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YTC Price Action Trader (www.ytcpriceactiontrader.com)


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YTC Price Action Trader (www.ytcpriceactiontrader.com)

  #81 (permalink)
 
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YertleTurtle View Post
As far as I can tell no one is profitably running this system on nexusfi.com (formerly BMT) - is this accurate?

You may want to check out my old journal. The roots of my old trading method were firmly based on YTC, and yes I did consider it to be profitable however it is by no means a 'system'. YTC is very much about identifying market state and using discretion and experience to trade. Trying to automate YTC into a 'system' is the wrong way to go in my opinion.

I no longer trade a YTC based methodology, but that is purely as a result of a natural progression i've found myself taking and a move to something that i've found to better suit my psychology. YTC is however excellent and Lance Beggs really knows his stuff.

Old journal: PASR Journal

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  #82 (permalink)
 
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 Adamus 
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DarkPoolTrading View Post
You may want to check out my old journal. The roots of my old trading method were firmly based on YTC, and yes I did consider it to be profitable however it is by no means a 'system'. YTC is very much about identifying market state and using discretion and experience to trade. Trying to automate YTC into a 'system' is the wrong way to go in my opinion.

I no longer trade a YTC based methodology, but that is purely as a result of a natural progression i've found myself taking and a move to something that i've found to better suit my psychology. YTC is however excellent and Lance Beggs really knows his stuff.

Old journal: PASR Journal

I read your journal last year - I wondered why you stopped. You have a great way of analysing your progress, it was interesting to see how you approached it. Quite methodical, in the same way that YTC PAT is too, I thought.

Did you move on to something similar also based on S/R, PA and traps, or did you go more technical?

@YertleTurtle I also use YTC PAT methods - not the scalper methods. I am not currently trading live, i.e. my last attempt was not profitable. That though was less to do with the method and more to do with my decision-making process.

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  #83 (permalink)
 
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Adamus View Post
I read your journal last year - I wondered why you stopped. You have a great way of analysing your progress, it was interesting to see how you approached it. Quite methodical, in the same way that YTC PAT is too, I thought.

Did you move on to something similar also based on S/R, PA and traps, or did you go more technical?

@YertleTurtle I also use YTC PAT methods - not the scalper methods. I am not currently trading live, i.e. my last attempt was not profitable. That though was less to do with the method and more to do with my decision-making process.

Hi Adamus,

What I found after a year of trading full time is that perhaps my biggest psychological challenge is my risk averse nature (when it comes to trading), along with my need to wait for too much confirmation before acting. Over trading seems to be the biggest problem for most people based on my observations,...however im the complete opposite in that I will come up with every excuse possible to not take a trade if it doesn't look perfect.

In a nutshell my prior trading with YTC involved identifying important levels and market structure pre-market, but then trading the developing intra-day structure as it developed. Essentially looking for double tops/bottoms, breakout-pullbacks, traps etc as the market moved between the larger pre-defined SR levels.

The problem with the above approach (based upon my risk averse monkey), is that it involved a lot of intra-day decision making as to whether or not a setup was valid or not. Is this really a double top? Has this really pulled back enough? This doesn't look right. etc. My performance was suffering not because of YTC (which is excellent), but because of me.

So to cut a long story short, I started to realize that I am far more comfortable coming up with a game plan pre-market based on context, market structure and the 'story' that the market has been telling recently. All my areas are now defined pre-market and I simply enter when the market reaches them. I will sometimes have limit orders waiting in the market an hour ahead of time to get in. I no longer take trades based on the current days developing price action,...all trades are defined ahead of time based on prior days/weeks action.

To this end, I now use volume profile and auction market theory extensively. Not because VP is an entry/exit method which in my opinion it is certainly not, but because it helps structure the market and tell a story. I now define my trades before the market opens based on the story

Sorry for the long winded response. Just thought I would give a proper answer so it didn't seem like I was jumping to VP because it was the cool new thing on the block. I gravitated to it specifically because of how it reduces my need to rely on the current day's developing price action, which is where my risk averse monkey comes out to play.

With all that said, for someone who enjoys trading based off of the current day's developing price action and who is suited to it psychologically,...I can't recommend YTC highly enough.

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  #84 (permalink)
 
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 Adamus 
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Not long-winded at all. All makes sense. You're using volume profiles to find the levels? (or does that question make me look stupid?)

Using volume (and switching from forex to futures) is one of the options that lies ahead for me if my latest approach that I'm currently working on doesn't pay off - although higher on my list is lengthening my time-frame. I am trying to develop the ability to work the YTC PAT methodology on the 3-min time-frame but my last foray showed me I wasn't experienced enough to keep it all together on a 3-min chart. On the hourly chart though, that could be a totally different story.

