Hey Flash, I'm not sure how useful the following will be, but...

Hey Flash, I'm not sure how useful the following will be, but I've attempted to attach an article called "Wyckoff Schematics - Visual Templates for Market Timing Decisions" which I found useful. I'm far from a black-belt in Wyckoff, but in general I reckon Wyckoff is pretty flexible where often the understanding of the intention and potential outcomes of various tests and the "cause" being built is more important than getting the labelling absolutely correct. I'd imagine adding Wyckoff principles has added a different and complimentary perspective to your EWT background so far? To me there's a lot less "rules" than EWT!

Wyckoff theory is largely about Trading Ranges and trying to identify what various tests during the TR are telling you about potential future direction and strength once price moves out of the range. The change of character caused by a Phase A "stopping of the existing trend" is a result of the whole process of Phase A - so in the case of an uptrend, the initial PSY Preliminary Supply, the following BC Buying Climax, AR Automatic Reaction and ST Secondary Test. So the change of character in the Wyckoff sense hasn't completed or can be identified until this is done. Picking individual turning points using things like divergence to identify a change of character is different but I think can help or compliment the application of Wyckoff methods.

So again using an uptrend example, basically every higher pivot before a pullback is a PSY Preliminary Supply level, and so every higher pivot after that can be marked as a "potential" Buying Climax - until it's not! The BC really can't be locked in until the AR and Secondary Test have occurred and the Phase A "stopping of the existing trend" has completed. If price happened to keep going up to a significant higher pivot, then the penciled in BC would then become the next PSY. There's obviously a bunch of techniques to help try to pick the BC early like obvious VSA volume climactic action for example, but the BC does not have to have a high volume event associated with it- particularly if there's been previous profit taking pauses along the way up and it can look more like buying exhaustion.

The second change of character is during Phase D where after some serious testing during Phase C, demand or supply becomes more dominant and establishes a pattern of advances - SOS Signs of Strength - which again can be labelled various things but should give clues that the markup is beginning. I thought I'd identified this phase early with LTR after a Spring coincided with a bullish divergence I spotted and price seemed to be building strength within a volume shelf centered around the AR level. Sure enough a breakout of the wedge occurred and then some higher highs and lows before being smacked back at the final breakout. But I got an entry after the Spring and added just before the wedge breakout so I was happy with the trade regardless. It didn't follow through so I have to consider that run up as another Phase C test. I still see the previous action as building a cause for an eventual markup, but things can change, big players can shift their positions so who knows? Today's high-closing ultra high volume bar is a potential VSA "stopping volume" bar which hopefully confirms to be a strong sign of strength. Notice how it pulled up short of the level of the previous Spring so far - interesting right?

Anyway, enough rambling. Have a good evening.

WyckoffSchematics-VisualTemplatesForMarketTimingDecisions.pdf