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YTC Price Action Trader (www.ytcpriceactiontrader.com)
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YTC Price Action Trader (www.ytcpriceactiontrader.com)

  #61 (permalink)
Big game hunter
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Adamus View Post
Hi,

resurrecting this thread again because it's exactly the subject I want to discuss.

Using support and resistance based on swing highs and swing lows, after several days trading in a range, I find the S/R levels get really cramped and I start deleting the old, stale levels that didn't generate any price interaction.

Sometimes I'll have 3 levels close together, within 20 pips, and it looks like they are all generating interaction. I keep thinking of these supply and demand zones. And in fact, the YTC PAT ebook says all S/R levels are zones really anyway and not just lines.

But having a strategy for a zone is not the same as having one for a line.

Generally speaking I wait for price to arrive at an S/R level and form a stall / consolidation range, generally 5 to 10 pips. Assuming I am confident about my bias for future trend direction, I'll try to get in at a good price in this range, the better the price the further the stop can be. Then hopefully soon price zooms off in my direction.

Otherwise, I wait for a trigger, e.g. an up/down twins bar formation or a Jap candlestick pattern, and I'll enter when that's complete, or in the worst case if my bias is strong or the RR looks good, I'll put a stop break-out entry order in.

That's all clear to me when the S/R level is a line, but what do I do when it's a zone? It seems to introduce a whole new set of factors to consider. If price has almost penetrated the zone and is stalling at the far edge, then great - but what if it's not? Doesn't that make the whole trade lower probability, if price has to fight further to emerge the other side?

@Adamus , can you pass along a copy of the YTC Ebook ? If not its no problem but Ill keep up with this thread as time permits , thanks .

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  #62 (permalink)
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Eric j View Post
@Adamus , can you pass along a copy of the YTC Ebook ? If not its no problem but Ill keep up with this thread as time permits , thanks .

Hi Big Game Hunter, I can't, it's copyrighted material. Most of the stuff though is procedural, do this, do that, checklist tick etc, the actual meat of the trading technicalities is all covered on his website. The S/R method he describes is simply based on a higher timeframe chart using swing highs and swing lows to define the market structure, i.e. where price is likely to do something like stall or break-out. His swing highs/lows are defined as 2 bars on either side must be lower for a swing high, higher for a swing low. Works most of the time, gets crowded after a long trading range.

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  #63 (permalink)
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Adamus View Post
...The S/R method he describes is simply based on a higher timeframe chart using swing highs and swing lows to define the market structure, i.e. where price is likely to do something like stall or break-out. His swing highs/lows are defined as 2 bars on either side must be lower for a swing high, higher for a swing low. Works most of the time, gets crowded after a long trading range.

I think looking at each pivots to define S&R is a bit clumsy. Unless you can confirm there is supply or demand left at a level, there is no need to record every pivot. Would be curious to see how you would have marked the ES Yesterday given how supply/demand moved.

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  #64 (permalink)
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I couldn't handle drawing lines from the previous session. Too tedious and ambiguous for me. So thanks to cjbooth's introduction of the kwik-pop and JS Services indicators, I let them do the s/r lines update for me. I also use the "jhLTDSetup" indicator used in Sharky's method in one of his templates. I found it helpful in generally showing when price is contained in a trading range consolidation or showing when price has broken out and may be trending.

How is this all related to YTC? I have YTC PAT and am still reading it but I like his ideas about what "objectively" defines an ongoing trend based on pivots of prior swing highs/lows or a greater than 1-2-3 pattern into a trading range. Just that I let KwikPop's "pivot2color" indicator draw the pivots for me and let JS Services draw support and resistance lines for me updated daily through their "quantkey" connection software.

As to what to do when you're in a trade and it slows down at a resistance level? I guess you could settle for taking it off for a smaller profit. Or take half contracts off if you're using more than than 1 contract, then wait and see, and then you have a breakeven/free trade.


Last edited by Cloudy; December 2nd, 2011 at 08:56 AM.
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  #65 (permalink)
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trendisyourfriend View Post
I think looking at each pivots to define S&R is a bit clumsy. Unless you can confirm there is supply or demand left at a level, there is no need to record every pivot. Would be curious to see how you would have marked the ES Yesterday given how supply/demand moved.

How supply/demand moved? Do they move? You've lost me on that one. But I agree with what you say about clumsy S/R levels. I look back over them at the end of the day to see how they affected price, and remove them if they didn't. It works for now in my limited testing but I can't say it's a bottle-neck for my performance - like you say, it's just clumsy.

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  #66 (permalink)
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Cloudy View Post
I couldn't handle drawing lines from the previous session. Too tedious and ambiguous for me. So thanks to cjbooth's introduction of the kwik-pop and JS Services indicators, I let them do the s/r lines update for me. I also use the "jhLTDSetup" indicator used in Sharky's method in one of his templates. I found it helpful in generally showing when price is contained in a trading range consolidation or showing when price has broken out and may be trending.

