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Volman meets Burke or My journey with PA

  • #601
  • Oct 20, 2022 10:45am Oct 20, 2022 10:45am
Quoting spzd
Using SBs FrontSide/BackSide today. This led to one trade today at the DL of the session. I was looking for a long and it was handed to me. Not sure how the week will finish with no major data releases. This could lead to a Freaky Friday scenario. {image}
Where do you think Buy & Sell Stop Orders were at prior to the Euro Open ?

And where would Stoploss orders be sitting ? You have to think like this.

Nothing wrong with your trendlines drawn, remember a trendline break is always re-tested and in this case it was at the Low marked.
It never gets easier, you just get better
  • #602
  • Oct 20, 2022 11:46am Oct 20, 2022 11:46am
Spzd...

I appreciate that you mentioned your G/U trading experience. I have a single laptop . So I have to choose between only a few pairs to watch for set ups and movement .
  • #603
  • Oct 20, 2022 7:41pm Oct 20, 2022 7:41pm
Quoting spzd
{quote}
I have also settled on just one pair, GBP_USD. It moves fairly well most days in my trading window. It also has a good per pip payout (and it is static).

Hi Mark,

That is a very good way to get the handle down clear imho. Doesn't matter which pair if, as you say, fits into your trading window.
Not to say a trader cannot trade more pairs.
When trading just one pair though I found it WILL provide enough opportunities each trading day.
(and then I never actually went back to multiple pairs).

I found when I was looking at multiple pairs, and a 'setup" could NOT be found on the current pair,
I then used to go looking for a setup elsewhere, ie chasing a setup
Then I found I would occasionally invent a setup in my mind because the perfect setup was not presenting.
ie chasing, chasing, chasing. Wanting.

In the end, for me, one pair AND patience DID provide setups, each day, each session, and even (thx to Kev's showing me) in-between sessions.

Trying to work out in my my mind why I only had to wait I guess was linked to FOMO (fear of missing out) where I thought if a setup wont turn up I will invent one.
By that I mean, close enough was probably good enough, or, maybe the "market will do THIS soon", and which if it DID would then present me with the setup, so why not take the setup early before it actually happened etc lol - all a trick of my own mind in those early days - the us vs us principle again.

When I finally realaised that the market MUST go to a point on the chart WHERE a setup (even someone else's setup, depending on their templates I mean)
then the waiting or any fomo became less of an issue and finally dissapeared in my head.


The market WILL (and I believe, MUST - to function AS a market) provide setups.
And they do, though this might initially be hard to accept for some.

Trade well, trade safe

(maybe traders could spend one whole day not trading & just "watch live" and see where you WANT the market to provide a setup, see where you might have entered early, and see where the market eventually DID provide a setup - just food for thought).
  • #604
  • Oct 20, 2022 9:09pm Oct 20, 2022 9:09pm
Quoting TimeTells
{quote} Hi Mark, That is a very good way to get the handle down clear imho. Doesn't matter which pair if, as you say, fits into your trading window. Not to say a trader cannot trade more pairs. When trading just one pair though I found it WILL provide enough opportunities each trading day. (and then I never actually went back to multiple pairs). I found when I was looking at multiple pairs, and a 'setup" could NOT be found on the current pair, I then used to go looking for a setup elsewhere, ie chasing a setup Then I found I would occasionally invent...
Thanks for this post... can you tell I am smiling ? I can especially relate to FOMO which is why I have been following several pairs. You have given me a lot to consider. Copying and saving this post.
  • #605
  • Oct 20, 2022 10:07pm Oct 20, 2022 10:07pm
From TimeTells post # 603
(maybe traders could spend one whole day not trading & just "watch live" and see where you WANT the market to provide a setup, see where you might have entered early, and see where the market eventually DID provide a setup - just food for thought).

You gave me a lot to consider and here is my first consideration

.... A new approach to backtesting. Take an FX pair go back to the time(s) when you want the market to provide a set up (as TimeTells states above). See if that pair fits the criteria.
So for example I would see how a pair 'behaves' in the NY session and the Asian Session. The best pair for me would have set ups in the first 2-3 hours of both of those sessions and have a low spread.
  • #606
  • Oct 20, 2022 10:49pm Oct 20, 2022 10:49pm
Quoting Lou
A new approach to backtesting. Take an FX pair go back to the time(s) when you want the market to provide a set up (as TimeTells states above). See if that pair fits the criteria. So for example I would see how a pair 'behaves' in the NY session and the Asian Session. The best pair for me would have set ups in the first 2-3 hours of both of those sessions and have a low spread.

