The PriceBob Strategy

I put him on ignore so that once his temporary suspension is lifted, he'll not be able to post in our thread again.

If you ever see me spamming every thread like that with some commercial bs please know that my account has been hacked and it is not me making those posts.

I thought there may be the possibility his account had been hacked so included that possibility as such.
I doubted it was the bottle as Sharjah, his emirate, is dry by law
Anyways, back to regular programming

Hey @vidvad,
I appreciate your response and totally understand the focus of this thread. I'll keep following along because MeBob setups and price action strategies are definitely of great interest to me. Looking forward to learning more from everyone's insights here.
Also, just to clarify—I had absolutely no intention of promoting anything. My question was purely meant to spark a discussion about custom patterns in general. Apologies if it came across differently.
Thanks again, and good luck to all with your trading!
Cheers,
Tommy Bell

My reference to spamming commercial content wasn't meant for you. I welcome your participation here and I tried to word my response to you carefully as I don't want to alienate anyone who comes in good faith. I do want to keep this thread on track and I intend to follow TooSlow's example in his HOLO thread and make sure we stick to MeBob and the Al Brooks price action concepts that I originally intended to include.

Thank you for following along!

I decided not to do a MeBob review video for Friday, I feel that the live trading video for this particular session serves as a sufficient review as well. If you haven't watched Friday's live trade video and were waiting for the review instead, I suggest you watch Friday's video as I covered some important price action and risk management ideas during the live trade session.

This is the first "PriceBob" video in which I will be gradually introducing elements of price action trading I largely learned from Al Brooks, and to a lesser extent Bob Volman and others.

This first video is a brief explanation of "Breakout Mode," and specifically inside-inside bars, outside-inside-inside bars, and inside-outside-inside bars. These are small tight trading ranges that provide defined entries into possible reversal and continuation breakouts. The video is just over 30 minutes. I started with an outline, per Machine Learn's recommendation, and more or less stuck to it.

I take credit for none of the content. I'm merely a messenger sharing what I've learned from others.

Not much change over weekend Guys

Casino doesn't open until 9:30 AM Eastern for PriceBobbers!

Enjoy the weekend!

"A losing trader can do little to transform himself into a winning trader. A losing trader is not going to want to transform. That’s the kind of thing winning traders do." Ed Seykota, Market Wizards interview

I don't know how the youtube algorithm works but time and time again it proves itself capable of delivering to me content suggestions that on the surface seem so far removed from anything I might remotely be interested in but in fact happens to hit home in important ways.

I watched this video last night, though at first, I scrolled past it with no intention of looking back. However, the title of the video sparked my memory of the above famous quote by Market Wizard Ed Seykota. I couldn't help myself. My brain was telling me there was a trading connection to be made and so I must watch THAT video. Those of you familiar with my trading journal here at FF will know that another youtube video about a professional roulette player provided me the insight I required to get over what had been a very daunting hump with which I struggled in my trading for years. I had then and still have no interest in playing roulette. But watching that video allowed me to make a dramatic improvement to my trading.

Here is the link though I'd expect most of you will look at the title and thumb nail and say "Yuk, NOT for ME!" lol Can't say that I blame you.



In short, Docherty shared the story of three people with severe weight issues, two who are beyond morbidly obese, and one of who is dangerously underweight. None of the three, she asserts, will ever likely change what needs to be changed in order to improve their health and their relationship with food.

One will not change because she simply doesn't want to change. She knows her eating habits are harmful, and she knows that unless she does something her life expectancy will be dramatically reduced (her doctor had just told her she has no more than six years to live unless she loses weight and quits smoking). However, she just doesn't want to change on either count. This reminds me of another Ed Seykota quote: "Win or lose, everyone gets what they want from markets. Some people seem to like to lose, so they win by losing money."

The individual in the second case won't change because she doesn't think she has a problem. She refuses to acknowledge that she needs to eat more. In her mind, she is eating healthy food choices and therefore there must be something else wrong that she isn't putting on weight. Since she doesn't see her eating (something she has 100% control over) as the problem, she takes no responsibility for her unhealthy underweight.

The third individual will not be able to change because she doesn't believe it is within her power to do so. She says she has tried to lose weight in the past and has always failed. Rather taking responsibility for these failures herself, she has given up her sense of agency and now believes herself incapable of success. She knows what she needs to do to change, it seems as though she'd like to do what she needs to do to change, but she no longer believes in her own ability to do those things and to effect long lasting, meaningful change to her health.

Docherty then suggest we watch the following video about Jesse Shand and his journey from obese to healthy and back to obese.

Here is the link to that video.



