{"id":542241,"date":"2023-01-13T14:30:23","date_gmt":"2023-01-13T13:30:23","guid":{"rendered":"https:\/\/ftmo.com\/?p=542241"},"modified":"2023-01-13T15:46:15","modified_gmt":"2023-01-13T14:46:15","slug":"wyckoffova-teorie-a-jeji-aplikace-v-tradingu","status":"publish","type":"post","link":"https:\/\/ftmo.com\/cs\/wyckoffova-teorie-a-jeji-aplikace-v-tradingu\/","title":{"rendered":"Wyckoffova teorie a jej\u00ed aplikace v tradingu"},"content":{"rendered":"

M\u011bli jste n\u011bkdy p\u0159i pohledu na graf pocit, \u017ee se v\u00a0n\u011bm opakuj\u00ed vzory a cykly, ale vy je nejste schopni de\u0161ifrovat? Pokou\u0161eli jste se n\u011bkdy naj\u00edt vhodn\u00fd vstup do trhu, ale kv\u016fli vlastn\u00edm p\u0159edsudk\u016fm jste si t\u00edm nebyli jisti? V\u00a0dne\u0161n\u00edm \u010dl\u00e1nku se pod\u00edv\u00e1me na Wyckoffovu teorii a jej\u00ed vyu\u017eit\u00ed p\u0159i identifikaci tr\u017en\u00edch f\u00e1z\u00ed.<\/p>\n

Historie<\/h2>\n

Richard Demille Wyckoff byl pova\u017eov\u00e1n za jednoho z p\u011bti hlavn\u00edch pr\u016fkopn\u00edk\u016f technick\u00e9 anal\u00fdzy a technick\u00e9ho p\u0159\u00edstupu ke studiu akciov\u00e9ho trhu na po\u010d\u00e1tku 20. stolet\u00ed. S\u00a0investov\u00e1n\u00edm p\u0159i\u0161el do kontaktu ve velmi mlad\u00e9m v\u011bku a ve sv\u00fdch dvaceti letech u\u017e st\u00e1l v\u00a0\u010dele vlastn\u00ed firmy. Byl tak\u00e9 zakladatelem \u010dasopisu The Magazine of Wall Street a jeho p\u016fsoben\u00ed vyvrcholilo roz\u0161i\u0159ov\u00e1n\u00edm pov\u011bdom\u00ed o konceptu chytr\u00fdch pen\u011bz a vlastn\u00edm pojet\u00ed pravidel v obchodov\u00e1n\u00ed.<\/p>\n

\"\"<\/p>\n

Tento \u010dl\u00e1nek je shrnut\u00edm Wyckoffova teoretick\u00e9ho a praktick\u00e9ho p\u0159\u00edstupu k trh\u016fm spolu s tipy, jak rozpoznat obchodn\u00ed p\u0159\u00edle\u017eitosti a realizovat dlouh\u00e9 a kr\u00e1tk\u00e9 pozice, analyzovat obchodn\u00ed p\u00e1sma akumulace a distribuce a pou\u017e\u00edvat grafy k ur\u010den\u00ed c\u00edlov\u00fdch cen.<\/p>\n

Wyckoff\u016fv cenov\u00fd cyklus<\/h2>\n

Wyckoff tvrd\u00ed, \u017ee d\u016fkladnou anal\u00fdzou nab\u00eddky a popt\u00e1vky, kterou lze prov\u00e9st sledov\u00e1n\u00edm price action a objemu v \u010dase, lze trh pochopit a p\u0159edv\u00eddat. Studiem chov\u00e1n\u00ed velmi \u00fasp\u011b\u0161n\u00fdch jednotlivc\u016f a skupin byl schopen d\u00edky sv\u00e9mu postaven\u00ed makl\u00e9\u0159e a p\u0159\u00edstupu k informac\u00edm ur\u010dit budouc\u00ed z\u00e1m\u011bry t\u011bchto mocn\u00fdch z\u00e1jmov\u00fdch skupin. D\u011blal to pomoc\u00ed sloupcov\u00fdch a tzv. Point and Figure graf\u016f, nicm\u00e9n\u011b v dne\u0161n\u00ed dob\u011b si d\u00edky vysp\u011bl\u00e9 technologii m\u016f\u017eeme dop\u0159\u00e1t luxus sv\u00ed\u010dkov\u00fdch graf\u016f, kter\u00fd dok\u00e1\u017eou zobrazit stejn\u00e9 informace jako grafy pou\u017e\u00edvan\u00e9 Wyckoffem. Na n\u00e1sleduj\u00edc\u00edm obr\u00e1zku je zn\u00e1zorn\u011bno idealizovan\u00e9 sch\u00e9ma, jak si p\u0159edstavoval fungov\u00e1n\u00ed b\u00fd\u010d\u00edch a medv\u011bd\u00edch trh\u016f ovl\u00e1dan\u00e9 velk\u00fdmi hr\u00e1\u010di.<\/p>\n

\"\"<\/p>\n

T\u0159i Wyckoffovy z\u00e1kony<\/h2>\n

Wyckoffova metodika zalo\u017een\u00e1 na grafech je postavena na t\u0159ech z\u00e1kladn\u00edch „pravidlech“, kter\u00e1 maj\u00ed vliv na \u0159adu faktor\u016f souvisej\u00edc\u00edch s anal\u00fdzou. Pat\u0159\u00ed mezi n\u011b identifikace sou\u010dasn\u00e9ho a potenci\u00e1ln\u00edho budouc\u00edho sm\u011bru trhu a jednotliv\u00fdch akci\u00ed, v\u00fdb\u011br nejlep\u0161\u00edch akci\u00ed vhodn\u00fdch pro long nebo short pozice, ur\u010den\u00ed, zda je akcie p\u0159ipravena opustit obchodn\u00ed rozp\u011bt\u00ed, a extrapolace c\u00edlov\u00fdch cen v trendu na z\u00e1klad\u011b chov\u00e1n\u00ed akci\u00ed v r\u00e1mci obchodn\u00edho rozp\u011bt\u00ed. T\u011bmito z\u00e1kony se \u0159\u00edd\u00ed vyhodnocen\u00ed ka\u017ed\u00e9ho grafu a v\u00fdb\u011br ka\u017ed\u00e9 akcie vhodn\u00e9 k investici.<\/p>\n

