
gives us a bullish bias,
but it also gives us a moment. Time

1880
26:50,460 --> 26:51,460
is now.

1881
26:51,480 --> 26:55,320
Supply is very low. It is in hand
strong players.

1882
26:56,020 --> 27:02,440
We can also talk about one thing
short-term ineffectiveness, which

1883
27:02,440 --> 27:07,920
often leads to excellent buying opportunities
in the structure of

1884
27:07,920 --> 27:08,920
price cycle.

1885
27:09,660 --> 27:13,300
And this is what we will
focus on.

1886
27:14,280 --> 27:20,520
And then obviously the whole campaign.
And then the next most important identification
ours

1887
27:20,520 --> 27:23,540
will be a change in character
(change of character).

1888
27:24,720 --> 27:31,080
Actually, I didn't trade
This particular price increase by Apple,

1889
27:31,220 --> 27:35,740
But I have had many students now
Golden Gate.

1890
27:36,650 --> 27:40,210
and in my own classes already
Apple deals at the time.

1891
27:41,410 --> 27:44,750
I wonder if you can guess them
Did you exit your position somewhere?

1892
27:45,830 --> 27:49,930
Well, before you answer, I will
tell you exactly where.

1893
27:50,490 --> 27:54,190
Here, here, and here.

1894
27:54,850 --> 27:56,430
And why do you think that is?

1895
27:57,070 --> 28:02,130
The logic of exiting this position
What will it be? I mean, obviously,

1896
28:02,230 --> 28:08,810
except the logic of a swing trade
smaller, which... it's not. It's like

1897
28:08,810 --> 28:14,470
a big scalping trade like this one
or this comes from a trading area

1898
28:14,470 --> 28:16,430
another region, from one structure to another.

1899
28:16,750 --> 28:20,650
Well, their logic is supply.
are coming here.

1900
28:21,010 --> 28:26,570
And my argument to them at the time
is look at the results

1901
28:26,570 --> 28:31,170
of this supply appearing.

1902
28:31,670 --> 28:34,170
And that's a very, very common mistake.

1903
28:34,620 --> 28:35,740
that students make.

1904
28:36,600 --> 28:41,020
And that's why we're going to study
a lot about results and effort.

1905
28:41,400 --> 28:44,040
This is one of the concepts
most important.

1906
28:44,260 --> 28:50,520
If I had to choose one concept to
teach, even the concept of supply

1907
28:50,520 --> 28:56,360
beyond demand and price
go down or overpass

1908
28:56,360 --> 29:03,130
bow and ascend, vs
effort and results, I will choose

1909
29:03,130 --> 29:04,130
effort and results.

1910
29:05,210 --> 29:07,710
Supply and demand is a very simple concept.

1911
29:08,070 --> 29:12,950
But effort and results are required
an understanding and a recognition skill

1912
29:12,950 --> 29:16,770
intuitive. And that's exactly what
is happening here. And that's exactly it

1913
29:16,770 --> 29:19,710
mistakes that we have tried to correct
at that time.

1914
29:19,910 --> 29:26,390
The key to exiting a trade is a behavior
different from what we have shown on the road

1915
29:26,730 --> 29:31,290
go up. Look at all the reactions
on the way up. They are very small.

1916
29:32,110 --> 29:37,170
And despite some volume signs
increased in there, yes

1917
29:37,170 --> 29:42,190
absorption on the way up. When the supply
appears, it is absorbed and the price

1918
29:42,190 --> 29:43,190
continue to increase.

1919
29:43,250 --> 29:44,750
But not with this reaction.

1920
29:45,430 --> 29:49,550
Not with an automatic reaction,
which acts as a change in character.

1921
29:49,770 --> 29:54,290
We see that it's not just the supply
are appearing very

1922
29:54,290 --> 29:59,030
much, but it is also very consistent.

1923
29:59,660 --> 30:04,920
This is another definition that we
added to Wyckoff Trading Course.

1924
30:05,280 --> 30:09,760
Usually, volume is interpreted
just an increase and decrease.

1925
30:10,180 --> 30:17,140
But we can see consistency
of sales in this area, as we have seen

1926
30:17,140 --> 30:21,560
consistency of selling here and here,
an attempt to sell.

1927
30:22,440 --> 30:24,000
And what does this suggest?

1928
30:24,440 --> 30:28,280
In all these cases, it suggests
a change in the environment.

