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Richard Demille Wyckoff Method

  • #21
  • Jun 25, 2012 2:36am Jun 25, 2012 2:36am
Quoting goods
You can see the picture on the Smaller TF of 1 minute shows the movement clearly. Looks like perfect timing on the entry.
I wouldn't say perfect, I think this trade must be about 40 pips in the red at the moment?
  • #22
  • Jun 25, 2012 2:58am Jun 25, 2012 2:58am
Quoting Andy B
I wouldn't say perfect, I think this trade must be about 40 pips in the red at the moment?
Well it was countertrend. Or was it?
  • #23
  • Jun 25, 2012 5:29am Jun 25, 2012 5:29am
Quoting Andy B
I wouldn't say perfect, I think this trade must be about 40 pips in the red at the moment?
No trade is going to always be a winner, the market will do what it wants to do, however proper leverage and not over trading you over come that.
Know when to hold em, Know when to fold em!
  • #24
  • Jun 25, 2012 8:39pm Jun 25, 2012 8:39pm
Quoting goods
No trade is going to always be a winner, the market will do what it wants to do, however proper leverage and not over trading you over come that.
Andy, I should have set that trade to break even before I went to sleep, however I forgot to set it to b/e it was late and I was pretty tired.
Know when to hold em, Know when to fold em!
  • #25
  • Jun 25, 2012 8:48pm Jun 25, 2012 8:48pm
Just placed a buy on CHFJPY @ 83.03, initial sl is 100. Once I am in some decent profit I will set the sl to B/E.

Notice in the picture I identify the creek and the breaking of it? Notice the trading range on the left and the trading pa on the right on each side of the writing. You might not always see the same types of trading range obvously, this is where you become discretionary in identifying PA.

Also note how it is supported by increase of volume.

Since the overall trend is bullish, it is best to buy dips then try to sell at some resistance point. We are looking for about 84.5 for possible profit taking unless it will break out of that area for further price. It is always best IMHO to manage the trade instead of setting a tp level. I say this because you know how far the market will go so why would you know where you want your profit to be. Why dont you adjust your SL to lock in a nice chunk of pips and let it ride. As price increases you adjust your sl again to lock even more pips in, and so on...

NOTE: This trade can take a long time to play out, days or more, or it could just take off any time it wants.

YOU NEVER KNOW SO PROTECT YOUR PROFITS AND MANAGE TRADE
Attached Image (click to enlarge)
Click to Enlarge Name: CHFJPY_H1.JPG Size: 203 KB
Know when to hold em, Know when to fold em!
  • #26
  • Jun 25, 2012 11:22pm Jun 25, 2012 11:22pm
That's better, all the nasty posts removed. Let's get on with discussing your method now shall we?

I'm not sure why you would even consider a long on chfjpy at that point? Both the trades you have shown us so far have been against the trend in my opinion. Also it seems you were buying directly into resistance. Please can you explain more about why you took them?
  • #27
  • Jun 25, 2012 11:42pm Jun 25, 2012 11:42pm
Quoting Hugh Briss
That's better, all the nasty posts removed. Let's get on with discussing your method now shall we?

I'm not sure why you would even consider a long on chfjpy at that point? Both the trades you have shown us so far have been against the trend in my opinion. Also it seems you were buying directly into resistance. Please can you explain more about why you took them?
Its a swing trade. in swing trades/longer term trades you cant always say well if it does not pull back more I aint buying it, only later to see if you would have gotten in the trade you would have made out nicely a couple days later. I dont day trade. All my method is swing trading to longer term trading.
Know when to hold em, Know when to fold em!
  • #28
  • Jun 25, 2012 11:46pm Jun 25, 2012 11:46pm
Quoting goods
Its a swing trade. in swing trades/longer term trades you cant always say well if it does not pull back more I aint buying it, only later to see if you would have gotten in the trade you would have made out nicely a couple days later. I dont day trade. All my method is swing trading to longer term trading.

This is why leverage is so important and using it properly as well as not overtrading. Meanwhile the daytrader goes for a couple pips at a time I am going to approx 100 or more
Know when to hold em, Know when to fold em!
  • #29
  • Jun 26, 2012 12:41am Jun 26, 2012 12:41am
The wise Twee, removed all the irrelevant posts. So my friend, you have one last chance to develop your thread the right way. Just don't ask for money or re-direct people to a place where you can ask for money. In any case, I wish you good luck with your personal issues.
  • #30
  • Jun 26, 2012 2:08am Jun 26, 2012 2:08am
Quoting goods
Its a swing trade. in swing trades/longer term trades you cant always say well if it does not pull back more I aint buying it, only later to see if you would have gotten in the trade you would have made out nicely a couple days later. I dont day trade. All my method is swing trading to longer term trading.
So swing trading involves buying into resistance? I just don't get it.
  • #31
  • Jun 26, 2012 2:25am Jun 26, 2012 2:25am
Quoting Hugh Briss
So swing trading involves buying into resistance? I just don't get it.
That's OK, neither does he. Just another dead thread in the making. To imagine otherwise is to imagine that the thread was actually begun as a teaching thread instead of a vehicle for perpetrating financial fraud.
To improve is to change. To perfect, is to change often.
  • #32
  • Jun 26, 2012 4:55am Jun 26, 2012 4:55am
Quoting goods
Jack Demille Wycoff was probably one of the greatest traders known. There are others but for the point of this thread we will not focus on anything else than Wycoff trading.