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  #85 (permalink)
 
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Adamus View Post
Not long-winded at all. All makes sense. You're using volume profiles to find the levels? (or does that question make me look stupid?)

Yes my areas of interest are determined using the profiles,...but more importantly I use them to tell me a story of what the market is trying to do. I try to trade with the story.


Adamus
Using volume (and switching from forex to futures) is one of the options that lies ahead for me if my latest approach that I'm currently working on doesn't pay off - although higher on my list is lengthening my time-frame. I am trying to develop the ability to work the YTC PAT methodology on the 3-min time-frame but my last foray showed me I wasn't experienced enough to keep it all together on a 3-min chart. On the hourly chart though, that could be a totally different story.

Good luck. That's what's great about YTC, it really doesn't matter about timeframe, it's about understanding the price action. So you can scale up or down the time frame as needed.

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  #86 (permalink)
 
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 KahunaDog 
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Darkpooltrading...
I have found the same thing. Looking solely at intraday price action confuses the trees for the forest. Drawing and identifying trade zones and no trade zones are a big key. But intraday I can and have seen countless times smart money violate known s /r zones to run stops.
That is why I want to learn VP.
I have conversed online with Ytc (Lance) on charts or ideas hes posted. Though do not have his book. Many of his trades and PA is similar to what I have scrounged up in pa and have used.

Which VP or system on orderflow have you focused on? I am only familiar with some of the basic theory. I have been debating on Jigsaw and Marketdelta. The footprint chart is the easiest for me to id with. I have the NoBs book on orderflow watched his and other videos. But am wondering on the next step. I was thinking a room like Marketdelta or jigsaw would be the next step. Any suggestions?

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  #87 (permalink)
 
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KahunaDog View Post
Darkpooltrading...
I have found the same thing. Looking solely at intraday price action confuses the trees for the forest. Drawing and identifying trade zones and no trade zones are a big key. But intraday I can and have seen countless times smart money violate known s /r zones to run stops.
That is why I want to learn VP.
I have conversed online with Ytc (Lance) on charts or ideas hes posted. Though do not have his book. Many of his trades and PA is similar to what I have scrounged up in pa and have used.

Which VP or system on orderflow have you focused on? I am only familiar with some of the basic theory. I have been debating on Jigsaw and Marketdelta. The footprint chart is the easiest for me to id with. I have the NoBs book on orderflow watched his and other videos. But am wondering on the next step. I was thinking a room like Marketdelta or jigsaw would be the next step. Any suggestions?

Hi @KahunaDog,

This thread is to review YTC and we're getting a bit off topic so ill keep this brief. Feel free to pm me if you want more info.

For the time being my methodology doesn't incorporate any orderflow analysis. This is primarily because im trying to not focus too much on the intraday developments and choose to instead trade with the larger picture. That is what VP gives me. Essentially I trade using principles of auction market theory, balance vs imbalance, value etc. That's not to say I wont add order flow analysis into the mix in the future, but for the time being my focus is on the forest, not the trees

As far as where to start, reading Mind over Markets is generally the recommended kick off point. After that you'll have an idea if this way of trading is something that appeals to you and can then start looking into it more deeply.

Coming back to YTC, I have his book and even though I no longer trade with his method it remains one of the best trading books i've ever read. It doesn't just cover the methodology, it also goes into good detail on trading as a business, how to use journals effectively (multiple types of journals used for different things), market structure etc.

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  #88 (permalink)
 contrails 
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I have taken a quick glance at YTC books (including scalping) but i figured that he does not take in account trend line and channels as potential S/R lines unlike PAT {Mack} method.


Any YTC'ers can comment on this

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  #89 (permalink)
 
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 Adamus 
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You are totally correct. He uses previous swing highs and swing lows to establish horizontal support and resistance levels. He doesn't provide any other techniques.

I'm not familiar with Mack so I can't make a comparison, but on this point, I'd say that YTC PAT is pretty much a complete package, and it would be up to you to add or remove any part of it as you felt fit and you would still benefit from the rest to almost the same degree.

You could check out his website to see whether he's done any articles specifically on using trendlines or channels.

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  #90 (permalink)
 
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 trendisyourfriend 
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contrails View Post
I have taken a quick glance at YTC books (including scalping) but i figured that he does not take in account trend line and channels as potential S/R lines unlike PAT {Mack} method.


Any YTC'ers can comment on this

I would guess Mack's method is easier as his setups are of two kinds: second entry or failed second entry at a trend line or EMA(20). YTC trades at horizontal levels of S&R based on strength and weakness analysis a la Wyckoff. YTC as many others considers trend lines as an illusion.

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