    \n
  1. Sm\u011br v\u00fdvoje cen ur\u010duje z\u00e1kon nab\u00eddky a popt\u00e1vky.<\/strong> Tato my\u0161lenka je z\u00e1kladem Wyckoffova p\u0159\u00edstupu k obchodov\u00e1n\u00ed a investov\u00e1n\u00ed. Ceny rostou, kdy\u017e popt\u00e1vka p\u0159evy\u0161uje nab\u00eddku, a klesaj\u00ed, kdy\u017e nab\u00eddka p\u0159evy\u0161uje popt\u00e1vku. Porovn\u00e1n\u00edm ceny a objemu v \u010dase m\u016f\u017ee obchodn\u00edk nebo analytik zjistit, jak jsou nab\u00eddka a popt\u00e1vka vyrovnan\u00e9. A\u010dkoli se tento z\u00e1kon zd\u00e1 b\u00fdt jednoduch\u00fd, p\u0159esn\u00e9 vyhodnocen\u00ed nab\u00eddky a popt\u00e1vky na sloupcov\u00fdch grafech a pochopen\u00ed souvislost\u00ed a struktury nab\u00eddky a popt\u00e1vky vy\u017eaduje velk\u00e9 \u00fasil\u00ed..<\/li>\n
  2. Z\u00e1kon p\u0159\u00ed\u010diny a n\u00e1sledku<\/strong> pom\u00e1h\u00e1 obchodn\u00edk\u016fm a investor\u016fm p\u0159i stanovov\u00e1n\u00ed cenov\u00fdch c\u00edl\u016f t\u00edm, \u017ee odhaduje mo\u017enou velikost trendu, kter\u00fd by mohl vzniknout z obchodn\u00edho rozp\u011bt\u00ed. V grafu Point and Figure p\u0159edstavuje vodorovn\u00fd po\u010det bod\u016f Wyckoffovu „p\u0159\u00ed\u010dinu“ a cenov\u00e9 pohyby, kter\u00e9 odpov\u00eddaj\u00ed po\u010dtu bod\u016f, p\u0159edstavuj\u00ed „n\u00e1sledek“. S\u00edlu akumulace nebo distribuce uvnit\u0159 obchodn\u00edho rozp\u011bt\u00ed, stejn\u011b jako to, jak se tato s\u00edla projev\u00ed v n\u00e1sleduj\u00edc\u00edm trendu nebo pohybu nahoru \u010di dol\u016f, lze pova\u017eovat za princip fungov\u00e1n\u00ed tohoto z\u00e1kona.<\/li>\n
  3. Z\u00e1kon z\u00e1vislosti v\u00fdsledku na \u00fasil\u00ed<\/strong> p\u0159edem nazna\u010duje mo\u017en\u00e9 zm\u011bny trendu, ke kter\u00e9 by mohlo brzy doj\u00edt. Rozd\u00edly mezi cenou a objemem mohou nazna\u010dovat zm\u011bnu cenov\u00e9ho trendu. Pokud se nap\u0159\u00edklad po v\u00fdrazn\u00e9 rally objev\u00ed v grafu \u010detn\u00e9 sloupce s vysok\u00fdm objemem (velk\u00e9 \u00fasil\u00ed) ale v \u00fazk\u00e9m rozp\u011bt\u00ed, p\u0159i\u010dem\u017e cena nedos\u00e1hne nov\u00e9ho maxima (mal\u00fd nebo \u017e\u00e1dn\u00fd v\u00fdsledek), m\u016f\u017ee to nazna\u010dovat, \u017ee velc\u00ed investo\u0159i prod\u00e1vaj\u00ed akcie v r\u00e1mci p\u0159\u00edprav na zm\u011bnu trendu.<\/li>\n<\/ol>\n

    P\u0159\u00edstup k trhu v p\u011bti kroc\u00edch<\/h2>\n

    P\u0159i v\u00fdb\u011bru pozice nebo instrumentu k obchodov\u00e1n\u00ed lze metodu navr\u017eenou R. Wyckoffem shrnout do tohoto p\u011btikrokov\u00e9ho p\u0159\u00edstupu. A\u010dkoli byly tyto p\u0159\u00edstupy aplikov\u00e1ny p\u0159edev\u0161\u00edm na akciov\u00e9m trhu, lze je pou\u017e\u00edt na jak\u00fdkoli trh, na kter\u00e9m p\u016fsob\u00ed institucion\u00e1ln\u00ed obchodn\u00edci.<\/p>\n

      \n
    1. Ur\u010den\u00ed sou\u010dasn\u00e9ho stavu trhu a jeho mo\u017en\u00e9ho budouc\u00edho v\u00fdvoje.<\/li>\n
    2. Volba n\u00e1stroj\u016f v souladu s trendem.<\/li>\n
    3. V\u00fdb\u011br instrument\u016f s „p\u0159\u00ed\u010dinou“, kter\u00e1 se rovn\u00e1 minim\u00e1ln\u00edmu c\u00edli nebo jej p\u0159evy\u0161uje.<\/li>\n
    4. Ur\u010den\u00ed p\u0159ipravenosti trh\u016f k pohybu.<\/li>\n
    5. Na\u010dasov\u00e1n\u00ed realizace s obratem burzovn\u00edho indexu.<\/li>\n<\/ol>\n

      Anal\u00fdzy obchodn\u00edch rozp\u011bt\u00ed<\/span><\/h2>\n

      Jedn\u00edm z c\u00edl\u016f Wyckoffova p\u0159\u00edstupu je lep\u0161\u00ed na\u010dasov\u00e1n\u00ed trhu p\u0159i zauj\u00edm\u00e1n\u00ed pozice v p\u0159edstihu p\u0159ed pohybem, u kter\u00e9ho je dobr\u00fd pom\u011br v\u00fdnosu a rizika. Obchodn\u00ed p\u00e1sma (trading ranges – TR) jsou oblasti, kde se p\u0159edchoz\u00ed trend (r\u016fstov\u00fd nebo klesaj\u00edc\u00ed) zastavil a kde jsou nab\u00eddka a popt\u00e1vka relativn\u011b vyrovnan\u00e9. Instituce a dal\u0161\u00ed siln\u00e9 profesion\u00e1ln\u00ed skupiny shroma\u017e\u010fuj\u00ed (nebo distribuuj\u00ed) akcie v r\u00e1mci TR, proto\u017ee se p\u0159ipravuj\u00ed na sv\u00e9 n\u00e1sledn\u00e9 b\u00fd\u010d\u00ed (nebo medv\u011bd\u00ed) operace. Tzv. „Composite Man“ aktivn\u011b nakupuje a prod\u00e1v\u00e1 jak v akumula\u010dn\u00edm, tak v distribu\u010dn\u00edm TR. Rozd\u00edl v\u0161ak spo\u010d\u00edv\u00e1 v tom, \u017ee v akumula\u010dn\u00edm po\u010det nakoupen\u00fdch akci\u00ed p\u0159evy\u0161uje po\u010det prodan\u00fdch, zat\u00edmco v distribu\u010dn\u00edm je tomu naopak.<\/p>\n

      „The Composite Man“<\/h2>\n

      Wyckoff charakterizoval v\u00fdraz „the Composite Man“ ve sv\u00fdch teori\u00edch takto:<\/p>\n

      „…v\u0161echny v\u00fdkyvy na trhu a ve v\u0161ech r\u016fzn\u00fdch akci\u00edch by m\u011bly b\u00fdt sledov\u00e1ny, jako by byly v\u00fdsledkem operac\u00ed jednoho \u010dlov\u011bka. \u0158\u00edkejme mu „Composite Man“, kter\u00fd teoreticky sed\u00ed v z\u00e1kulis\u00ed a manipuluje s akciemi ve v\u00e1\u0161 neprosp\u011bch, pokud nerozum\u00edte tomu, jak ji hraje on, a k va\u0161emu velk\u00e9mu zisku, pokud ji pochop\u00edte.“<\/em><\/p>\n

      Jin\u00fdmi slovy, obchodn\u00edci budou vn\u00edmat cenov\u00e9 pohyby na trz\u00edch jako v\u00fdsledek jedn\u00e1n\u00ed jednoho \u010dlov\u011bka a d\u00e1le se doporu\u010duje, aby se sna\u017eili p\u0159istupovat k trh\u016fm stejn\u011b jako tento the composite man, proto\u017ee on je t\u00edm, kdo pe\u010dliv\u011b pl\u00e1nuje, prov\u00e1d\u00ed a prom\u00fd\u0161l\u00ed sv\u00e9 kroky.<\/p>\n

