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vidvad's 2023 4-9-18 ema journal

  • #21
  • Jan 18, 2023 10:51am Jan 18, 2023 10:51am
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Life itself is a privilege, but to live life to the fullest is a choice
  • #22
  • Jan 18, 2023 11:04am Jan 18, 2023 11:04am
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Life itself is a privilege, but to live life to the fullest is a choice
  • #23
  • Jan 18, 2023 11:20am Jan 18, 2023 11:20am
Market makers guarding this level on ES. You can tell because they leave footprints.

If ES gets bid here, I'll close the YM short soon after. If ES cracks had below 3973, then YM might make it back to last week's low before the close today.

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Life itself is a privilege, but to live life to the fullest is a choice
  • #24
  • Jan 18, 2023 11:21am Jan 18, 2023 11:21am
YM at session lows. My stop will tighten soon.

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  • #25
  • Jan 18, 2023 11:28am Jan 18, 2023 11:28am
Quoting vidvad
Market makers guarding this level on ES. You can tell because they leave footprints. If ES gets bid here, I'll close the YM short soon after. If ES cracks had below 3973, then YM might make it back to last week's low before the close today. {image}
Fed Beige Book at 2 PM. I'd like to be out before that drops.

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Life itself is a privilege, but to live life to the fullest is a choice
  • #26
  • Jan 18, 2023 11:31am Jan 18, 2023 11:31am
Stop trailed now to 33631, profit target still 33512.

The market will decide. If YM does make new lows, the stop will tighten.

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Life itself is a privilege, but to live life to the fullest is a choice
  • #27
  • Jan 19, 2023 7:21am Jan 19, 2023 7:21am
If you're at all struggling to make consistent profits, I highly reccomend looking into Stacey Burke's approach.

His free youtube channel is here:

Stacey Burke Trading - YouTube

Here is Stacey's own "Start Here" playlist:

CURRENCY TRADING - START HERE 12 CANDLE WINDOW PART 1: STRUCTURE - YouTube



And this is a new youtube channel by one of Stacey's students that is actually a better place to learn Stacey's method. In my opinion, Stacey often times moves too fast, his chart cursor isn't clear enough and he doesn't use enough annotations to make grasping his explanations very easy. This youtube trader, Cameron, really has a great style and approach to teaching Stacey Burke's method. If you are a student of Stacey's work, then this is definitely a channel you will want to subscribe to - some of the best trading content on youtube, imo.


Pips2Profit - YouTube

Here is a great playlist with which to start:

SB Style Trading [Start At 1st Video To Make Sense] - YouTube
Life itself is a privilege, but to live life to the fullest is a choice
  • #28
  • Jan 21, 2023 8:15am Jan 21, 2023 8:15am
I haven't abandoned journaling. I am really doing a deep dive on the Stacey Burke Material.

One thing that I had sort of missed was his distinction between trading for movement versus trading set ups.

The 4-9-18 is trading for movement. There is nothing wrong with that. However, If you have come here from rockypoint's excellent thread, you know that I have been working the "50 pips a day" goal since last May.

The 4-9-18 often gets me there. But it does so haphazardly. What I mean is that some days the first signal goes for 50 pips (or "ticks" as we futures traders often call them). Other days I might take a loss, then a small win. Then another win that gets me to 50 pips or more but first came with a pip or two of my stop loss.

Stacey's method is using the previous days to define signals to be used on the current day. He has essentially developed a day trading method that uses the daily bar chart. I really didn't appreciate this until this week.

Approached correctly, you often find "set ups" as opposed to indi signals that offer very small risk relative to the profit potential.

I'm going to be working through SB's material in earnest for the next few days (or more - however long it takes I am committed to learning).

I am drawn to the idea of looking at a handful of instruments/pairs, looking for the 1 ro 2 good set ups each day, taking the trade if the set up signals, and then setting the stop and the profit target and letting it work out, without worryig about every small back and fill along the way.

Anyone else out there reading this who has looked into the Stacey Burke style?
Life itself is a privilege, but to live life to the fullest is a choice
  • #29
  • Jan 21, 2023 4:24pm Jan 21, 2023 4:24pm
Quoting vidvad
I haven't abandoned journaling. I am really doing a deep dive on the Stacey Burke Material. Anyone else out there reading this who has looked into the Stacey Burke style?
Stacey Burke is a joke, his videos are ridiculously stupid, you are totally wasting your time.

