Prices attempt to return to the previous high (in an uptrend) or low (in a downtrend) but fail, creating a lower high or higher low.
1. The Three-Pronged Philosophy: Preservation, Consistency, Pursuit
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Process over Prediction Trader Vic rejects the illusion that markets can be consistently predicted. Instead, Sperandeo champions repeatable processes. He distills trading into a set of routines: how to identify trades, how to size them, when to scale in and out, and how to use technical and macro signals together. Technical analysis is not ritual for him; it is a language for reading market structure—levels of support and resistance, trend confirmation, and momentum divergences. Macro awareness provides the contextual frame: interest-rate expectations, commodity cycles, currency moves. The marriage of the two yields setups that are probabilistic rather than prophetic.
If you have access to the actual PDF, read chapters 4–6 (on Dow Theory and trend definition) and chapters 8–9 (on money management) carefully. Those sections contain the original data and charts. Always respect copyright—use quotes sparingly and cite properly. This link or copies made by others cannot be deleted
Before discussing the methods, we must understand the man. Victor Sperandeo started as a quote boy in a Wall Street wire room. Without a college degree, he learned the hard way: through brutal losses, market crashes, and the school of hard knocks.
Vic closely tracks government policy and Federal Reserve actions. He notes that changes in interest rates and money supply act as the primary catalysts for long-term bull and bear markets. The Three Trends Try again later
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In the glittering, blood-soaked arena of Wall Street, where PhDs in quantum physics fail and cocky Harvard MBAs get eaten alive, one man stood apart not because of his pedigree, but because of his principles.