Bearbull

Thanks, good to have you back, perhaps you could spend some time posting your take on Taylor on each trading day, that way it would be systematic and attract more attention from new traders who may develop an interest in the methodology.

Any particular reason for the focus on GBPJPY, any significant differences say against GBPUS $, or GBPEURO. Believe a pip is $10 on GBP$, is it the same for GBPJPY

Wasp, a couple of questions: Presume you trade via 60min charts, do you have to implement wide stop loss. Also have you tried the CME futures or have focussed entirely on spot forex. and do you trade via spreadbetting firm or a forex broker.

Same setup on ESmini, Entry could be the easy part, exit and trade management is the most difficult and crucial part. 1. A trader with a single contract moving the stop loss over every downbar would be stopped out on the 3rd bar. 2. Another's tactics may involve moving it over every swing high 3. Another exit point would be the support at the second arrow 4. some may choose the break of the first trend line, another trader may opt out for the break of the second trend line (Red) 5. A Trader with multiple contracts could take half on the 1st exit and adopt any one of the above for the rest.

Once again on the Dax and Eurostoxx, immense patience is required as moving prices generate emotions and leave us with a feeling of having missed a great move had we taken the trade without the setup, but that is in hindsight;)

Candlesticks are just another way of illustrating price action i.e buying and selling pressure and hence as Wasp stated are relevant at important support/resistance levels. One can use equivolume bars, point and figure charts, market profile etc to do the same job. Patterns are a result of the way the traders interact in the market. Greed and fear manifest in some repeatable patterns which can be exploited, ofcourse after having first understood the buying and selling pressure concepts thoroughly.

Had similar problems with FF with the new version, got rid of it and installed Opera, so far much better than FF.

Think what has been demonstrated so far is that recognition of simple setups are sufficient for successful trading on any market provided the trader has injected effort into proving it for him/herself. BF you are right, Patience is the Key, e.g on ES, it took over 40min with price meandering between 1206 and 1210 before the push up and many would have be tempted to get out by then. Infact part of the tactics can involve time, e.g if the trade does not go in the anticipated direction within say 15/20min, get out and stand aside, don't want to get into Wyckoff here, but his methodology would involve looking for further evidence of support of the same entry via price/vol , and if it manifests then go back in , again all this has to be tested out and then adhered to. As outlined in your previous post, there are just so many variations on trade management.

To drive home the concept of blending, same setups but on a lower time frame. Now the 1st setup which was with a hammer exhibits itself as a 3-4bar turn, i.e. downbar with increased range, insidebars, followed by a up reversal bar on increased range. So the 2 setups which were mentioned to experiment with are effectively 2 sides of the same coin, depending on the timeframe.

Rare - but both setups (i.e hammer on the 1st , on the 2nd, a downbar, insidebars, upbar which when blended together constitute a hammer) in the first couple of hours on Dax, Both longs have support to the left, plus if one wants to add other tools such as ADX etc , fine, ADX here was over 30. There was even further confirmation from the volume. So the initial stage is to research the 2 setups first, then later on after gaining some experience in recognizing these in realtime, and evaluating the risk/reward etc, one can then proceed to bring in other additional tools such as support/resistance, trend, oscillators, volume etc, one step at a time.to fine tune the entry/exit

It is not a question of "IF THIS SETUP OR ANY OTHER WILL WORK", it is whether or not after having carried out the required research , testing, establishing entry/exit rules, that the trader sets about acquiring the skill, discipline, patience etc TO MAKE IT WORK Brutusdog pointed out the inverted hammer 3 bars back, yes that is a valid setup, this time the trade is stopped out, then we have another immediate setup, again this is a valid setup, now as BF points out, is the trader still wringing his hands, moaning, banging his head against the desk, kicking the wife or the dog whichever happens to be in the vicinity over the loss on the last trade or has trained himself after having proved to him/herself the consistency in profitability of that particular setup over time, to be mentally prepared and available for the next trade. As to the placement of stops, again this is getting into tactics as BF stated, there are just so many variations, the logical stop is normally over the previous swing high or low, but for some this could be too wide.

With patience, much better setup compared to the previous one prior to lunch, Here the big boys are back, decisive move up after a double bottom formation, testing on low vol, with a classic hammer and a clear target, a previous broken support.

BF, It is strictly not an ideal setup in the initial stages of evaluation of the 2 setups mentioned earlier. After a trader has gone through the research process and gained experience, then other tools can be introduced such as support/resistance, vol etc, to consider it as a viable opportunity. e.g 1. The previous support around 1215 was decisively broken by the 10.45bar(vol ~35K) and is now acting as resistance as evidenced by a clear rejection of the price around the midpoint of that bar, by the inverted hammer( Vol ~37K) that you have arrowed. 2. Secondly, the volume on that inverted hammer is also greater (around 37k) than one higher up (1222, 32K) which exhibited a double top formation suggesting increasing selling pressure.

Well BF, it is the same drill, having patience to wait for the setup and discipline to act without hesitation, but first have to do the required research and verify for yourself the risk/reward, probability etc, have not heard from Robinhood for whom the effort was made in the first place. Well you can take a horse to the pond, can't make him drink;)

Certainly looks like that, indeed he is making an effort, we don't trade that market.

