eBook – YTC Price Action Trader
ebook YTC Price Action Trader
eBook about PriceAction (PA) …. for Intraday Swing Trading for the Forex, FX Futures and Emini Futures Markets
Six Volumes
Volume One – Introduction
Chapter One – Introduction
1.1 – Introduction…………………………………………………………………………..15
1.2 – Scope – Strategy, Markets & Timeframes……………………………………….17
1.3 – Acknowledgments…………………………………………………………………..19
1.4 – Prerequisites…………………………………………………………………………19
1.5 – Feedback…………………………………………………………………………….20
1.6 – Contents Overview…………………………………………………………………..20
Volume Two – Markets and Market Analysis
Chapter Two – Principles of Markets
2.1 – Principles of Markets……………………………………………………………….15
2.2 – The Reality of the Markets…………………………………………………………16
2.2.1 – Trading the Shadows……………………………………………………16
2.2.2 – Cause and Effect……………………………………………………….19
2.2.3 – What is Price?…………………………………………………………..22
2.2.4 – How Does Price Move? ………………………………………………..23
2.2.5 – What are Markets………………………………………………………32
2.2.6 – Summary – The Reality of the Markets………………………………37
2.3 – The Reality of the Trading Game………………………………………………….38
2.3.1 – How Do We Profit? …………………………………………………….38
2.3.2 – Analysis for Profit……………………………………………………….39
2.4 – Effective vs Ineffective Trading Strategies and Systems………………………..43
2.4.1 – Principles of my Effective Strategy…………………………………..50
2.5 – Conclusion.…………………………………………………………………………..52
Chapter Three – Market Analysis
3.1 – Introduction to Market Analysis……………………………………………………54
3.1.1 – The Aim of our Market Analysis………………………………………54
3.1.2 – Subjectivity vs Objectivity in Market Analysis………………………55
3.2 – Past Market Analysis………………………………………………………………57
3.2.1 – Support and Resistance……………………………………………….57
3.2.2 – Multiple Timeframe Analysis…………………………………………..72
3.2.3 – Market Structure………………………………………………………..79
3.2.4 – Trends……………………………………………………………………90
3.3 – Future Trend………………………………………………………………………….113
3.3.1 – Strength and Weakness……………………………………………….113
3.3.2 – Identifying Strength and Weakness………………………………….116
3.3.3 – Principles of Future Trend Direction………………………………….145
3.3.4 – Visualising the Future………………………………………………….153
3.3.5 – What Happens After S/R Holds? …………………………………….156
3.4 – Initial Market Analysis Process……………………………………………………160
3.4.1 – Initial Market Analysis Process Summary………………..…………160
3.4.2 – Initial Market Analysis Checklist……………………………………..161
3.4.3 – Initial Market Analysis Example………………………………………165
3.5 – Ongoing Market Analysis – Theory……………………………………………….172
3.5.1 – Determine Candle Pattern Sentiment………………………………..173
3.5.2 – Consider the Context……………………………………………………180
3.5.3 – Does it Support our Premise? ………………………………………..184
3.6 – Ongoing Market Analysis Process……………………………………………….186
3.6.1 – Ongoing Market Analysis Process Summary……………………….186
3.6.2 – Ongoing Market Analysis Checklist………………………………….186
3.6.3 – Ongoing Market Analysis Example…………………………………..189
3.7 – Practice………………………………………………………………………………200
3.7.1 – Market Structure Journal………………………………………………201
3.8 – Conclusion……………………………………………………………………………202
3.9 – Addendum to Chapter 3 – Alternative Questions for the Conduct of Price Action Analysis…………………………………………………………………….203
Volume Three – Trading Strategy
Chapter Four – Strategy – YTC Price Action Trader
4.1 – Strategy – YTC Price Action Trader………………………………………………15
4.2 – Setup Concept……………………………………………………………………….15
4.2.1 – The Expectancy Formula………………………………………………15