Ask him to record just one trade and post that, doesn't have to be live, he can take all week and choose the best to post.

He won't or can't do it, what does that tell you?

Trying to learn to trade from someone that cannot show you in real time what happens, just crazy, think about it.

But his descriptions of the past price action are spot on, I will agree on that, makes me laugh.

And I'm not even sure of his motive, I guess he is monetized for views because he doesn't sell anything that I am aware of.

PM me for a much better source of FREE price action education, good luck.
It takes a lot for me to IGNORE you, but you can try.
  • #30
  • Jan 21, 2023 4:45pm Jan 21, 2023 4:45pm
Hi Vidvad....I am still working on integrating Rockypoints approach as well as your insights about his approach, and I really like the simplicity of the system, the simple rules for entry, and exit with small loss or a profit. It is so straight forward and does not require a lot of market analysis like many other trading approaches often do. And like Mark Douglas says, if it gives you an edge, it will work in your favor if executed consistently. I started to look at Stacy's approach and my initial reaction was that it was a lot for my brain to grasp and integrate and did not have the same simplicity as Rockypoints approach. I am open to learn more about it especially if you find it makes a significant difference in improving your trading results.
  • #31
  • Jan 21, 2023 5:08pm Jan 21, 2023 5:08pm
Quoting Ed777
Hi Vidvad....I am still working on integrating Rockypoints approach as well as your insights about his approach, and I really like the simplicity of the system, the simple rules for entry, and exit with small loss or a profit. It is so straight forward and does not require a lot of market analysis like many other trading approaches often do. And like Mark Douglas says, if it gives you an edge, it will work in your favor if executed consistently. I started to look at Stacy's approach and my initial reaction was that it was a lot for my brain to grasp...
I agree with everything you are saying, and 100% agree that Stacey's presentation of his approach can make your brain bleed lol.

You should take a look at Cameron Benson's Pips2Profit youtube channel. The kid has a great grasp of SB's approach and a real talent for explaining it. Also, he has a free discord. I was in there Friday and while I didn't trade it, he shared an analysis of the USDCAD and its first red day signal and it seems quite a few people also were tlaking that set up and banked.

SB's approach is work if you try to get it through SB unfortunately. But this Pips2Profit kid, he has a talent for teaching.

rockypoint's system is great. I love it and I'm still trading it. Again, I agree with everything you said: rocky's sytem and its simplicity, Douglas and the need to have consistent application and execution of your edge, and the difficulty of understanding SB's material.

We'll work through it all together, my friend!
Life itself is a privilege, but to live life to the fullest is a choice
  • #32
  • Jan 21, 2023 6:20pm Jan 21, 2023 6:20pm
Quoting Erebus
{quote} Stacey Burke is a joke, his videos are ridiculously stupid, you are totally wasting your time. Ask him to record just one trade and post that, doesn't have to be live, he can take all week and choose the best to post. He won't or can't do it, what does that tell you? Trying to learn to trade from someone that cannot show you in real time what happens, just crazy, think about it. But his descriptions of the past price action are spot on, I will agree on that, makes me laugh. And I'm not even sure of his motive, I guess he is monetized for...
Thanks for sharing your view. SB's videos are certainly more difficult to understand than they need to be, but I think I've gotten enough out of them to be able to say it is worth me continuing down that rabbit hole for a while longer. I don't know if you're familar with Pips2Profit's youtube channel. He is an SB student too and he really seemed to grasp what Stacey is all about. P2P's videos are much better than SB's.

As far as making real time calls and all that, I've done enough real money winning and losing to know that I don't need someone else to prove to me that a method or system works. Whatever someone else's results, all that matters to me is can I find an edge in the approach.
Life itself is a privilege, but to live life to the fullest is a choice
  • #33
  • Jan 22, 2023 1:04pm Jan 22, 2023 1:04pm
Quoting Erebus
{quote} Stacey Burke is a joke, his videos are ridiculously stupid, you are totally wasting your time. Ask him to record just one trade and post that, doesn't have to be live, he can take all week and choose the best to post. He won't or can't do it, what does that tell you? Trying to learn to trade from someone that cannot show you in real time what happens, just crazy, think about it. But his descriptions of the past price action are spot on, I will agree on that, makes me laugh. And I'm not even sure of his motive, I guess he is monetized for...
[/b]

Golly - Not ICT by any chance?
every Saint has a past. Every Sinner has a Future
  • #34
  • Jan 22, 2023 2:16pm Jan 22, 2023 2:16pm
Here is an excellent playlist by Pips2Profit from which to start understanding the Stacey Burke approach.