1929
30:28,750 --> 30:35,430
So, from the uptrend environment,
We are entering a trendless environment

1930
30:35,430 --> 30:36,610
or a trading area.

1931
30:36,870 --> 30:42,550
And at least for now,
you should start thinking in your head,

1932
30:42,730 --> 30:43,750
What should I do?

1933
30:44,250 --> 30:48,530
Should I close my positions?
Should I exit my order partially? If I'm predicting one

1934
30:48,530 --> 30:52,930
trading zone, is this a trend
very long term, a campaign transaction for me? Then me

1935
30:52,930 --> 30:59,450
You can check your PandF goals
from 2009, 2010, comparison

1936
30:59,450 --> 31:04,490
them with the PandF goals that we
recently available in trading areas.

1937
31:06,370 --> 31:12,790
So we're going to make a decision here,
But that decision will be based on

1938
31:12,790 --> 31:13,790
initially

1939
31:14,250 --> 31:18,350
about how prices behave in
this reaction.

1940
31:19,170 --> 31:22,870
And this is skills and knowledge
which I will give to you.

1941
31:24,570 --> 31:25,950
Okay, it's 5:30.

1942
31:26,830 --> 31:27,870
Let me see.

1943
31:28,730 --> 31:29,730
Alright.

1944
31:30,510 --> 31:34,330
Okay, let me see we'll...
Let's stop here.

1945
31:36,310 --> 31:42,650
Let's stop here. So we will
what do...

1946
31:44,040 --> 31:49,040
Obviously, we're not done yet
all the material I had planned for

1947
31:49,040 --> 31:50,040
today.

1948
31:50,160 --> 31:55,580
But this is great because what I will
ask you, with those you have

1949
31:55,580 --> 32:00,900
Sign up, I will ask
you read and I will ask you

1950
32:00,900 --> 32:04,940
watch the videos and i will ask
you prepare for the second class. And

1951
32:04,940 --> 32:11,160
then we will enter into change
in nature, accumulation, and

1952
32:11,160 --> 32:13,040
distribution. I really like that
very much.

1953
32:13,760 --> 32:16,400
There is a question. Workshop available
Record it?

1954
32:16,700 --> 32:17,700
Have.

1955
32:18,360 --> 32:22,480
I'm recording it right now, and I
will post it on our YouTube channel,

1956
32:22,620 --> 32:23,620
"Wyckoff Trading Method".

1957
32:23,780 --> 32:28,140
So you can watch it on
tomorrow morning or even tonight.

1958
32:28,640 --> 32:34,960
My team will upload it and post it
describe in. So let's check it out.

1959
32:36,060 --> 32:42,160
Again, to those of you who are
thinking,

1960
32:42,870 --> 32:45,710
about registering for this course.

1961
32:46,090 --> 32:48,250
Let me go to the correct page.

1962
32:52,030 --> 32:58,450
So make sure you visit
WyckoffAnalytics.com, that you found

1963
32:58,450 --> 33:00,930
Course, and just...

1964
33:02,760 --> 33:09,560
Sign up before next Monday, is
January 14, for a discount.

1965
33:09,840 --> 33:16,580
If you have any questions, don't
hesitate to contact us at

1966
33:16,580 --> 33:17,740
gmail.com.

1967
33:17,980 --> 33:24,340
You can find our contact information
on our website and just

1968
33:24,340 --> 33:30,440
Send it to me or to our team
and we will be happy to respond.

1969
33:31,070 --> 33:35,090
I'm available tonight and tomorrow and
throughout the week.

1970
33:35,290 --> 33:42,010
So if you have any questions,
you know, maybe administratively

1971
33:42,010 --> 33:46,770
or maybe questions about content, you know,
Don't hesitate to contact us.

1972
33:47,430 --> 33:54,270
Meanwhile, the registered students,
I will email you tomorrow and I

1973
33:54,270 --> 33:58,690
will give you homework, will
just read some specific documents.

1974
34:00,510 --> 34:06,530
chapters of Hank's book, Bruce's blog,
and watch our videos on YouTube.

1975
34:07,090 --> 34:09,490
And that will be your homework.

1976
34:09,770 --> 34:15,930
And then after the first class, once we
learned about changes in properties, accumulation

1977
34:15,930 --> 34:22,150
and distribution characteristics, then we will
Go on homework and you will do it

1978
34:22,150 --> 34:23,150
practical exercises.

1979
34:23,270 --> 34:25,350
Wow, a really great class.

