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Wyckoff Trading Method
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Wyckoff Trading Method

  #1 (permalink)
Elite Member
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Wyckoff Trading Method

One of the things that Big Mike has always recommended is to trade with no indicators, or as few as possible. In the Elusive Price Action thread this is discussed.

In my search for success in this business I have realized that method takes a back seat to ones mental strengths and weaknesses. I don't doubt that for a minute. I think the mental aspect of trading is even harder to work on than the method, so I continue to do that.

In my effort to eliminate indicators from my charts i had heard of Wyckoff and VSA which comes from Wyckoff, but found VSA complicated. I've recently finished an 8 week online seminar about trading the Wyckoff way. The root of the methodology is to read the market by it's own actions. To do this we look at market structure, volume, the spread or range of the bars and the close of the bars. One of the things I like about the guy that taught the course is that he is not totally anti indicator, but recommends making it a secondary aspect in ones trading and suggests trying to keep them at a minimum. I hope its okay to mention his name here. If not i can remove it. Its Gary Dayton and his website is Trading Psychology One interesting thing about Gary is that he is a Psychologist, so dealing with the mental side of trading is something he is very familiar with. What better combo than method and mental?

Anyway, I did not see any threads on Wyckoff, so any discussion ,feedback etc. is of interest to me. I'm no expert, but if you have questions or want to see some charts let me know and I will do my best to answer. Oh, one last thing. I think Wyckoff was a heavy user, no, not drugs, but of Point and Figure charts which was not part of the seminar. This was okay with me and it may be a modified or simplified Wyckoff approach which is okay with me. I'm not certain that it is modified or simplified, that is only an assumption because PnF is not discussed.

By the way, I have not gone into any explanations of terminology etc. regarding Wyckoff. There are bar patters such as Up Thrusts, Tests, as well as terms such as Background, Structure, Signs of Strength and Signs of weakness. There is a term in structure called Shortening of the Thrust. This would be equivalent to a wedge pattern, but these patterns are not referred to in Wyckoff. There are also things that you will see in the charts where one might say, "hey, that's a 123 pattern or a 2B buy". Yes, I agree. I think many methods overlap and show the same thing by a different name. Its the how or why it is happening that is important to me and not what you call it.

If you have specific questions about terms etc. feel free to ask and I will do my best to answer.

David


Last edited by David_R; December 31st, 2010 at 06:36 PM. Reason: Added last paragraph 12/31/10
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  #2 (permalink)
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  #3 (permalink)
Sharpening mental edge
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Check out db pheonix over at traders laboratory he's a good free source of wykoff material, there are a few guys there trading wykoff live too.

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  #4 (permalink)
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Thanks David. I look forward to more posts about Wyckoff.

rassi, as far as the other user over at TL, why not ask him to come here -- if he is a good guy and someone we want in the community

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
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  #5 (permalink)
Student Of The Markets
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DB Phoenix hasn't been in TL's forum for a couple years, but his posts and threads are still there. I was in a chat room in TL for a few months with a guy who knew DB personally and was trained by DB. DB has not been in any forums for a while.

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  #6 (permalink)
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Well I hope that means he has retired

What books would you guys recommend with for studying Wyckoff method, I mean in order of priority?

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #7 (permalink)
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Big Mike View Post
Well I hope that means he has retired

What books would you guys recommend with for studying Wyckoff method, I mean in order of priority?

Mike

I'm not sure of what books to recommend. Books by Wyckoff himself would probably be best, other than the forum posts on TL I've only had the seminar.

D

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  #8 (permalink)
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CL via some Wyckoff

Here are a few charts on CL that could have supported a long in CL. I show a daily, a 120 minute and a 5 minute.

I'm not an expert. This is just my take on things and is in order to help me to improve and learn, so I can do it real time at some point, so if I have something wrong or not accurate just let me know.

David

Attached Thumbnails
Wyckoff Trading Method-clbackground_for_a_long123110.jpg   Wyckoff Trading Method-clbarbybar_5min.jpg  
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A lesson learned, I hope!

This is on of my examples of where trading what you think and not what you see can hurt you. Just because X, Y or Z takes place does not mean A,B or C will happen. The attached charts are of a practice trade i took. I was sure this thing was going south. The problem is I was only looking at one or two things to give me that conclusion and not the abundance of information telling me other wise. In the course I took Market Structure was enforced a number of times, but bad habits die hard. I post this to remind myself and hopefully to drill into my head to look and see what is taking place not what I think is taking place because of one sign. This stems from the fear of missing out and I think that fear of missing out causes me to jump the gun and not see the true story.

David

Attached Thumbnails
Wyckoff Trading Method-6e_trade_what_you_see.jpg   Wyckoff Trading Method-6e_what_i_thought.jpg   Wyckoff Trading Method-6e_not_what_i_think_blow_up.jpg  
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LOL, sorry you didn't get your new car -- but you will soon.

Happy New Year!

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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