The PriceBob Strategy

Came in today mentally unprepared mentally and physically fatigued. Poor management of my trades and myself... So I took my lumps and just shut down the computer.

The only bright side is I know myself well enough to shut things down before I do any serious damage and just walk away..took a long time to get to that point...

Tomorrow is a new day

Cheers
Blue

did you watch the video analysis i gave

Hi csierravh. Possible. I always have problems getting the timezones right. I just found Time and Date.com. There seems to be a 6 hour difference now after last weekend.

So....09.30 am Eastern Standard Time = 09.30 am New York time now?

You're welcome Vidvad! I sometimes trade on TradingView (white BG), and sometimes on CTrader (black BG), depending on mood and environment (mobile / work / home etc).

BT

yes, us open now at 15:30 ( Amsterdam time).

Thank you guys for the reminder! You made me realize I used 9:05 New York time instead of 10:05, ended up with -2R. I yearn for the day we leave time changes behind.

I am sharing this from Lance Breitstein's Magnus Opus course. This is from the free membership area where he has a lot of great great info(videos)..

I am not an affiliate just a trader who recognizes Lance's talent and performance...So no link to the Magnum Opus
....let Google do the work.

There has been much chatter regarding Edge from many on the forum and I have seen no one assemble any type of qualified information on it.

So if you don't like what I share or question it's legitimacy go talk to Lance and tell him he's wrong.
I have assembled the below from several different videos of Lance's to have all the pertinent info on edge in one place.

MeBob traders take note and read carefully what Lance says...
see how focusing on trading a fixed TF setup can set you in the correct direction.

And how Vidvad has structured this thread and his videos to reflect or should I say follow in some resemblance what Lance is referring to.

MeBob can help you find your edge.. If you understand that then you are on your way


What is Edge?


In trading, having an "edge" means your trades have positive expectancy, meaning over time they should be profitable. However, many new traders fail because they lack a true edge and confuse random market fluctuations with skill. Success or failure often feels random, like flipping a coin, with wins attributed to good trading and losses blamed on vague factors like lack of discipline. The real issue is that many strategies are either break-even or unprofitable, and traders misinterpret streaks of wins or losses as indicators of their abilities. It's important to regularly assess whether your strategies actually have a long-term edge or if you're just getting lucky

LACK OF EDGE = BEING FOOLED BY THE RANDOMNESS OF THE MARKET

Developing Strategies with Edge Comes First

Lance emphasizes the importance of prioritizing strategy development over psychology and risk management for beginner traders. Many novices mistakenly attribute their failures to emotional factors like overtrading or tilt, while the real issue often lies in a lack of a well-defined strategy or trading edge. The analogy of a poker player learning the psychology of the game before understanding hands and odds illustrates this point. Without a proven edge, no amount of psychology or risk management can yield success. Beginners are encouraged to first define, playbook, and backtest specific trades, ensuring they have a reliable foundation before focusing on other aspects.

Once a strategy with edge is developed, traders can begin paper trading or trading small sizes while collecting and analyzing data. Only after accumulating data points and refining execution can they assess their performance objectively, focusing on rule adherence rather than blaming emotions or randomness.

The overarching message is clear: edge is the cornerstone of trading success. Psychology and risk management, while important, should only be addressed meaningfully after a trader has mastered the foundational strategies that generate consistent profitability.

Types of Edge in Trading

The phrase "the house always wins" refers to the advantage casinos have over players due to the odds being stacked in their favor, much like how traders need an edge to be consistently profitable. An edge is a factor that increases the long-term expectancy of success, and there are several types of edges that traders can exploit, stemming from market inefficiencies and dynamics.

These include:

Information edges
Having access to exclusive news, data or analysis insights
Having access to proprietary research
The ability to process, analyze large amounts of Data
Insider trading

Technological edges
Using advanced trading systems for faster execution
Low latency trading platforms
Co-located servers
Algorithmic trading systems
Keyboard hotkeys

Analytical edges
The ability to analyze market patterns, trends, new stories or data better than others
Developing proprietary trading strategies
Developing advanced statistical analysis
Having a Deep understanding of Market Dynamics

Psychological edges
Strong discipline, Emotional Control/Management , Risk management
Trade without being influenced by Fear, Greed or Cognitive Biases

Other edges include liquidity edges (access to deeper liquidity pools) and structural edges (exploiting market inefficiencies like arbitrage).

