Wyckoff Unleashed Beginners Course

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Lessons

Foreword

Author: Todd Butterfield

This is a method of judging the stock market by its own action. It is intended for the individual investor/speculator. This course has been planned and prepared for those who desire to safeguard their invest­ment capital…

The Basic Law Of Supply And Demand

Author: Todd Butterfield

The Basic Law of Supply and Demand governs all price changes. The best indicator of the future course
of the stock market is the relation of supply to demand. Stated simply, a stock’s
value begins to decline when the number of shares offered exceeds the number of bids for purchase. This
type of market…

Judging The Market By Its Own Action

Author: Todd Butterfield

No one can deny that in markets throughout the world, the big fish eat the little ones. Large operators
could not operate successfully without the large number of people making up the public. The public is
used so large operators can more easily do the trading they choose to do. Tape reading and chart
reading enable on…

Charts

Author: Todd Butterfield

Many of the principal moves in the stock market are made by large operators (i.e., hedge funds, mutual funds,
well-informed insiders) whose work we must detect and follow. When important interests are
accumulating a stock, a study of the transactions will frequently disclose the fact. Not in every
case, but in the…

Buying and Selling Waves

Author: Todd Butterfield

Every upward or downward swing in the stock market, whether it amounts to many points,
only a few points, or fractions of a point, consists of numerous buying and selling waves. These waves
run just long enough to attract a following. When this following is exhausted for the time being, that
wave comes to an…

How A Campaign Is Conducted

Author: Todd Butterfield

After we have determined the position and probable trend of the general stock market and
have examined the action of the various stocks to see which are most likely to follow or lead
the market as a whole, we must single out those individual stocks that are in the best position
for our…

Market Technique and Volume Studies

Author: Todd Butterfield

Before moving on to further studies, we will summarize what we have learned in the previous sections.
Supply and Demand. Always keep this in mind: prices move up and down in accordance with the Law of
Supply and Demand. This is true of the stock market as a whole, and of every individual
stock on the…

Significance Of Trend Lines

Author: Todd Butterfield

To draw an analogy from physics, we could say that when a stock is being accumulated, it is
storing up a force of demand which, when later released, provides the momentum for the ensuing
upward movement. When the force of this accumulative demand is released, it gives the price
movement momentum that it tends…

Chart Studies – Vertical Charts

Author: Todd Butterfield

As we have seen from preceding lessons, the four principal phases of a market campaign are: 1)
Accumulation 2) Marking Up 3) Distribution 4) Marking Down When a stock is in phase 1 or 2
it is said to be in a bullish position. When in phase 3 or 4 it is in a bearish position, or its behavior may be
indicating…

Chart Studies – Figure Charts

Author: Todd Butterfield

The main subject of this lesson is figure charts, figure chart counts and the count guide. The lesson will
have several objectives. They are to outline the use of figure charts and the count guide, and to discuss
the coordination of vertical charts with figure charts. In working with the charts for this lesson we may…

Buying And Selling Tests

Author: Todd Butterfield

Coordinating Your Studies In reading over the preceding sections, it may seem to you that the analysis of
the market’s action and the behavior of individual stocks is quite complex, requiring a large
expenditure of time and effort. This is a perfectly natural reaction and one that is common to all
students…

Refinements

Author: Todd Butterfield

In this section we discuss certain market phenomena which you are likely to encounter at various times.
The first of these phenomena is the shake-out. There are two types of this phenomenon: (1) a terminal
shake-out, and (2) an ordinary shake-out. We will also show an example of a “Springboard” which you
will encounter…

Stop Orders

Author: Todd Butterfield

The first rule in successful trading and investing is: Cut losses short. E. H. Harriman, who was once a
broker on the floor of the New York Stock Exchange, said, “If you want to be a successful trader, kill your
losses.” As a floor trader he used to close out a trade if it went l/2 to 1 point against him. You, who
pays…