      Akumulace: Ud\u00e1losti a f\u00e1ze<\/h2>\n

      \"\"<\/p>\n

      PS je zkratka pro p\u0159edb\u011b\u017enou podporu (preliminary support)<\/strong>, kdy po del\u0161\u00edm klesaj\u00edc\u00edm trendu za\u010dnou v\u00fdrazn\u00e9 n\u00e1kupy poskytovat v\u00fdznamnou podporu. Cenov\u00e9 rozp\u011bt\u00ed (spread) se roz\u0161i\u0159uje a objem roste, co\u017e nazna\u010duje, \u017ee klesaj\u00edc\u00ed trend se mo\u017en\u00e1 bl\u00ed\u017e\u00ed ke konci.<\/p>\n

      SC je zkratka pro kulminaci prodej\u016f (selling climax)<\/strong>, tedy bod na dn\u011b nebo v jeho bl\u00edzkosti, na n\u011bm\u017e jsou podstatn\u00e9 nebo panick\u00e9 prodeje ve\u0159ejnosti pohlceny v\u011bt\u0161\u00edmi profesion\u00e1ln\u00edmi z\u00e1jmy. V tomto bod\u011b obvykle vrchol\u00ed roz\u0161i\u0159uj\u00edc\u00ed se spread a prodejn\u00ed tlak. P\u0159i SC se cena \u010dasto uzav\u0159e daleko od minima, co\u017e reflektuje n\u00e1kupy majoritn\u00edch investor\u016f.<\/p>\n

      AR je zkratka pro automatickou rally<\/strong>, ke kter\u00e9 doch\u00e1z\u00ed v d\u016fsledku v\u00fdrazn\u00e9ho poklesu prodejn\u00edho tlaku. Ceny jsou snadno vyhn\u00e1ny nahoru p\u0159\u00edlivem n\u00e1kup\u016f, kter\u00fd je d\u00e1le umocn\u011bn pokr\u00fdv\u00e1n\u00edm kr\u00e1tk\u00fdch pozic. Tento vrchol rally pom\u016f\u017ee definovat horn\u00ed hranici akumula\u010dn\u00ed TR.<\/p>\n

      ST znamen\u00e1 sekund\u00e1rn\u00ed test<\/strong>, p\u0159i kter\u00e9m se cena vrac\u00ed do oblasti SC, aby se vyhodnotila rovnov\u00e1ha nab\u00eddky a popt\u00e1vky. Jakmile se trh p\u0159ibl\u00ed\u017e\u00ed k podpo\u0159e v okol\u00ed SC, m\u011bl by se objem a cenov\u00fd spread dramaticky z\u00fa\u017eit, aby do\u0161lo k potvrzen\u00ed dna. \u010cast\u00e9 jsou v\u00edcen\u00e1sobn\u00e9 ST po SC.<\/p>\n

      Test:<\/strong> V r\u00e1mci TR a v rozhoduj\u00edc\u00edch okam\u017eic\u00edch v pr\u016fb\u011bhu zvy\u0161ov\u00e1n\u00ed cen prov\u00e1d\u011bj\u00ed velc\u00ed hr\u00e1\u010di neust\u00e1le testy nab\u00eddky. Kdy\u017e se p\u0159i testu objev\u00ed v\u00fdznamn\u00e1 nab\u00eddka, trh \u010dasto nen\u00ed p\u0159ipraven na r\u016fst cen. Test nebo testy se \u010dasto prov\u00e1d\u011bj\u00ed po tzv. pru\u017ein\u011b; \u00fasp\u011b\u0161n\u00fd test (znamenaj\u00edc\u00ed, \u017ee bude n\u00e1sledovat dal\u0161\u00ed r\u016fst cen) obvykle vede k vy\u0161\u0161\u00edmu minimu p\u0159i ni\u017e\u0161\u00edm objemu.<\/p>\n

      SOS je zkratka pro znamen\u00ed s\u00edly (sign of strenght)<\/strong>, kter\u00e9 je definov\u00e1no jako r\u016fst ceny doprov\u00e1zen\u00fd roz\u0161i\u0159uj\u00edc\u00edm se spreadem a relativn\u011b vy\u0161\u0161\u00edm objemem. SOS se \u010dasto objevuje po tzv. pru\u017ein\u011b a podporuje anal\u00fdzu tohoto d\u0159\u00edv\u011bj\u0161\u00edho pohybu.<\/p>\n

      LPS je zkratka pro posledn\u00ed bod podpory (last point of support)<\/strong>, co\u017e je dno reakce nebo pullback n\u00e1sleduj\u00edc\u00ed po SOS. N\u00e1vrat k LPS znamen\u00e1 obrat k podpo\u0159e sm\u011brem od rezistence s men\u0161\u00edm rozp\u011bt\u00edm a objemem. Navzdory zd\u00e1nliv\u00e9 p\u0159esnosti tohoto v\u00fdrazu m\u016f\u017ee b\u00fdt na r\u016fzn\u00fdch grafech v\u00edce LPS.<\/p>\n

      BU je zkratka pro back-up.<\/strong> Toto slovn\u00ed spojen\u00ed je zkr\u00e1cenou verz\u00ed n\u00e1zorn\u00e9 metafory, kterou vymyslel Robert Evans, pr\u016fkopn\u00edk Wyckoffovy metody, jen\u017e p\u016fsobil ve 30. a\u017e 60. letech 20. stolet\u00ed. Evans p\u0159irovnal SOS ke „skoku p\u0159es potok“ cenov\u00e9 rezistence a „zp\u011bt k potoku“ (back up to the creek) znamenalo jak test dal\u0161\u00ed nab\u00eddky v okol\u00ed oblasti rezistence, tak kr\u00e1tkodobou strategii vyb\u00edr\u00e1n\u00ed zisk\u016f. Back-up je typickou struktur\u00e1ln\u00ed slo\u017ekou, kter\u00e1 p\u0159ich\u00e1z\u00ed p\u0159ed v\u00fdrazn\u011bj\u0161\u00edm cenov\u00fdm n\u00e1r\u016fstem. M\u016f\u017ee j\u00edt o prost\u00fd \u00fastup nebo o nov\u00fd TR na vy\u0161\u0161\u00ed \u00farovni.<\/p>\n

      K pru\u017ein\u00e1m nebo ot\u0159es\u016fm (springs or shakeouts)<\/strong> doch\u00e1z\u00ed obvykle na konci TR a vedouc\u00ed hr\u00e1\u010di na burze maj\u00ed p\u0159\u00edle\u017eitost d\u016fkladn\u011b zhodnotit nab\u00eddku p\u0159ed zah\u00e1jen\u00edm akce zvy\u0161ov\u00e1n\u00ed cen. K „pru\u017ein\u011b“ doch\u00e1z\u00ed, kdy\u017e se cena pohybuje pod minimem TR a pot\u00e9 se oto\u010d\u00ed a uzav\u0159e v jeho r\u00e1mci. Tato aktivita umo\u017e\u0148uje mocn\u00fdm subjekt\u016fm oklamat ve\u0159ejnost o sm\u011bru budouc\u00edho v\u00fdvoje a nakoupit dal\u0161\u00ed akcie se slevou.<\/p>\n

