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Richard Demille Wyckoff Method

  • #61
  • Jul 4, 2012 10:47am Jul 4, 2012 10:47am
Quoting dappa
I kind of understand why you took th etrade but exactly what made you take the traDE? THE large up bar with iuncreasing volume the day before and the no demand bars that occurred at the end of the day?

Check out this chart it explains it all. Remember Top down analasys
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Know when to hold em, Know when to fold em!
  • #62
  • Jul 5, 2012 1:23am Jul 5, 2012 1:23am
Hello goods. I marked off the EURO-Dollar. Now, help me to choose the correct option. I took the days. But I want to look for this procedure and on the minutes and the hours. What here there is a problem? Where can see how it works? How to determine the correctness of the movement - up or down?
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  • #63
  • Jul 5, 2012 7:06am Jul 5, 2012 7:06am
Today I M5 watching - this is the place to be? I thought that working out can be large.
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  • #64
  • Jul 5, 2012 10:38am Jul 5, 2012 10:38am
Quoting goods
GUI thanks for your compliment I am glad you find this of interest. I have rarely read any trading books, I did come accross Wycoff by accident as I have spent 1000's of hours staring at charts and finally coming up with my own trading plan. In it I came to realize my charts were very similiar market profile as Wycoff was. I dont follow every single guideline by him but I do trade the market profile basically identicle which is why I am using him as a tool to introduce how I believe anyone can extract money from the market. I give him lots of...
Well, I thank you because, as I said, I discovered things and people that interest me and guide me in a trading method that I like. I'll be interested to see what is your trading way, as an alternative to what I'll develop in my mind.I don't grant a useful participation, but sure an interested attention to this thread. Happy trading and posting to you
  • #65
  • Jul 5, 2012 7:53pm Jul 5, 2012 7:53pm
Quoting tol
Hello goods. I marked off the EURO-Dollar. Now, help me to choose the correct option. I took the days. But I want to look for this procedure and on the minutes and the hours. What here there is a problem? Where can see how it works? How to determine the correctness of the movement - up or down?
Tol, very smart yes you seem to understand how the market profile works, but you need to confirm your entries on the smaller tf as well. Watch my next example I am going to show you my entry for NZDUSD
Know when to hold em, Know when to fold em!
  • #66
  • Jul 5, 2012 7:54pm Jul 5, 2012 7:54pm
Quoting GiuFab
Well, I thank you because, as I said, I discovered things and people that interest me and guide me in a trading method that I like. I'll be interested to see what is your trading way, as an alternative to what I'll develop in my mind.I don't grant a useful participation, but sure an interested attention to this thread. Happy trading and posting to you
Well I hope I am able to help you out. Feel free to vouch if you feel it is useful to you.
Know when to hold em, Know when to fold em!
  • #67
  • Jul 5, 2012 8:00pm Jul 5, 2012 8:00pm
Ok I just opened a new trade, very small trade since I still have EU open at currently 215 pips and I locked in about 180 Pips profit. Remember you must always lock in profit otherwise the market will take it back.

So I just opened a new trade short on NZDUSD

NZDUSD Short @ 80323
SL @ 8125 (why so large you ask because could possibly stop hunt. I dont anticipate the maerket going much above my entry if any at all)
Target @ 7440

Please understand the market will do what it wants to do. We must trade based on our bias, and based on what we see is happening. In order to see what is happening you best not overtrade and you best use proper margin.

Please also understand again I do not trade trendlines as they are way too subjective, I am just using them to outline to some of you where I actually see turning in the market and they happen to align with the trendlines. I did not even put them on or look at the trendlines when I entered the trade.

This is not a signal service so enter at your own risk.
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Know when to hold em, Know when to fold em!
  • #68
  • Edited 8:40pm Jul 5, 2012 8:20pm | Edited 8:40pm
Quoting goods
Ok I just opened a new trade, very small trade since I still have EU open at currently 215 pips and I locked in about 180 Pips profit. Remember you must always lock in profit otherwise the market will take it back.

So I just opened a new trade short on NZDUSD

NZDUSD Short @ 80323
SL @ 8125 (why so large you ask because could possibly stop hunt. I dont anticipate the maerket going much above my entry if any at all)
Target @ 7440
.
Please please remember the market does what it wants, This trade could work out great, and there is a chance it will not work out and I might have to close a losing trade (I am not embarrassed to admit this as this is reality) no one can be 100% predicting the market. This is why leverage and money management is important.


