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The PriceBob Strategy

  • #441
  • Mar 29, 2025 1:16am Mar 29, 2025 1:16am
KEEP IT SIMPLE GUYS.
Enjoy your week end.
every Saint has a past. Every Sinner has a Future
  • #442
  • Mar 29, 2025 3:28am Mar 29, 2025 3:28am
Quoting bluesteele
Are you willing to invest in the development of your trading skills... To learn to trade without Fear. Learn to think in probabilities. When you learn to think in probabilities your fear lessens. ~Mark Douglas The 20 trade/day exercise from Mark Douglas.... I'm not sure if this is the exact video that VidVad posted early in the thread to his YouTube ? But I think it's the correct topic...perhaps just in a different seminar.... Well worth 30 mins of your time. https://youtu.be/y7yVogB4cUY?si=FJ_ocI0-hHPcdrPj

Great video, Thank you for sharing.

Trading In the zone from mark Douglas is phenomenal as well, but this exercise was not mentioned from what I remember.

Do you have a list guys, of the best books that y'all find helpful ? Maybe there is something beyond psychological books, I would love to read some pure price action none indicator and pattern fx book, may yall know if there is some worth reading.

Thanks
  • #443
  • Mar 29, 2025 5:16am Mar 29, 2025 5:16am
Quoting xVictor
{quote} Great video, Thank you for sharing. Trading In the zone from mark Douglas is phenomenal as well, but this exercise was not mentioned from what I remember. Do you have a list guys, of the best books that y'all find helpful ? Maybe there is something beyond psychological books, I would love to read some pure price action none indicator and pattern fx book, may yall know if there is some worth reading. Thanks
Do you have a list guys, of the best books that y'all find helpful ?

look at my profile, i have dropped 100s and 100s of PDFs and books. too many to read all of them so just look at the ones which suit ur style
  • #444
  • Edited 11:32am Mar 29, 2025 5:48am | Edited 11:32am
Quoting xVictor
{quote} Thank You very much Vidvad, I fully agree with price action being the only proper indicator.
I wouldn't want anyone to think that I believe price to be "the only proper indicator." My only assertion is that price is the only indicator that can be said to be a leading indicator, or at least a coincident indicator. All other indicators lag what price is in fact doing by some factor of the number of bars that are used to calculate the formula that generates that particular indicator.

For the purpose of this thread in which we are posting, however, you are correct: Price is the only proper indicator for us here in this discussion thread.

Quoting xVictor
{quote} Your advise with 20 days of testing trading strategy and trading is magnificent, I certainly will do it.
It is the advice of Mark Douglas, and I believe in its efficacy as a test of both the method and the trader, and so I share it here.

Quoting xVictor
{quote} And I have a question to the bias, I just check what is our situation in comparison to the weekly candle? So if we re lower, than the last candle, we re bearish even if we re going up like on this weekly screen shot ?
No, there is no bias. None. Is price below last week's low? No problem, what is price action telling you? Is there a bull signal candle closing above the high of three or four previous candles and closing at or near its high? If so, that is a buy signal, and if triggered, I'd use the previous week's low as my profit target.

There is no bias. The only thing we care about here in this thread is using these previous day's HLC, and the previous week's HL as possible levels at which reversals and breakouts might take place, and as levels for take profit orders to be resting. There is no discussion of bias anywhere in this thread. Price is truth.

My suggestion to you is to plat the previous day's high, low, and close on your 5 minute chart. Also plot the previous week's high and low on your 5 minute chart. Then study your five minute bars when it trades at or very near those levels.

There is no bias, there is no bias, there is no bias.

If YOU insist on having a bias you will be a poorer trader for it, imho. Bias is in your mind. The market is an equal opportunity destroyer: It will take money from the bulls as readily as it will take money from the bears, and it will do so by stealing from both within the same 5 minute bar. Don't think in terms of bias in this thread. There is no bias.

Quoting xVictor
Till this day I liked the method when I just create a Market Structure and based on that I get the knowledge if we are bullish or bearish.
You are a free thinking human being and you are free to do what makes you feel comfortable, and if you are already a consistently profitable trader and you are happy with your results you don't need me or this thread.

