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A Wyckoff Student Notebook

Discussion in 'Trade Journals' started by Onepoint272, Apr 27, 2016.

  1. Onepoint272

    Onepoint272 Well-Known Member

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    Stopped out of SBUX. Instead of reaching 66.50, the short term P&F count, in the reverse direction, appears to indicate 60.50.

    upload_2019-1-3_9-51-27.png
     
    T0rm3nted likes this.
  2. moss_sumit

    moss_sumit New Member

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  3. Jrich

    Jrich Well-Known Member

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    Couldn't resist jumping back on this one, rubbing an axis at 28.78... Short @ 28.33, stop 30.30

    Screenshot_2019-01-07-09-31-33.png
     
    Onepoint272 and T0rm3nted like this.
  4. Onepoint272

    Onepoint272 Well-Known Member

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    Long term it has built enough cause for an upside objective of $136, but the trading range formed after weakness, that is, after a downtrend, so I would have liked to have seen more volume on this latest rally to prove demand by the big boys. Shorter term it appears the thrust of this rally is shortening (losing momentum). Today it got up to the price of the upthrust action of June 21st ($75.04) and the August highs and ran out of gas...a lack of demand at resistance. I think it might pull back. If it does you'll want to judge the character of the pull back. If it doesn't pull back and instead builds cause at the highs (forms a bullish flag) then the boyz may be absorbing sellers.

    65-minute bars:
    upload_2019-1-7_23-23-14.png
     
    Three Eyes, bigbear0083 and T0rm3nted like this.
  5. Jrich

    Jrich Well-Known Member

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    Had to go short SPY here... Been watching the 2600 level, broken briefly this morning and slammed back down..... $2x3 p&f target from the Oct-Dec range is a bleak 2130, which would be ~27% off the high (and right back to the starting point in relation to the 2016 election)

    Note: SPX chart shown, but P&F count is from SPY chart

    spx jan 15.png
     
    bigbear0083 likes this.

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