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Db, great to see you here. Please don't encourage ET to take down that thread. That thread was the light bulb for me. Your marked up diagrams are phenomenal. I printed out every one of them and have read them many times as I am a visual person. You don't know how many ppl. I have referred to that thread. It would be a shame to see such a treasure go. Thanks again for all of your help.

Draw them from swing highs to lows and vice versa. Let me give you a clue that you should find helpful. When the market is pulling back you want to see it pullback on lower volume. Put a volume historgram in the lower section of your chart and verify it for yourself. If you get Tom Obrien's book Timing The Trade or Techniques of Tape Reading by Graifer and Schumacher you will see some good examples of pullbacks on low volume. Fib is related to Elliot Wave. After a confirmed reversal when the trend is strong, you will get a wave 2 pullback to approx. 38% on lower volume and then a break of the swing point on increasing volume. I use 38% and 62%. If it goes below 62% the move is weak and you don't want it. Read this thread, trust me, and print out the pdf photos and thank db phoenix for his wisdom. http://www.elitetrader.com/vb/showthread.php?threadid=29005&perpage=6&pagenumber=2

Trying to buy bottoms and sell tops is tough. Even Gavin and the expert himself Tom Williams said that today. Today I tried to sell what I thought was the top on the Euro at 1.4787 and got stopped out for -10. I think it much easier to buy a pullback on lower volume whether it be in a confirmed uptrend or downtrend. Often I find, because I use fib too, that these correspond to fib ratios. The stronger the uptrend vice versa the more you get these pullbacks to about 38% on lower volume. What I was reminded today from TG was that I should be looking at higher time frame first, 240 min, then 60, then 15 or 5 for entry. If I had looked at 240 there is no way I would have sold because there was no reversal showing on the 240 min to propel the downside action on the lower time frame chart. I can't post right now, but should be able to next week, long story. Hopefully this makes sense and helps you a bit.

Thanks again James nice video, good examples, and nice entry examples too.

Hi Blu Ray, thanks so much for converting them. I do plan to donate to your time if I use the code. I have a question for you. Since this is Easy Language will it work with both TS and Multi Charts? I have used neither so far, but looking at them. I would think so because both use EL? Currently I use Sierra Charts so I am attempting to do due diligence before making a forklift upgrade to a new charting platform. Thanks again. :)

This is a good subject that is overlooked by many. It's hard to comment in detail without knowing more and I am no expert. It appears you are a discretionary trader. My rule is if you have 3 losing trades in a row you must stop. Reason being you are not in touch with the market. Tues and Wed a 10 tick stop would get blown through easy. I had to pass on a lot of setups in ER2 that required a stop 2 times what I comfortable using. Oh well, that's life and there will be many more. I forget you said it, but it goes like this, ameuters look at reward and pros consider risk. From an R to R perspective I feel you need to be going for a tleast 2-1 reward to risk with a stop trailed to break even that you need to determine. As you become a better trader you get more intuitive and you may see a reversal coming and over ride that 2-1 and grab 10 ticks instead of waiting for 20. But your new and discipline will make or break you. I know a few traders that are willing to take many small loses and when they win get 4-1 R to R, but their win rate is below 50%. Look up positive expectancy on google, it what really matters.

I would be remiss without saying how much I appreciate your contributions on this thread. Wow I just read this entire thread in the last 2 days! My brain is stretched and tired, in good way! Thanks PP for being so generous to share your coding as well as your insights. Thanks much too Sebastian. I get to catch you now on all 3 forums which is great. And lastly thanks all for their contributions as well. After so needed rest I will attempt to post some charts as I trade ER2 on a 3 min. Enjoy your day off Monday.

