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Wyckoff Trading Method
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Wyckoff Trading Method

  #1031 (permalink)
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supermht View Post
Frankly, I don't think 50% setup is all about wyckoff.

There's an easy way to find out.

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  #1032 (permalink)
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DbPhoenix View Post
I don't see a chart. Am I supposed to click on something?

Be that as it may, I need to see what you see. Otherwise, it's just the usual theoretical baloney. If by "tick chart" you mean 1t, just back off as much as you can and post a chart with a longer interval to show the context, i.e., wherein the tick chart lies.

As for reading the course, there's no way you're going to make a success of this solely by looking at charts (there are, however, plenty of charts in the course). You may get by, but considering how long you've been at this, I assume you want to make a living at it. If that's a false assumption, perhaps we ought to just leave it here.

Sorry, my bad. I forgot to add the chart.

I work a day job, so I'm not able to post my chart, or I would. The attached chart is the one I was speaking of yesterday.

The tick chart I use is more like a 500 Tick or a 1000 tick. I will look at higher time frame tick charts as well.

I've been at this a long time. At least it's a long time in my eyes. It's got to be about 8 years or so. I'd love to do this for a living, but need to be able to be consistent. I recall you saying it's not about psychology, but man, my head can sure get in the way at times.

D
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  #1033 (permalink)
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David_R View Post
Sorry, my bad. I forgot to add the chart.

I work a day job, so I'm not able to post my chart, or I would. The attached chart is the one I was speaking of yesterday.

The tick chart I use is more like a 500 Tick or a 1000 tick. I will look at higher time frame tick charts as well.

I've been at this a long time. At least it's a long time in my eyes. It's got to be about 8 years or so. I'd love to do this for a living, but need to be able to be consistent. I recall you saying it's not about psychology, but man, my head can sure get in the way at times.

D

This is difficult, particularly when you've been at this for so long (I didn't realize it was 8 years, and that is WAY too long). And I don't know if you want to pursue this on a message board. I looked back at your first post to this thread, and, at the time, you seemed to be open to at least some self-exploration. This isn't to suggest that I'm interested in dragging you down any sort of therapeutic course since psychology isn't the issue (I have a PhD in psych as well, and psychology isn't the problem here; in fact it's rarely the problem anywhere, except to those who charge for psychological counseling). But it is very likely that you "know" a great deal that isn't true; otherwise you'd be much farther along after eight years.

Some basic questions first:

1. Why are you trying to daytrade if you have a day job? Do you trade from 0630 to 0800 PST?

2. Why oil?

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  #1034 (permalink)
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DbPhoenix View Post
This is difficult, particularly when you've been at this for so long (I didn't realize it was 8 years, and that is WAY too long). And I don't know if you want to pursue this on a message board. I looked back at your first post to this thread, and, at the time, you seemed to be open to at least some self-exploration. This isn't to suggest that I'm interested in dragging you down any sort of therapeutic course since psychology isn't the issue (I have a PhD in psych as well, and psychology isn't the problem here; in fact it's rarely the problem anywhere, except to those who charge for psychological counseling). But it is very likely that you "know" a great deal that isn't true; otherwise you'd be much farther along after eight years.

Some basic questions first:

1. Why are you trying to daytrade if you have a day job? Do you trade from 0630 to 0800 PST?

2. Why oil?

Recently I haven't been trading. The day job has been on and off because the last 4 years I've been more of a contractor or consultant than an employee. Yes, I would trade the early morning if I were to do so. My current contract ends in a week, so I will have more time.

Crude oil was used as an example of the 50% point being exceeded. Although, I gave tried trading it. To be honest, I don't have patience for the ES, especially if it is one of its 4 tick ranges for 90 minutes. I prefer the NQ.

Also, I would find it difficult to position trade. The patience it would require would make it tough to hold on through the ups and downs.

I probably do know a lot that isn't right. :-). My path has been self education via your typical technical analysis books such as J. Murphy and following so called prof. that want to sell indicators and webinars, as well as software vendors. Somewhere along the way I discovered and realized I don't need them or what they sell, but the damage may have been done. Even if not original Wycloff the info I've obtained from Dayton and Weis has probably been the most useful.