4.2.2 – Principles behind the YTC Price Action Trader Setup Locations……17
4.3 – YTC Price Action Trader Setups…………………………………………………..25
4.3.1 – Setup Definition…………………………………………………………25
4.3.2 – Setups Appropriate for each Particular Market Environment………41
4.3.3 – Revisiting the Initial Market Analysis Process and Checklist…….54
4.3.4 – More Action – Trading In-between Setup Areas…………………….56
4.3.5 – When Price Enters Setup Areas……………………………………..56
4.4 – Trading the Setups………………………………………………………………….57
4.4.1 – Stop Placement…………………………………………………………57
4.4.2 – Targets……………………………………………………………………64
4.4.3 – Entry………………………………………………………………………70
4.4.4 – Trade Management……………………………………………………..99
4.5 – The Trading Process………………………………………………………………..119
4.5.1 – Trading Process Diagram………………………………………………119
4.5.2 – Trading Process Checklist…………………………………………….120
4.6 – Practice………………………………………………………………………………123
4.7 – Conclusion……………………………………………………………………………123
Chapter Five – Trade Examples
5.1 – Trade Example 1 – BPB – T1 & T2 Achieved……………………………………126
5.2 – Trade Example 2 – PB – T1 Achieved – Part Two Worked Exit………………138
5.3 – Trade Examples 3 – BOF, BPB, TST – Sideways Trend within another Sideways Trend……………………152
5.4 – Trade Example 4 – CPB – T1 Achieved – T2 Trailed……….…………………..167
5.5 – Trade Example 5 – TST – Part 1 Stopped Breakeven – Part 2 Trailed………..177
5.6 – Trade Example 6 – BOF – T1 & T2 Achieved……………………………………189
5.7 – Trade Example 7 – TST – Part 1 Scratched, Re-entered & Stopped Out – Part 2 Stopped Out…………………200
5.8 – Trade Example 8 – PB – Scratched – No Re-entry…………………………….213
5.9 – Trade Example 9 – CPB – T1 & T2 Achieved……………………………………225
5.10 – Trade Example 10 – TST – Scratched & Reversed – PB – T1 Achieved –
Part 2 Stopped (Trail)..……..…………………………………….……………….235
5.11 – Trade Example Summary Notes………………………………….……………..250
Chapter Six – Other Markets, Other Timeframes
6.1 – Other Markets, Other Timeframes…………………………………………………253
6.2 – Examples – Forex…………………………………………………………………..255
6.2.1 – Additional Forex Considerations………………………………………261
6.3 – Examples – Emini Futures…………………………………………………………264
6.3.1 – Additional Emini Futures Considerations…………………………….269
6.4 – Examples – Stocks & ETFs……………………………………………………….271
6.4.1 – Additional Stock & ETF Considerations……………………………..275
6.5 – Conclusion……………………………………………………………………………276
Volume Four – Your Trading Business
Chapter Seven – Money Management
7.1 – Ensuring Survival…………………………………………………………………….15
7.2 – Financial Survival…………………………………………………………………….15
7.3 – Money Management………………………………………………………………..15
Chapter Eight – Contingency Management
8.1 – Contingency Management…………………………………………………………26
8.1.1 – Contingency Management……………………………………………..26
Chapter Nine – Goals & Targets
9.1 – What Win% Should You Expect?…………………………………………………….30
9.2 – Ok… If I Absolutely Must!………………………………………………………………31
9.3 – Stats………………………………………………………………………………….31
9.4 – Another Option – For the Consistently Profitable……………………………….32
Chapter Ten – Trading Psychology – A Practical Approach
10.1 – Personal Survival…………………………………………………………………..37
10.2 – Prerequisites for Survival………………………………………………………….37
10.3 – Mastery of Trading Psychology………………………………………………….42
10.3.1 – Focus on Process…………………………………………………….42
10.3.2 – Peak Performance Mindset………………………………………….45
10.4 – Maintenance of Peak Physical Condition……………………………………….53
10.5 – Psych Wrap-Up…………………………………………………………………….58
