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Visual templates
for market timing decisions By Hank Pruden and Max von Lichtenstein

2004 11 51 “ 1
” Wyckoff —— A E: Wyckoff A
“ ” “ ” “ ”
B… C D…
Wyckoff Wyckoff
Wyckoff (PS)

—— —— SC) …

Wyckoff (AR) …
·G· 1934

(ST …… SC
SC
( 2004 10
2005 6 “ ”

Wyckoff
SP SO

Wyckoff

“SP” “TSO”

1
(JAC)
——SOS--- ----( )
Wyckoff / BU LPS —— SOS

(TR) SOS LPS

TR

cause)
/

Wyckoff

1
TR
TR
TR

A
A
PS SC

AR
(ST) SC Source: The Anatomy of a Trading Range” by Jim Forte CMT, Market Technicians’
SC AR Association Journal, Issue 19, 1994

A
SC )

6 MARKET TECHNICIAN Issue 55 – March 2006

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TR ( )
PS SC ST ???? a

1 1 “ ” 9 10 “
” 12 11 13 “
A Wyckoff A( ” “ ”
2 3 ) A 13 Major LPS
B E

D
B TR

B
E

B E TR
TR
TR TR ,( 8 11 13 14
A, B, C D 1) B ,
C TR /

C 1

C SC TR
SP SO ,

SP
SP “ ”

“ ”

THE “JUMP” ACROSS THE CREEK” ANALOGY

TR

TR ” “ ”
” ·G· ·D·
/
·G·
“ ” JAC
1 8 7 SO SP
10 8 ST
“ ”
8 7
SOS
D SP ST
Defining the Jump
D

BU ——
:
(SOS) (LPS)

W SOS (BU )
SOW

. Wyckoff
Wyckoff

2 3 Wyckoff
TR

(
)

TR TR

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“ ” “ ”

2
C
2 3
B C 2 10
A E… (TR)
LPSY … 2/ SOW
11 SOW b .SOW
(PSY) …… 11 “ ” LPSY

LPSY
2 3 11
(BC) ……
2/ 13 11 M
/
Maior LPSY
(AR) …
LPSY UT SP
AR BC
(TR) “ ”——
UTAD 3
(ST) ……
11 SP
TSO UTAD TR TR
TR
BC

(SOW) … 9
10
“ SCHEMATIC 3
TR
”

UTAD
…

3,C TR
11 “ UT”(UTAD)
TSO

,
TR TR ,
TR,

TR TR
TR TR

D
Source: “The Anatomy of a Trading Range” by Jim Forte CMT, Market
Technicians’ Association Journal, Issue, 19 1994 D C
D
A “ ” UTAD SOW

A D
PSY 1 BC 2 2 3 2 3 13 15 17
AR “ ”(LPSY)
BC ST C D “ ”
A

A BC

E
( TR ), A
TR B E E TR
TR

B B

8 MARKET TECHNICIAN Issue 55 – March 2006

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/ TR

“ ”

2 3 1
“ ” TR “ ” “ ”
#2 2 4
TR
/ 2000 500
2000 3 (Nokia)
350
“ ” (
# 2) 2 (1) (2) (3) (4)

540
(4)
7 3 - 4 (PSY)
500
Major LPSY
“The Ice Story.”
“ ” SOW 2000 8
425 (Nokia)

NOKIA CHART 1

“SP”

2 WyCKOF

NOKIA CHART 2

SCHEMATIC 4

ST

“SP” ) 2
LPSY(2) PSY LPSY

LPSY(2) (3) (
)
2004 100

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3. NEW SCHEMATIC: ACCUMULATION

Gradient of Ascending Bottoms
“
” Wyckoff

Source: Michael Östlund & Company

NOKIA CHART 4 UTAD ·D·

HL
LH #2
.

“
”
“ ”
Source: Michael Östlund & Company

2004 7 8 (SC) (AR)

(ST)
110
110
2004
115 2005 100
“ ” 110

115 100
2004 2005

“ ”
105
( )
Wyckoff“spring”
Wyckoff Composite Man
98 108 10
10 Wyckoff
“ ”
Wyckoff
JAC SOS JAC
104 BIBILOGRAPHY
95
Jack K. Hutson, Editor, Charting the Stock Market: The Wyckoff Method
Technical Analysis Inc., Seattle, WA. 1986
Jim Forte, “Anatomy of a Trading Range.” MTA Journal, Issue 43, Summer –
115 Fall 1994, pp. 47 – 58.
2005 Henry (Hank) Pruden and Bernard Belletante, “Wyckoff Laws and Tests.”
115 STA Journal, November 2004, London, U.K.
110
Schematics, Courtesy of Wyckoff/Stock Market Institute, Phoenix, A.Z.
/ 110 Benoit B. Mandelbrot and Richard L. Hudson, The (Mis) Behaviour of
Markets: A Fractal View of Risk, Ruin and Reward, Basic Books, United
100 States, 2004
“SP” Henry O. Pruden, “Chart Reading in the R-Mode”, MTA Journal, Issue 36,
Summer 1990, pp. 33 – 38.

BUEC Edward R. Tufte, The Visual Display of Quantitative Information, Graphics

Press, 1983, Cheshire, Conn.

110-115
i For an excellent introduction to the subject of Wyckoff Schematics see “The
100
Anatomy of a Trading Range” by Jim Forte CMT, Market Technicians’ Association
Journal, Issue, 19 1994).

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Issue 55 – March 2006 MARKET TECHNICIAN 11