      Schopnost p\u0159edv\u00eddat a p\u0159esn\u011b odhadnout sm\u011br a velikost pohybu z TR je pro \u00fasp\u011bch Wyckoffova p\u0159\u00edstupu nezbytn\u00e1. Wyckoff na\u0161t\u011bst\u00ed poskytuje vyzkou\u0161en\u00e9 n\u00e1vody na lokalizaci a definov\u00e1n\u00ed f\u00e1z\u00ed a ud\u00e1lost\u00ed uvnit\u0159 TR, kter\u00e9 n\u00e1sledn\u011b slou\u017e\u00ed jako z\u00e1klad pro v\u00fdpo\u010det c\u00edlov\u00fdch cen v n\u00e1sleduj\u00edc\u00edm trendu. \u010cty\u0159i sch\u00e9mata v tomto \u010dl\u00e1nku jsou p\u0159\u00edkladem t\u011bchto my\u0161lenek: dv\u011b ukazuj\u00ed typick\u00e9 varianty akumula\u010dn\u00edch TR, po nich\u017e n\u00e1sleduj\u00ed dva p\u0159\u00edpady distribu\u010dn\u00edch TR.<\/p>\n

      \"\"<\/p>\n

      F\u00e1ze A<\/strong> znamen\u00e1 konec p\u0159edchoz\u00edho klesaj\u00edc\u00edho trendu. Do t\u00e9to doby p\u0159evl\u00e1dala nab\u00eddka. P\u0159edb\u011b\u017en\u00e1 podpora (PS) a kulminace prodej\u016f (SC) jsou indik\u00e1tory bl\u00ed\u017e\u00edc\u00edho se sn\u00ed\u017een\u00ed nab\u00eddky. Na sloupcov\u00fdch grafech, kde rostouc\u00ed spready a vysok\u00e9 objemy ukazuj\u00ed p\u0159esun obrovsk\u00e9ho mno\u017estv\u00ed akci\u00ed od ve\u0159ejnosti k siln\u00fdm profesion\u00e1ln\u00edm subjekt\u016fm, jsou tyto ud\u00e1losti \u010dasto zcela jasn\u011b patrn\u00e9. Po uvoln\u011bn\u00ed t\u011bchto siln\u00fdch prodejn\u00edch tlak\u016f obvykle n\u00e1sleduje automatick\u00e1 rally (AR), kter\u00e1 \u010dasto zahrnuje institucion\u00e1ln\u00ed popt\u00e1vku po akci\u00edch i kryt\u00ed kr\u00e1tk\u00fdch pozic. \u00dasp\u011b\u0161n\u00fd sekund\u00e1rn\u00ed test (ST) v bl\u00edzkosti SC, kter\u00fd se zpravidla zastav\u00ed na stejn\u00e9 cenov\u00e9 \u00farovni jako SC nebo nad n\u00ed, bude vykazovat men\u0161\u00ed prodeje ne\u017e d\u0159\u00edve, z\u00fa\u017een\u00ed spread\u016f a sn\u00ed\u017een\u00ed objem\u016f. Lze o\u010dek\u00e1vat nov\u00e1 minima nebo del\u0161\u00ed obdob\u00ed konsolidace, pokud ST klesne pod SC. Hranice TR jsou ur\u010deny minimy SC, ST a AR a tak\u00e9 maximem AR. Pro snaz\u0161\u00ed orientaci v chov\u00e1n\u00ed trhu lze nakreslit vodorovn\u00e9 \u010d\u00e1ry, jak je zn\u00e1zorn\u011bno na dvou v\u00fd\u0161e uveden\u00fdch sch\u00e9matech akumulace.<\/p>\n

      F\u00e1ze B<\/strong> pln\u00ed ve Wyckoffov\u011b anal\u00fdze \u00fakol „vytvo\u0159it d\u016fvod“ pro nov\u00fd r\u016fstov\u00fd trend (viz Wyckoff\u016fv z\u00e1kon \u010d. 2 – „P\u0159\u00ed\u010dina a n\u00e1sledek“). Instituce a v\u00fdznamn\u00ed profesion\u00e1ln\u00ed investo\u0159i si b\u011bhem f\u00e1ze B vytv\u00e1\u0159ej\u00ed z\u00e1soby relativn\u011b levn\u00e9ho zbo\u017e\u00ed v r\u00e1mci p\u0159\u00edpravy na nadch\u00e1zej\u00edc\u00ed zdra\u017een\u00ed. Proces institucion\u00e1ln\u00ed akumulace, kter\u00fd zahrnuje n\u00e1kup akci\u00ed za ni\u017e\u0161\u00ed ceny a vyu\u017eit\u00ed kr\u00e1tk\u00fdch prodej\u016f ke sledov\u00e1n\u00ed r\u016fstu cen, m\u016f\u017ee trvat dlouho (\u010dasto rok i d\u00e9le). B\u011bhem f\u00e1ze B \u010dasto doch\u00e1z\u00ed k n\u011bkolika ST a tak\u00e9 k pohyb\u016fm podobn\u00fdm vzestupu sm\u011brem k horn\u00ed hranici TR. Obecn\u011b plat\u00ed, \u017ee p\u0159i v\u00fdvoji TR jsou hlavn\u00edmi z\u00e1jmov\u00fdmi skupinami \u010dist\u00ed kupci akci\u00ed se z\u00e1m\u011brem z\u00edskat co nejv\u011bt\u0161\u00ed \u010d\u00e1st voln\u011b se pohybuj\u00edc\u00ed nab\u00eddky.<\/p>\n

      F\u00e1ze C:<\/strong> B\u011bhem t\u00e9to f\u00e1ze mohou subjekty ozna\u010dovan\u00e9 jako „smart money“ zjistit, zda je akcie p\u0159ipravena na zdra\u017een\u00ed, Cena akcie proch\u00e1z\u00ed rozhoduj\u00edc\u00edm testem zbyl\u00e9 nab\u00eddky. Cenov\u00fd pohyb pod stanovenou hladinu podpory TR (vytvo\u0159enou ve f\u00e1z\u00edch A a B), kter\u00fd se rychle obr\u00e1t\u00ed a vr\u00e1t\u00ed se zp\u011bt do TR, se naz\u00fdv\u00e1 pru\u017eina, jak ji\u017e bylo zm\u00edn\u011bno. Proto\u017ee pokles pod support z\u0159ejm\u011b nazna\u010duje pokra\u010dov\u00e1n\u00ed poklesu, jedn\u00e1 se o ilustraci medv\u011bd\u00ed pasti. Ve skute\u010dnosti v\u0161ak p\u0159edznamen\u00e1v\u00e1 za\u010d\u00e1tek nov\u00e9ho r\u016fstu a chyt\u00e1 opozdil\u00e9 prodejce (medv\u011bdy) do pasti. \u00dasp\u011b\u0161n\u00fd test nab\u00eddky, kter\u00fd je ve Wyckoffov\u011b technice symbolizov\u00e1n pru\u017einou (nebo ot\u0159esem), p\u0159edstavuje vysoce pravd\u011bpodobnou obchodn\u00ed p\u0159\u00edle\u017eitost. Jedn\u00e1 se o vynikaj\u00edc\u00ed p\u0159\u00edle\u017eitost k zah\u00e1jen\u00ed alespo\u0148 \u010d\u00e1ste\u010dn\u00e9 dlouh\u00e9 pozice, proto\u017ee pru\u017eina s n\u00edzk\u00fdm objemem (nebo test ot\u0159esu s n\u00edzk\u00fdm objemem) nazna\u010duje, \u017ee akcie je pravd\u011bpodobn\u011b p\u0159ipravena na r\u016fst.<\/p>\n

      Anal\u00fdzu podporuje vznik SOS brzy po pru\u017ein\u011b nebo ot\u0159esu. Jak je v\u0161ak uvedeno v akumula\u010dn\u00edm sch\u00e9matu \u010d. 2, testov\u00e1n\u00ed nab\u00eddky m\u016f\u017ee prob\u00edhat d\u00e1le nahoru v r\u00e1mci TR bez pru\u017einy nebo ot\u0159esu; v takov\u00e9m p\u0159\u00edpad\u011b m\u016f\u017ee b\u00fdt obt\u00ed\u017en\u00e9 identifikovat f\u00e1zi C.<\/p>\n

