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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.
quote:
Originally posted by acuity

No signal of any kind; did anyone get a signal there?



I was wrong earlier as I looked at the next day when I said DP but I also had Ts4 on Esignal



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quote:
Originally posted by acuity

No signal of any kind; did anyone get a signal there?



This doesn't answer your question, but one of the cool things about TTT is that you can trade it using a lot of indicators. In my mind you're basically just looking for signs of divergence once the "zones" (as I call it) are penetrated.

I've been demoing Blue Wave Trading this week. I've disabled MTP's setups and am only plotting the Fib lines. That long setup was pretty clear (I entered at 902)--major Fib, CCI overextended on multiple timeframes, and at the outside band of the Bollingers.

mlomker,
What do you think of Blue Wave versus MTP? They seem to be pretty proud of their software.

Thanks, Alex
quote:
Originally posted by garciaal

mlomker,
What do you think of Blue Wave versus MTP? They seem to be pretty proud of their software.


I almost hate discussing software and systems because what works for one person might not work for another. One place where the BWT guy gets it right is that you have to spend enough time trading to find something that works for you. I've only been at this for 18 months but I've come to agree that trading is a *very* personalized thing.

With that caveats in mind, BWT only competes with MTP realtime and not the standalone program. I've found both MTP and BWT's recommended entries to be worthless for making money. On the other hand, I've found MTP's Fibs and a couple of BWT's indicators to be very interesting when used in combination.

I fully expect that my personal trading method (when I finally find it) will be a combination of tools that works great for me but nobody else!

I am surprised to hear that about MTP. Some people like Rich and Larry seem to do great with MTP. I also have BWT. What is your favorite out of the BWT indictors. I have been looking at the outter trend band with TTT too.
quote:
Originally posted by jcflaw

I am surprised to hear that about MTP. Some people like Rich and Larry seem to do great with MTP. I also have BWT. What is your favorite out of the BWT indictors. I have been looking at the outter trend band with TTT too.



To start with I must say that I don’t know BTW except for what mlonker has posted.

When it comes to MTP, I have been using it for years. MTP’s system, by their own admission, has about a 40% winning rate. However if you use the complete system of entry, exit and money management, you will make money.

One thing that bugs me and many MTPers is the 60% losing trades. That can affect our psyche, and becomes demoralizing even if making money.

When I found TTT it helped me eliminate some of the losing trades.

Today I use MTP in a completely different way. I find that MTP must be one of the best calculator and plotter of waves. Using these waves I can now put my own fibs on the chart. When I get a cluster of fibs at the same level, and when that level is achieved, if it matches other indicators that I use, then I know that this trade has a much higher chance of success. Some of these other indicators include TTT, Stochastic divergence, Volume indicator, parts of Gann and Market Profile.

All these put together can give you a high rate of success. As mlonker said, at one point we have to develop our own trading system that works for us.

The biggest problem people have, is that they want a perfect black box system that will give them signals for entry and exit, without having to put in any effort into it. Well, if that is the case, then you have to be content with a smaller winning rate, and hope to still make money and don’t get discouraged.

Trading is a job and like most jobs, the only way to get ahead is to work hard at it.
Rich, do you think the MTP wave labeling is better than Advanced Get which has been around for years? For me advanced get went over my head with labeling due to complex sub labeling.
quote:
Originally posted by jcflaw

Rich, do you think the MTP wave labeling is better than Advanced Get which has been around for years? For me advanced get went over my head with labeling due to complex sub labeling.



I am not familiar enough with Advance Get to comment.
Monday SS day, ESmini dropped the the projected level of 904
quote:
Originally posted by jcflaw

I am surprised to hear that about MTP. Some people like Rich and Larry seem to do great with MTP.


From what I can tell neither of them really use it the way that MTP had intended. Larry keeps his own (extremely) detailed wave count and figures out entries based on Fib confluence...which sounds similar to what Rich is doing.

Low win-rate systems have no tolerance for missed trades or human error. Being a realist, I know that I can't operate at that level so I've continued to look for something that suits me better.

quote:
What is your favorite out of the BWT indictors.


This is the 2nd week of my trial. I'm running CCI on two timeframes and the natural bands. I'm using MTP v6 to keep track of wave count and using CCI divergence and a major Fib near the edge of an outer band to signal an entry. So far, it's pretty good. I'm trading with profit targets at 1 pt, 2 pt, and the last one is a judgment call (second band in seems to be a good target).

A wave 3/C will blow through the outer band but range days and corrections are nice and predictable. Since we're Elliotists, knowing when a wave 3/C is coming along is easy enough.

quote:
Trading is a job and like most jobs, the only way to get ahead is to work hard at it.


Amen. I've been at this 18 months and although I'm net positive, I'm not buying a new car or anything. I do feel like I'm getting close now.
I hope all you TTT traders had a good 2014 and I wish you all a better 2015
Richard