Upthrust (Gartley)

10 de set. de 2017

I am in no way an expert in Harmonic patterns, however, this looks like a Gartley pattern to me. The exact levels may not be perfect to a diehard harmonic trader, but I have always been taught that if price action looks close, then you trade it like that pattern. So anyways, back to Wyckoff, we have a buying climax (BC), followed by an automatic reversal (AR), then a secondary test (ST), then a higher low, followed by a higher high (ST) above the first ST. I generally trade this higher high ST above the first ST as an upthrust (UT), even though a strict Wyckoffian would probably disagree, but sometimes that is as high as it will go in its test of the BC. Full Disclosure: no open trade at this time as I only found it today. However, if price doesn't gap down on Monday, or better yet a small gap up (for a better R:R), then I'll be initiating a short trade. Probably in a long put and/or a credit call spread. Good trading all.

PS - Ignore the prices on the abbreviations, they are not stock symbols.

12 de set. de 2017

Nota

Long puts yesterday, late morning, got hammered. Still sticking to my plan. Exit on close above 171.90 if it continues up.

18 de set. de 2017

Nota

Got killed. Like all distribution vs re-accumulation patterns, you don't really know which it is until the pattern plays out. Obviously its re-accumulation, looking for a pullback (BUC-Back Up to the Creek), to enter long. Good trading all.

18 de set. de 2017

Nota

With that said, UT's and SP's are definitely higher risk trades because you are trying to predict how the trading range plays out. Many Wyckoff followers don't enter trades until these trading ranges play out. Then they enter the tests of the range boundaries, which is considered to be a lower risk entry (AKA breakout pullbacks). Good trading all.