chd850

Not to discourage, but one day may not be enough to gain confidence on anything. And the Wyckoff way is actually very hard to backtest. (Tons of screen time is the only way I can think of now.) For example, how do you define a BO, at what level? That alone can be very subjective, not mentioning the various conditions before the BO. For systematic backtest, and especially BO, you may want to look into the original turtle strategy by Dennis and Eckhardt, which may fall out of the scope of this forum...

I find the option 1 risky, as either a fakeout, a reversal, or a congestion (maybe less so) around there will stop you out. Plus you missed the potential from the support or midpoint to the BO point. The idea to enter long around support is that you can have tight stop, and the flexibility to reverse if price break through the S. That may be why the W's think risk is minimized around S/R. The option 2 can be viewed as entering around a short term S. But you are right, it all depends on the context.