OK so realistically I dont know if the market on NU will actually reach 7440, I always go in the market with a trade anticipated to be a swing trade to a longer term trade. So lets break this down on the m15 chart shall we?

We will use very simplistic Wycoff market profile. Explanations are in the chart.

Please refer to Post #6 for this setup chart and terminology.

I am not going to include all the other tiny wave terminology. I will only outline what I find important, so if I don't post it I don't find it important. If i forget and you ask me about it, I will shed light on the subject if i find it relevant (I am referring to a lot of the terminology on the Wycoff waves).

Lastly take a look at the last volume action for 7/5/2012 notice an increase in volume? Remember volume can be buying or selling, you can not determine however you can have a good idea when using top down analasys and market profile as outlined in the picture below.
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Know when to hold em, Know when to fold em!
  • #69
  • Jul 5, 2012 10:05pm Jul 5, 2012 10:05pm
Quoting goods
Check out this chart it explains it all. Remember Top down analasys

First what is top down analysis, I get th etime frame thing but what are you looking for specifically on the higher time frames? support resistance?

Then if thats the case then when you go down to a lower time frame what are you looking for? For example if you have a support level being broken with a hughe down bar with high volume , this is a sign of buying at that level so how do you interpret volume in respect to support and resistance, should it be a pinbar with high volume and even then that still does not constitute price reversals
  • #70
  • Jul 5, 2012 10:14pm Jul 5, 2012 10:14pm
Hello Goods;
I am very impressed with your EURUSD short.
You have assesed the markets with accuracy.
The Euro bottomed at 1.23629; 227 pips from entry.
I will follow this thread with much interest and if I may;
ask questions from time to time.
I have been trading since Feb. 2009; have gone through many
systems and indicators, along with EA's and many other iterations.
This is the first time I have seen "naked trading" and I am interested
to see if it can be profitable.
Thank you for your posts and the time you take to answer questions;
Looking forward to more information and trades.

David (rt500)
  • #71
  • Jul 6, 2012 12:25pm Jul 6, 2012 12:25pm
Yesterday I even knowed nothing about it. Today I was looking for such inputs. That's what came out of it! I have already closed 1/2 of the total, the rest will watch. Look, here is the correct trade? I will not draw all the lines, but I can see them in mind.
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  • #72
  • Jul 6, 2012 12:30pm Jul 6, 2012 12:30pm
All I will answer your posts as time permits this weekend. I will be probably closing out my NZDUSD short and EURUSD short

EURUSD will be 325 Pips profit in 3 days
NZDUSD will be approx 67 pips profit in 1 day.

I do not like to hold over the weekend.

Todays tip.

You can always get back in later. Do not let the market take back what it has given you.
Know when to hold em, Know when to fold em!
  • #73
  • Jul 6, 2012 12:40pm Jul 6, 2012 12:40pm
"Do not let the market take back what it has given you."


Golden statement!
  • #74
  • Jul 6, 2012 1:59pm Jul 6, 2012 1:59pm
I have liquidated my EURUSD position and NZDUSD

EURUSD 384 pips Trade opened Wednesday and Closed Friday 7/6/12
NZDUSD 78 pips Trade opened Thursday and Closed Friday 7/6/12

I will post more info once I have a chance.

I will re-enter short positions after Sunday. Again I closed because of the weekend Gap and will enter when appropriate for my targets.

Thank you.
Know when to hold em, Know when to fold em!
  • #75
  • Jul 6, 2012 3:20pm Jul 6, 2012 3:20pm
Quoting goods
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.
This trade has already hit your 100 pip SL, yet, you are still in this trade? So, I am assuming your method involves moving your stop loss farther away ... as soon as it's about to take a hit?
"Trading is a mental sport." - Ziad Masri
  • #76
  • Edited 5:10pm Jul 6, 2012 4:52pm | Edited 5:10pm
Quoting Quickdraw
This trade has already hit your 100 pip SL, yet, you are still in this trade? So, I am assuming your method involves moving your stop loss farther away ... as soon as it's about to take a hit?
Um I think you should re-analyze the post again. Please see the screenshot of the buy order. Yes I trade small lots however I am growing a small account to show how to trade price action and do it accordingly to market profile.

Please before understanding this method dont make assumption that I dont have belief in my trades. Some trades I will give a big sl but some trades I wont. You really need to consider the pair and the price action at the time frame which you are looking at.