1980
34:26,220 --> 34:27,220
a great start.

1981
34:27,280 --> 34:30,940
I feel like there's a lot
interaction from you.

1982
34:31,160 --> 34:34,660
So hopefully that will point
translates into the classroom itself.

1983
34:34,940 --> 34:41,920
Let me see some comments
Finally here from Doug. Oh, me

1984
34:41,920 --> 34:42,920
Like this comment.

1985
34:43,160 --> 34:44,540
My brain hurts so much.

1986
34:44,820 --> 34:49,520
A wonderfully detailed session. Thank you teacher.
Thanks, Doug. And I know you're in

1987
34:49,520 --> 34:54,740
our classes. So you were
a student. That's how it is.

1988
34:55,160 --> 34:58,500
Thank you very much teacher. Great information
to consider. I trade commodities. I was

1989
34:58,500 --> 34:59,640
very interested in the program.

1990
35:00,100 --> 35:03,120
So let me solve this problem.

1991
35:03,420 --> 35:07,260
And I think there's another question
here about Forex. So I was

1992
35:07,260 --> 35:09,560
trading Forex for almost five years.

1993
35:09,840 --> 35:14,080
It's just a bit difficult to trade
something like this, living on the West Coast

1994
35:14,080 --> 35:20,900
of America, very busy
in the night to stay awake.

1995
35:21,900 --> 35:23,600
So I gave it up.

1996
35:24,870 --> 35:29,950
Forex has the same price structure as
Other pricing structures. There are several

1997
35:29,950 --> 35:35,990
The slight difference, obviously, is that the fluctuations,
interventions, and then also

1998
35:35,990 --> 35:40,010
is always a reference to volume data
bad.

1999
35:41,190 --> 35:46,390
So my answer for traders
Forex is to join the course.

2000
35:46,810 --> 35:50,990
Why? Well, because of analytics
Pricing structure is still a must.

2001
02:35:51,740 --> 02:35:55,760
You have to understand the context of
where you operate, where you transact. So

2002
02:35:55,760 --> 02:35:56,760
That's number one.

2003
02:35:56,840 --> 02:36:01,260
Second, some Forex traders use
volume sign.

2004
02:36:01,480 --> 02:36:02,840
So you can do it.

2005
02:36:03,300 --> 02:36:08,320
Third, relative analysis and comparison
remains relevant in Forex.

2006
02:36:08,520 --> 02:36:14,980
And one of my strategies has always been
buy the strongest currency pair among the correlated pairs

2007
02:36:14,980 --> 02:36:17,980
and sell the weakest currency pair among them
correlated pairs.

2008
02:36:18,810 --> 02:36:23,850
And you can create pair trading.
like this or spread trading. You can just

2009
02:36:23,850 --> 02:36:29,650
Choose according to the tool direction
you want to choose. So there are quite a few

2010
02:36:29,650 --> 02:36:33,030
things at the analytical level
that you can use.

2011
02:36:33,510 --> 02:36:37,890
And then you can also use a lot
tactics.

2012
02:36:38,130 --> 02:36:42,830
And tactical decisions are the thing
you have to grow as a trader this way

2013
02:36:42,830 --> 02:36:43,830
or another way.

2014
02:36:43,870 --> 02:36:47,790
So whenever I talk to Forex traders,
I always tell them this could be the one

2015
02:36:47,790 --> 02:36:52,130
Foundation course for you. This is possible
is the course it's like

2016
02:36:52,130 --> 02:36:56,290
Determine the foundation for you
keep building.

2017
02:36:56,970 --> 02:36:58,150
So let's consider that.

2018
02:36:58,910 --> 02:37:03,070
And the same thing for traders
goods. I really like trading

2019
02:37:03,630 --> 02:37:08,690
them. I like to trade E-mini indices.
I have been day trading E-mini for quite some time.

2020
02:37:09,930 --> 02:37:12,770
From time to time, I still make deals
that here and there now.

2021
02:37:13,740 --> 02:37:18,260
Currently I mainly trade stocks
and specifically options.

2022
02:37:18,720 --> 02:37:21,000
But I like trading oil.

2023
02:37:21,500 --> 02:37:23,040
I trade gold.

2024
02:37:23,580 --> 02:37:28,100
I trade metals sometimes whenever
opportunity appears.

2025
02:37:28,540 --> 02:37:34,360
So for me, trading is not about one
specific tools.