I do not use, nor will I ever use the phrase "market structure."

When I speak of the "market" as opposed to the current presence or absence of a signal I follow Al Brooks: There is a cycle to the market. The market is always either breaking out or in a trading range. During breakouts, only trade in the direction of the breakout. After every breakout, the market will transition into a trading range. Some trading ranges will be tight bull channels, others tight bear channels, some will be wide bull channels and others will be broad bear channels. The difference between a bull channel and a bear channel is that a bull channel is a trading range with higher highs and higher lows as price ranges from high to low. A bear channel is one in which there will be lower highs and lower lows as price ranges from low to high. Other trading ranges will simply move more or less sideways, and may stay within certain price level boundaries, or may be broadening, where each high is a little higher than the last, and each low is a little lower than the last.

I tend to think of this cycle, then as follows. The market spends most of its time in trading ranges. However, eventually one of the breakout attempts will succeed, and the market will move in a strong breakout trend. As the trend weakens, the market will often transition into a channel in the direction of the breakout before transitioning into a trading range once more.

Market cycle, not market structure.

If you ask me about market structure I really can't answer because it is not a concept I use and I am not going to be familiar with your particular use of it.

But for our purposes here, what is most important is for us first to learn to recognize and define price action set ups that occur with a high degree of regularity and probability. Once we hammer that down, we can add in considerations concerning market cycle.

But it sounds as though you have an idea about "market structure" which you've been using to give you a "bias."

I'm not going to tell you not to continue to use those concepts, only that they have no purpose and should not be mentioned here. Neither is a part of what we are doing, and at least one of them, "bias" is going to prove harmful to what we are doing.

Trading by price is learning to let go of our own ego and our individual opinions and biases about the market just learning to accept our marching orders from what the market is telling us, at this unique particular moment, what it is doing and from that make the judgment of what the market is likely to do next.

Quoting xVictor
{quote} it means a lot to be able to exchange ideas with you guys. Sending all the best energy
We're happy to have you with us as well, and all the best energy right back at you!

Good luck!
Life itself is a privilege, but to live life to the fullest is a choice
  • #445
  • Mar 29, 2025 10:22am Mar 29, 2025 10:22am
Quoting teprewitt23
{quote} Mark Douglas video's were a "light bulb" breakthrough for me. tks for sharing your experience and insight.
Thank you for sharing your Mark Douglas experience with us as well!
Life itself is a privilege, but to live life to the fullest is a choice
  • #446
  • Mar 29, 2025 11:33am Mar 29, 2025 11:33am
Quoting vidvad
{quote} I wouldn't want anyone to think that I believe price to be "the only proper indicator." My only assertion is that price is the only indicator that can be said to be a leading indicator, or at least a coincident indicator. All other indicators lag what price is in fact doing by some factot of the number of bars as is used to calculate the formula that generates that particular indicator. For the purpose of this thread in which we are posting, however, you are correct: Price is the only proper indicator for us here in this discussion thread....
Ahhhh Bias !.. How many times I got wrecked with Bias.. A few of my blowups along the way were all Bias induced...Market has to... Market cant .... etc

Gold was a good one I put everything into the market and hitting that 2000 price level,,,,,,,,
and it humbled me and made me walk away from trading for a little bit..tail between my legs...
Gaps got me too ! They have to fill ! ADD more ! lol.. Nope they dont...A fools game IMHO

Bias nope... Thats where MeBob excels..Simplify....

