‘Logical Price Action: Utilising Wyckoffian Principles in Modern Times’: Lecture by William Reardon 8 October 2019 18:30 BST
Invited by STA Executive Committee member David Watts to give this talk (who’d heard about him through the www.trade2win.com forum for active traders), I introduced myself and apologised for knowing nothing about his subject. Unfazed, William told me he was the founder of Feibel Trading Ltd., a firm specialising in exploiting supply/demand imbalance, trader development and education.
His emphasis on teaching came across clearly in his measured tone, calm demeanour and pace – and his confident use of Mark Tennyson D’Eyncourt’s old-fashioned pointer. He said it might be difficult for him to keep to the suggested 45-60 minute talk, ‘’I could talk for hours’’ but ‘’before I begin, I’d like to say a few brief words about technical analysis’’. I prepared for the long haul; fifteen minutes later we were still on the introductory slide.
His first chart was a day’s worth of 5-minute bars of the e-mini S&P 500 with volume and GMT time along the bottom (Ninja Trader is his charting package). A detailed look, bar by bar, began with him saying, ‘’look into this reaction from a macro perspective’’ – on a 5 minute microcosm of time. His focus on volume relative to the height of the price bar was interesting, but I was a little worried when he called the height of the bar ‘’the spread’’, and when asked about FX volume he answered, ‘’volume, even with FX, is relative’’.
In fact, a lot of his talk was peppered with faux-trader speak, words of wisdom and bon mots. Things along the lines of: ‘’most traders are unwilling to work to master their craft’’, ‘’don’t wait, just let the market pull you in’’, ‘’you have to take the trades’’, ‘’the tell’’ and ‘’we’re trading up the sprint’’. I could go on, but you get my drift.
At 19:22 we move on to slide 3, the same e-mini but with the following day’s price action tacked on (I think it might be 26 February but the price scale was 2762 to 2789); no volume. When asked what his exit strategy is, he’s rather vague. On cue, David nudges him saying he’s only got 5 minutes left.
Chatting later one STA member’s reaction was, ‘’you’ve got to be organised in your presentations’’, though Jeff was more enthusiastic pointing out that William ‘’got a lot of discussion going’’. I still don’t really know what Wyckoff’s method is.
Tags: Accumulation, Distribution, Technical Analysis Course, volume, Wyckoff
The views and opinions expressed on the STA’s blog do not necessarily represent those of the Society of Technical Analysts (the “STA”), or of any officer, director or member of the STA. The STA makes no representations as to the accuracy, completeness, or reliability of any information on the blog or found by following any link on blog, and none of the STA, STA Administrative Services or any current or past executive board members are liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. None of the information on the STA’s blog constitutes investment advice.
- Are you a numbers person? And does that make you a metrologist? July 28, 2022
- Celebrate International Technical Analyst Day (09/09/2022) July 28, 2022
- European Central Bank’s turn to blink: Raises key interest rate from negative to negligible July 21, 2022
- STA, ACI UK & THE BROKER CLUB JOINT PANEL DEBATE: THE OUTLOOK FOR CRYPTO IN 2022 – PART II July 14, 2022
- ‘Real Time Risk Management in Volatile Times’: Practical Approaches for Digitising Risk to Gain Trading Advantage July 8, 2022
- A fireside chat with author Jack D Schwager: He of Market Wizards fame on
- Market Wizards – and their lesser known cohorts: Jack Schwager hits the book launch circuit on
- Colours, clashes and clichés: How and why use colourful charts on
- Do you know Aroon? I do, but not very well on
- Must read classics: Richard W Schabacker – the real bible of technical analysis on