2026
02:37:34,840 --> 02:37:37,500
Trading for me is about one
specific opportunity.

2027
02:37:37,860 --> 02:37:41,900
And I think when you become a trader
increasingly advanced, you will

2028
02:37:41,900 --> 02:37:47,540
understand that the opportunity is very
rare.

2029
02:37:48,660 --> 02:37:50,700
Good opportunities are very rare.

2030
02:37:50,960 --> 02:37:56,060
And our goal is to recognize them.
And even if you recognize the above opportunity

2031
02:37:56,060 --> 02:38:00,740
the market, sometimes you can't see it
them or not act on them.

2032
02:38:02,130 --> 02:38:07,930
And sometimes opportunities come from
Very interesting places.

2033
02:38:08,470 --> 02:38:13,250
Sometimes you'll think, oh, me
stock trading, I will not trade

2034
02:38:13,250 --> 02:38:14,029
other markets.

2035
02:38:14,030 --> 02:38:17,950
Well, if you are a speculator and if
you are an advanced trader, then you should be

2036
02:38:17,950 --> 02:38:18,950
consider that.

2037
02:38:19,290 --> 02:38:24,610
Sometimes you look at time frames
different and you see that, let's say, one

2038
02:38:24,610 --> 02:38:28,510
Long-term campaigns will be profitable
much better than, say, swing trading.

2039
02:38:28,510 --> 02:38:29,510
or day trading.

2040
02:38:30,040 --> 02:38:32,420
And you should recognize that as
an advanced chart reader.

2041
02:38:32,760 --> 02:38:36,700
So this is what we are
talked more about in the practice, you know,

2042
02:38:36,740 --> 02:38:37,820
with more advanced students.

2043
02:38:38,160 --> 02:38:42,320
And this is what I
must take you to that level.

2044
02:38:43,120 --> 02:38:44,120
Okay, great.

2045
02:38:44,840 --> 02:38:47,220
Next, the comments and some questions are here.

2046
02:38:50,200 --> 02:38:54,080
Roman, it would be great if you set a number
for slides to be able

2047
02:38:54,080 --> 02:38:55,080
Referenced in our notes.

2048
02:38:55,300 --> 02:38:58,400
Eric, yeah, sure, if you are
students in this class.

2049
02:38:59,160 --> 02:39:01,820
I can definitely do that for you.

2050
02:39:02,280 --> 02:39:06,880
I will not distribute slides
for those who are just invited guests.

2051
02:39:07,780 --> 02:39:10,600
This is just a rule of thumb
this lesson.

2052
02:39:11,300 --> 02:39:15,300
The greatest value is clearly that I am
Try your best for the students

2053
02:39:15,300 --> 02:39:16,300
register.

2054
02:39:16,540 --> 02:39:19,560
But, you know, once in class,
Remind me and I will do it.

2055
02:39:20,640 --> 02:39:25,480
What tools are needed to
do homework? This is a question

2056
02:39:25,480 --> 02:39:27,380
Great from Justin.

2057
02:39:28,090 --> 02:39:33,810
So one of the things I want
What you guys do is clear, and I mentioned it

2058
02:39:33,810 --> 02:39:40,790
this, send me a file, email me one
file will be

2059
02:39:40,790 --> 02:39:45,150
PowerPoint, PDF, or
Word doc. That's request number one.

2060
02:39:45,150 --> 02:39:46,109
number one.

2061
02:39:46,110 --> 02:39:50,130
Name it correctly so I know
that it comes from you and this is

2062
02:39:50,130 --> 02:39:51,770
homework number one or something.

2063
02:39:52,550 --> 02:39:54,710
And then third,

2064
02:39:55,820 --> 02:40:00,720
you know, when you use these tools,
you may have to understand how to shoot

2065
02:40:00,720 --> 02:40:01,399
screen.

2066
02:40:01,400 --> 02:40:07,520
Let's say if you are on StockCharts,
screenshot, cut and paste

2067
02:40:07,520 --> 02:40:12,700
Go to PowerPoint, and then annotate
them.

2068
02:40:13,540 --> 02:40:15,240
So that's the process.

2069
02:40:15,500 --> 02:40:19,700
And we can talk more about it if you
There are still some questions.

2070
02:40:22,410 --> 02:40:23,990
you know, in the next class.

2071
02:40:24,290 --> 02:40:29,690
So I will explain more about how to do this.
And actually, maybe I'll have a slide about

2072
02:40:29,690 --> 02:40:32,070
some, you know, common practices.