      F\u00e1ze D:<\/strong> Pokud je na\u0161e anal\u00fdza spr\u00e1vn\u00e1, m\u011bla by b\u00fdt v\u00fdsledkem st\u00e1l\u00e1 p\u0159evaha popt\u00e1vky nad nab\u00eddkou. D\u016fkazem toho je vzorec postupuj\u00edc\u00edch popt\u00e1vek (SOS) p\u0159i roz\u0161i\u0159uj\u00edc\u00edch se cenov\u00fdch gapech a rostouc\u00edm objemu, stejn\u011b jako reakc\u00ed (LPS) p\u0159i zu\u017euj\u00edc\u00edch se spreadech a klesaj\u00edc\u00edm objemu. Cena b\u011bhem f\u00e1ze D poroste minim\u00e1ln\u011b k vrcholu TR. Obecn\u011b jsou LPS v t\u00e9to f\u00e1zi skv\u011bl\u00fdm m\u00edstem pro zah\u00e1jen\u00ed nebo prodlou\u017een\u00ed ziskov\u00fdch dlouh\u00fdch pozic.<\/p>\n

      F\u00e1ze E:<\/strong> Akcie b\u011bhem f\u00e1ze E opou\u0161t\u00ed TR, popt\u00e1vka je pln\u011b pod kontrolou a v\u0161ichni vid\u00ed nav\u00fd\u0161en\u00ed cen. Poklesy, v\u010detn\u011b ot\u0159es\u016f a \u010dast\u011bj\u0161\u00edch reakc\u00ed, jsou obvykle do\u010dasn\u00e9. Kdykoli v pr\u016fb\u011bhu f\u00e1ze E jsou mo\u017en\u00e9 nov\u00e9 TR na vy\u0161\u0161\u00ed \u00farovni zahrnuj\u00edc\u00ed jak vyb\u00edr\u00e1n\u00ed zisk\u016f, tak n\u00e1kup dal\u0161\u00edch akci\u00ed (ozna\u010dovan\u00e9 jako „op\u011btovn\u00e1 akumulace“) v\u00fdznamn\u00fdmi subjekty. Na cest\u011b k je\u0161t\u011b vy\u0161\u0161\u00edm c\u00edlov\u00fdm cen\u00e1m se tyto TR n\u011bkdy ozna\u010duj\u00ed jako „odrazov\u00e9 m\u016fstky“.<\/p>\n

      Distribuce: Ud\u00e1losti a f\u00e1ze<\/h2>\n

      \"\"<\/p>\n

      P\u0159edb\u011b\u017en\u00e1 nab\u00eddka neboli PSY (preliminary supply)<\/strong> nast\u00e1v\u00e1, kdy\u017e v\u00fdznamn\u00ed investo\u0159i za\u010dnou prod\u00e1vat velk\u00e9 mno\u017estv\u00ed akci\u00ed po prudk\u00e9m vzestupn\u00e9m trendu. Objem se zvy\u0161uje a spread se roz\u0161i\u0159uje, co\u017e nazna\u010duje mo\u017enost zm\u011bny trendu.<\/p>\n

      BC: kulminace n\u00e1kup\u016f (buying climnax)<\/strong>, charakterizovan\u00e1 \u010dasto v\u00fdrazn\u00fdm n\u00e1r\u016fstem objemu a spreadu. Intenzita n\u00e1kup\u016f dosahuje vrcholu, p\u0159i\u010dem\u017e profesion\u00e1ln\u00ed z\u00e1jmov\u00e9 skupiny uspokojuj\u00ed silnou nebo nal\u00e9havou ve\u0159ejnou popt\u00e1vku za ceny bl\u00edzk\u00e9 jejich vrcholu. Vzhledem k tomu, \u017ee velk\u00e9 subjekty pot\u0159ebuj\u00ed obrovskou popt\u00e1vku ve\u0159ejnosti, aby mohly prodat sv\u00e9 akcie, ani\u017e by do\u0161lo ke sn\u00ed\u017een\u00ed ceny akci\u00ed, doch\u00e1z\u00ed k BC \u010dasto ve spojen\u00ed s vynikaj\u00edc\u00edmi zpr\u00e1vami o v\u00fdsledc\u00edch hospoda\u0159en\u00ed nebo jin\u00fdmi pozitivn\u00edmi zpr\u00e1vami.<\/p>\n

      AR: Automatick\u00e1 reakce.<\/strong> Po BC se siln\u00e9 n\u00e1kupy v\u00fdrazn\u011b sn\u00ed\u017eily, ale siln\u00e1 nab\u00eddka p\u0159etrvala a nastala AR. Spodn\u00ed hranice distribu\u010dn\u00edho TR je \u010d\u00e1ste\u010dn\u011b vymezena minimem dan\u00e9ho v\u00fdprodeji.<\/p>\n

      ST znamen\u00e1 sekund\u00e1rn\u00ed test<\/strong>, p\u0159i kter\u00e9m se cena vrac\u00ed do oblasti BC, aby se zhodnotila situace popt\u00e1vky\/nab\u00eddky na aktu\u00e1ln\u00edch cenov\u00fdch \u00farovn\u00edch. Aby byl vrchol potvrzen, mus\u00ed nab\u00eddka p\u0159ev\u00fd\u0161it popt\u00e1vku, tak\u017ee objem a spread by m\u011bly klesat s t\u00edm, jak se cena p\u0159ibli\u017euje k oblasti rezistence BC. ST by se mohl projevit jako vzestup (upthrust – UT), v takov\u00e9m p\u0159\u00edpad\u011b se cena dostane nad rezistenci nazna\u010denou BC a mo\u017en\u00e1 i dal\u0161\u00ed ST, ne\u017e n\u00e1hle oto\u010d\u00ed a uzav\u0159e pod rezistenc\u00ed. Po UT cena \u010dasto testuje spodn\u00ed hranici TR.<\/p>\n

      SOW – znamen\u00ed slabosti (sign of weakness).<\/strong> Sestupn\u00fd trend ke spodn\u00ed hranici TR (nebo t\u011bsn\u011b za n\u00ed), obvykle doprov\u00e1zen\u00fd n\u00e1r\u016fstem spreadu a objemu, je zn\u00e1mkou slabosti (SOW). AR a po\u010d\u00e1te\u010dn\u00ed SOW ukazuj\u00ed na posun v cenov\u00e9m pohybu akcie, kdy nab\u00edr\u00e1 kontrolu nab\u00eddka.<\/p>\n

      Posledn\u00ed bod nab\u00eddky neboli LPSY (last point of supply).<\/strong> Slab\u00e1 rally na t\u011bsn\u00e9m spreadu n\u00e1sleduj\u00edc\u00ed po testu podpory na SOW nazna\u010duje, \u017ee trh m\u00e1 zna\u010dn\u00e9 pot\u00ed\u017ee s postupem vzh\u016fru. Na vin\u011b neschopnosti tohoto trhu zotavit se m\u016f\u017ee b\u00fdt siln\u00e1 nab\u00eddka, n\u00edzk\u00e1 popt\u00e1vka nebo oboj\u00ed. Ne\u017e za\u010dnou v\u00e1\u017en\u00e9 poklesy cen, znamenaj\u00ed LPSY konec popt\u00e1vkov\u00e9ho cyklu a posledn\u00ed distribu\u010dn\u00ed vlny velk\u00fdch spole\u010dnost\u00ed.<\/p>\n

