Petefaders Journal & Open Discussions

We had 2 trades today in the room, both wins. A small scalp off the news reaction (as described in this thread), and this.

The initial move up to the left, that the fibb is drawn on, was a break of major resistance on larger TF.

Since I dont take break outs, I waited for a pullback to 50-61.8 fibb, with increased volume there and a bullish candle close.
Had some draw down, but VWAP and point of control came through as support, and away we went.

http://i26.tinypic.com/zxpuup.gif

Climactic action on the overall up trend in the background in recent days. Price tested .50 fibb to the pip today. It was also an upper TL.

It closed with a pin on top, high Volume. Then there was no candle close above the high of that candle. My signal to enter was the bearish close on medium volume.

That's all there is to this trade..no going crazy trying to define each candle..taking VSA to that extreme pointless imho.

http://i37.tinypic.com/oaua2d.gif

http://i38.tinypic.com/2hh3shy.gif

I post here.. method-vsa-sr-fibb

Pete polices his threads very well and is extremely protective of his online presence and I have no doubt that this post will be deleted as some point.

Anyone considering to give up their time and follow Pete should read the transcript below. It is a conversation I had with Pete on his youtube channel, This is how to trade profitably. (47) video. At the end, Pete promptly closed all comments but not before I had copied it all.

In summary, all I have ever asked is that he provide some form of evidence that he is a successful trader. The conversation below will fill you in on the rest......

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erinsunc
3 hours ago (edited)

If your are currently in this trade why don't you show it instead of showing all your charting on a demo account. Unless you are not actually in a trade and just feeding us BS why else would you not show that you are in the trade? In fact, of all the videos you have posted I don't think I have ever seen you actually in a trade. Raises suspicion Pete.
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petefaders
2 hours ago

I called this trade live in my webinar session with my subscribers. Join my chat group and talk to them. My skype is Petefader. Obviously I don't want to share my account information. Good enough for you?
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erinsunc
2 hours ago

Calling a trade and actually showing that you have entered it two very different things. You have been trading MT4 for years now and yet, to my knowledge, you have never provided a substantial trading log. There are plenty of online options available for you to publish a live trading log with the ability to mask what ever sensitive information you wish. Even a youtube clip showing your trading log masking lot size and profit/losses would be something. At the end of the day, is it really too much to ask for proof that you can trade rather than just explain what happened in hindsight as so many scammers out there like to do.
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petefaders
2 hours ago

Talk to people that trade with me live. If that's not good enough for you, oh well. As we speak I'm taking profit on another A/U short. Come talk to people that are in the trade with me or move along.


erinsunc
1 hour ago (edited)

So I ask you politely why you don't publish a trading log/journal and you only response is to say 'Move Along' ? Not good. I have no desire to join your for group again (yes, I have been there, done that) because the reason I left seems to be the same reason why I don't come back. You have never provided any proof that you can consistently successfully trade.

I have been in this game way too long to be impressed by a one successful trade it's your last 50 trade I would like to judge you on and considering that you have been going for at least 4 years there should be much more than 50 trades to look at.

In terms of % of account, what has been your performance over the last 6 months. Retrun/Loss, Drawdown. Get where I am coming from ?

l'd give you an Oscar all day long for your presentation and understanding of what has happened in the past but I really do not understand what the problem is with you providing a trading log/journal for us all to see.
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petefaders
1 hour ago (edited)

Since I present myself as a teacher, what really matters is if my students are profitable. I'm not here asking to manage peoples money or bragging about what I make. I'm teaching. When my students make consistent money, I am justified. Period.
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erinsunc
41 minutes ago (edited)
You disrespect teachers. In the real world, teachers have to prove their ability. You,obviously, believe that you do not have to.

I have no interest in what your students do as they are not the ones offering their services for cash. Besides, I have been there, done that and didn't make money. You know, it was never my intention to disrespect you but by refusing to provide a reasonable explanation as to why you are unwilling to provide a trading log doesn't help the cause.

Pete, You now have an golden opportunity to make an ass of me and shut me for good. Log back into into your myfxbook account and upload your live account (never really understood why you stopped using it). Lock down anything that you don't want us to see as in lot size, cash return etc and let us see that you can trade. You don't have to work out Drawdown, Monthly Return or anything like that as myfxbook will do it for you.

Show me and anyone else reading this log that you can make profits and can keep hold of them. Show us that you are in the top 5% of traders that are successful.

Pete, you have nothing to lose and a lot to gain !!
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petefaders
10 minutes ago (edited)
I'm not going to post any information about my trading account online. Since I'm teaching, it's the results that students have that matters and the trade setups in the room that I call. There are people making money trading what I taught them in my babypips thread and on Skype. I guess they are all lying. I have nothing else to say about this. Good luck with your trading. 




erinsunc
Again, the proxy performance of what your students (I think subscribers is probably a better word) achieve is not what I am interested in.

You know Pete, I never questioned your ability to trade but considering you are so adamantly against providing any real evidence that you can, must surely bring that ability into question. I have now come to a regrettable conclusion.

What really annoys me is not that you generate revenue from people naively topping up your Paypal account but that you take peoples time on one hand while giving them hope on the other.

In light of any real evidence, you must be a scammer and a fraud. The fact that you deleted this conversation from other videos you have posted just throws gas onto a very established fire !!!!

I'm not sure what your issue is Erinsunc. I see you all over the internet bashing Pete, yet he is a good trader and a great guy. Haters gonna hate. Oh well.

Those who can, do; those who can't, teach.