Traders often combine several different edges to gain a competitive advantage, as financial markets are not perfectly efficient, and small advantages can lead to significant profits.


How to Test for Edge

Key strategies for testing edge include backtesting (using historical data), forward testing (gathering data in real time), and identifying variables with predictive power (such as news, volatility, and volume). Lance also highlights the significance of structural edges, such as access to unique trading opportunities or information. By combining these methods and using experience and pattern recognition, traders can evaluate their strategies and improve their chances of success.



I think Lance makes some very good points in the above and perhaps sheds some light on "edge" and the different types of edges there are.

MeBob=Gathering Data in real time and identifying performance variables. We take the trades in a very rule based systematic way and analyze FIRSTLY our PROCESS....Not the OUTCOMES of the trades....
Are we following the Rules ? Are we executing properly? Perhaps using Hotkeys ?

The simplicity of the Basic MeBob can help your discipline when you have easy rule based entries etc. It's easier to follow simpler methods and thus keep them rinse and repeatable/duplicatable.

Which is why VidVad encouraged traders to take 20 trades .or 20 days and just trade the setups as they come.....
Tom Hougaard uses several different setups that are time based much like MeBob...simple If this then that type of scenarios....
Money mgmt is a big part of any method like this and most likely where you will find edge that you can manipulate...


All the best as always !
Blue

I won't be trading tomorrow. There is an open house at the Brooks trading room. I've never seen the inside and I'm curious.

Here is the link to register - it is FREE, and I am NOYT an affiliate. This is the same link I used to register from the Brooks Price Action website.
Trading Room Open House:Tuesday April 1, 2025 | Brooks Trading Course

Thank You a lot vidvad. I really appreciate the help. Thank You for the help with "bias", fx YouTube knowledge complicates simple things.

One more time Thank You

yes thats a winning traders mentality
basically "the best lose wins"

Today:
DAX: trade 1: Loss. Trade 2: Win
ES: trade 1: Loss. Trade 2: Win
Green day!

Just something i noticed today, stemming from the phrase "Price is fractal".
When i was looking at the S&P this afternoon (based in CET) i had 2 screens open where one was showing the S&P on the normal M5 and the other was still on M1 (testing some code). Looking from left to right i thought why not mark the reference bar on M5 and then switch the chart to M1 to take an entry on a close below the meBob zone. So the attached chart was the thing i was looking at.
The red circles are the points where the entries presented themselves. Worked out fine for a couple of points , both ways.

Using PA based SLs (as mentioned by Vidvad earlier in the thread) the entries can be made much tighter and smaller targets become more lucrative.

Just my 2c ..

My charts not so "posh"
But a reasonable day ( Day 8)....Yesterday was a fail day after two losers Mebob.

my progress please check it

UK time sp500 out of US hours trade, out of interest. ORB in profit and Mebob slogging it out, big bars !
But USA is my main focus. The out of New York hours sp500 is a little side project. One data feed rather than have another feed for Dax I'm experimenting with sticking to one object, one data feed fee.
EDIT: Lots of Red news etc about today and Trump is included !

Good day to All

Changes in my charts after years of a light background... Liking the contrast and ease up of brightness on my eyes.

As well opted back to extended hours charts as my favorite levels indicator is not showing levels correctly,,
so until I sort that out im keeping the ETH chart up so as not to miss a critical level in play.

Thats all..rested up after a mid week day off from the computer and ready to go !

All the best today folks
Blue

RTH chart on left ETH chart on right...The Red line does not show up on RTH chart and other levels simply do not appear
at all or in the incorrect position...cest la vie... Tech dept working on

US session SP500 ORB ten off the bat ?

Well done Tee ! I sat the ORB out as I didnt see a logical place for me to place risk...
THe 5min OR plus the 5min BO bar too rich for me..

I have been "Silently" following the 1min using the 5min ORB and a 1min close outside of ORB
to trigger an entry .. Today it worked great and easier to place a logical stop with appropriate
risk for me..As it has many days.. I am most likely going to Sim test that fwd here soon.
But I need to backtest a bit more and perhaps only large OR days where I cant find a logical stop..

I digress,,,,,

Anyways Toodles...as now I shall wait for MeBob ..

Cheers

US open ORB and Mebob
5 minute and one minute ?