### "Wyckoff Trading Method" Core Trading Thought Analysis (Clear Version):

1. **Focus on the Movements of 'Smart Money'**

The core logic is to track the behavior of large funds (institutions, hedge funds) by analyzing changes in price and trading volume to determine whether they are "quietly buying" (accumulation phase) or "preparing to sell" (distribution phase). Ordinary investors can follow the direction of large funds.

2. **Supply and Demand Determine Price**

- **Supply Exceeds Demand**: Price declines (selling pressure strong).

- **Demand Exceeds Supply**: Price rises (buying pressure strong).

By observing changes in trading volume at key positions, one can assess the strength of supply and demand.

3. **Identify Market Phases**

- **Accumulation Phase**: Price fluctuates at a low level, trading volume increases, large funds are secretly building positions.

- **Rising Phase**: Price breaks resistance, trading volume continues to increase, trend is established.

- **Distribution Phase**: Price stagnates at a high level, trading volume shrinks, large funds are unloading.

- **Declining Phase**: Price breaks down, trading volume increases, trend reverses.

4. **Key Signals and Operations**

- **Spring Effect**: Price briefly breaks below support and then quickly rebounds, signaling the main force's "false breakdown and true absorption"; can buy on dips.

- **Upthrust**: Price falsely breaks above resistance and then falls back, signaling the main force's "inducing buying and selling"; should sell decisively.

- **Volume Confirmation**: Any price breakout must be accompanied by trading volume; otherwise, it may be a trap.

5. **Practical Skills**

- **Wait for Confirmation**: Do not blindly chase prices up or down; wait for price and volume to synchronize and validate the trend.

- **Stop-Loss Discipline**: Set stop-loss orders at key support/resistance levels to avoid large losses.

- **Simplify Charts**: Focus on price structure (such as highs and lows, trend lines), and avoid over-reliance on complex indicators.

---

**One-Sentence Summary**:

By analyzing price, trading volume, and market structure, identify the "absorption" and "distribution" behaviors of large funds, trade with the trend, and strictly adhere to discipline.