Looks to be good info will take a look myself. I suffer from this to. Mine has to do with making a bunch years ago and then crashing and burning ugly. It was gambling in the markets not trading. Recently I was listening to a video Denise Shull did for the CME in which see challenges conventional psych. She is a neuro psych and specializes in traders. Instead of focusing on positive thoughts and denying negative ones when they appear in your mind acknowledge them. By doing so you will begin to release the negative energy associated with it that will hamper you ability to trade well. I have tried it and it appears to work. She has customer discuss how he increased his profits 40 fold from doing such. Confirmed 200 lot trader her client. She states that recent studies show feelings come before thoughts, it's not I think therefore I am am. You might want to check it out. After a lot of thought I believe that focusing on the positive while acknowledging anxiety is the way for me. I like Douglas' but I like Steenbarger better. Enhancing Trader Performance..................is a great book, highly recommended. And I am not affiliated with either of these folks. Good luck. P.S. Brett has a great blog too. He talks on one part of the blog about how disguist is one way to motivate yourself to change. Makes sense. When ppl, such as alcholoics, are disguisted with themselves they get the motivation to change. I firmly believe that pain is greater motivator than pleasure. I need to figure out spell check on this forum.

Well I don't have TG, but I have read Williams' book and have read a fair amount on Wyckoff so let me attempt to give you a hand. I trade index futures. On what exchange does your stock exist. It is S and P, DOW, NAS, Russ? The way I read it before, and correct me someone if I am wrong, is you want to get a macro view of the parent index, let say S&P 500. On a daily I feel it is down and that's as high as I need to go because I am a day trader. So then I would pick some stocks in that index using their scanner that show the greatest weakness and I wait for a signal and hit it. Some in Wyckoff use Dow Theory and look at the DJI, dow jones transports. If you determine they look weak you can then drill down to a specific stock showing the greatest signs of weakness and sell it when you have a signal. Make sense? Conversely in a strong market you would want to look for the specific stock showing the greatest strength and trade that. It's covered in Master the Markets. Hopefully I answered your question.

Great, much appreciated. It's nice to be forum, not elitetrader, where ppl. help one another more often than they take cheap shots. So Soul Trader take that as a compliment.

Hey really nice chart with annotations. I have to ask the obvious. How did you get all of the neat indicators?

Nice. Can you recommend a source to learn Wyckoff P and F? Would the Hutson book suffice? I bought Hank Pruden's book but it's hard to learn something from just a few charts. I signed up for the yahoo group, but I don't see anyone posting P an F charts as of yet? I am willing to buy Dorsey's book if need be but he does 3 box instead of 1 I believe?

Thanks to those that responded on TG's bootcamp. I guess it's just my computer? I just wanted to offer a suggestion that may help some, like it did me. Instead of judging bar by bar with price and volume, look for pullback to trend on lighter volume. I hope that makes sense. I find it so much easier when the market pulls back on trend with ever decreasing volume and then I get a key reversal of some kind it's time to sell one tick below the low and put my stop 2 ticks above the high and shoot for a re-test of the low that was just made before the pullback. This will also allow you to most often maintain good money management as you will be shooting for 2-1 or greater R to R. That's why DB's thread has been so helpful to me. It has lots of examples of pullbacks on lighter volume with different variations. Does anyone here do Wyckoff P and F? I have yet to start learning it.

JJ I use Sierra Chart with EOD data and I show about 1.4. I probably has to do with the time period specified with the disparity is that great.

I have been studying P/V full time for the last 3 months approx. I definitely helps. I like Graifer's book, but I have found the most useful thread from db phoenix on ET. It's here. http://www.elitetrader.com/vb/showthread.php?threadid=29005&perpage=6&pagenumber=1 The reason I suggest it is because it has a lot of nice chart with different market structures, more pics than MTM or Graifer's book. I bought TG's bootcamp, it's good, but it's crummy that they will only let you use it on 1 computer! I am not trying to burn copies I just like to travel with it, on a plane or so. I feel that the $50 they ask for a webinar is frankly excessive. No one else I have received instruction charges that for ongoing webs, esp. after I just spent $500 with TG. BTW Sebastian does fairly regular updates for free on ET, look him up as VSA trader, just like Trade2win dot com. For now I am just focusing on retests of high or lows and pullbacks with the correct corresponding volume. I plan on attending LTG's free webinar thing in 1/2 hour. For those of you better at Wyckoff than I, can you remind me of the importance of a level close on a test bar? Anyway just wanted to drop in since I have been lurking on this thread for some time without posing. It's a nice thread on PV P.S. A couple of other sources you can see P/V education is Hank Pruden and Tom O'brien ( he has a fee radio show for stock tfnn dot com ). And no I am not an affiliate of anyone's just trying to help where I may. Good trading to all of you.