Wyckoff by the Action-Sequence Method
An Effective Way to Teach and Learn Technical Market Analysis
Author: Hank Pruden
Running Time: 90 minutes
Workbook Length: 39 pages
In this session, Hank introduces his Action-Sequence method of learning, a uniquely effective technique for enhancing teaching and learning skills that calls upon participants to interact in a way that goes well beyond a basic workshop. You will be part of an action-feedback-replay exercise in which you will conduct an ongoing technical analysis exercise, monitoring the daily vertical line chart of a market index. Hank provides you with all of the appropriate Wyckoff principles and techniques, and then conducts his session as an “open book” exercise.
First, you examine an ACTION form. You will be asked to reconstruct the chart price and volume, and interpret the present position and probable future trend of the market. You will also be requested to judge the underlying motive of the “Composite Operator” and take definite action: buying, selling, or remaining neutral.
You will then exchange your ACTION sheet for a FEEDBACK sheet which will retell what actually took place (interpreted using the Wyckoff Method). You will then compare your expectations, based upon your ACTION form, to the actual results.
Finally, you will proceed to a REPLAY sheet (another version of the ACTION sheet), which gives you the opportunity to rectify past mistakes or reinforce past successes. Upon completion of the REPLAY sheet you will receive the next ACTION sheet in the sequence. You will continue through the action-feedback-replay cycle until the end of the chart data. This workshop provides you with an opportunity to learn from your own mistakes under the guidance of an expert. At the conclusion of this exercise, you will have learned the principles of the Wyckoff Method of technical analysis and trading. Through repeated applications in a simulation, this interactive session will enhance both your trading skills and your ability to judge critical trading situations.
About The Author
Hank Pruden is a professor in the School of Business at Golden Gate University in San Francisco, where he has been teaching for twenty years. He is also the executive director of the Institute of Technical Market Analysis (ITMA). At Golden Gate, he developed the first accredited courses in technical market analysis in 1976. Since then, the curriculum has expanded to include advanced topics in technical analysis and trading. In his courses, Hank emphasizes the psychology of trading as well as the use of technical analysis methods, and he has published extensively in both areas. Hank is more than a theoretician. He has actively traded his own account for the past twenty years. His personal involvement in the market ensures that what he teaches is practical for the trader and not just abstract academic theory. Hank has coached institutional traders in the field of technical analysis for many years. He is presently on the board of directors of the Technical Securities Analysts Association of San Francisco and was formerly president of that association. Hank also sits on the board of directors of the Market Technicians Association (MTA). The MTA is the world’s leading association for the dissemination of technical analysis information. The MTA’s sister organization, the IFTA (International Federation of Technical Analysts), certifies analysts worldwide. Hank edits The Market Technicians Association Journal, the premier publication of technical analysts. From 1982 until 1993, he was a member of the board of trustees of Golden Gate University.