How is this all related to YTC? I have YTC PAT and am still reading it but I like his ideas about what "objectively" defines an ongoing trend based on pivots of prior swing highs/lows or a greater than 1-2-3 pattern into a trading range. Just that I let KwikPop's "pivot2color" indicator draw the pivots for me and let JS Services draw support and resistance lines for me updated daily through their "quantkey" connection software.

As to what to do when you're in a trade and it slows down at a resistance level? I guess you could settle for taking it off for a smaller profit. Or take half contracts off if you're using more than than 1 contract, then wait and see, and then you have a breakeven/free trade.

Would you be kind enough to give some insight to kwik pop & js service combo worth the monthly premium. I know about kwik pop pivot formation which can also be figured out with zig zag or price action swing indicators

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  #67 (permalink)
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Cloudy View Post
I couldn't handle drawing lines from the previous session. Too tedious and ambiguous for me. So thanks to cjbooth's introduction of the kwik-pop and JS Services indicators, I let them do the s/r lines update for me. I also use the "jhLTDSetup" indicator used in Sharky's method in one of his templates. I found it helpful in generally showing when price is contained in a trading range consolidation or showing when price has broken out and may be trending.

How is this all related to YTC? I have YTC PAT and am still reading it but I like his ideas about what "objectively" defines an ongoing trend based on pivots of prior swing highs/lows or a greater than 1-2-3 pattern into a trading range. Just that I let KwikPop's "pivot2color" indicator draw the pivots for me and let JS Services draw support and resistance lines for me updated daily through their "quantkey" connection software.

As to what to do when you're in a trade and it slows down at a resistance level? I guess you could settle for taking it off for a smaller profit. Or take half contracts off if you're using more than than 1 contract, then wait and see, and then you have a breakeven/free trade.

I can see the advantage of using an indicator for the S/R lines but I like to remove lines when they prove ineffective.

YTC PAT details all this. It's a good programme - more so than a reading book - and I'm trying to be dogmatic about implementing it, but there is a lot of stuff in there. But then, there's a lot of stuff in trading.

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  #68 (permalink)
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Adamus View Post
I can see the advantage of using an indicator for the S/R lines but I like to remove lines when they prove ineffective.

YTC PAT details all this. It's a good programme - more so than a reading book - and I'm trying to be dogmatic about implementing it, but there is a lot of stuff in there. But then, there's a lot of stuff in trading.

Maybe this indicator could help on a secondary chart:
Fuzzy Pivots | Critical Data Associates, Inc.

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  #69 (permalink)
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masood chughtai View Post
Would you be kind enough to give some insight to kwik pop & js service combo worth the monthly premium. I know about kwik pop pivot formation which can also be figured out with zig zag or price action swing indicators

Not in this thread.

This thread is for reviewing "YTC Price Action Trader" only.

Let's keep things organized.

Mike

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  #70 (permalink)
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I wanted to bring YTC up again. (www.yourtradingcoach.com) I've been reading the material and found it great price action discretionary stuff. At the end of YTC PAT Lance Beggs does say similar to what Al Brooks says that one can't be an instant profitable trader right after reading the material. It take practice and experience. At least Beggs has more suggestions on how to get to that level through after market review and a practice simulation plan. His setups also have more delineated steps while Brook's setups are more vague. However there are Brook's setups not covered by YTC PAT and vice versa. And YTC PAT has more emphasis on trading off of s/r lines than BPA.

There is also an addendum product called "YTC Scalper" where Lance Beggs has modified YTC PAT for the 1min chart using range bars and also a simplified checklist procedure based on the YTC PAT. The setups are still mainly based on YTC PAT and YTC PAT is a pre-requisite read for YTC scalper. Beggs claims to trade his scalper system for 1 or 2 hours so he can be done with his trading and have time for other commitments.

In review, I found YTC PAT and YTC Scalper a great intro to price action, a possible alternative or supplementary material to Al Brook's BPA series. It's also a complete trader's package by itself as YTC PAT covers a comprehensive trading education and has instructive sections on trading psychology, after market review, and trading plans with close to a thousand pages of material. There is also a free blog updated at least weekly by Beggs which includes plenty of examples and charts , far more than most other trading instruction sites.

If one wants 3rd party s/r lines here are a few great suggestions:
As for kwik-pop, js-lines combo s/r lines, one can find info in the products section on KwikPop Day Trading Software
www.jsservices.com , for js lines only.
ToTheTick | Support and Resistance Trading - Futures and Forex
Day Trading the Indices Using Support and Resistance


Last edited by Cloudy; January 19th, 2012 at 05:10 AM.
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