Yesterday, we had a large turnout for the free webinar we did as a preview to Chart Reading Mastery. Thank you to everyone who came! Several people registered but were unable to attend. So we have provided a link below where you can access and watch the video recording.
During the webinar, I was asked if the Wyckoff Method as I use and teach it is applicable to the popular Forex Markets. The answer is absolutely yes. It is highly applicable and quite useful. The chart accompanying this post shows a Wyckoff Spring trade currently in progress in the US Dollar – Japanese Yen (USDJPY) FX Cross market. Shown are weekly, daily and 4-hour charts in a multiple time frame view. The initial entry occurred on Friday. We are looking for a small pullback into the blue circle area as a test for a second entry. You can hear the details of the trade setup in the free webinar (link below).
FX Traders will ask about the volume displayed on the charts. Typically, the banks do not release volume (why is that do you think?). What is shown is intraday tick volume, which is the number of trades that take place (technically price changes) within the time bar of interest. Like volume, tick volume is a very useful measure of trading activity. It is also highly correlated with volume, expanding and contracting in near-step with actual volume. Because tick volume tracks actual volume so closely, knowledgeable traders have used it for decades in other markets that haven’t reported volume such as certain commodities markets. It is very useful in the FX markets, as well.
Here is the link to yesterday’s webinar: Free Webinar on Chart Reading Mastery