The PriceBob Strategy

Hahahhaa

There's some stuff that makes sense, and then there's an incredible truckload full of total b0ll0cks people either dreamed up when they were stoned OR that was made up to sell something to hopeful n00bs. Or both.

I think it depends on what you consider "TA". I think there were many honest attempts to try to make sense of markets, but today, to a very large degree, "TA" is something you sell to people who don't know better. And if you sold out of "TA-1" and everybody clued up to the fact you can just flip a coin instead, you conjure up "TA-2" for the next wave of wide-eyed newcomers.

I guess you laugh from experience and I guess I'm not alone

nice system you got

I consider "TA" as using any mathematical formula, applied to transaction data, to create an "indicator" of price that is then used to decipher if there is, at any given moment reason to believe price is more likely to up than down, down than up, or perhaps even range.

I consider price action, or "trading by price" to be what we are attempting here: We are using indicators that are not derivitive of external mathemetatical fomulae applied to price. We are using price itself.

The opening print is an indicator made by price itself.

The opening range is an indicator made by price itself.

The various tight trading ranges that indicate breakout mode, such as i-o-i are made by price itself.

You need no formula to find those levels.

And they are visible on every chart of that instrument. Everyone's 5 minute chart, assuming one is trading an instrument traded on an exchange and not in a bucket shop, will have exactly these same indicators.

At times when ORB is too large for human consumption, like today, common sense will prevail..meaning "Grab All You can and GTFO", +70

It is not per my trading plan, but it is an exception to the plan for reasons of what I consider very unusual volatility on the short side, happens 3-4 times a year.

Good times.

Todays SP500 marked up in UK time. I have an out of hours sp500 out of curiosity to see if one could trade one US instrument out of and within USA trading hours

As I am in the UK it would be great to see twenty Dax trades from yourself. I am looking at sp500 in UK session and US session to gauge whether one could trade just one instrument in both UK and US markets

15 pt loss on ORB short
25.25 profit on ORB Long.

Net 10.25 $500 dineros

Only traded the ORB not Mebob today... yesterday was a huge day.
So I cut risk back today with single contracts..

Yes I do use the 8ema channel and have spoke of using it for years as
dynamic momentum indicator for MANAGING trades...
Slap it on yesterday NY session and you will see.

That is all I will discuss the channel here..Its really self evident and needs
no further discussion IMO

Cheers
Blue

Hello!

This thread made me create an account on Forex Factory, I have to say, it's an amazingly simple strategy.

However, I've been very conservative with my TPs, I use the reference candle's size for full TP, creating less than 1:1 RR and I kind of feel like missing out, even though I am profitable.

How do you guys handle the TP situation?

Really great stuff shared today by everyone. I'll be back to more regular trading talk in a few days, maybe a week. I'm still trying to accept the idea of FF without rocky.

I appreciate everyone who continues to contribute here while I take a short break.

Welcome to FF!

I use 1:1 with the range of the setup candle, starting at the close of the entry candle. You'll get stopped out a bit more but you'll also capture a bit more profit. This combined with a win rate above 50% and proper management, you should be able to turn profit week after week.

The way I management my trades is by stopping all trading after 2 consecutive losses or around noon eastern. Also, after a win, I let the next consecutive trade run.

Welcome to FF!

If this strategy resonates with you then my advice is to stick to it through the learning curve. It is simple, but since we are all humans, we sometimes make the simple not so easy!

For someone new to this thread, the order in which to experiment with news things, imo, is:

1) MeBob
2) and/or ORB, and after you have logged a solid 20 trading days with one, the other, or both, and you are satisfied with the money management plan you've settled on to trade those, then
3) Price action using breakout mode signals, reversal bars, etc. Your ability and facility with these will be helped if you study either Al Brooks's books or his video price action trading course.

Welcome to FF, and we're glad to have you with us here at the PriceBob strategy thread!

Best of luck on your trading journey!

Fully agree

I agree with what turnip fully agrees with on the above

"pass it on"

Im going to post some charts some marked up with notes others not,,,

The main thing I am wanting to show is the importance of 3 things:
TIMINGS LEVELS BEHAVIOUR OF PRICE...

Those 3 things are the bedrock that my house of trading is framed upon and anchored too.
Thank you Stacey Burke. Do I trade like Stacey no...except for one particular setup that has
nothing to do with this thread.. I digress as usual ,,,,,,,,

Timings levels behaviour of price.... "PRICE IS TRUTH"~Al Brooks

MeBob is based on a specific timeframe and candle..as we all know 10:05 5min candle.
I have thought about the why ? It is said or was said 20 yrs ago...The why was "simply to provide a trigger
to get traders into a good trade" paraphrasing.......

Trying to tie these thoughts here together

Through countless hours of observation I have determined that the 10 am timing and level is an important one.
Simply it is the start of a new 4hr bar... Now on my charts I have prev daily levels... OHLC..what does that
represent.. THe daily candle...What comes after the daily candle typically the 4hr timeframe.

So 10am is the start of a new 4hr candle...Think Longer TF traders...swing traders etc..Perhaps larger volume traders.
There are 2-4 hr windows in the US session. 10 am and 2 pm.