2073
02:40:33,830 --> 02:40:34,830
Alright.

2074
02:40:35,070 --> 02:40:37,030
Follow-up questions or comments.

2075
02:40:37,450 --> 02:40:39,730
This comes from Lynn.

2076
02:40:40,530 --> 02:40:45,190
Although the Wyckoff method may be suitable for
any timeframe, understand that style

2077
02:40:45,190 --> 02:40:47,050
Your trading favors...

2078
02:40:48,800 --> 02:40:53,160
Swing trading, program data
Is the course suitable for position traders?

2079
02:40:53,160 --> 02:40:56,840
mainly hold stocks for a few months
up to a year or more?

2080
02:40:57,600 --> 02:41:03,880
Sure. And actually, I'm a little
Disagree with how, Liam,

2081
02:41:03,880 --> 02:41:07,720
you ask the question, but me
understand what you are saying here.

2082
02:41:08,860 --> 02:41:13,860
A good scalper should understand
about long-term campaigns.

2083
02:41:14,500 --> 02:41:20,830
And so I teach you in the Course
The Wyckoff trade, a long-term campaign

2084
02:41:20,830 --> 02:41:24,550
and scalping transactions during the campaign
that long term.

2085
02:41:25,310 --> 02:41:32,070
So a long term campaign will be
what we're going to set up

2086
02:41:32,070 --> 02:41:37,010
a long-term trend before and after
we will look for the reverse trend

2087
02:41:37,010 --> 02:41:43,550
short term, can be a trading zone
or a reaction.

2088
02:41:44,250 --> 02:41:47,290
in the context of a trend
much larger.

2089
02:41:47,870 --> 02:41:50,330
And you have to understand campaigns
long term.

2090
02:41:50,650 --> 02:41:56,070
So if you are a long term campaign trader
and if you are holding your position from

2091
02:41:56,070 --> 02:42:00,190
months to a year and more,
You will definitely benefit from the course.

2092
02:42:00,470 --> 02:42:01,470
Good question.

2093
02:42:02,170 --> 02:42:07,370
From Igor, how do you determine
strong and weak currencies? So it's me

2094
02:42:07,370 --> 02:42:12,230
will see how currencies are correlated,
for example British Pounds versus US Dollars.

2095
02:42:13,660 --> 02:42:15,820
and for example Euro versus US dollar.

2096
02:42:16,040 --> 02:42:20,040
So there are times when they are correlated
high and there are times when they are few

2097
02:42:20,040 --> 02:42:21,040
More correlation, right?

2098
02:42:22,380 --> 02:42:27,880
So in those times they have
High correlation, and you must

2099
02:42:27,880 --> 02:42:33,660
Find out, and there are websites that will tell
you know this, and you can see it from

2100
02:42:33,660 --> 02:42:35,840
chart when very correlated
strong.

2101
02:42:36,400 --> 02:42:41,640
It is when this correlation is strong,
This is when you want to use it

2102
02:42:41,640 --> 02:42:46,560
this concept. And based on analysis
compare, just to determine which is which

2103
02:42:46,560 --> 02:42:47,760
Which is stronger, which is weaker?

2104
02:42:48,340 --> 02:42:55,180
And if you are taking directional trades,
Just take the trade in direction

2105
02:42:55,180 --> 02:43:01,740
of bias and use that definition.
You can too

2106
02:43:01,740 --> 02:43:06,240
Use this for spread trading.
or pair trading.

2107
02:43:06,950 --> 02:43:12,050
buy one currency, sell another currency,
however you will create the type

2108
02:43:12,050 --> 02:43:16,970
that strategy, and then try
Identify the points that differ

2109
02:43:16,970 --> 02:43:23,710
is going up, and it's always going up
and down, and sometimes it has a tendency of

2110
02:43:23,710 --> 02:43:25,670
on its own, especially when correlated
disappeared.

2111
02:43:26,170 --> 02:43:28,870
So you can also create transactions
from there.

2112
02:43:29,210 --> 02:43:31,830
Hope that explains it.

2113
02:43:37,199 --> 02:43:42,180
Alright. Craig is saying that my microphone
doesn't work very well and my voice

2114
02:43:42,180 --> 02:43:46,900
interrupted. Is that true?
Everyone, guys? How does my sound,

2115
02:43:46,900 --> 02:43:47,900
By the way?