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There are lots of traders in US who trade Dax prior to the US open when the price moves are not related to the US markets, however depending on your location, you will have to be up early to do that:cool: it is an excellent market to trade via EUREX feed which I understand is now available on Zenfire.

We know a couple of traders who have the full history of this circus, It is not that Tradeguider has taken Williams half a dozen or so simple principles and simplified them into 400 indicators, they were already there in the original VSA program before GH came on the scene to revive their fortunes. I believe GH took over around 2003 and they had their first seminar for the Technical Analysis Society in U.K, don't think it made much impact, talk of each volume bar reflecting 90% of professional activity was very much at odds with why 95% of them lose;) Yes listening to any of their archived presentations, or CDs or YouTube videos (now they constantly quote Jim Cramer) , they go through the ritual, how Williams came to US as a nurse, then became a chartist of a syndicate prior to taking the SMI Wyckoff course and computerised what he learnt from the course. Then "We are not a software company, we are here to teach you how to read the smart/dumb money" - ofcourse at this stage there is no mention of the costs that a wannabe trader is going to incur. Why not just direct the inquirer to the original source to gain further knowledge, at least it will be a systematic study and a lot cheaper.:crap:

We are a trading group and have a thorough understanding of VSA and original Wyckoff. hence am in a position to state what I state with a view to saving any newcomer, even one , his/her hard earned money and direct them to the true source. We constantly get bombarded with emails from TG since 2002 and we know many traders who also receive their latest offers. VSA statements are just snippets i.e markets do not like upbars on high vol, (define high vol), the signals appear in varying intensity etc, sounds good but hollow, their is no systematic methodology, the trader is left confused and full of jargon, hence we have over 300pages in 2 threads trying to unravel the mysteries on an ongoing basis. Since this thread was started by GM who felt cheated, I deemed it necessary to state what I stated here and have no desire to migrate to a VSA bashing corner;) A newcomer could invest in the SMI Wyckoff course and it would be money well spent and then undertake a thorough study of the various principles which have been explained in a systematic and methodical manner in the course. If you take the trouble to study the course, you will understand what is being said here, however if you haven't then this whole discussion is pointless. Whether we are successful or not is between us and our bank manager, once again if you are making money on a consistent basis via VSA , nobody is asking you to give that up for Wyckoff or any other methodology. Looks newcomers have to be wary of both vendors and their staunch and fanatic disciples:rofl:

Here we go again, actually I was responding to Blowfish:) There is no confusion on my part whatsoever, if folks think that VSA methodology is somehow separately disseminated from Tradeguider software, seminars, cds, dvds etc, then they are deluding themselves, there is no separate Tradeguider, the Vendor, Tradeguider is the new glossy title for the old VSA charting program marketed in U.K upto 2002, without much success, then it was revived and taken to US for the real glossy marketing. Tom Williams is still wheeled out in every seminar and course and the same jargon propagated drawing in hundreds of wannabe traders into the smart money/dumb money circle, all trying to figure out what every bar means;) Now "Master the Markets" is offered upfront free of charge prior to the trader gradually being drawn in and directed to the merits of owning the software and then enrolling for the various course, VSA clubs to get further educated and all the time being told " We are not a software company, we are here to help you":o All Tom williams has to state is after going through his books , get hold of the wyckoff course (SMI or the original) for better understanding of the source from which he got the ideas in the first place, it is as simple as that. Sevensa, I have no desire to enter into any arguments, here or on the VSA thread , you should find likeminded folks on the VSA thread to engage in the daily VSA analysis bar by bar , I was merely communicating with Blowfish here. If you find VSA useful on a consistent basis, then all the best to you.

Funny you should say that, thought the word "WYCKOFF" on that thread was a taboo,mere mention used to ignite confrontation, however lately there is more on Wyckoff than VSA there. We all know VSA is derived from Wyckoff and Eiger is indeed making positive contribution. However in Wyckoff there are only a few principles whereas this has all been simplified to over 400 indicators via VSA jargon. Anyway the Professional trader and VSA expert has managed to enrol Hank Pruden for the "VSA 4 day summit" in San Francisco" so get your cheque book out, there is an easy payment plan, last time in London, Chicago and Las Vegas, the secret setups were of the ordinary kind, however this time, advanced secrets along with state of the art psychological techniques shall be revealed. But first you will have to sign a NON DISCLOSURE contract:rofl:

Good to hear from you again. If I recall you had similar experience with the other Guru Joel Pozen. Then ofcourse there is your favourite Professional trader and VSA expert, thought you had actually gone to ASPEN for the $10k course, anyway another coming up in California:rofl:

How about illustrating with concrete realtime examples.

BF, The 2 setups I mentioned are not my criteria, they were highlighted for the benefit of Robinhood in the previous thread to experiment with and via his own research ascertain the level of predictability on a single time frame. The intention was to point out to him that in the right context, candlestick charting does have a value in intraday trading. An edge is not something which works by itself, the trader has to develop the skills to make it work;)

Yes indeed, with pivots (S2 at 1226), previous support , now resistance and the volume it becomes a high probability trade., emphasize probability, not certainty;), drill down to lower time frames and it gets better, but now we are getting far ahead of the initial exercise, wonder if Robinhood is paying any attention, afterall he started it all;)