Accumulation

Author: Todd Butterfield

To begin, let us define accumulation. Accumulation refers to the process of establishing an investment
or speculative position based on professional interests in anticipation of an advance in market price. This
may be done in order to secure a large block of the stock before the market rises. The motive
is…

Jump Across The Creek

Author: Todd Butterfield

The purpose of this lesson will be to discuss with you the analogy of the jump across the creek story,
where it fits into accumulation, how you can analyze it and use it to take a speculative position for
potential profit with a minimum of risk. The jump across the creek story is an analogy used to illustrate
what can…

Distribution and the Upthrust After Distribution

Author: Todd Butterfield

The main subject of this lecture will be distribution, it will also cover the principle of the upthrust after
distribution. The purpose of this lecture will be to discuss with you the process of distribution, where it
fits into the cyclical process, how to analyze areas of distribution, and how you can take a position…

The Wyckoff Wave Index and the Optimism-Pessimism Index

Author: Todd Butterfield

The main subject of this lesson is the Wyckoff Wave Index and the Optimism-Pessimism Index.
The purpose of this lesson is to discuss with you the origin, construction and the use of the Wyckoff
Wave Index. To introduce the Optimism-Pessimism Index to you, and to discuss the
coordination of the Wyckoff Wave…

The Force

Author: Todd Butterfield

Because market action is measured in both price spread and volume, no single index average or
indicator is enough for a trader to be able to interpret what is actually happening in the stock market.
Each Wyckoff trading tool has a specific function. When used together, they provide important clues
that help the Wyckoff…

The Technometer

Author: Todd Butterfield

The Wyckoff tools of Optimism-Pessimism, Force, and Technometer when combined with price and
volume provide a variety of indications that are helpful in determining direction and timing. Some of
these are easier to use than others. The Technometer is the Wyckoff tool that tells us when a particular
index, or individual…

General Instructions

Author: Todd Butterfield

CAUTIONARY SUGGESTIONS Your undertaking to learn this Method is evidence that you intend to
reverse the rule of the public which is to monkey with the stock market buzz-saw before it
knows what makes the wheels go round. As in any other business or profession, art or science, it is
essential that you lay a sound…

Market Philosophy

Author: Todd Butterfield

Cautionary Suggestions Continued The two elements vital to success in the markets are: (1) Knowledge
of the principles taught in this Course and (2) Ability to apply these principles correctly. A famous
operator, Dixon G. Watts, expressed the idea many years ago by saying that the qualities essential to
the equipment…

Conclusion

Author: Todd Butterfield

In this course, Mr. Wyckoff and the Institution he founded have taken you into their confidence by
giving you the best of all the ideas, plans, methods and technique that you need for common sense
trading and investing. Work out from these your own procedure, depending upon the amount of
time and capital you wish to…

Glossary

Author: Todd Butterfield

These terms are defined in relationship to the manner in which they are used in the text and at
Wyckoff SMI. Absorption: The reduction of the floating supply caused by persistent longer term
buying within a trading range. Accumulation: The establishment of an investment or speculative
position by professional interests

Final Exam

Author: Todd Butterfield

This Final Exam is a review of the subject matter you covered in the lessons/quizzes. A grade of
80% is needed to pass the Wyckoff Unleashed Beginners Course.

WYCKOFF SMI INC. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The independent contractors and employees or affiliates of Company may hold positions in the stocks, options, futures, or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities, options, futures etc.. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment. Before placing any option trade you should consult with a licensed broker or registered investment advisor, as well as read "The Characteristics and Risks of Standardized Options". The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results. Always use stops, live to trade another day. HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS ("PAPER OR VIRTUALTRADING") IN THE THEORETICAL PORTFOLIOS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED WITH CAPITAL, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. WYCKOFF SMI INC, 316 E. 1150TH ST, PAYSON IL 62360. Copyright WYCKOFF SMI INC, 2015