Here is how she concludes her presentation of Jesse's story:

"Though this is not the most lighthearted way to end the discussion about what is an incredible, inspirational and heartwarming story, I did want to be true to the reality of the situation as it stands today. And I hope that this highlights how much of all of this is all in our own heads. How much of ourselves, and how much of our limitations are self-imposed.

Jesse viewing himself as a fuck up, who's always been a fuck up, is obviously drastically different than the way, you know, all the millions of people who've been inspired by his story view him. The way he's looking at it, he's identifying with the part of himself that's repetitively failed, and let himself down, while ignoring the other part of himself that went on an incredible journey, came out the other side a different person, and inspired millions of people in the process.

But the truth, and not just for Jesse, but for all of us, is that we're neither 100% the failure or the fuck up, or 100% the success story. We're somewhere in between. But if we believe the thoughts that tell us that we're 100% the bad stuff, then that stuff can end up being a self-fulfilling prophecy. And I hope that, you know, if Jesse ever watches this, that it highlights for him that all of this shit is in his head, and he can change if he wants to." From "The Moment Everything Changed for Jesse Shand," by Kiana Docherty

So why post this here? Today?

To share these few thoughts: I have asserted my belief that following the MeBob method for 20 days as part of Mark Douglas's famous trading exercise is an excellent way of cultivating the habits of a consistently profitable trader.

If you have been held back by any or all or some combination of the common trading errors such as system jumping, FOMO, over trading, over leveraging, revenge trading, time frame jumping, etc., then you must change your behavior in order to transform yourself from a losing trader into a consistently profitable trader.

You must 1) want to change, 2) accept that you have to change, and 3) believe it is within your power to transform yourself into a consistently profitable trader. You are not a losing trader because of the market, the algos, the HFT firms, or the market makers. If you are not winning consistently then you are the problem, and you are the solution.

Mark Douglas's exercise requires a 100% rule based, non-discretionary mechanical entry, take profit, and stop loss method.

MeBob clearly ticks all the boxes.

Start small. "I will not trade until after the mebob bar closes no matter what I see, " is one small change. I used to fomo badly at two times of day: right after an 8:30 AM news release and at the 9:30 US stock market open. The cure? "Today I will not touch my mouse until the 8:35 bar closes." "Today I won't touch my mouse until the 9:35 bar closes." And then I'd do it the next day, then the next. Eventually I was able to resume trading at those times and I'd only do so if I had a defined set up present on the chart.

Identify your bad trading habits. Pick one to work on first, and decide how you can stop it from happening. Maybe you set a hard daily loss limit on your trading platform that locks you out if lose a certain amount. Maybe you can set your trading platform to limit the size of your trades so that you do not over leverage. Maybe set a timer that will go off when you are to start your trading and do not trade before the timer.

All of this post is directed to make us think about Ed Seykota's words in a meaningful, transformative way:

"A losing trader can do little to transform himself into a winning trader. A losing trader is not going to want to transform. That’s the kind of thing winning traders do."

My Key Takeaways :

"A losing trader can do little to transform himself into a winning trader. A losing trader is not going to want to transform. That’s the kind of thing winning traders do." Ed Seykota


But the truth, and not just for Jesse, but for all of us, is that we're neither 100% the failure or the fuck up, or 100% the success story. We're somewhere in between. But if we believe the thoughts that tell us that we're 100% the bad stuff, then that stuff can end up being a self-fulfilling prophecy.


If you have been held back by any or all or some combination of the common trading errors such as system jumping, FOMO, over trading, over leveraging, revenge trading, time frame jumping, etc., then you must change your behavior in order to transform yourself from a losing trader into a consistently profitable trader.


You must 1) want to change, 2) accept that you have to change, and 3) believe it is within your power to transform yourself into a consistently profitable trader. You are not a losing trader because of the market, the algos, the HFT firms, or the market makers.


If you are not winning consistently then you are the problem, and you are the solution.


Mark Douglas's exercise requires a 100% rule based, non-discretionary mechanical entry, take profit, and stop loss method. MeBob clearly ticks all the boxes.


All of this post is directed to make us think about Ed Seykota's words in a meaningful, transformative way: "A losing trader can do little to transform himself into a winning trader. A losing trader is not going to want to transform. That’s the kind of thing winning traders do."

Ever since I discovered Al Brooks he's played a part in how I trade.. The guy is literally a legend in my mind. With such a vast wealth of knowledge.
Truly remarkable. I've spent a lot of time going over his videos on trading the open mostly.. Golden nuggets throughout those.

Anyways back on track with Mebob... I noticed in the video Vidvad that you did not highlight this ioi on Thurs..and i can't recall if you mentioned
in the recap (that would require serious brainpower to remember Thursday at this point )
It does have equal lows but as you/Al say perfect doesn't exist and if it looks like a setup then others see it too.

