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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.
There is no question of you improving, after all you are a big league player. Able to take 20pt risk with plenty of contracts, even considering 5 contracts, the trading account has to be over 250k on 2%risk basis.

Why do you want to trade like me:))))

I risk 10pts on ftse and dax, and scalp out 10-15

If you use smaller timeframe charts like 5min on ES for entry etc, there are successful folks outthere who use 2-4pts very effectively to trade this instrument.
But then each to his own.
Good luck
Oh. And in case you are wondering, I always post my trades before-the-fact or at least on time...It is very easy to check the time and date of the posts.
And I'm no big league player, by any measure, but I do not think there are many successful scalpers out there scalping 2-3 points. There are a lot of talkers, I'll give you that. How do these3 scalpers find Taylor useful is a mystery to me, but maybe I can learn from you. If I can cut my risk in half my returns would double or better. I do not think anyone has the final answer.

Good luck to you too. I'm always up for exchange.
Stop to 1070.
There is no desire on my part to be confrontational or get into competition with anybody or that matter to prove anything.

This is Richbois's thread and an unique one at that to discuss taylor methodology.
It is not my intention to display my knowledge of Taylor on this thread but merely to exchange ideas. If I wanted to engage in realtime trading and competition, there are relevant threads outthere

http://www.traderslaboratory.com/forums/f103/race-7826.html#post95041

http://www.traderslaboratory.com/forums/208/reading-charts-real-time-6151-458.html

Perhaps you could consider those

I was merely posting extracts from Taylor for I thought it was helping
but maybe it is not necessary now.
I am totally contented with Taylor and Wyckoff principles , latter allows me to trade the way I do and I also teach that to my son and daughter and close friends who desire to know more about Taylor/Wyckoff.

Anyway Richbois, regret to drag this thread into this, did not mean to do so, there is enough of that on elitetrader and TL:))
will continue to have meaningful exchanges with you if I may.
Oh no. You are taking this the wrong way. I have learned quite a bit of Taylor from your posts, and was hoping to learn more.

You say that you use Wyckoff for timing?. How can I learn some of that which maybe help me?.
In reading the last posts I dont think there is any confrontation unless i missunderstood.

So far every one is discussing TTT mixed with trading and this is what this tread is about.

We definatly all have a different style when it comes to trading and that is OK

As far as people being successfull at scalping 2-3 points and using TTT, well I know quite a few.

Lets not forget that TTT is just 1 additional tool in the box.

If you have the risk appetite to trade the full cycle the TTT way then great. I like some others like to get my daily target and then go play.

Right now I havent traded the last week and wont this week as I am out of town on vacation, and can barely find the time to do my updates and clear my emails.

All this to say carry on discussing I love the exchange
As far as cycle goes, for Gold, Oil, Eminis they are not on the same cycles and I dont recall having them on the same cycle.

to make it clear tomorrow Tuesday 29th

Oil, Gasoline, Heating Oil, and Nat Gaz = BUY
Gold, Silver, Copper = Sell
Eminis = SS day
No problems here,
Have already mentioned Dbphoenix Wyckoff Forum on Traders Lab.
Db was second to none as far as understanding Wyckoff is concerned. He published a small e-booklet in this regard just as Rich has on TTT
-invaluable.
The obvious source is the Wyckoff course itself via google or via books on Amazon.

As for the previous posts I was just curious about the risk factor.

"An edge in the market is defined as the knowledge proved through intensive research that a particular price patter or maket behaviour offers an acceptable elvel of predictability and risk to reward to provide a consistently profitable outcome over time"

Consistently profitable outcome indicates a consistently profitable strategy couple with the required tactics to implement that strategy with discipline.

Moreover to trade from an "intuitive level" one has to to reach the 6th stage of trading, check out the link:
http://www.traderslaboratory.com/forums/f131/couldawouldashoulda-wyckoff-forum-6129.html

Hence my question was that when one is able to trade intuitively and have the ability and deep pockets to carry considerable risk with total calmness over weekends and overnight on the basis of time tested strategy/tactics, why seek other approaches such as Taylor or Wyckoff for that matter.
So it seemed odd when asked to put up my realtime charts with my entry and exit to improve trading performance. I don't have time to engage in that as this thread is not about my performance but about discussing concepts and principles of Taylor methodology.
Moreover I am not exactly in the same league with a much smaller trading account and hence profit targets (incidentally more than adequate for my lifestyle), so frankly what do I have to offer to improve performance of somebody who is already adept and has a consistently profitable strategy.
Well no problems here either.

You ask what do you have to offer?. Well, by reading your posts, you must enjoy phenomenal % returns on your account and risk (as would anyone that can pull off 8-12 tics per day at will). I would like to learn how to do that, and then I would have better % returns on my account, or diminish the size of it substantially.

You have chosen to keep your account small, and your earnings are quite adequate for your lifestyle, as you say, which is perfectly fine by me.

I'm incapable of making ends meet with any account half the size of what I have. I would need to find another source of income, which seems harder than trying to improve my trading.

Is this Wyckoff ebook by DB available without much searching?. I'd like to read it.

And my trading is not 6th level intuitive anything. Only my entry is intuitive somehow as to when to take it, when to pass, but I always like to see a 1-2-3 or HH/HL or, LH/LL short term, or some favorable price action stuff to take my "stab". The rest is pretty much mechanical after entry...so very little "intuition" used.

If you trade 10 contracts with a 10 point stop, it's the same $ risk as trading 100 contracts with a 1 point stop. So really what you mention "large" risk doesn't make any sense at all. With a very small account I would trade 100 or 200 SPY instead, but could not live off that for sure.

Cheers and thanks for the Wyckoff thingee.
I hope all you TTT traders had a good 2014 and I wish you all a better 2015
Richard