Your Trading Plan 4 – Discretionary (Success Series)

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 ramonbarros@tradingsuccess.com.

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:

  1.  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)
  2. 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.
  3. 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.

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FIGURE 01 Wyckoff Process

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FIGURE 02 Wyckoff Schematic 01

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FIGURE 03  Wyckoff Schematic 02

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