威科夫Wychcoff交易法

威科夫Wychcoff交易法

(2013-06-12 15:57:32)

标签： 股票

Terminology for the abbreviations

AR	Automatic rally or reaction
BC	Buying Climax
BOI	Backing up to ice
BTI	Breaking the ice
BUEC	Backup to edge of creek
CREEK	Critical support
FTI	First time over ice
ICE	Critical resistance
JAC	Jumping across the creek (or JOC)
LPS	Last point of Support (Demand)
LPSY	Last point of Supply
MD	Mark down
MU	Mark up
PS	Preliminary support (Demand)
PSY	Preliminary supply
SOS	Sign of strength
SOW	sign of weakness
ST	Secondary test
TSO	Terminal shake out (Spring)
TUT	Terminal thrust
UTAD	Up thrust after distribution
SC	Selling Climax
TR	Trading Range
UT	Up thrust

SCHEMATIC 1
Accumulation Schematic

Phases A through E: Phases through which the Trading Rangepasses as conceptualised by the Wyckoff method and explained in thetext.
Lines A and B… define support of the Trading Range.
Lines C and D… define resistance of the Trading Range.
(PS) preliminary Support首次支撑位… is where substantial buying beginsto provided pronounced support after a prolonged downmove Volumeand spread widen and provide a signal that the downmove may beapproaching its end.
(SC) Selling Climax卖出高潮… the point at which widening spread andselling pressure usually climaxes and heavy or panicky selling bythe public is being absorbed by larger professional interests atprices near a bottom.
(AR) Automatic Rally自动反弹… selling pressure has been pretty muchexhausted. A wave of buying can now easily push up prices which isfurther fuelled by short covering. The high of this rally will helpdefine the top of the trading range.
(STs) Secondary Test(s)第二次测试… revisit the area of the SellingClimax to test the supply demand balance at these price levels. Ifa bottom is to be confirmed, significant supply should notresurface, and volume and price spread should be significantlydiminished as the market approaches support in the area of theSC.
The “CREEK小河” is an analogy to a wavy line of resistance drawnloosely across rally peaks within the trading range. There are ofcourse minor lines of resistance and more significant ones thatwill have to be crossed before the market’s journey can continueonward and upward.
Springs or Shakeouts(洗盘） usually occur late within the tradingrange and allow the market and its dominant players to make adefinitive test of available supply before a markup campaign willunfold. If the amount of supply that surfaces on a break of supportis very light (low volume), it will be an indication that the wayis clear for a sustained advance. Heavy supply here will usuallymean a renewed decline. Moderate volume here may mean more testingof support
and to proceed with caution. The spring or shakeout also serves thepurpose of providing dominant interests with additional supply fromweak holders at low prices.
Jump Across the Creek (JAC)跳过小河 is a continuation of the creekanalogy of jumping resistance
and is a good sign if done on good spread and volume – a sign ofstrength (SOS).
Sign of Strength (SOS)强势信号… an advance on good (increasing) spreadand volume.
Back Up (BU) to a Last Point of Support (LPS)最后支撑点 – a pull back tosupport (that was resistance) on diminished spread and volume aftera SOS.
This is good place to initiate long positions or to add toprofitable ones.
Note: A series of SOS’s and LPS’s is good evidence that a bottom isin place and Price
Markup has begun.

Distribution Schematics
Schematics 2 and 3 show us two model variations of distributionTrading Range.
Phases A through E…phases through which the Trading Range (TR)passes as conceptualised by the Wyckoff method and explained in thetext.
(PSY) Preliminary Supply最初供应点…is where substantialselling begins to provide pronounced resistance after anupmove.Volume and spread widen and provide a signal that the upmovemay be approaching its end.
(BC) Buying Climax买入高潮… is the point at which widening spread andthe force of buying climaxes, and heavy or urgent buying by thepublic is being filled by larger professional interests at pricesnear a top.
(AR) Automatic Reaction自动回调… with buying pretty much exhausted andheavy supply continuing an AR follows the BC. The low of thisselloff will help define the bottom of the Trading Range(TR).
(ST) Secondary Test(s)第二次测试… revisit the area of the Buying Climaxto test the demand/supply balance at these price levels. If a topis to be confirmed, supply will outweigh demand and volume andspread should be diminished as the market approaches the resistancearea of the BC.
(SOW) Sign of Weakness弱势信号… at point 10 will usually occur onincreased spread and volume as compared to the rally to point 9.Supply is showing dominance. Our first “fall on the ice” holds andwe get up try to forge ahead.
The ice冰面… is an analogy to a wavy line of support drawn looselyunder reaction lows of the Trading Range. A break through the icewill likely be followed by attempts to get back
above it. A failure to get back above firm support may mean a“drowning” for the market.
(LPSY) Last Point of Supply最后的供应点… (Schematic 2/Point 11): after wetest the ice(support) on a SOW, a feeble rally attempt on narrowspread shows us the difficulty the market is having in making afurther rise. Volume may be light or heavy, showing weak demand orsubstantial supply. It is at these LPSY’s that the last waves ofdistribution are being unloaded before markdown is to begin.
Schematic 2/Point 13: after a break through the ice, a rallyattempt is thwarted at the ice’s
surface (now resistance). The rally meets a last wave of supplybefore markdown ensues.
LPSY’s are good places to initiate a short position or to add toalready profitable ones.
(UTAD) UPthrust After Distribution派发之后的上冲，向上洗盘… (See Schematic3/Point 11). Similar to the Spring and Terminal Shakeout in thetrading range of Accumulation, a UTAD may occur in a TR ordistribution. It is more definitive test of new demand after abreakout above the resistance line of the TR and usually occurs inthe latter stages of the TR.
If this breakout occurs on light volume with no follow through oron heavy volume with a breakdown back into the centre of thetrading range, then this is more evidence that the TR wasDistribution not Accumulation.This UTAD usually results in weakholders of short positions giving them up to more dominantinterests, and also in more distribution to new, less informedbuyers before a significant decline ensues.

There is a formal Wyckoff education process from 'Wyckoff StockMarket Institute' .
(Note: Readtheticker.com have no association with the institute nordo we have an opinion on their products.)

The Wyckoff Way

When you understand the Wyckoffian phases of the market, you candetermine when to be in or out of the market. You begin tounderstand how the large accounts determining market the trend,change of trend and price action. Consider the below application ofWyckoffian terms to the modern day SP500.