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Strategies & Market Trends : Timing the Trade the Wyckoff Way
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To: coferspeculator who wrote (92)5/22/2004 8:22:27 AM
From: coferspeculator  Read Replies (1) of 14340
 
Friday, the market experienced another intra-day failure to the upside and closed in the middle of slightly increased spread on sustained volume, ending the day in a neutral position. The intra-day failure was a result of the failure of demand.

For nearly two weeks the market has remained in a trading range in which demand has shown little inclination to try to take the market out of the range to the upside. On the few occasions that demand has made an effort to do so it has been met by supply. At this time supply is not following prices downward.

During this period the market has been building up cause for the next move. If the market remains in this trading range for another week enough cause will have been built up to take it back towards the top of the range for the year or enough to satisfy second phase targets to the downside.

Either case will provide a good opportunity for taking new positions but taking them at this moment without any strong evidence of how the range may be exited is risky. Those holding short positions from earlier highs might wish to consider adding to those positions on bulges. In this situation, as well as all other instances in which a position is being considered, those taking positions should recognize that there is a good likelihood that they could be shaken out so close attention to how the stops are set is needed. In these situations making sure that the risk/reward ration is strongly in your favor to offset the increased possibility of stops being hit should be a priority.
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