WY-01-02 / 03
Building, Holding, and Reducing Positions: What Is Visible
First Principles
Sam Rivera
Lesson / WY-01-02
Building a position means increasing a particular exposure, holding means that exposure remains, and reducing means its quantity decreases. Hedging may increase an individual position while lowering the account’s overall net risk. Public price and volume record transaction outcomes and cannot directly distinguish opening, turnover, closing, or hedging. Futures open interest adds information on changes in the total number of outstanding contracts but still cannot independently identify specific new longs or shorts.
The course video is not yet available. This interface demo uses a separate MT animation, not the lesson video.
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8 lessons · Chapter contents
01Meaning and Purpose of the Composite Operator↗02Strategic Interaction: Participants’ Objectives, Choices, and Constraints↗03Building, Holding, and Reducing Positions: What Is Visible↗04“Major Operators’ Intentions” as a Candidate Explanation↗05Observable Information and Inference↗06Replacing Speculation about Major Operators with Testable Conditions↗07Applying the Model across Markets↗08Updating Composite Operator Scenarios with Evidence↗The course transcript will be available with the finished video. The captions below belong to the interface demo.
Observe the market: start with context and place price within its structure.
Understand structure: compare supply and demand, and let evidence support or revise your hypothesis.
Form a view: define risk limits and know when to reassess.
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What the Wyckoff Method Studies
The Law of Supply and Demand: Understanding Price Changes
