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	5/4/2004 7:30:36 PM
From: coferspeculator	of 14340

The XAU traded higher today on a wider spread with increased volume closing at the highs of the day. During the past week the XAU traded down to its target of 82 on very high volume with increased spread. Wyckoff suggests keeping a close eye on the actions that occur near important targets, looking for ending actions. The action on the 28th suggested a possible selling climax, with a possible PS occurring earlier. Recommendations were made on the 28th to lock in profits. Todays action indicates the XAU has attempted to break the short term downtrend supply line. This action is the possible rally that will be confirmed by the secondary test of the action in the coming days. Should this occur then the classic PS, SC, AR, ST consequence could be in place. There is a good possibility that the downtrend may be ending in the XAU and the actions in the coming days will be important. Existing short speculators need to keep a close eye on the actions in the coming days. Should the rally be followed by a secondary test with decreased spread on lower volume or if the test indicates a spring possibility then consideration should be given to closing all short positions. There is a limited amount of cause at this time. Should the above mentioned test occur then the amount of cause should be determined. If the trend is in the process of changing then attention to the nine buying tests should be given. If enough cause is available, and it should be, then aggressive traders may wish to take partial positions to the long side, adding to them when the character of the subsequent actions indicates doing so. The XAU may be in the first stages of a change in character so it should be monitored on a daily basis. It goes without saying that speculations should be made in the gold stocks that will move the soonest, fastest and furthest.

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