BarroMetrics Views: Your Trading Plan 4 – Discretionary
Today, I want to talk about a topic dear to my heart. But, before I do that, let me first apologise. Chris from Australia was kind enough to refer me to two services for testing systems. I have now included these in my ‘Backtesting Report’. Unfortunately, I goofed. I did not save the Excel file with all the names and addresses of those who requested the report.
So, if you want the updated report, please drop me a line here or to firstname.lastname@example.org.
Incidentally, here’s what Chris has to say about one of the services:
“I know Alan personally, he trades his own funds for a living as well as now offering his services. Previously he traded his own funds only. He is a great guy and a very talented developer with trading expertise.”
Thanks Chris for all your help.
Turning to today’s blog…..
I could not do a better job than the one done by Stock Charts “The Wyckoff Method: A Tutorial“. If you want to take the subject further, there are three excellent instructors:
- The Wyckoff Stock Market Institute. Jim O’Brien has an introductory e-book. He used to have an introductory course which was you need if you weren’t trading stocks. Some time ago, he took the product off the market. If the e-book is half as good as the course, it will be a great buy at USD 279.00 (Wyckoff Strategies and Techniques)
- Dr. Gary Drayton, Trading Psychology Course. Gary has a few courses. He focuses on futures and was the one who introduced me to ACT. His book Trading Mindfully is an excellent read.
- Hank Pruden, Ph.D. His book ‘The Three Skills of Top Trading” is a low-cost intro to Wyckoff.
Why do I love Wyckoff? Because it fits hand and glove with Market Profile. Pete Steidlmayer turned my trading around. I’ll be forever grateful that I flew to Chicago to take his course. I like to think of Profile theories as an adjunct to and an advancement of Wyckoff’s ideas.
I have included three charts that outline the Wyckoff model. Do read the intro by Stock Charts. And, if you don’t understand the charts, feel free to drop me a line at the blog – no emails, please.
FIGURE 01 Wyckoff Process
FIGURE 02 Wyckoff Schematic 01
FIGURE 03 Wyckoff Schematic 02