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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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YTC Price Action Trader (www.ytcpriceactiontrader.com)

I'm heading down the road of the YTC Price Action Trader and I'd be interested to hear from any other students of this course who want to form a trading 'study group'.

The idea would be for traders to submit their journals and logs of their trading sessions to each other for review, to benefit from each other's objective advice and criticism.

I figure it would best be paperless via email and/or skype with no requirement for physically meeting up, but if located in London, UK or near-by, that would be a definite plus point.

If you're interested, please get in touch by private message,

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Hi

I am a great fan & follower of Lance Beggs , further inspired by Al Brooks.

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Hello,

I'am also a fan of Beggs. In essence he describes 5 different setups you can trade, depending on the market environment.
I'm very interested if someone also trades the setups and how you do it ( also SL placement en trademanagement ).

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That's right, and that's what I'm teaching myself now. He describes his strategy for the stop placement in detail - based on which of those 5 setups you're dealing with. The principle is that the stop is placed on the opposite side of the formation that you're trading.

e.g. for a pull-back in a trend where you think there's going to be some counter-trend traders trying to jump on a potential reversal, assuming you're looking at a stall in the pull-back where there's a high probability that the trend's going to resume, you put your stop at a point beyond the stall where the market would obviously be reversing and where your theory of a pull-back and trend resumption is invalidated. I guess you need examples to explain it best!

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Adamus View Post
That's right, and that's what I'm teaching myself now. He describes his strategy for the stop placement in detail - based on which of those 5 setups you're dealing with. The principle is that the stop is placed on the opposite side of the formation that you're trading.

e.g. for a pull-back in a trend where you think there's going to be some counter-trend traders trying to jump on a potential reversal, assuming you're looking at a stall in the pull-back where there's a high probability that the trend's going to resume, you put your stop at a point beyond the stall where the market would obviously be reversing and where your theory of a pull-back and trend resumption is invalidated. I guess you need examples to explain it best!


Hey Adamus, you are right. Do you have an example of a trade you took lately? ( so we can discuss it )

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Hey Adamus, you are right. Do you have an example of a trade you took lately? ( so we can discuss it )

I'm still backtesting static charts, concentrating on S/R levels and setup areas - I have a ton more of this to do before I even get to practicing the trade entries and exit management.

He has a ton of stuff on his blog and articles on his website - there must be some stuff there?

I'm in a rush at the moment, but if I see anything over the weekend I'll post it.

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Nice example of a simple pullback (PB) on 6E 2 hours ago. 3 min chart.
You could have shorted under candle a or b ( imho)
Sl above candle a
after filled order, just trail 3min candles. ( offcourse you could use other management techniques like taking profit on several contracts at the RossHook, trailing other contracts on the 3 min candles, or even try to capture the whole trend down )

Key is weaknes on the " green " pullback, and no significant barriers after you enter. ( for example, the pullback before the pullback I mentioned was too strong in my opinion). Weakness here is seen because candle a has uppertail, candle b is a dark cloud cover-like. Shorting under candle b is more confirmation, but also reduced profit potential and higher SL.
If you see improvements, let me know.
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Last edited by Zwaen; August 30th, 2011 at 08:53 AM.
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Yeah, I guess that's a text book example. Lance defines his stop and his target before entering, so he knows exactly what his RR will be and whether it's worth it. He also uses a lower time frame, 1min bars, to try to work a better entry than just using a stop entry below your trigger bar. My guess is that he would have jumped right in after the doji, or at least the bar after that. That would give you a great RR.

Oh yes, and you're an hour ahead there on the mainland

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Adamus, something that has helped me a lot is to be at all time aware of the major key changes in supply/demand. When you see what could possibly be a trade, try to mark on your chart the zone(s) where such events are taking place. The reason behind it is that you will eliminate weak setups and will develop your ability to spot where price could go. This helps gauging your RR too. A good place to partially exit is when price makes a volatility spike. These are easy to spot on a time based interval.

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