dla133

I have read too many trading books over the last 5 years. Of all the trading books this one has had the most impact. I was a little confused to what it was trying to tell me at first, however when the penny dropped it really dropped. Do yourself a favour and read this book. Thanks DP for introducing this to me.

HI, The link to the book does not work? To which book are you refering too? Kind Regards Lee

Thanks, I'll take a look at that.

I have been looking for long term commodity prices to compare were the price is now to where its been in the past. I trade using IGINDEX and they only show price history for commodities for the curent contract. This means if the contract is 2 weeks old then you can only see prices for the last 2 weeks. Not much good if you are looking for a long term view. Anybody have any suggestions? Kind Regards

HI, Where would I download the following for free from? Hank Pruden - The Wyckoff Method - Analyzing Price and Volume Movement Using Mass Psychology. Wyckoff by the Action-Sequence Method: An Effective Way to Teach and Learn Technical Market Analysis Cheers Lee

Hi DugDug, Thanks for clearing a few things up. You seem to have a good grasp of this strategy. You mention some books that explain this in detail. Do you know the title of any books which you would recommend that I read to learn more on this? The reason this strategy appealed to me was the opportunity of making consistent profits over the long term which would maybe help me subsidise my share trading as a second source. If anybody else on this site who reads this post is already using this strategy from the UK with long term success I would love to hear from them. Thanks again Dug Dug. Lee

Hi, I have traded shares over the last few years with some success. However I keep hearing claims of using a covered call strategy to get a 3% - 6% profit each month. Apparently you buy the share and the covered call at the same time. You get paid for the covered call which gives you an income. I understand that if the stock goes up you will only get the capital gain up to your strike price (You make a profit). I also undertsand if the share stays flat then your covered call will expire and you keep the premium and the shares. (make a profit). You can then write a covered call again. However I don't understand what happensif the share drops in value. I understand that your capital will go down with the share priice, but what happens to your covered call? Can you sell your shares and the covered call at some point below what you paid and still make money because you collected a premium? They say a little knowledge is a dangerous thing, and that is what I have with this subject, a little knowledge. I would also be trading from the UK so I'm not sure of the restrictions and who i would use to try this strategy out with a demo account. I'm sure this strategy has been around for some time with quite a few people trying to sell courses on it. (Investment Mastery, Cash For Life or The Protected Trader etc). Can anyone help me understand this strategy better and what the pitfalls reaaly are. Kind Regards Lee

Hi, How did Wyckoff track and determine who was doing what to who? Kind Regards Lee

Thanks for your reply. The reason I like this forum so much is that you get people out there who can clear away the fog and put you back on the straight and narrow. Your right, I should stop worrying about who is doing the buying and selling and just concentrate on what I see and believe.

If we forget about strong and weak holders. Can the price be manipulated so that traders are stoped out because all the stop orders are known? For example if the current price is 73 and there are a lot of traders with a stop order at 69. Can the market price be dropped so that the stops are hit. So many times I see price droped like in a shakeout which catches a lot of traders out just before the price then starts to move up. Its almost like somone is sat there, who can see all the orders and is manipulating the price to their advantage. Maybe I have been watching too many programmes like the X files and Fringe!

Thanks for the replies, I suppose what I am getting down to really is how can you determine if you are really on the same side as the market movers or you are the Patsy (Using poker terminology) being bought from or sold to? Kind Regards

HI, I have a question for those people out there that have a greater understanding about price movements with regards to supply and demand than I do. I understand the if supply is greater than demand prices will fall. I also understand if demand is greater than supply than prices will rise. However I have heard about how markets can be manipulated so that weak holders are forced to sell at low prices by strong holders and how strong holders can get weak holders to buy at high prices for fear of missing out. This makes me think that there is almost a conspiracy were price is being manipulated somehow. This is were my confusion starts to come in. :doh: How do the strong holders get the price to move to a certain level without first buying or selling. Is this done by them placing orders to buy at low prices and then the market makers moving the price lower to force the weak holders to sell from fear of losing all their money. The same is true in reverse were the strong holders make offers to sell at high prices and the market makers moving the price up causing the weak holders to get nervous that they are missing out and buy at a high price with no one to sell to so the price then falls again? If market manipulation is true in the favour of the strong holders then to become a successful trader you almost have to do the complete opposite of what comes naturally. Look to buy when everyone else is panicing and selling and look to sell when everyone else is becoming greedy and buying. Some people talk about how the strong holders can not hide their activity due to the high volume like how they buy into a selling climax and sell into a buying climax. You only know for sure that one of these has probably taken place when there is a test which confirms it. However could a selling climax or a buying climax not be a strong holder doing the complete opposite also and selling into a selling climax and buying into a buying climax? So I suppose what I am really asking is how do you know who is really moving the market, is it weak or strong holders. For clarity I refer to weak holders as the general public who lose money and strong holders as the professionals who make money. Kind Regards Lee

I'm not sure as I am not a student of VSA. He talks about wyckoff volume analysis in the first DVD and then relates that to candle charts in the second. I myself don't want to learn different candle formations like shooting stars etc. I want to learn what is behind the candle formation rather than just recognising patterns, and understand why the price pattern has formed.

I have purchased the 2 DVD set from Todd on Wyckoff. I also have the SMI study course and DB's book. Does everybody who wants to learn Wyckoff need to do this. Probably not. However for me I was struggling with some of the aspects and I learn better from watching rather than reading. This is were Todds dVD's have been so usefull. I have had so many a ha moments. Many times saying to myself, oh thats what they mean. So for me if you are trying to learn Wyckoff and still struggling and you have tried several resources give Todd a try. However if you already know Wyckoff and understand the principles then you have no need for them. Cheers Lee

Hi Kiwi, Thanks for the reply. I should maybe consider myself lucky in discovering Wyckoff before Gann. Kind Regards