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YTC Price Action Trader (www.ytcpriceactiontrader.com)


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YTC Price Action Trader (www.ytcpriceactiontrader.com)

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  #21 (permalink)
Brooklyn, NY
 
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Hey All,
In the spirit of YTC setups. Here are 3 area's of interest on the 1440 min chart.
ES - babypowder's library

Looks like a BPB on the current area of interest with a nice IB for a possible entry if your looking at the 240 min chart.
BPB - babypowder's library

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  #22 (permalink)
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Zwaen View Post
Hello Kulu,

after watching several video's of Seiden I also noted the odd enhancers. But in some videos he tells about 6 and in another video he tells he uses 11 variables to gauge the possible succes or failure of the setup. Offcourse he cannot tell everything because his courses would be useless and the people paid for it will be angry.
Which do you use? Or do you use a few in combination with common sense? Are'nt you afraid you use information which is possible not complete for this reason?

Zwaen,

I think what Sam shares in his videos is plenty good. Like everything else posted on this forum and anywhere else, you gotta take the concept and apply it to the market the way to suite your trading style. I understand that when Sam has on his videos is not the whole story. I don't even know how many odd enhancers he has in total. And besides, supply/demand zones are different for each trader. For me, I have to see a strong move off a level, and have a good profit margin. If I don't have those two things, then I don't even look at a congestion area.

Like everything in this business (and in life) there are no shortcuts, you gotta put in the hours and screen time. You have to practice until you find what your definition of supply/demand level is for you. Also, I like the "drop-base-rally" for my demand levels, and "rally-base-drop" for my supply levels with at least a 1:2 R2R ratio. It's taken me a while to get it and I am still learning.

Every week Online Trading Academy has "Lesson From The Pros" Those articles are really good as well. Some of the things I also look at are the following:

  • Retracements: First retracement to a level is highest probability
  • Arrival: We want to see a strong move into the level i.e no consolidation just before a level.
  • Time at level: In line with the strength odds enhancer. When price is most out of balance the price will spend the least amount of time there, so the fewer candles the better.
  • Levels on Levels, for these I like to watch price to see if it trade to the lower/higher level before taking the trade. Take a look at the 60M chart of the TF or YM from 08/31/2011 to see what I mean.
I think the most important thing is to practice this and apply your own rules around the basic idea that Sam presents and see how it work for you. Practice it for the rest of the year and see what kind of results you get. You will be amazed at how accurate some of these levels are. And if you get the right level, price will just be rejected from it. I use some Price action bars as well with this method and they compliment each other very well (inside bars, engulfing bars, pin bars, island reversals, key pivot reversal, etc). But again, these formation have to be at a supply/demand level for me to take them.

I hope this helps. This is the way I use this information, and some people might be using it differently. I think Lance Beggs information is great, but I don't have his book yet. I have seen his free stuff (I like his trapped traders formations)

Kulu

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  #23 (permalink)
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Good post Kulu,

regarding to a free video I found the following enhancers:

Regarding the level:
1. How long stayed price at level? Shorter is better
2. How fast dit prices leave the level? Stronger is better
3. Levels on top of level enhances changes since more supply is available.

Regarding revisting the level again:
1. Is profit margin sufficient? 3:1 or better. This also take into account congestion before your entry.
2. Is it the first time the level gets revisited. How more times, the more supply will be “ eaten up”.

Additional enhancers:
1. Regarding higher timeframe, is the higher timeframe trend in your favor and no higher timeframe S/R “ in the way “.
2. Stock/Bond also in opposite direction?
3. Time of the day? ( for example trade in lunchtime is not good)
4. Bollinger bands. Comfirming your entry? ( for example short on touch upper band)
5. Globex high and low ( don’t know what this is, but I think he just means high or low of the day of yesterday: act as S/R)


But I indeed think taking all enhancers into account will not result in better results. It is the same as thinking using 10 indicators instead of 3 will enhance you're chart reading.

I was interested in Seiden because I wanted to gauge where a trend could posssible end. Most of the time, when you scroll to the left you will indeed see a level in the past where price really jumped out.

I think you are right when you say just practise and practise, it is the only way you will learn to spot good opportunities, let alone gain confidence in the setups.

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  #24 (permalink)
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Zwaen View Post
Good post Kulu,

regarding to a free video I found the following enhancers:

Regarding the level:
1. How long stayed price at level? Shorter is better
2. How fast dit prices leave the level? Stronger is better
3. Levels on top of level enhances changes since more supply is available.

Regarding revisting the level again:
1. Is profit margin sufficient? 3:1 or better. This also take into account congestion before your entry.
2. Is it the first time the level gets revisited. How more times, the more supply will be “ eaten up”.

Additional enhancers:
1. Regarding higher timeframe, is the higher timeframe trend in your favor and no higher timeframe S/R “ in the way “.
2. Stock/Bond also in opposite direction?
3. Time of the day? ( for example trade in lunchtime is not good)
4. Bollinger bands. Comfirming your entry? ( for example short on touch upper band)
5. Globex high and low ( don’t know what this is, but I think he just means high or low of the day of yesterday: act as S/R)


But I indeed think taking all enhancers into account will not result in better results. It is the same as thinking using 10 indicators instead of 3 will enhance you're chart reading.