A Gold chart for nostalgic reasons..
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Master your Mind,,,Master the Market
  • #447
  • Edited 2:11pm Mar 29, 2025 1:46pm | Edited 2:11pm
Quoting vidvad
{quote} That is exactly why I stated in the initial post that this thread is going to explore a hybrid of the mebob method and price action. For me, I have always felt Richard Wyckoff's understanding was the best definition of trading price action: Trading pure price action, aka "Tape Reading" is the art of forecasting (not predicting) where price is likely to move next by judging the action of the market itself. (And I refer here to the actual human being, the Richard D Wyckoff and not all the trading vendors who have attempted to profit...
Fun thread to read through and see a couple videos on a Saturday. You mentioned you like Wyckoff and magazines, so, here is a picture of a magazine Wyckoff published for a few decades - I have over 50 of these and the headlines now are the same as the headlines back then. I have his reversal diagram on my wall here in trading headquarters that I look at constantly while working. Another interesting, yet lesser known, market person was Roger Babson. He sent out a trade recommendation and statistics/charting newsletter to subscribers back in the early 1900's and it was so well received that investors asked him to start a statistics/trading institute so they could send their sons there for an education. He was an MIT grad and started the institute just outside of Boston in 1919. It has grown up to become the #1 Entrepreneurial studies college in the world. No ivy league has come close to them for over 30 years. Babson Institute, now Babson College, has only one major...Business. There is one drawback to people who attend Babson: everyone has an A type personality, so it's rare to come out of there married to another Babson grad...just ask my daughter. lol.


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  • #448
  • Mar 29, 2025 1:48pm Mar 29, 2025 1:48pm
Quoting BataviaTrade
win some, lose some {image}
Ви не ту "свічку" виділили, чи я помиляюсь?

Did you highlight the wrong "candle", or am I wrong?
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  • #449
  • Mar 29, 2025 1:59pm Mar 29, 2025 1:59pm
Quoting RomanUkraine
{quote} Ви не ту "свічку" виділили, чи я помиляюсь? Did you highlight the wrong "candle", or am I wrong? {image}

Batavia had the correct MeBob. MeBob is the 5 minute bar that opens at 10:05 AM Eastern and closes at 10:10 AM Eastern. It is always the 8th bar of the RTH session. That means it is the 8th bar starting with the 5 minute bar that opens at 9:30 AM Eastern.


Thank you for asking. We should always ask questions when unsure because that is the only way we can possibly learn!
Life itself is a privilege, but to live life to the fullest is a choice
  • #450
  • Mar 29, 2025 8:21pm Mar 29, 2025 8:21pm
Quoting BataviaTrade
Thank you Vidvad for sharing your system. {image}
I really like the look of your candles on that black background. I like the reduced opacity of the bodies. That and the black background makes it very easy on the eyes.

I feel my eyes sometimes grow strained from the brightness of the white background I've been using.

Thank you for giving me an idea of how I might be able to reduce that strain somewhat.
Life itself is a privilege, but to live life to the fullest is a choice
  • #451
  • Edited 5:58am Mar 30, 2025 5:48am | Edited 5:58am
Quoting vidvad
{quote} I really like the look of your candles on that black background. I like the reduced opacity of the bodies. That and the black background makes it very easy on the eyes. I feel my eyes sometimes grow strained from the brightness of the white background I've been using. Thank you for giving me an idea of how I might be able to reduce that strain somewhat.
that is a very real condition, prolonged exposure to monitor's is called blue light toxicity. the possible negative effects are alarming.
"The Rich Never Pay Retail"
  • #452
  • Mar 30, 2025 6:28am Mar 30, 2025 6:28am
Quoting teprewitt23
{quote} that is a very real condition, prolonged exposure to monitor's is called blue light toxicity. the possible negative effects are alarming.

That's interesting and I'm going to look into that. I make a comment in this video review of this past week's MeBob in the morning signals that I realized was kind of alarming as I was saying it.

Thanks for the heads up!

I'm likely going to be using the black background 90% of the time going forward, and I'll keep access to the white background just to take quick looks to make sure I am recognizing what I should be recognizing on the new background.

Here is a video review/casual visual back test of just this past week. I "tested" two different take profit rules, including my understanding of Machine Learn's suggestion from last week.

ML, let me know if I understood your take profit set up correctly or not!

Inserted Video
Life itself is a privilege, but to live life to the fullest is a choice
  • #453
  • Edited 7:55am Mar 30, 2025 7:29am | Edited 7:55am
Quoting vidvad
{quote} That's interesting and I'm going to look into that. I make a comment in this video review of this past week's MeBob in the morning signals that I realized was kind of alarming as I was saying it. Thanks for the heads up! I'm likely going to be using the black background 90% of the time going forward, and I'll keep access to the white background just to take quick looks to make sure I am recognizing what I should be recognizing on the new background. Here is a video review/casual visual back test of just this past week. I "tested" two different...
thank you, love the visual, and voice modulation, another layer of privacy, nice work. since i am not at all familiar with the "mebob" concept/strategy and have boiled down 34 years of trading methodology into a very simple trading strategy of my own, it was difficult for me to follow the examples.
"The Rich Never Pay Retail"
  • #454
  • Mar 30, 2025 4:47pm Mar 30, 2025 4:47pm
Sorry for the length, but remember, you don't have to watch any of it, much less all of it. I wanted to address some questions I've received recently about difficult mebob days, i.e. the days when mebob takes you for two losses in a row and you might not be strong enough in your discipline to avoid feeling yucky.