Hi Lou,

Cheers pal, you seem a very genuine bloke. Like many I have met on FF.

And you also seem to have a handle on backtesting so I am probably not introducing anything new here, but i did find this training.mq4 EXPERT helpful for me when i was going through the process also.

It is a handy tester/trainer as can be used over the weekends while the markets are also closed, if that time is available to you.

If you wish ...

Install it in your Experts folder.
After install and restart open an MT4 chart and use Ctrl-T and Ctrl-R to show the simulator screen.

“Select the Training2 downloaded expert advisor from the list of drop downs”
“Choose a symbol of your favourite PAIR”
“Choose the slowest model operation EVERY TICK to begin with”
“In the Use Date choose any time from the past (eg 3 months ago or earlier)” and the end date at now if you wish (or any other date after the begin date)
“Tick Visual Mode but do NOT tick Optimization”

Load up any or no templates you have that you are happy with & are familiar.
(and draw some horizontal lines somewhere on the chart as it freaks out traders who do not see any value in them - just joking, up to you )


No pressure, as you are not trading any money.

And you can watch certain chart "areas" and will likely “in your mind” think
... “I would take a BUY (or SELL) trade now”.

Then see if the market does run in your favour.
(or, as can happen, price runs against us BUT then comes back later to run in our favour lol).

https://www.mql5.com/en/code/9220?ut...ce=mt4terminal

all the best again
Pete
  • #607
  • Oct 21, 2022 2:26am Oct 21, 2022 2:26am
Dax is on the move this morning
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every Saint has a past. Every Sinner has a Future
  • #608
  • Oct 21, 2022 3:53am Oct 21, 2022 3:53am
Quoting turnip15
Dax is on the move this morning {image}
A good morning much to my relief. Price flat ( inflexion forming) so might as well finish now for my session ( to 10am)
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every Saint has a past. Every Sinner has a Future
  • #609
  • Oct 21, 2022 3:58am Oct 21, 2022 3:58am
Afore I go - the 15 minute aka Burke - was also instructive.
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every Saint has a past. Every Sinner has a Future
  • #610
  • Oct 21, 2022 5:32am Oct 21, 2022 5:32am
Quoting TimeTells
{quote} Hi Lou, Cheers pal, you seem a very genuine bloke. Like many I have met on FF. And you also seem to have a handle on backtesting so I am probably not introducing anything new here, but i did find this training.mq4 EXPERT helpful for me when i was going through the process also. It is a handy tester/trainer as can be used over the weekends while the markets are also closed, if that time is available to you. If you wish ... Install it in your Experts folder. After install and restart open an MT4 chart and use Ctrl-T and Ctrl-R to show the...
I found that restricting myself to 7am to 10am UK time and 1:30pm to 4pm UK time was more than enough time to find an opportunity in both London and New York sessions. Just like Stacey Burke refers to or the ICT "Kill Zone. In short you can concentrate for short times, manage the stress and enjoy the other time off (When not studying - but that is not stressful)
every Saint has a past. Every Sinner has a Future
  • #611
  • Oct 21, 2022 6:42am Oct 21, 2022 6:42am
Quoting spzd
The best decision I have ever made in my trading history (and I have been doing this part time for almost 30 years) is adapting Stacey Burke's method. All FREE. All the info he has put out the last three years - SAME. A very viable method that is completely wash, rinse, repeat. Time HOD/LOD BRN Basic entry using pin-hammer and engulfing bars. All easily tradable off the M15 chart. This method truly is simplicity at its best. Then you go and trade it live the first time and realize you need to touch up on chart reading. (My excuse to the wife is...
Thanks for the notification of Bob Volman, I started to read this book, very good and interesting.
I wonder and I want to ask you, why you skip to Burke? Is Volman not good enough, there's still a lot of work and studying to do for me before am thru this Volman book, do you think it's better to switch to the yuotub for Burke to study?
  • #612
  • Oct 21, 2022 7:42am Oct 21, 2022 7:42am
Quoting MJurban
{quote} Thanks for the notification of Bob Volman, I started to read this book, very good and interesting. I wonder and I want to ask you, why you skip to Burke? Is Volman not good enough, there's still a lot of work and studying to do for me before am thru this Volman book, do you think it's better to switch to the yuotub for Burke to study?
Truth is, I do not know which route will work best for you. I do know that the route I chose does work. I will go over my process. Feel free to mimic or modify or discard.

