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Day Trading with TTT and other tools


Welcome to this new thread, where we can share trading ideas and our thoughts on the Taylor Trading Technique.

Anyone with questions on TTT, this is the place.
Thanks gretrade, Happy New Year to you too,
when you trade 5 contracts, is there a mini TF or is with TF where 1pt = $100, in which case you probably implement tight stops.
I presume Richbois employs Taylor Methodology for trading TF in conjunction with fib levels etc.

Which system or method do you implement?

Good short on both Dax and Ftse on a SELL DAY as ESmini hit the projected level of 1148 and retraced.
Hi Rigel
I use e mini TF (100$ a point, 10$ a tick). The amount of lots is dictated by my risk parameters and the hight of the bar. I rarely use more than 3 lots, though.
I use a combination of methods, including TTT levels, MTP (I have the feeling that I have seen you on that forum too?)and price action.
Regards
Thks gretrade,noticed TF plummetted some 10pts, Dax & Ftse are down some 60pts

I don't recall being on MTP forum as I do not use that, my focus is mainly on Taylor and Wyckoff, Recently I came across Al Brooks Price action and many of his observations on Intraday price action simply trading from a 5min chart of ESmini are most insightful.
Yeup! sorry , it was the Brooks forum, then.
Are you based in London? I think I had sent you a PM, perhaps? Will send another later, if you do not mind.

Yes, TF down almost 10 points and so was ES. I did not trade TF, as I was already short ES (TTT levels plus opening gap plus price action).
Got out when gap closed (too early) though.
Looks like a little short may be forming is forming on TF and ES, but I have to go out today; will be back for the close.
Best regards
12th Jan, SS DAY, these days are working out well lately, Drop of 80pts on Dax and 60 on Ftse, as Emini retraces on the Globex.

Here is Taylor:
"When a stock makes a high FIRST on a Selling Day with a penetration of the Buying Day High, then reacts and is selling nearer the low of the day at the close, the indications are for a lower opening on the Short Sale Day. Should the lower opening occur, after the decline the stock or future will make an attempt to rally, in most cases, and this rally will penetrate the—High of Selling Day—if the immediate trend is higher, however, should the rally fail to reach this Objective and at the top of this rally the activity dies out and the trading narrows down to a few transactions at about the same price, then begins to ‘sell off’, we would ‘put out’ a short sale on this declining trend and J-U-S-T as it starts. This would be the better play when prices are comparatively high for near the bottom of an Uptrend Area, there may not be enough room in the spread to make a profit."
Excellent post. I should take up that awful book again!

Anyway, price action (double top, Trendline test) on its own would have got you short from 8.20 london time on the Dax and from 10.30 (second/third chance to short) on the FTSE.
They now have overshot the lower levels. Interesting to see what will happen when the US markets open.

Regards

PS: I did send you a PM
Yes price action via Wyckoff or Al Brooks will work fine, however with Taylor the focus is on the main play of the particular day with the rulesets.

Don't recall any PM and where? and what is about?
Have moved out of the city to north
If you click on "profile" (upper right corner of this page) and then on Inbox, you should see my PM.

I find Brooks a bit easier to follow and it is closer to my style of trading. I use TTT for the general levels and main idea of direction, but I have always had difficulties following Taylor properly.
I look at volume too, but I am no expert of Wyckoff.

ES has not reached today's levels yet (MA or not) , but the bearish attitude may take it there....? will see
[b]o.k, thanks, have replied.

As for Wyckoff, there is a ton of free material on Traders Lab in the Wyckoff forum, focus on posts by Dbphoenix (master in wyckoff principles) and Bearbull:
http://www.traderslaboratory.com/forums/f131/trading-wyckoff-way-5097.html

Also chapters from the original Wyckoff course are freely presented there, pure gem. After that you soon realise that VSA is just pure regurgitation and distortion of the original principles.:)))

As for Taylor it is a matter of persistence, try to understand the concepts first for Buy Day, Sell day, SS day, and the rules, don't jump into the calculations first of penetration etc ie. the book.
In this respect, there are also 2 threads on Taylor on Traders Lab, in that you need to focus on posts by WHY? and Richbois, any other variation adopted by Linda Raschke and others is a waste of time.

Once you get the hang of Wyckoff and Taylor, then Al Brooks patterns make even more sense. Although this is not the place to discuss this, however if you look at the daily chart of ES you can notice the three push up ie. wedge, hence the selloff yesterday was on, add Taylor and Wyckoff, and you have more confidence on shorting the market./b]
Richbois, notice you employ stochs on your charts, having gone through most of maths based indicators over the past 10yrs, have just settled for a 20ema now, however you obviously find stochs useful, out of curiosity do yu only use it with 15min or on all timeframes 5min, 3min etc in which case do you change the settings for each?

Presume the one on 15min is 5,3,3

Well today is a BUY DAY and we have a Higher Bottom on the Dax and FTSE
I hope all you TTT traders had a good 2014 and I wish you all a better 2015
Richard