Inserted Video
Life itself is a privilege, but to live life to the fullest is a choice
  • #455
  • Mar 30, 2025 11:02pm Mar 30, 2025 11:02pm
Quoting vidvad
Sorry for the length, but remember, you don't have to watch any of it, much less all of it. I wanted to address some questions I've received recently about difficult mebob days, i.e. the days when mebob takes you for two losses in a row and you might not be strong enough in your discipline to avoid feeling yucky. https://youtu.be/Is647ewsizk
Not to many genuine people on this forum who are willing to truly help and goto the efforts of making videos
to HELP others with nothing expected in return.. Just putting it out there...

But VidVad is one of the good guys ! Well worth investing 35 or 40 minutes for the video,,,
There is always something to learn. He's a Wise guy and I think many can learn something from him..

I know I got something from the video...and it really reinforced, solidified in my head one particular thing.

Just wanted to bring to light...this guy, Vidvad, is working hard and sharing some good stuff
and I for one quite appreciate all he has done !

Cheers to Vidvad
Master your Mind,,,Master the Market
  • #456
  • Mar 31, 2025 2:08am Mar 31, 2025 2:08am
Quoting bluesteele
Done and dusted first trade of day. +$700 1st c @10 pts limit out 2nd c @4 pts Trailed up 2 ticks below 2bar stop Plain Vanilla chart is all you need... No MA's VWAP RSI MACD or DOM were harmed on my chart. I've morphed into a Forest Gump trader where Less is More... Cheers *** hope my chart is not to hard read {image}
  • #457
  • Mar 31, 2025 5:12am Mar 31, 2025 5:12am
Quoting bluesteele
{quote} Not to many genuine people on this forum who are willing to truly help and goto the efforts of making videos to HELP others with nothing expected in return.. Just putting it out there...
Totally worth it, from this time I realized it's not just a thread for discussion about the PriceBob. But a learning space where land the groundwork to achieve consistency as a trader with the correct learnings and mindset. Be that with the PriceBob or your own adaptation as long it works for you.

Happy Monday!
  • #458
  • Edited 7:04am Mar 31, 2025 6:45am | Edited 7:04am
Today
DAX: 1 trade Long. Moved SL to BE+ when 50% in profit. Stopped out at BE+. During the break out at the low later on I was in a meeting, so I missed that party.
ES: 1 trade Short. Moved to BE+ when 50% in profit. Massive sudden retracement. Stopped out with very small loss.
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  • #459
  • Mar 31, 2025 7:10am Mar 31, 2025 7:10am
Quoting BataviaTrade
Today DAX: 1 trade Long. Moved SL to BE+ when 50% in profit. Stopped out at BE+. During the break out at the low later on I was in a meeting, so I missed that party. ES: 1 trade Short. Moved to BE+ when 50% in profit. Massive sudden retracement. Stopped out with very small loss. {image} {image}
Hi Batavia,
the ES, you started at 14:30, but guess it was because now the time changed, so the open was at 15:30. For the MeBoB, I mean.

Tks
  • #460
  • Mar 31, 2025 8:25am Mar 31, 2025 8:25am
Quoting BataviaTrade
Today DAX: 1 trade Long. Moved SL to BE+ when 50% in profit. Stopped out at BE+. During the break out at the low later on I was in a meeting, so I missed that party. ES: 1 trade Short. Moved to BE+ when 50% in profit. Massive sudden retracement. Stopped out with very small loss. {image} {image}

Today it doesn't look like you are using the RTH MeBob bar?
Life itself is a privilege, but to live life to the fullest is a choice
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