|
Quote: |
|
 |
|
|
This being the 3rd month of this thread, thought I would try to generate some systematic rules. I will try to 'score' the quality of the Taylor set-up.
Taylor is really just a method to try to seek good 'location' for a trade. This is similar to Market Profile in a lot of respects. Pg 88 of 'Markets In Profile' (Jim Daltons excellent book) could just as easily be applied to George Taylors method:
"Remember the subtlety in what we do: we don't forecast, we assess the risk of our positions. We seek to... establish positions that provide favorable risk/reward characteristics."
I have used 4 primary rules to try to do something Taylor-like.
1. What is the 'high to low'/'low to high' pattern of the preceeding 2-4 days
2. Is there a HV or LV (Violoation of previous day high/violation of previous day low)
3. What is the 'location' of price relative to the 15-min 20-period Exponential Moving Average
4. What are key support resistance prices from previous days (highs/lows and PVP's)
Finally, there is one thing that is kind of subjective that you have to watch:
Is the market trending strongly off opening price? (called 'Open-Drive' in Market Profile).
Todays Taylor Set-Up:
1. There were 2 days that traded 'High to Low'
2. We had a 'Low Violation'
3. We were trading FAR below the 15-min 20-ema
4. We had key support in 1461 area and price traded into 1462.50 this morning.
*We did not have 'open-drive' -- strong trending action off opening price...
Thus, we had an excellent 'Taylor BUY Set-Up.' This can also be interpreted as:
'The risk of being short was high due to bad location'
'The reward vs risk for being long was good'
 |
|
|
|
|
hi..exeuse me..where i can found or download this indicator for meta4 ? ,m is bad englisch i'm italina...thank you