10.6 – Additional Study……………………………………………………………………58
Chapter Eleven – Trading Platform Setup
11.1 – Trading Platform Setup……………………………………………………………60
Chapter Twelve – Trading Plan
12.1 – Trading Plan………………………………………………………………………..65
12.2 – Trading Plan Template…………………………………………………………….67
12.3 – Trading Plan – Explanatory Notes……………………………………………….69
12.3.1 – Cover Page……………………………………………………………..69
12.3.2 – Preface………………………………………………………………….69
12.3.3 – Introduction…………………………………………………………….70
12.3.4 – The Trader……………………………………………………………..70
12.3.5 – The Trading Business………………………………………………..71
12.3.6 – The Trading Process………………………………………………….74
12.3.7 – Annexes………………………………………………………………..76
Chapter Thirteen – Procedures Manual
13.1 – Procedures Manual………………………………………………………………..78
13.2 – Sample Procedures Manual………………………………………………………78
Chapter Fourteen – Additional Documentation
14.1 – Additional Documentation…………………………………………………………106
14.2 – Trading Journal Spreadsheet……………………………………………………..106
14.3 – Trading Log…………………………………………………………………………106
14.4 – Motivation Journal………………………………………………………………….108
14.5 – Lessons Learnt Journal……………………………………………………………108
14.6 – Market Structure Journal………………………………………………………….109
14.7 – Trades Journal……………………………………………………………………..110
Volume Five – Trader Development
Chapter Fifteen – The Journey
15.1 – FACT: Most Readers Will Fail to Achieve Consistent Profitability…………..15
15.2 – The Journey…………………………………………………………………………17
Chapter Sixteen – The Learning Process
16.1 – Effective Learning…………………………………………………………………..20
16.2 – Deliberate Practice………………………………………………………………..20
16.3 – Trade-Record-Review-Improve…………………………………………………….21
16.4 – Deliberate Practice Tools and Techniques……………………………………..22
16.4.1 – Defined Trading Procedures………………………………………….22
16.4.2 – Trading Logs and Journals……………………………………………22
16.4.3 – Documented Review Process………………………………………..22
16.4.4 – Market Replay………………………………………………………….23
16.4.5 – Market Replay Alternatives…………………………………………..26
16.4.6 – Peer Review…………………………………………………………….26
Chapter Seventeen – Taking Action
17.1 – Taking Action……………………………………………………………………….29
17.2 – The Development Stages…………………………………………………………29
17.2.1 – Stage 1 – Establish Your Foundation………………………………30
17.2.2 – Stage 2 – Simulator Environment……………………………………33
17.2.3 – Stage 3 – Live Environment – Minimum Size………………………34
17.2.4 – Stage 4 – Live Environment – Increasing Size…………………….35
17.2.5 – As You Progress………………………………………………………35
17.3 – Taking Action – Alternate Strategies……………………………………………36
17.4 – Challenges and Difficulties………………………………………………………..37
17.5 – The Target…………………………………………………………………………..41
17.6 – Additional Study……………………………………………………………………41
Volume Six – Conclusion
Chapter Eighteen – Conclusion
18.1 – Summary……………………………………………………………………………15
18.1.1 – Principles of Markets –Summary……………………………………15
18.1.2 – Market Analysis –Summary………………………………………….17
18.1.3 – Trading Strategy –Summary………………………………………….20
18.1.4 – Setups Poster………………………………………………………….29
18.1.5 – The Learning Process –Summary…………………………………..30
18.2 – For Those Concerned That It Appears Too Simple…………………………….31
18.3 – And For Those Who Perceive It As Too Complex……………………………..32
18.4 – Take Action…………………………………………………………………………32
18.5 – Wrap Up…………………………………………………………………………….33
18.6 – Supplementary Resources……………………………………………………….33
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