As we had rejection of the open and the outside bar rejection of the open and settlement.. Mebob was already out with +10

But what a great setup to catch that swing trade..

Anyhow heres a chart fwiw.

Cheers !

obviously 90% of trading is psychological...how one handles emotions but the other 10% is account size

you may be wasting your time trying to "teach" forex traders from other countries who can open a cfd brokerage account with a hundred dollars and 500:1 leverage and expect them to be anything but gamblers

as I posted to the cable thread earlier today that even tho I was right in my analysis for the last 3 months I still lost money countertrend trading GU cause my emotions and hubris took over my brain...luckily since I'm American I have a big enough account since I daytrade stocks as well and as you know we need a minimum of 25k at all times in the account which in reality its closer to 100k in the account since you can get a 90 day suspension from opening new trades for breaking the pattern daytrader rule

mebobs a great entry setup but that's not gonna keep the guy with a bucketshop brokerage account from losing all his money with the humungous leverage furriners get to use... and human nature being what it is they all max out on leverage pretty much on every trade till they hit rock bottom and then start trading smarter LOL

perfect example is in the prop firm hub where most just yolo especially montygoldy LOL...he seems successful gambling with the 49 dollar futures prop accounts cause he's got a good paying job and therefore disposable income unlike the majority of FF members who come from poor countries

American stocks have 2 to 1 leverage...futures are about 50 to 1 but people from overseas that mainly trade forex with their no minimum brokers use 500 to 1 and then wonder why 95% of people blow up their accounts

Great and exciting post. Sorry, my words are not related to the strategy but I could not resist and I want to congratulate you! I think this is the work to be done. Everything you refer to is true in any area of life or any job we want to undertake. Trading is not easier or more difficult.

Not trying to teach, as I am simply sharing some things I've learned along the way and experimenting in public to see if I can, like a mad market scientist, put some of these things together and not only not blow up, but find a beneficial, perhaps even profitable concoction. I'm no guru, furu or otherwise. If by chance I happen to help one person find one thing that improves his or her trading by just 1% as he or she tries to get 1% better every day (thank you Stacy Burke), that will be a bonus to my efforts here.

FWIW, it would be a mistake to think I'm not personally benefitting from creating the content in this thread more than anyone who may be reading it.

As an aside, I believe there are many American traders here at FF who can choose futures over forex. I believe there are many European traders here at FF who can choose futures over cfd's.

I' take no responsibility for the choices others make. I can only be me.

I understand that many are in tighter financial circumstances than others. YOLO'ing is a choice. YOLO'ing is a harmful behavior that stands in the way of consistent long term success. I can't make someone addicted to yolo'ing prop accounts stop. Only the trader himself can make the decision and take the behavioral actions to transform.

Because of prop firms, the opportunity to access capital and to trade regulated futures markets is within reach of many more people than was the case when FF started.

https://x.com/TradeDayFunding/status...25486180741602

I trade with TradeDay and I can tell you there is no way a trader can build a $130K balance in a TradeDay live account by yolo'ing and hoping for the best. Only a disciplined trader can succeed at TradeDay.

Maybe there is one person somewhere in the world who happens across this thread and and something here strikes the proper chord and that person takes the steps to leave bucket shop forex behind and seek access to exchange listed futures and then takes his few hundred dollars to join a prop firm, trade a tested trading plan, fixes the urge to yolo, over trade, revenge trend, and fomo, and build that few hundred dollars in to $100K USD or more.

Difficult? Extremely.

Impossible? Heck no!

Happy to have you here with us and wishing much success!

I 100% agree with you. For $399 his video trading course is without equal in the day and age of $99 discords run by supposed "professional" 19-year-old college dropout options traders.

FWIW, I'm watching section 14 on Trends today. I try to rewatch a section every few weeks, usually takes anywhere from 2 to 3 hours. imo both time and money well spent.

For anyone who doubts the value or is unable to afford the course at the moment there is a lot of free Al Brooks content available on youtube. Some of the best nuggets come not from video Brooks himself has posted but from interviews he has done. His interviews with desiretotrade channel on youtube, especially the first one from about 8 years ago are excellent.

In the spirit of Mebob I want to share some further sources on T.O.D. patterns
Linda Raschke whom we all know and also from a fellow Canadian trader Cory Mitchell.

Cory Mitchell if you havent heard of him came from a traditional prop firm 20 yrs ago.
and truly has excellent insight to the markets... His website is https://tradethatswing.com/

I have posted in the past about "Time of Day Patterns" and 10 am is one of them...
Both Linda Raschke and Cory Mitchell talk about 10 am reversals set ups etc..
Which may give some context to Mebob and the 10:05 setup.

