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YOU HAVE TO READ THIS!
If you finished a terrible week last week and started an even worse one, and the market stripped you bare like it did me, I recommend that you drop everything and start with a good theory written and devised by an American ace, Richard Wyckoff.
You can look it up and find it on various sites and in different formats: the Wyckoff Method.
Richard Wyckoff (1873–1934) was a pioneer in applying technical analysis to the study of financial markets. He is considered one of the Five Titans, alongside DOW, Gann, Elliott, and Merril.
He had a magazine, “The Magazine of Wall Street,” with more than 200,000 subscribers.
He was able to observe the movements and campaigns orchestrated by legendary operators such as JP Morgan and Jesse Livermore, recoding their best practices into laws, principles, and operational methodologies for money management and mental discipline.
“... all fluctuations in the market and in all stocks should be studied as if they were the result of the operations of a single operator. Let us call him the Composite Man, who, in theory, sits behind the scenes and manipulates prices. This puts you at a disadvantage if you do not understand the rules of the game as he plays it; but to your benefit, you do understand them.”
(Richard D. Wyckoff Course in Stock Market Science and Technique, section 9, p. 1–2)
The Method, in five steps.
1. Determine the market’s current position and probable future trend.
• Consolidation/Trend
• Structure, Supply–Demand
• Long/Short position
• If we don’t know, we don’t trade.
• Bar and Point-and-Figure charts.
Analytical Hierarchy
A deductive analysis is recommended, from macro to micro, studying the structure through a multidimensional analysis.
1. General market trend.
2. Trend of the asset’s industry.
3. Business trend of the company (collateral)
Market trend:
- Long term
- Intermediate trend
- Short term or intraday.
DON’T GIVE UP#binanceargentinaoficial