Trading Entries Using PRICE And TIME Made SIMPLE - YouTube
Life itself is a privilege, but to live life to the fullest is a choice
  • #35
  • Jan 22, 2023 4:51pm Jan 22, 2023 4:51pm
Quoting turnip15
{quote}[/b] Golly - Not ICT by any chance?
Don't even get me started on that; this guy does an excellent job, however.

Inserted Video
It takes a lot for me to IGNORE you, but you can try.
  • #36
  • Jan 24, 2023 8:24am Jan 24, 2023 8:24am
H1 ES

Red Lines = high or the previous week
Green Lines = Low of the previous week

Any black dotted lines were drawn by me to high light what may be or become areas of interest to me.

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Below the dotted black line after the NYC open, the 4-9-18 should trend short for a time. Above the dotted line, could trend long, with potential resistance at last week's high and yesterday's high.

Current set-up is a failed HOW breakout.
Life itself is a privilege, but to live life to the fullest is a choice
  • #37
  • Jan 24, 2023 8:44am Jan 24, 2023 8:44am
Waiting for Red News at 9:45 AM Eastern before doing anything. 10 brick Renk HA today
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Life itself is a privilege, but to live life to the fullest is a choice
  • #38
  • Jan 25, 2023 11:54am Jan 25, 2023 11:54am
I'm really feeling the need to zero in on one thing at a time.

Trying to tie together too many idea and concepts that too often work at cross purposes.

Also, I find my own prejudices creeping into my decision making when trading the ES. I feel I should focus on the GBPUSD, Gold, or Crude for a while as I don't really have an opinion one way or the other with those. With the ES, I find myself still a little bearish as long as SP500 hasn't broken out above that daily down trendline and maade a higher high and a higher low above it.

I am leaning toward going all in on a 10 or 20 trade challenge 4-9-18 using one of the other instruments.
Life itself is a privilege, but to live life to the fullest is a choice
  • #39
  • Jan 25, 2023 8:38pm Jan 25, 2023 8:38pm
Had a lot of free time today so I used to go over my recent trading records and also do some forward testing using Ninjatrader's market replay feature. I made what I believe to be some very useful observations.

Going forward, I am going to do a 10 trade challenge similar to what @TooSlow suggests in his HiLo and Simple as 123 threads (amazing amount of good content here at FF if you look for it, imo).

I'm actually going to use the demo account for tomorrow and Friday. Live money trading again on Monday.

Stripping the 4 off the 4-9-18 for the tme being, and running with the 9-18 on the 5 Renko HA, and I'm going to trade the GBPUSD via the US futures contracts M6B (micro) and 6B (full sized).

I am working out a spreadsheet of cumulative profit goals to help with the position sizing element.

I think I had a breakthrough tonight. I want to demo trade for a couple of days to make sure I'm not fooling myself.
Life itself is a privilege, but to live life to the fullest is a choice
  • #40
  • Jan 26, 2023 4:09pm Jan 26, 2023 4:09pm
Notes

1) A take profit target is a must. For every 1 parabolic runner, I have a dozen trades that go for 25 to 40 pips, and then reverse against me. Better to set a fixed take profit and size up rather than trying to get 50 to 100 pips or more per trade.

2) Stop loss simply must be larger.

a. I would like to risk 12 ticks (pips) to win 25 ticks (pips). But my stats show that the win rate increases exponentially with a 25 pip risk to 25 pip reward. Why? Because if the trade moves in my favor, I can reduce that 25 tick stop loss to the 12 which I feel more comfortable with. And on those occasions where price moves against me as soon as I get in, the 25 pips stop loss keeps me in, and frequently it does ultimately move in my favor for the full 25 or 50 tick profit targets.

b. There is a sweet spot stop loss that is larger than 12 ticks and likely smaller than 25 ticks. I have to use data and trading statistics to find it.
Life itself is a privilege, but to live life to the fullest is a choice
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