Stacey Burke has spoken for years as well about 10am ish setups.. His thinking is its the
4hr candle opening at 10am and HTF traders...

Anyways heres an excerpt from Linda and link to the pdf where it comes from.


"When a trader practices the principles of swing trading, he learns to develop
a conceptual roadmap in his head. In the S&P market, it is particularly
important to learn to think in terms of concepts because there can be so
much distracting intraday “noise”. Some more examples of concepts are:
mid-morning trends tend to carry into 12:00(EDT) +/- 15 minutes.

The best average intraday trends tend to last 45 to 90 minutes before having a
countertrend reaction. The earlier a trend starts, the earlier it peters out.

There is often an opportunity to play off a reversal of the move into 10:00
(EDT) +/- 15 minutes. The markets tend to be more emotional at the
beginning of the day when a good move counter to the initial opening swing
can occur. If you learn to think in terms of concepts, you can master the
markets instead of becoming a slave to the charts.

Time-of-Day Tips:
On average there are only 2-3 great S&P intraday “legs” or swings. Most
professionals catch only 3-4 really great trades a week, if that! (Most trades
will often be very small wins and losses). So don’t be too harsh on yourself if
you feel that you are missing the majority of the movement. Overtrading
suckers one into seeing only the trees and missing the forest.

Traders tend to be creatures of habit, and thus it is easy to compile market
tendency charts. There are several key patterns which have held constant
over time. One common pattern might be: the market rallies or sells off into
noontime. At this point, a large percentage of the floor traders and brokers
in New York go to lunch and a countertrend correction begins. When the late
stragglers get back from lunch, the morning direction tries to reassert itself
again.

If the afternoon rally or selloff starts too soon, it won’t be able to
sustain itself through the end of the day. It will die out around the bond
close. However, if there is an afternoon “shakeout”, (usually between 2:00-
2:30), then the market can finish in a trend mode into the close.

Do not fade a move into the last hour of the day, for there is no time to exit
gracefully if wrong. The odds suggest a better entry price the next day on
the probable morning follow through. Moves on Friday tend to end at 3:00,
not 4:00, too many traders prefer to flatten out or even up before the
weekend.

On many days there occurs what I call the 3 o’clock jiggle. Right around the
time the bonds close, there is a great 10-15 minute scalp trade. I believe it
occurs as an emotional reaction to how the bonds go out. The trade usually
lasts for no more than 10 to 20 minutes, but is fun to anticipate.
Sometimes a good selling opportunity occurs around 2:00. In fact, it is
amazing how many good turning points occur on hourly readings, for
example, 10:00, 12:00, and 1:00. It think this is because people are more
conscious of time at these moments, creating a slightly sobering effect."




And from Cory Mitchell :

Excerpt from Cory Mitchell's article:
https://tradethatswing.com/stock-mar...ting-patterns/

What the Stock Market Tends to Do at Different Times of the Day

Time-based patterns are based on a time of day, not price direction. A reversal could be a reversal of whatever trend direction was occurring up to that point, if there was a trend.
9:30 am:
Traders come rushing in and the price often sees a quick push either high or lower. The price may bounce around for several minutes before picking a direction.
Lots of movement in first few minutes means it’s likely to be an active day, or at least start out that way.
If there isn’t a lot of movement in the first 15 minutes of the day, then it will probably be pretty quiet. Action could come up in later, but until it does, it will be quiet.

9:45 am:
There is often a big pullback or reversal around this time.

If the price had moved strongly after the open, now is the time to be careful. It could be a brief pullback, providing an entry into the existing trend, or it could be much more severe.
10 am to 10:30:
Around 10 am there’s often a major reversal in price. It could be temporary, or it could be significant. The high or low that occurs around this time will often last an hour or more, especially in individual stocks.

Cory posts several charts of these time based patterns on that link above... The above is just an excerpt.

And Lastly in regards to VidVad's Roulette epiphany !

In LBR short book above you must read “Trading and Betting the Horses”

I think it relates to Gonzalo Garcia-Pelayo Exquisitely ! Actually well worth posting the highlights of it...

Why do I post all of this...simply because I believe the 10:05 Mebob setup is not just a random time he picked.
Quite the contrary....There is very good reason he used that time !

The journey continues !

Cheers

Great stuff, blue!

A few Sunday snacks

"I believe my most important skill is an ability to perceive patterns in the market."- Linda Raschke

"All you need is one pattern to make a living.” - Linda Raschke

“Patterns repeat, because human nature hasn’t changed for thousand of years." - Jesse Livermore

You and I are all the way on the same page, blue. So happy to have you with us!