I was interested in Seiden because I wanted to gauge where a trend could posssible end. Most of the time, when you scroll to the left you will indeed see a level in the past where price really jumped out.

I think you are right when you say just practise and practise, it is the only way you will learn to spot good opportunities, let alone gain confidence in the setups.

I have other odds enhancers. I will post them when I get home this evening. Practice is key. Like I said, for me, I need to see at least two things before I can take that trade: a good profit margin, and a strong rejection at a level, and first pullback. Then when those two conditions are met, then do I look at other enhancers such as, where are we on a larger timeframe, time of the day for the instrument I am trading, prior day/week/month highs/lows/close (I look at the close too because I think unlike the open price, smart money determine the close of most candles, again, that's my opinion).time of the day for the instrument I am trading.

One of my problems when I started trading was the urge to be right. Sometime price will just move through these levels and stop you out. These don't bother me any more, because I am comfortable taking a loss as long as it's within my parameters. Take today for instance, I had my FDAX levels marked up, my limit order got filled and while I was away from my desk, my trailing stop got hit for a very small loss (I don't use trailing stops any more, but since I am trading at work, I use an ATM strategy and move my stops manually). However, when I got back to my desk, I re-enter the trade at the low of the supply zone. The finally hit my target for a nice gain.

Just keep looking at those charts and draw in your levels and take trades off of them. This is powerful information. You just need to be patience and know what you are looking for. Let price come to you. For this reason, it is wise to watch several markets. This way when something sets up, you can take the best setup. Sorry for the long message.

Kulu

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  #25 (permalink)
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And this was my second trade for today. Not a big trade, but it offered a more than 1:4 R2R ratio at a good level (levels on levels). With these I watch price first without just jumping in. I waited and as price was trading towards the top line of the top zone, I placed my limit order.

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  #26 (permalink)
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kulu View Post
And this was my second trade for today. Not a big trade, but it offered a more than 1:4 R2R ratio at a good level (levels on levels). With these I watch price first without just jumping in. I waited and as price was trading towards the top line of the top zone, I placed my limit order.

Long posts are often better :-)
Interesting :-) But that meant you went short on the 3th touch, instead of the first ?! ( on YM 09-11)

Btw I looked at the YM 09-11 and saw I big supply level 11800-11900, dating back from august 4th.
Do you agree with that observation?

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  #27 (permalink)
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Zwaen View Post
Long posts are often better :-)
Interesting :-) But that meant you went short on the 3th touch, instead of the first ?! ( on YM 09-11)

Btw I looked at the YM 09-11 and saw I big supply level 11800-11900, dating back from august 4th.
Do you agree with that observation?

I didn't place a limit order on that one, I let price trade in again because it wouldn't have been the first time hitting the lower level. I was interested in taking the trade in the upper level (level on levels) for a reduced risk trade.

I guess price on both FDAX and YM did finally reach the lower demand levels. Didn't have the patience to hold since I had meetings. I just wanted to take my profit and be done. Two trades like this make my weekly goal.

I see the level you are talking about, however, I like the one above it that I have shown better. Look at how price gaped into that area, looked like supply and demand were in balance and then bam, down it went. I will be watching this level whenever price gets back there.

Have a good weekend.

Kulu

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  #28 (permalink)
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Here is some more information I gathered. I hope it helps someone.

Kulu

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  #29 (permalink)
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kulu View Post
I didn't place a limit order on that one, I let price trade in again because it wouldn't have been the first time hitting the lower level. I was interested in taking the trade in the upper level (level on levels) for a reduced risk trade.

I guess price on both FDAX and YM did finally reach the lower demand levels. Didn't have the patience to hold since I had meetings. I just wanted to take my profit and be done. Two trades like this make my weekly goal.

I see the level you are talking about, however, I like the one above it that I have shown better. Look at how price gaped into that area, looked like supply and demand were in balance and then bam, down it went. I will be watching this level whenever price gets back there.

Have a good weekend.

Kulu

Hey Kulu, thanks.
I see what you mean.
Btw I found the same information last week (same pictures ) with good old friend google as you uploaded in the doc files
Could you tell me, would the level displayed in the chart also be a " good" level:

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Zwaen View Post
Hey Kulu, thanks.
I see what you mean.
Btw I found the same information last week (same pictures ) with good old friend google as you uploaded in the doc files
Could you tell me, would the level displayed in the chart also be a " good" level:

@ Zwaen

I think you could tighten up the supply zone just a little bit (make the lower line of the zone line up with the low of the candles closer to the origin on of the decline). But it looks ok. I don't go down any lower than 15M.

Here are my trades from today. TF was stopped out for -23 ticks, CL was good for +110 ticks, and YM was good for +37 ticks.

Thanks, Kulu

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