Lesson / WY-01-07
The five steps answer five questions in sequence: Which way does the overall market lean? Which comparable instruments are stronger or weaker? Once direction has evidence, how large is the move estimated from the structure and point-and-figure chart, and does the current price still offer suitable room? Has the current structure begun to move? Have the earlier premises changed during the wait? Even a striking local signal cannot compensate for unclear broad direction or insufficient reward.
Course content is for learning and research only. It is not investment advice.
Read the Chapter ↗Timestamps
7 lessons · Chapter contents
01Step One: Establish the Overall Market’s Position and Probable Direction↗02Step Two: Select Instruments Aligned with Market Direction and Suitable Relative Performance↗03Step Three: Assess Whether the Established Cause Supports the Expected Target↗04Step Four: Assess Whether the Instrument Is Ready to Move↗05Step Five: Time Participation with the Overall Market↗06Dependencies and Reassessment between Steps↗07Redefinition and Adaptation beyond Stock Selection↗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 Composite Operator Model and Strategic Interaction in Trading
