You must be resolute…. strength of will is an absolute requirement as in discipline, concentration, study and a calm disposition. May your efforts bear fruit and strengthen your will to persevere.
– Richard D. Wyckoff – “The day traders bible (1919).”
Post from September 24th 2012:
If price returns into the value area (50/51), and > 1453 then watching 1457/59. If price fails 1451 and gets below 1443 then the door is open to retrace to 1428/30.
Same breakdown area and same support levels 3 times.
Looks like it is going back to the balance with MCPOC 1396.5
This is what the chart looked like at the time:
Price eventually made an RTH low of 1397.5 (globex low 1394.5).
Last week RTH chart: 1396/1428 (previous chart had Daylight savings time issues.)
Last week 24 hour chart.
This is the previous distribution:
RTH chart (gap fill).
240 minute chart:
24 hour chart shows Wed overnight probe up, Thurs rally and Friday NFP reverse rally:
Something from the e-book mentioned above:
If a stock or the whole market cannot be advanced, the assumption is that it will decline. A market seldom stands still.
Fear, hesitation and uncertainty are deadly enemies of the Tape Reader. The chief cause of fear is over-trading.