      Vzestup po distribuci neboli UTAD (upthrust after distribution).<\/strong> Pru\u017eina a kone\u010dn\u00fd ot\u0159es v akumula\u010dn\u00edm TR maj\u00ed distribu\u010dn\u00ed prot\u011bj\u0161ek v podob\u011b UTAD. Po pr\u016frazu nad rezistenci TR se odehr\u00e1v\u00e1 v posledn\u00edch f\u00e1z\u00edch TR a nab\u00edz\u00ed jasn\u00fd test nov\u00e9 popt\u00e1vky. UTAD nen\u00ed nezbytnou struktur\u00e1ln\u00ed slo\u017ekou, podobn\u011b jako pru\u017einy a ot\u0159esy: TR v distribu\u010dn\u00edm sch\u00e9matu \u010d. 1 obsahuje UTAD, zat\u00edmco TR v distribu\u010dn\u00edm sch\u00e9matu \u010d. 2 nikoli.<\/p>\n

      \"\"<\/p>\n

      F\u00e1ze A:<\/strong> V distribu\u010dn\u00edm TR ozna\u010duje f\u00e1ze A konec p\u0159edchoz\u00edho vzestupn\u00e9ho trendu. A\u017e do tohoto okam\u017eiku na trhu p\u0159evl\u00e1dala popt\u00e1vka a p\u0159edb\u011b\u017en\u00e1 nab\u00eddka (PSY) a kulminace n\u00e1kup\u016f (BC) jsou prvn\u00edmi v\u00fdrazn\u00fdmi zn\u00e1mkami vstupu nab\u00eddky na trh. Po t\u011bchto ud\u00e1lostech BC obvykle proch\u00e1z\u00ed sekund\u00e1rn\u00edm testem (ST), \u010dasto p\u0159i ni\u017e\u0161\u00edm objemu, a tak\u00e9 automatickou reakc\u00ed (AR). R\u016fstov\u00fd trend v\u0161ak m\u016f\u017ee skon\u010dit i bez dramatick\u00e9 ud\u00e1losti, kter\u00e1 m\u00edsto toho ukazuje, \u017ee popt\u00e1vka se vy\u010derpala, proto\u017ee se zmen\u0161il spread a objem; p\u0159i ka\u017ed\u00e9m r\u016fstu doch\u00e1z\u00ed k men\u0161\u00edmu pohybu vzh\u016fru, dokud se neobjev\u00ed velk\u00e9 objemy nab\u00eddky.<\/p>\n

      F\u00e1ze B:<\/strong> C\u00edlem f\u00e1ze B je vytvo\u0159it z\u00e1klad p\u0159ed nov\u00fdm sestupn\u00fdm trendem. Instituce a v\u00fdznamn\u00e9 obchodn\u00ed subjekty se zbavuj\u00ed sv\u00fdch nadbyte\u010dn\u00fdch z\u00e1sob a otev\u00edraj\u00ed kr\u00e1tk\u00e9 pozice v r\u00e1mci p\u0159\u00edpravy na n\u00e1sledn\u00e9 zlevn\u011bn\u00ed. Argumenty pro f\u00e1zi B v distribuci jsou toto\u017en\u00e9 s argumenty pro f\u00e1zi B v akumulaci s tou v\u00fdjimkou, \u017ee s v\u00fdvojem TR jsou velk\u00e9 z\u00e1jmov\u00e9 skupiny \u010dist\u00fdmi prodejci akci\u00ed ve snaze spot\u0159ebovat co nejv\u00edce zb\u00fdvaj\u00edc\u00ed popt\u00e1vky. Tyto akce zanech\u00e1vaj\u00ed stopy, kter\u00e9 nazna\u010duj\u00ed, \u017ee rovnov\u00e1ha nab\u00eddky a popt\u00e1vky se vych\u00fdlila v\u00edce ve prosp\u011bch nab\u00eddky ne\u017e popt\u00e1vky. Nap\u0159\u00edklad spready a objemy sm\u011brem dol\u016f se ve spojen\u00ed s SOW obvykle dramaticky zvy\u0161uj\u00ed.<\/p>\n

      F\u00e1ze C:<\/strong> F\u00e1ze C v distribuci m\u016f\u017ee b\u00fdt odhalena vzestupem (UT) nebo UTAD. UT je, jak ji\u017e bylo zm\u00edn\u011bno opakem pru\u017einy. Jedn\u00e1 se o cenov\u00fd pohyb, kter\u00fd proraz\u00ed nad rezistenci TR, ne\u017e se okam\u017eit\u011b oto\u010d\u00ed a uzav\u0159e v TR. V tomto p\u0159\u00edpad\u011b se zkou\u0161\u00ed zb\u00fdvaj\u00edc\u00ed popt\u00e1vka. Je to tak\u00e9 past na b\u00fdky, proto\u017ee p\u0159esto\u017ee se zd\u00e1, \u017ee nazna\u010duje pokra\u010dov\u00e1n\u00ed vzestupu, ve skute\u010dnosti m\u00e1 za c\u00edl „zm\u00e1st“ nevzd\u011blan\u00e9 obchodn\u00edky s break-outem. Velk\u00e9 z\u00e1jmov\u00e9 skupiny mohou pomoc\u00ed UT nebo UTAD oklamat ve\u0159ejnost ohledn\u011b sm\u011bru trendu a pot\u00e9 prodat v\u00edce akci\u00ed break-out obchodn\u00edk\u016fm a investor\u016fm za pr\u00e9miovou cenu p\u0159ed zah\u00e1jen\u00edm poklesu. UTAD m\u016f\u017ee nav\u00edc podn\u00edtit men\u0161\u00ed obchodn\u00edky s kr\u00e1tk\u00fdmi pozicemi, aby sv\u00e9 akcie prodali a vzdali se jich ve prosp\u011bch v\u011bt\u0161\u00edch investor\u016f, kte\u0159\u00ed stoj\u00ed za t\u00edmto pohybem.<\/p>\n

      F\u00e1ze D:<\/strong> F\u00e1ze D p\u0159ich\u00e1z\u00ed po testech f\u00e1ze C, kter\u00e9 odhaluj\u00ed posledn\u00ed z\u00e1chv\u011bvy popt\u00e1vky. Cena se b\u011bhem f\u00e1ze D pohybuje k podpo\u0159e TR nebo p\u0159es ni. Kdy\u017e je \u00farove\u0148 podpory zjevn\u011b prolomena nebo kdy\u017e cena po UT nebo UTAD klesne pod st\u0159ed TR, d\u016fkaz, \u017ee nab\u00eddka m\u00e1 jasn\u011b navrch, se st\u00e1v\u00e1 p\u0159esv\u011bd\u010div\u011bj\u0161\u00edm. V r\u00e1mci f\u00e1ze D \u010dasto doch\u00e1z\u00ed k n\u011bkolika slab\u00fdm rally; tyto LPSY nab\u00edzej\u00ed fantastick\u00e9 p\u0159\u00edle\u017eitosti k otev\u0159en\u00ed nebo roz\u0161\u00ed\u0159en\u00ed \u00fasp\u011b\u0161n\u00fdch kr\u00e1tk\u00fdch pozic. F\u00e1ze D je nebezpe\u010dn\u00e1 pro ka\u017ed\u00e9ho, kdo je st\u00e1le v dlouh\u00e9 pozici.<\/p>\n