Ill post a bit about Wycoff on the next reply to break up the reading some.
Don't you mean Richard Demille Wyckoff?
  • #33
  • Jun 26, 2012 6:01am Jun 26, 2012 6:01am
There is no system - there's no defined entry points or exit points, just bad trading decisions so far

Anyone can draw lovely lines of support and resistance to the left on a chart, that's all that seems to have happened here
  • #34
  • Jun 26, 2012 8:39am Jun 26, 2012 8:39am
Quoting mogulmedia
Don't you mean Richard Demille Wyckoff?
Yes Richard sorry typo
Know when to hold em, Know when to fold em!
  • #35
  • Edited 9:01am Jun 26, 2012 8:41am | Edited 9:01am
Quoting Andy B
There is no system - there's no defined entry points or exit points, just bad trading decisions so far

Anyone can draw lovely lines of support and resistance to the left on a chart, that's all that seems to have happened here
Andy I trade pa, I dont wait for cross overs, I dont rely on macd, I dont rely on stochs or any of that. You need to give trades time especially with currencies like chfjpy. You need to understand the movement of the currency and be discretionary based on that. Simply if this thread is not for you then by all means you can stop reading it now.

Andy understand if you look at chfjpy on the bigger picture you see this area is actually an amazing buying oppertunity. when you look at a chart as such on monthly/weekly/daily you will understand it is going to take quite some time for the trade to run. Your timing will never be perfect in these scenerios.

So many people have missed out on excellent wonderful opertunities because if price does not reach a certain level they wont buy or sell it. And then if the look a week/2 weeks later they could be in some fat profit. It takes time, and patience. This tread is not for daytrading so you have the wrong idea. I been in trades range +20 and -20 in profit for a week before to find out the next following weeks I am +500 pips in profit. So you need to ask yourself what kind of trades do you want.

They might not all work out and that is fine, I have no shame in posting trades here that don't work out but I will guarantee the majority of the trades here will. if I was daytrading I could get about 95% winning trades but I don't day trade. I don't have the time.
Know when to hold em, Know when to fold em!
  • #36
  • Jun 26, 2012 8:43am Jun 26, 2012 8:43am
Quoting Hugh Briss
So swing trading involves buying into resistance? I just don't get it.
Obvously you dont understand the difference in how some currencies move vs others. I will no longer answer your questions because all you here to do is continue to cause trouble.
Know when to hold em, Know when to fold em!
  • #37
  • Jun 26, 2012 8:49am Jun 26, 2012 8:49am
As a matter of fact Hugh and forexhard are going on my ignore list, You are no longer able to post on this forum. I wish you the best in your trading.
Know when to hold em, Know when to fold em!
  • #38
  • Jun 26, 2012 9:05am Jun 26, 2012 9:05am
As you can see by others postings in here that some are very impatient.

I am going to make it clear that This thread is for short term swing trading (consisting of 1 week or more) and long term swing trading and it could possible turn into a much longer term trade beyond what we expect. The market will do what it wants however based on what we see we identify very optimal trades. Because of these trades and catching the trend changes, they will go through hours and hours of waves so it can take a little time to get into profit but once it does, it will be a blessing.

To do this, you need to understand proper leverage, patience, and understanding it will take time for money flow to follow through.
Know when to hold em, Know when to fold em!
  • #39
  • Jun 26, 2012 9:14am Jun 26, 2012 9:14am
I am a big fan of the Wyckoff method and have studied it extensively. It would be nice if you could explain why you are taking an entry, where your profit target is, where your stop is etc.

Buying or selling a market and then holding it isn't the Wyckoff method. Can you annotate your chart more clearly.
  • #40
  • Jun 26, 2012 9:18am Jun 26, 2012 9:18am
Quoting rCrumb
I am a big fan of the Wyckoff method and have studied it extensively. It would be nice if you could explain why you are taking an entry, where your profit target is, where your stop is etc.

Buying or selling a market and then holding it isn't the Wyckoff method. Can you annotate your chart more clearly.

I use the method for longer term trades, He will use it for investment methods. and I am sure he took advantage of it on other levels of trading however I am using it for swing to longerterm trading. I dont have a tp set yet, I only have a sl set
Know when to hold em, Know when to fold em!
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