As I have said, I had not traded for about 3 years and have wanted to learn price action. In that time I have been reading a few threads here on FF that really piqued my interest.

https://www.forexfactory.com/thread/...ore-tma-intra?

https://www.forexfactory.com/thread/...-real-or-algo?

https://www.forexfactory.com/thread/...ying-dutchman?

It was in the Dutchman where Bluesteele recommended Stacey Burke. I watched a few videos and liked what I saw. I retired (quit work) first week of August this year. From there I immersed myself in the markets, both FX and indices. Volman was mentioned somewhere and I ended up getting his book on trading the EUR_USD 5 minute.

For the next month and half I did about 80% days were 16+ hours (more than the 12 to 14 every day for 3 weeks at a time I was working).

From all that I have concluded that the best route is to study someone like Stacey Burke or ICT (I tried to study his stuff-his method is not as structured a method as SB). Immerse yourself in the charts. These methods are easy to backtest as they are not dependent on indicators nor volume nor anything but price. All the lines on my charts are based directly on price or time.

In fact, they are price and time.

I liked the way Volman wrote his book. I did pick up a few helpful tidbits. He is a breakout trader. His method is fairly simple and will give you an alternative way to trade PA. It is not my "style".

So, my method is primarily based on SB with a few nuggets from Volman and others as my learning progresses. It is beyond simple (compared to all the previous ways of trading - except at the very start). I will make a few posts so all can see how I approach the market now.

Whichever route you choose, do not stray too far from it at first until you are confident you understand the basic framework. Then you can start to mold the method to fit you personally. This is perhaps one of the greatest advantages to PA trading methods.

To all. Feel free to post as long as it is along the general discussion.
Mark ... Everything you have been told is a LIE
  • #613
  • Oct 21, 2022 8:32am Oct 21, 2022 8:32am
Quoting turnip15
Afore I go - the 15 minute aka Burke - was also instructive. {image}
That's my kinda entry ...

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Mark ... Everything you have been told is a LIE
  • #614
  • Oct 21, 2022 8:34am Oct 21, 2022 8:34am
SP500 5 minute chart marked out.
Seem okay to you guys?

Is that a 1-2-3 I see before me ?
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every Saint has a past. Every Sinner has a Future
  • #615
  • Oct 21, 2022 8:39am Oct 21, 2022 8:39am
Quoting turnip15
SP500 5 minute chart marked out. Seem okay to you guys? Is that a 1-2-3 I see before me ? {image}
That's it. Then take entries from the H/L. As the session progresses new H/L could be formed. My mindset is scalp and if it runs - good.
Mark ... Everything you have been told is a LIE
  • #616
  • Oct 21, 2022 8:47am Oct 21, 2022 8:47am
Quoting spzd
{quote} That's it. Then take entries from the H/L. As the session progresses new H/L could be formed. My mindset is scalp and if it runs - good.
Entries are at the close-open. Or limit.
Mark ... Everything you have been told is a LIE
  • #617
  • Oct 21, 2022 8:54am Oct 21, 2022 8:54am
Quoting spzd
{quote} Entries are at the close-open. Or limit.
See where it dipped back into a FVG then long at the arrow?
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every Saint has a past. Every Sinner has a Future
  • #618
  • Oct 21, 2022 8:55am Oct 21, 2022 8:55am
Quoting turnip15
{quote} See where it dipped back into a FVG then long at the arrow? {image}
That green line at the bottom is the FVGap as drawn by the Tradeview app - it seemed to miss my yellow 5 minute FVG though ?

Edit 2:57pm - better move my stop up
every Saint has a past. Every Sinner has a Future
  • #619
  • Oct 21, 2022 8:59am Oct 21, 2022 8:59am
Story so far. Stop not far behind
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every Saint has a past. Every Sinner has a Future
  • #620
  • Oct 21, 2022 9:02am Oct 21, 2022 9:02am
Quoting turnip15
{quote} That green line at the bottom is the FVGap as drawn by the Tradeview app - it seemed to miss my yellow 5 minute FVG though ? Edit 2:57pm - better move my stop up
Your yellow one is technically an old FVG.

I do see where you are coming from. Never considered adding something like this in until now.

Perhaps @bilal1947 would comment on this.
Mark ... Everything you have been told is a LIE
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