      F\u00e1ze E:<\/strong> F\u00e1ze E ukazuje, jak se vyv\u00edj\u00ed pokles; akcie opou\u0161t\u00ed TR a nab\u00eddka m\u00e1 navrch. Kdy\u017e je prolomena podpora TR u velk\u00e9 SOW, je tento pr\u016fraz \u010dasto testov\u00e1n rally, kter\u00e1 sel\u017ee na podpo\u0159e nebo v jej\u00edm okol\u00ed. Nav\u00edc to d\u00e1v\u00e1 s vysokou pravd\u011bpodobnost\u00ed \u0161anci prod\u00e1vat nakr\u00e1tko. B\u011bhem prolomen\u00ed jsou n\u00e1sledn\u00e9 rally obvykle slab\u00e9. Vrchol\u00edc\u00ed akce m\u016f\u017ee znamenat za\u010d\u00e1tek akumulace nebo redistribuce TR po v\u00fdznamn\u00e9m klesaj\u00edc\u00edm trendu.<\/p>\n

      Anal\u00fdza nab\u00eddky a popt\u00e1vky<\/h2>\n

      Jedn\u00edm z hlavn\u00edch princip\u016f Wyckoffovy techniky je anal\u00fdza nab\u00eddky a popt\u00e1vky na sloupcov\u00fdch grafech prost\u0159ednictv\u00edm studia kol\u00eds\u00e1n\u00ed objemu a ceny. Nap\u0159\u00edklad cenov\u00fd sloupec s \u0161irok\u00fdm spreadem, maximem, kter\u00e9 je v\u00fdrazn\u011b vy\u0161\u0161\u00ed ne\u017e maxima n\u011bkolika p\u0159edchoz\u00edch sloupc\u016f, a v\u011bt\u0161\u00edm ne\u017e pr\u016fm\u011brn\u00fdm objemem m\u016f\u017ee nazna\u010dovat existenci popt\u00e1vky. P\u0159\u00edtomnost nab\u00eddky nazna\u010duje cenov\u00fd sloupec s velk\u00fdm objemem, \u0161irok\u00fdm spreadem a minimem, kter\u00e9 je v\u00fdrazn\u011b ni\u017e\u0161\u00ed ne\u017e minima p\u0159edchoz\u00edch sloupc\u016f. Tyto p\u0159\u00edmo\u010dar\u00e9 ilustrace zakr\u00fdvaj\u00ed slo\u017eitost nuanc\u00ed a spletitost\u00ed takov\u00e9 anal\u00fdzy. Nap\u0159\u00edklad spr\u00e1vn\u00e9 rozpozn\u00e1n\u00ed a porozum\u011bn\u00ed Wyckoffov\u00fdm ud\u00e1lostem a f\u00e1z\u00edm v obchodn\u00edch p\u00e1smech (TR), stejn\u011b jako ur\u010den\u00ed toho, kdy je cena p\u0159ipravena na r\u016fst nebo pokles, z\u00e1vis\u00ed do zna\u010dn\u00e9 m\u00edry na nab\u00eddce a popt\u00e1vce.<\/p>\n

      Tato z\u00e1kladn\u00ed strategie je obsa\u017eena v prvn\u00edm a t\u0159et\u00edm Wyckoffov\u011b z\u00e1kon\u011b (nab\u00eddka a popt\u00e1vka, resp. \u00fasil\u00ed versus v\u00fdsledek). Konven\u010dn\u00ed n\u00e1zor v\u011bt\u0161iny technick\u00e9 anal\u00fdzy (a z\u00e1kladn\u00ed ekonomick\u00e9 teorie) akceptuje jeden ze z\u0159ejm\u00fdch poznatk\u016f z\u00e1kona nab\u00eddky a popt\u00e1vky: cena postoup\u00ed na \u00farove\u0148, kde se sn\u00ed\u017e\u00ed popt\u00e1vka a\/nebo zv\u00fd\u0161\u00ed nab\u00eddka, aby se vytvo\u0159ila nov\u00e1 (do\u010dasn\u00e1) rovnov\u00e1ha, kdy\u017e objedn\u00e1vky na n\u00e1kup akci\u00ed v ka\u017ed\u00e9m okam\u017eiku p\u0159ev\u00fd\u0161\u00ed objedn\u00e1vky na prodej. Plat\u00ed i opa\u010dn\u00fd princip: pokud v kter\u00e9mkoli okam\u017eiku po\u010det prodejn\u00edch objedn\u00e1vek (nab\u00eddka) p\u0159ev\u00fd\u0161\u00ed po\u010det n\u00e1kupn\u00edch objedn\u00e1vek (popt\u00e1vka), rovnov\u00e1ha se (do\u010dasn\u011b) obnov\u00ed poklesem ceny na \u00farove\u0148, kde se nab\u00eddka a popt\u00e1vka vyrovnaj\u00ed.<\/p>\n

      K p\u0159edv\u00edd\u00e1n\u00ed pravd\u011bpodobn\u00fdch bod\u016f obratu v cenov\u00fdch trendech vy\u017eaduje t\u0159et\u00ed Wyckoff\u016fv z\u00e1kon (\u00dasil\u00ed versus v\u00fdsledek) identifikaci konvergence a divergence ceny a objemu. Pro ilustraci, kdy\u017e objem (\u00fasil\u00ed) i cena (v\u00fdsledek) v\u00fdrazn\u011b rostou, jsou v rovnov\u00e1ze, co\u017e nazna\u010duje, \u017ee popt\u00e1vka bude pravd\u011bpodobn\u011b i nad\u00e1le tla\u010dit cenu vzh\u016fru. Existuj\u00ed v\u0161ak situace, kdy objem m\u016f\u017ee r\u016fst, mo\u017en\u00e1 i v\u00fdrazn\u011b, ale cena jej nen\u00e1sleduje, co\u017e m\u00e1 za n\u00e1sledek pouze m\u00edrn\u00fd posun. Pokud si v\u0161imneme tohoto cenov\u011b-objemov\u00e9ho trendu v reakci na podporu v akumula\u010dn\u00edm obchodn\u00edm p\u00e1smu, nazna\u010duje to, \u017ee zna\u010dn\u00fd z\u00e1jem absorbuje nab\u00eddku, a je tedy pozitivn\u00ed. V distribu\u010dn\u00edm obchodn\u00edm p\u00e1smu vysok\u00fd objem p\u0159i r\u016fstu s mal\u00fdm pohybem ceny nazna\u010duje, \u017ee existuje siln\u00e1 nab\u00eddka ze strany velk\u00fdch instituc\u00ed, kter\u00e1 br\u00e1n\u00ed r\u016fstu akcie.<\/p>\n

