High Probability Trading Strategies

I’ve had many emails since the book came out asking about which indicator to use for the Dual Time Frame Momentum Reversal setups. Also, many emails about what are the best settings for this or that indicator.

OK people, you need to actually read the book! I clearly explained in the book that you can use just about any indicator, those with OB and OS zones like the Stochastic usually work best. I took a lot of space in the book to teach you how to test out different settings and determine which are the best for any particular market and time frame. You have to take the time to discover this for yourselves. It doesn’t take much time as I describe in the book and CD examples.

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Emailed Question from Kevin – HPTS Book Owner

“The question I have which perhaps might be a worthwhile topic for you to blog about or even do a video is about deciding what comes first, what takes priority – using wave counts or the looking at the DTosc? What would one use first in determining a trade position?”

First things first. If you have questions, it is much better to post them to the Blog, don’t email. I will respond to them on the blog if they are appropriate. I think this question is pretty much covered in the book but I’ll give a summary here with some additional pithy comments.

The first filter is the Dual Time Frame Momentum position. Trade in the direction of the higher time frame momentum and execute following the shorter time frame momentum reversals in the direction of the higher time frame. Lot’s of discussion and examples of this in the book. Never trade against the Dual Time Frame Momentum (DTFM) position. The DTFM position is completely objective and you can use almost any indicators also as described in the book.

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In the late 1980′s, I wrote a home study trading course called, “The W. D. Gann Home Study Trading Course.” It was based on – you guessed it – the trading techniques of W. D. Gann plus dynamic time and price and Elliott Wave. (The course is no longer available.)

I learned many lessons from studying Gann’s published materials over the years and I think his general market wisdom was much more important than his technical studies. One of my favorite lessons was “Use All The Tools, All The Time.” That doesn’t mean to over complicate the technical studies or use too many tools but apply all of your key tools with each market condition to discover if there is a high probability trade opportunity.

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Unsuccessful traders are usually lazy. That’s why there are not successful. They don’t take the time to break down each aspect of trading and discover what works and doesn’t work and how and why it works. To be successful or take your successful trading to a more profitable level, you must take the time to thoroughly understand each aspect of trading, from entry to exit. Here are some steps to consider to help you master each aspect of your trading plan.

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