I will be reading the sections you posted in the other thread. But I do admit that the concept of determining the forces of supply and demand and who is in control from a price charts appears very difficult. I'm not saying impossible because others do it. I don't know if the sections you outlined in the course will provide the insight to be able to do it, but I certainly hope it sheds some light.

Thanks for your help.

D

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  #1035 (permalink)
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David_R View Post
Recently I haven't been trading. The day job has been on and off because the last 4 years I've been more of a contractor or consultant than an employee. Yes, I would trade the early morning if I were to do so. My current contract ends in a week, so I will have more time.

Crude oil was used as an example of the 50% point being exceeded. Although, I gave tried trading it. To be honest, I don't have patience for the ES, especially if it is one of its 4 tick ranges for 90 minutes. I prefer the NQ.

Also, I would find it difficult to position trade. The patience it would require would make it tough to hold on through the ups and downs.

I probably do know a lot that isn't right. :-). My path has been self education via your typical technical analysis books such as J. Murphy and following so called prof. that want to sell indicators and webinars, as well as software vendors. Somewhere along the way I discovered and realized I don't need them or what they sell, but the damage may have been done. Even if not original Wyckoff the info I've obtained from Dayton and Weis has probably been the most useful.

I will be reading the sections you posted in the other thread. But I do admit that the concept of determining the forces of supply and demand and who is in control from a price charts appears very difficult. I'm not saying impossible because others do it. I don't know if the sections you outlined in the course will provide the insight to be able to do it, but I certainly hope it sheds some light.

Thanks for your help.

D

Don't get ahead of yourself. Just take it one step at a time. The 50% thing has to do with buying and selling waves, and that's down the road. So is analyzing buying and selling forces. By the time you get to that, if you ever do, the process will be much clearer. A beginner who's just starting out can get this fairly quickly. Those who have been at it a while take much longer. Sometimes they never get it at all. But, like everything else, it just depends.

I'm not going to get into why you need the rush of daytrading. Let's just start from that.

If you're going to daytrade, then you have to do it during a period when you can do it. You must have discovered by now that nearly everyone on these websites who claims to be daytrading isn't. They may be trading within regular trading hours, but they aren't doing what real daytraders do. They're trading while at work or between classes or during breaks from whatever. Which is one reason why they rely so much on indicators and "signals": they don't really know what they're looking at (and wouldn't have the time to do anything about it if they did). So, again, if you're going to daytrade, do it during a period when you can devote your complete attention to it, which in your case will likely be early morning. If you can't devote your entire attention to it, don't even try.

Second, select something that moves during the period when you can trade. If this is 0630 to 0800 PST, then whatever you trade is going to have to be something that moves during that period. And it won't be oil. I suggest the NQ. It moves, it's reliable, it's predictable, it's reasonably inexpensive, there's loads of liquidity, and it trends (unlike the ES, which generally just sits there). It's much more important that you become intimately familiar with what you're trading than jump around from one thing to another, at least in terms of trading this approach, because Wyckoff is about understanding traders and what they're doing and why they're doing it rather than analyzing bars and price-volume bar pairs. But if you want to trade something else, fine. Just make sure it's something that is interesting enough for you to stick with.

After that, you'll have to deal with certain facts of price movement that have nothing to do with any particular approach, such as that price is always either trending or ranging. If you know how to determine the difference, you're ahead. If you don't, then you'll have to start there because you'll have to determine whether your instrument is trending or ranging before you will know what to do with it (if it's trending, you'll need to understand at least trend, retracements, and pace; if it's ranging, you'll need to understand at least support, resistance, and reversals).

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  #1036 (permalink)
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DbPhoenix View Post
(unlike the ES, which generally just sits there)

C'mon Db, don't be a hater man. Good to see you here, and great advice.

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  #1037 (permalink)
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josh View Post
C'mon Db, don't be a hater man. Good to see you here, and great advice.

Sorry. I know you love it. But it's important to start with something easy. Early success and all that. We can worry about boredom later.

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Wyckoff Trading Method-130325-1-es-w.pdf

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welcome back ,Gary

hope you can do a wyckoff webinar for futures.io (formerly BMT) guys

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130325-2 ES D


130325-2 ES D

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