      Srovn\u00e1vac\u00ed anal\u00fdza s\u00edly<\/h2>\n

      Anal\u00fdza srovn\u00e1vac\u00ed s\u00edly byla v\u017edy jedn\u00edm z krok\u016f Wyckoffova postupu v\u00fdb\u011bru akci\u00ed. Vyhled\u00e1val akcie nebo odv\u011btv\u00ed, kter\u00e1 dosahovala lep\u0161\u00edch v\u00fdsledk\u016f ne\u017e trh, a to jak v pr\u016fb\u011bhu trend\u016f, tak v obchodn\u00edch p\u00e1smech, aby na\u0161el vyhl\u00eddky na dlouh\u00e9 pozice, na rozd\u00edl od kr\u00e1tk\u00fdch pozic, kde hledal ty, kter\u00e9 dosahovaly hor\u0161\u00edch v\u00fdsledk\u016f. V\u0161echny sv\u00e9 grafy, v\u010detn\u011b sloupcov\u00fdch a bodov\u00fdch, kreslil ru\u010dn\u011b. Svoji anal\u00fdzu srovn\u00e1vac\u00ed s\u00edly proto prov\u00e1d\u011bl tak, \u017ee vrstvil jeden graf p\u0159es druh\u00fd, aby mohl porovnat akcii s trhem nebo s ostatn\u00edmi ve stejn\u00e9m odv\u011btv\u00ed. Wyckoff zkoumal s\u00edlu nebo slabost ka\u017ed\u00e9 vlny vzhledem k p\u0159edchoz\u00edm vln\u00e1m na stejn\u00e9m grafu a ke srovnateln\u00fdm bod\u016fm na srovn\u00e1vac\u00edm grafu p\u0159i porovn\u00e1v\u00e1n\u00ed po sob\u011b jdouc\u00edch vln nebo v\u00fdkyv\u016f v ka\u017ed\u00e9m grafu. Vyhled\u00e1v\u00e1n\u00ed d\u016fle\u017eit\u00fdch vrchol\u016f a minim a jejich zaznamen\u00e1v\u00e1n\u00ed na obou grafech je jednou z verz\u00ed t\u00e9to strategie. S\u00edlu akcie pak lze posoudit porovn\u00e1n\u00edm jej\u00ed ceny s minul\u00fdmi maximy nebo minimy a opakov\u00e1n\u00edm tohoto procesu na srovn\u00e1vac\u00edm grafu.<\/p>\n

      P\u0159i pohledu na graf se m\u016f\u017eeme domn\u00edvat, \u017ee Wyckoff se sna\u017eil \u010dist\u011b naj\u00edt korelace a v bodech, kde cenov\u00e9 pohyby nebyly korelovan\u00e9, by se sna\u017eil pokra\u010dovat v dal\u0161\u00edm v\u00fdzkumu, aby na\u0161el p\u0159\u00edpadn\u00e9 podhodnocen\u00e9 akcie.<\/p>\n

      \"\"<\/p>\n

      Slovo na z\u00e1v\u011br<\/h2>\n

      P\u0159i pohledu na graf m\u016f\u017eeme ur\u010dit\u011b naj\u00edt vzory a body vysv\u011btlen\u00e9 v akumula\u010dn\u00edch a distribu\u010dn\u00edch sch\u00e9matech, jak m\u016f\u017eete vid\u011bt na obr\u00e1zku n\u00ed\u017ee.<\/p>\n

      \"\"<\/p>\n

      Richard D. Wyckoff, jeden z pr\u016fkopn\u00edk\u016f technick\u00e9 anal\u00fdzy, \u017eil p\u0159ibli\u017en\u011b p\u0159ed sto lety a poskytl ve\u0159ejnosti n\u011bkter\u00e9 z nejsiln\u011bj\u0161\u00edch poznatk\u016f a pohled na obchodov\u00e1n\u00ed, kter\u00e9 jemu a dal\u0161\u00edm student\u016fm pomohly dos\u00e1hnout vysok\u00fdch zisk\u016f. Jeho odkaz \u017eije dodnes a mnoho student\u016f po cel\u00e9m sv\u011bt\u011b zn\u00e1 jeho metodu, kter\u00e1 zahrnovala my\u0161lenky dal\u0161\u00edch tit\u00e1n\u016f technick\u00e9 anal\u00fdzy, jako byli Charles H. Dow (tzv. Dowova teorie) nebo Ralph N. Elliott (teorie Elliottov\u00fdch vln). Nen\u00ed pochyb o tom, \u017ee trhy maj\u00ed ur\u010dit\u00e9 cykly, kter\u00fdmi proch\u00e1zej\u00ed, a Wyckoffova teorie nab\u00edz\u00ed jednoduch\u00fd a logick\u00fd pohled na celkov\u00fd obraz cyklu. P\u0159esto\u017ee jsou vzory graf\u016f ve f\u00e1zi akumulace\/distribuce z\u0159\u00eddkakdy respektov\u00e1ny, definice jednotliv\u00fdch bod\u016f d\u00e1vaj\u00ed p\u0159i anal\u00fdze graf\u016f dokonal\u00fd smysl. V kombinaci anal\u00fdzy nab\u00eddky\/popt\u00e1vky a komparativn\u00ed anal\u00fdzy s\u00edly \u010din\u00ed tato metoda jeden z mocn\u00fdch n\u00e1stroj\u016f na trhu.<\/p>\n","protected":false},"excerpt":{"rendered":"

      M\u011bli jste n\u011bkdy p\u0159i pohledu na graf pocit, \u017ee se v\u00a0n\u011bm opakuj\u00ed vzory a cykly, ale vy je nejste schopni de\u0161ifrovat? Pokou\u0161eli jste se n\u011bkdy naj\u00edt vhodn\u00fd vstup do trhu, ale kv\u016fli vlastn\u00edm p\u0159edsudk\u016fm jste si t\u00edm nebyli jisti? V\u00a0dne\u0161n\u00edm \u010dl\u00e1nku se pod\u00edv\u00e1me na Wyckoffovu teorii a jej\u00ed vyu\u017eit\u00ed p\u0159i identifikaci tr\u017en\u00edch f\u00e1z\u00ed. Historie Richard […]<\/p>\n","protected":false},"author":44,"featured_media":542377,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[88911],"tags":[],"class_list":["post-542241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-obchodni-systemy"],"acf":[],"yoast_head":"\nWyckoffova teorie a jej\u00ed aplikace v tradingu | FTMO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ftmo.com\/cs\/wyckoffova-teorie-a-jeji-aplikace-v-tradingu\/\" \/>\n<meta property=\"og:locale\" content=\"cs_CZ\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wyckoffova teorie a jej\u00ed aplikace v tradingu\" \/>\n<meta property=\"og:description\" content=\"M\u011bli jste n\u011bkdy p\u0159i pohledu na graf pocit, \u017ee se v\u00a0n\u011bm opakuj\u00ed vzory a cykly, ale vy je nejste schopni de\u0161ifrovat? Pokou\u0161eli jste se n\u011bkdy naj\u00edt vhodn\u00fd vstup do trhu, ale kv\u016fli vlastn\u00edm p\u0159edsudk\u016fm jste si t\u00edm nebyli jisti? V\u00a0dne\u0161n\u00edm \u010dl\u00e1nku se pod\u00edv\u00e1me na Wyckoffovu teorii a jej\u00ed vyu\u017eit\u00ed p\u0159i identifikaci tr\u017en\u00edch f\u00e1z\u00ed. Historie Richard […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ftmo.com\/cs\/wyckoffova-teorie-a-jeji-aplikace-v-tradingu\/\" \/>\n<meta property=\"og:site_name\" content=\"FTMO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/ftmocom\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-13T13:30:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-13T14:46:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ftmo.com\/wp-content\/uploads\/2023\/01\/The-Wyckoff-theory-and-its-application-in-trading-CZ.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<script type=\"application\/ld+json\" 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Pokou\u0161eli jste se n\u011bkdy naj\u00edt vhodn\u00fd vstup do trhu, ale kv\u016fli vlastn\u00edm p\u0159edsudk\u016fm jste si t\u00edm nebyli jisti? V\u00a0dne\u0161n\u00edm \u010dl\u00e1nku se pod\u00edv\u00e1me na Wyckoffovu teorii a jej\u00ed vyu\u017eit\u00ed p\u0159i identifikaci tr\u017en\u00edch f\u00e1z\u00ed. 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