I set my stop loss there initially in case of some crazy economical news that hits the wire. Also please take note at my lot size. Yes I took some Drawdown, however I am not trading huge. But I will manage the trade once in profit. Again I said it was an attempt at a swing trade so it Might take some time for the trade to come into profit if it does work out.
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Know when to hold em, Know when to fold em!
  • #77
  • Jul 6, 2012 5:57pm Jul 6, 2012 5:57pm
Quoting dappa
First what is top down analysis, I get th etime frame thing but what are you looking for specifically on the higher time frames? support resistance?

Then if thats the case then when you go down to a lower time frame what are you looking for? For example if you have a support level being broken with a hughe down bar with high volume , this is a sign of buying at that level so how do you interpret volume in respect to support and resistance, should it be a pinbar with high volume and even then that still does not constitute price reversals

Ok so Top down analasys, is looking at the Monthly Daily chart, then the H4 chart, then H1 chart then M15 chart. My entries are usually on the M1 (1 minute chart). a sign of volume is a hube Volume bar after the a huge down candle or ohlc, (whichever your preference is). I dont look for pinbars really and I dont pay attention to VSA (volume spread analasys) I look at ammount of volume for momentum (berish or bulish momentum) I seek bearish momentum when selling high and bullish momentum when buying low.
Know when to hold em, Know when to fold em!
  • #78
  • Jul 6, 2012 11:06pm Jul 6, 2012 11:06pm
Quoting goods
Um I think you should re-analyze the post again. Please see the screenshot of the buy order.
The reason I made my comment was because you said in a post on page 2 of this thread: "Just placed a buy on CHFJPY @ 83.03, initial sl is 100". This would mean your SL would be 82.03. On page 3 of this thread you posted a screenshot that shows the price dropped down to as low as 81.85 on 6/28/12 (I know the exact price because I double-checked it with my Alpari chart). This obviously means your SL should have been hit. However, on your screenshot (on page 3) it shows you moved your SL to 81.52

So, the above is the reason I commented that the price hit your orignal SL but it didn't "officially" hit it because you decided to move it even further away. This is why I asked if your usual method was to move your SL farther away when it is close to being hit.
"Trading is a mental sport." - Ziad Masri
  • #79
  • Jul 7, 2012 10:41am Jul 7, 2012 10:41am
Quoting Quickdraw
The reason I made my comment was because you said in a post on page 2 of this thread: "Just placed a buy on CHFJPY @ 83.03, initial sl is 100". This would mean your SL would be 82.03. On page 3 of this thread you posted a screenshot that shows the price dropped down to as low as 81.85 on 6/28/12 (I know the exact price because I double-checked it with my Alpari chart). This obviously means your SL should have been hit. However, on your screenshot (on page 3) it shows you moved your SL to 81.52

So, the above is the reason I commented that the...
Ok I got you, Yes You know what I think there is something I saw where I realized I needed to adjust my sl. I actually forgot about that. I needed to set it below a different low. But I only did because I had confidence in the trade. It did not work out exactly how I wanted however I did get about 30 pips out of it. Not my desire. Remember I was looking for a swing and sometimes those trades can get rangy and I have had to re-evaluate my areas of interest. Ill be sure to identify this next time so my appologies. I can assure you any of my other trades everything has been exactly as I stated.
Know when to hold em, Know when to fold em!
  • #80
  • Jul 7, 2012 11:29am Jul 7, 2012 11:29am
I would like to make something very clear here for others that may be interested in this method or any other method.

No matter what method you use, you will have losses.

I will tell you now that i will post trades and they might not all be winners, however with consistency we can keep losses to a minimum and keep winners great. This is the Nature of the Market and it is a BEAST. Why do I say this? Well I said it before and Ill say it again. The market will do what it wants to do.

DO NOT GIVE BACK TO THE MARKET WHAT IT HAS ALREADY GIVEN YOU. I WILL CONTINUE TO REPEAT THIS FROM TIME TO TIME.

PROPER LEVERAGE. SLOW YOUR ROLE MY FRIEND (BANK ROLE) YOU DONT NEED TO BE SUPERMAN WITH SUPERLOTS, SMALL LOTS, PROPER RISK, PROPER MONEY MANAGEMENT. WE WANT TO LET WINNERS RUN AS MUCH AS WE CAN, AND MOVE ON IF WE GET A LOSER TRADE. NO SYSTEM WILL HAVE 100% WINNERS. I WOULD NOT LIKE TO EVEN CONSIDER MY METHOD AS A SYSTEM AS IT IS TRADING THE MARKET NATURALLY, WITHOUT INDICATORS.
Know when to hold em, Know when to fold em!
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