Timing the Trade the Wyckoff Way Message Board

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Strategies & Market Trends : Timing the Trade the Wyckoff Way

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To: coferspeculator who started this subject	4/17/2004 9:09:55 AM
From: coferspeculator	of 14340

On Friday, the market had an early day failure to the downside as supply exerted more pressure than on Thursday morning. The market then had an intra-day failure to the downside as that supply was withdrawn and traded higher on a decreased spread on lower volume to finish near it's highs for the day in a nearly neutral condition. The ability of the market to hold above the two points mentioned yesterday and trade to the upside, closing near it's highs is very positive. Additionally, the oversold condition that was evident yesterday, entered that condition at a higher level then it did on the previous reaction. This can often lead to at least a test of the highs in the trading range and if demand can take control, a possible move to new highs. The impediment to this possibility is the character of the action that supply has offered in the past two days. It's pressure, when exerted, as been able to control the price to the downside. When it has been withdrawn, demand has followed price up but not in the manner that would indicate at this moment, that a test of the highs will occur. In the coming week, the resistance provided from the highs of the week of April 5 is the next target for the bulls. It's important that the market move through these highs in a prompt manner. To accomplish this, demand needs to take control of supply. The market needs greater demand then it had this past week. If this occurs then a much more likely test of the old highs from earlier in the year can be looked for.

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