2116
02:43:48,220 --> 02:43:53,580
I just want to know. This may just
is on your side or my accent maybe

2117
02:43:53,580 --> 02:43:56,520
is weakening.

2118
02:43:57,880 --> 02:44:03,800
And sometimes the connection isn't very good.
Sometimes too much traffic.

2119
02:44:05,070 --> 02:44:09,110
Yes, okay, let me see we will
What kind of sounds are there on the recording

2120
02:44:09,110 --> 02:44:10,970
hey.

2121
02:44:13,170 --> 02:44:20,090
I'm sorry if not everything is okay
very clear and precise. Thank you for

2122
02:44:20,090 --> 02:44:21,090
this.

2123
02:44:23,070 --> 02:44:27,010
Okay, last question, and then there we go
will stop.

2124
02:44:30,670 --> 02:44:33,530
Roman, the difference between

2125
02:44:34,710 --> 02:44:39,710
Wyckoff Trading Courses and Courses
What is Wyckoff practice. Okay, so the Wyckoff Course,

2126
02:44:39,710 --> 02:44:41,830
Think of it as knowledge.

2127
02:44:42,170 --> 02:44:49,170
And the Wyckoff Practical Course is just that
a student

2128
02:44:49,170 --> 02:44:50,750
have knowledge but don't have it.

2129
02:44:51,130 --> 02:44:58,110
It's a recognition skill
concept that

2130
02:44:58,110 --> 02:44:59,110
you know now.

2131
02:44:59,330 --> 02:45:03,730
So I always tell my students, knowledge,

2132
02:45:05,369 --> 02:45:10,970
not necessarily recognition skills
intuitive.

2133
02:45:11,490 --> 02:45:17,990
If you acquire visual recognition skills,
you will see the structure

2134
02:45:17,990 --> 02:45:22,210
how to divide, when,
nature takes place.

2135
02:45:22,990 --> 02:45:29,670
Now, my next statement will be
even if you get a skill

2136
02:45:29,670 --> 02:45:34,050
Visual identification, by no means
you can do it.

2137
02:45:34,440 --> 02:45:36,780
So you have to build a skill
execute.

2138
02:45:37,960 --> 02:45:39,180
Those are the tactics.

2139
02:45:40,860 --> 02:45:46,980
Even if you conquer that,
you still have to conquer the emotional part of

2140
02:45:46,980 --> 02:45:52,240
trading, and that means you will
must look deeply into their own behavior,

2141
02:45:52,520 --> 02:45:58,080
trading behavior, translate those into
behaviors in your life, compare them, and

2142
02:45:58,080 --> 02:46:04,760
Find out how your style fits
your trading and your methodology and so on

2143
02:46:04,760 --> 02:46:09,040
continue. And this certainly is
a very, very high level.

2144
02:46:09,260 --> 02:46:15,020
Whenever I have a beginner trader
or intermediate to me and them

2145
02:46:15,020 --> 02:46:17,600
want to work on his spiritual perspective,
I said no.

2146
02:46:18,120 --> 02:46:22,760
You must research the methodology first.
You have to be comfortable with

2147
02:46:22,760 --> 02:46:27,600
Technical analysis and identification
There are many such patterns.

2148
02:46:28,140 --> 02:46:33,980
to the point where it doesn't distract your brain
from focusing on adjustment

2149
02:46:33,980 --> 02:46:34,980
spiritual aspect.

2150
02:46:35,560 --> 02:46:39,700
And this is definitely a topic for
Another long conversation.

2151
02:46:40,320 --> 02:46:43,760
Okay, guys, I think that's enough for today.
A great lesson.

2152
02:46:43,980 --> 02:46:47,860
Thanks for all the comments, everyone
your questions. This was one

2153
02:46:47,860 --> 02:46:52,760
The lesson exploded. A great first lesson
for those of you who have registered or are thinking

2154
02:46:52,760 --> 02:46:55,720
about registration. I look forward to it
work with you.

2155
02:46:56,250 --> 02:47:02,310
As you can see, you know, a lot
material we have to learn in 15

2156
02:47:02,310 --> 02:47:08,370
this lesson. So here we go
Work more on the next class. Be sure

2157
02:47:08,370 --> 02:47:13,370
You have headphones and speakers for us
will interact.

2158
02:47:13,950 --> 02:47:17,150
And I'm looking forward to it. Thank you
friends.

2159
02:47:18,030 --> 02:47:20,030
Have a wonderful evening. Goodbye.