Well... “Katana-sharpness level” turned out to be more like a “Baseball bat butt to the head”, but it got me interested. A few Months of pondering indicators, patterns (Schabacker why?! don’t @ me!), point and figure and all that Jazz.
Richard Wyckoff. God how I love Richard Wyckoff.
I find his books, there’s truth here, I can feel it.
I keep digging. I find his original course. I loan it from the Internet. I begin to read.
Mhmm yeah, ok, ok... chapter 7... wait what?!
For those unfamiliar, chapter 7 of the original Wyckoff course is where he gets into price-volume behavioral analysis, which is at the core of his method.
Re-read. Re-read. This is a foreign line of thinking... wait maybe he means... no that doesn't make sense. Re- read. Re-read. Starting to get it.
After about three months I had a good understanding of the principles and I started to watch for them in the market.
6E. Euro futures. Intraday. Was I in for a surprise or two.
The first surprise was nice, it was there, Wyckoff did indeed teach me an effective perspective on markets. The second surprise was partly due to the fact that Wyckoff traded stocks, for large swings, in a much slower time, not exactly the same kind of beast so to speak. Futures... Intraday... so brutal.
Another thing I overlooked then was that he was also a Tape Reader. More about that later though.
I was feeling it, I’m smarter and more knowledgeable than all those sheep, I can explain the manipulations. I win, I lose and then... I freeze.
I can’t take the trade, even on sim. Cue in surprise, frustration and shame.
And thus I sat there, watching charts for hours every day, can’t press the fucking buy or sell, even on sim. What the hell is wrong with me?!
Richard D. Wyckoff, your kindness echoes in eternity, may you forever Rest In Peace.