Go thru your charts and mark both of those open times off and draw a line and observe how price behaves around
those 2 times.. Can you glean anything useful from that ? I know I have. and simply am sharing basic observations.

How to use price Action / Al Brooks methods around these times...
MeBob being a 10:05 Setup fits perfectly in the 10 am framework.

Yesterday Weds Mar 26th was an amazing day. Price opened with a long 5min ORB that was stopped out LOSER
then it reversed and gave a short sell signal..
10am opened and at 10:05 Mebob formed and gave a short sell at 1020 CLOSE

Price then went sideways for basically an hour..shaking traders out of their positions.
BUT if you were aware of the PDL and how Price could not close and hold above that.
BUT if you were aware of the 10am open and how price could not close and hold above that.
Perhaps you PATIENTLY held on.. OBSERVING PA...

Then 11:25 11:30 was the TRAP DOOR being opened and the floor fell away.

Now go back and look at the 10am and 2pm levels.. I am sharing some charts showing
these marked off..

2pm is often talked about for market reversals..and trades off that time... Does it make sense ?
when yo simplify it and think oh hmmm maybe its as simple as the 2 hr periods in the daily US session ?

Again I relate this to MEbob ( Mr Falk) and how one can BE AWARE of this 10 am level and use PA setups
around this level for CONTEXT.... "CONTEXT= Everything to the left"~ AL Brooks.

How do you swing trade from a 5min chart...First by being aware of larger TF traders,,, and how they behave
Range today was approx 59 pts... I took 25 near half on one entry. My target was 5778.00
which I called out beforehand... But I ended up closing manually at 5774.50 on PA...

It is possible and I will continue to share how I do it... Im just an average joe that has been in the
markets a long long time and sharing a few things I have learned upon the way that work.

MeBob is an excellent method for traders whether new or old.. It works your execution skills and your
risk mgmt. skills..
The thing with Mebob vs 5min opening ORB is you get some context from the 930 open till 10:05
and that is helpful. Today and yesterday are excellent examples... Both opening ORBS failed then the market
turned and ran the other way... Normal behaviour... But if your trading the 5min ORB you have to take that
first setup..because 20% of the days the market will open and run in one direction...and that you can capitalize on
negating the previous failed ORBS.

I think ive taken a few different forks in the road here lol...and if your still with me..your smarter than me as I think im lost lol..

Point is TIMINGS LEVELS BEHAVIOUR OF PRICE....and the 10am 4hr open and the 2 pm...
Mark your charts...and observe..

Here are a few charts to perhaps either confuse or enlighten or dont give a damn... All are good !

Cheers
Blue


Yesterdays Chart..and how price behaved around the PDL and 10 am level coinciding with MeBob


todays chart showing the 5min opening ORB and MeBob


others observe PA surrounding TIMING

Hey,

I just took the eu long setup,

H4 Structure Bearish, I was expecting a pullback till the 0.5\0.4 Region before continuation lower. Internal M15 structure Bullish.

We swept the ASL + market structure on M1 has shown a shift higher, I wanted to see a M5 candle close before entry so I have waited till it happened.

I got in after the second shift from the M5 OB protecting the M1 Swing Low by +- 5 pips, and I have waited for the same scenario ( MSS on M1 + close on M5 ) on the DIXI.

The reaction was lovely but I got the SL shortly after

The real flex is not to be worried, the fact that in a long run you have a 100% chance for 6 trade lose streak is setting the attitude on the right spot for me.

Let me know guys what you think about this setup, what would you change and is there any clear mistakes that you see ?

Im thinking about Bias ? Maybe I do not look at it close enough, I can see now that Weekly we re deeply Bearish - 2CandleSuccesion. Y'all prioritize bias guys ?

Wanna learn from better trades, im grateful for every help

Thank you in regards, sending best wishes

"Bias" is simply "Filtering" in another guise. This thread's appraoch is NOT to fall for the filtering bull$hit anymore than falling for the mythological 5:1 multibanger day trade bull$hit.

All you need to know of the weekly chart is where is price right now relative to last week's high and last week's low. Some will also want to plot last week's close and last week's open. Those are fine too. But there is no bias nor filtering involved. Price is truth. Price action leads. It is in fact the only leading indicator we have access to in our trading (unless you learn to read a depth of market with bids and offers several layers deep - a skill beyond most, and certainly beyond me).

Define you set ups by price (or, as in the case of opening range breaks and MeBob, by price and time).

If you are getting stopped out of trades that go to target without first trading through a recent swing low (for longs) or swing high (for shorts) then the problem is with your money management, not the set up.

Pick one market, one set up, and trade it for 20 days. At the end of those 20 days, you either have a scalable trading plan that can make you as much money as you could ever wish for, or you have something that still needs work. Study your 20 day trading records, isolate a variable to change, change it, and do another 20 day set. It sounds like a lot of time. But when you consider many of us have been at this, off and on for years if not decades, spending 3 or 4 months to hammer out a consistently profitable trading plan based on simple, defined price behavior is a small task.

Good luck and keep us posted on your progress! Glad to have you here!