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  • #14,241
  • Apr 15, 2011 1:46pm Apr 15, 2011 1:46pm
Quoting Guerrillawar
Guys, you have really drifted far away from what BRV has put forth. His methods work when in the hands of a experienced trader. Its not a system. You must line up your entries properly with what the markets are doing as of today. Get all that useless shit off your charts as BRV suggests. He was only concerned with confluence. A fib line means nothing unless its confluence and even then its not that important. Todays three sessions were very easy to trade. If you performed poorly on a day like this you need to go back to demo.
I wish the fault came from using the 2 leftover indicators I don't look at, it's really down to me being at day 1 of trying trading with this method.

Also, it is demo for the next X months, so don't get so worried.


Edit:

From Nobrainertrades.com strategy description:

Quote
If a significant Fibonacci level is present at a significant support/resistance level, the probability of a trade’s success becomes much higher.

Now, I am clearly failing at discerning those "significant" support/resistance levels, since I have to calibrate what significant means: on a 4h graph? Weekly? Hourly? To me (accustomed at trading 5 mins based Phillip Nel system) 1 day base of trend support level meant "significant", I have yet to figure what it's the real thing.
  • #14,242
  • Apr 15, 2011 2:52pm Apr 15, 2011 2:52pm
Quoting Guerrillawar
Guys, you have really drifted far away from what BRV has put forth. His methods work when in the hands of a experienced trader. Its not a system. You must line up your entries properly with what the markets are doing as of today. Get all that useless shit off your charts as BRV suggests. He was only concerned with confluence. A fib line means nothing unless its confluence and even then its not that important. Todays three sessions were very easy to trade. If you performed poorly on a day like this you need to go back to demo.
Absolutely!
  • #14,243
  • Apr 15, 2011 4:30pm Apr 15, 2011 4:30pm
Hi dfumagalli, just sent you PM, hope it will help
  • #14,244
  • May 4, 2011 6:09pm May 4, 2011 6:09pm
Does anyone have any experience using BVR's method for swing trading/EOD trading. The problem is I can check charts for an hour or two at night during the Asian session. I'm trying to adapt this method where I can set limits and manage it by checking the charts every 24 hours.
  • #14,245
  • May 4, 2011 7:07pm May 4, 2011 7:07pm
Quoting Rooster34
Does anyone have any experience using BVR's method for swing trading/EOD trading. The problem is I can check charts for an hour or two at night during the Asian session. I'm trying to adapt this method where I can set limits and manage it by checking the charts every 24 hours.
Rooster if you want a strategy using s/r and daily bars i would check out ' walter peters' naked trading webinars on fxstreet

http://www.fxstreet.com/search/contr...5-42f505031548
  • #14,246
  • May 10, 2011 5:10pm May 10, 2011 5:10pm
Quoting darrenlittle
Rooster if you want a strategy using s/r and daily bars i would check out ' walter peters' naked trading webinars on fxstreet

http://www.fxstreet.com/search/contr...5-42f505031548
Thanks!
  • #14,247
  • May 26, 2011 4:02am May 26, 2011 4:02am
Each time I buy, prices fall,.. I sell,..it went up... and then reverse beyond my level. If i had held it,..I would hv profited from it,..

I now need a box to contain my emotion.. should not just leave my trade alone and not stare at it.
Am learning each day

http://ezinearticles.com/?Trade-Stoc...ent&id=6285293
  • #14,248
  • May 26, 2011 7:38am May 26, 2011 7:38am
Quoting august21
Each time I buy, prices fall,.. I sell,..it went up... and then reverse beyond my level. If i had held it,..I would hv profited from it,..

I now need a box to contain my emotion.. should not just leave my trade alone and not stare at it.
Am learning each day

http://ezinearticles.com/?Trade-Stoc...ent&id=6285293
What does your plan say? Are you getting in and out as what your plan says? If so, it's a good trade. the question could be, is your plan telling you to get in and out at the right prices? Is your plan having you set the proper SL? Take a look at your previous trades over the weekend when you have no emotions to them and see what they look like then, you never know what you might see in your trading.

Simple
A woman drove me to drink, and I forgot to thank her
  • #14,249
  • Jul 11, 2011 11:17am Jul 11, 2011 11:17am
Hi,

I have traded this method a while back, could make it work some of the time, but overall many levels just did not hold. I am now trading completely differently and automated my strategies, but am still interested in this method as an intellectual challenge, since it could provide really high R:R's and potentially high win/loss ratios as well.

Basically I have always attempted to swing-trade with that method. Which means I attempted to risk 10 to 20 pips for a reward of 100 to 200 pips.
Now the obvious problem I have had is to identify the levels where it was likely that a completely new move to the upside happens. A solution I found was to use market expectancy profiles as per victor sperandeo. Meaning you look at the past few retracements and get an average of how far price went and how long price took to retrace back. That way you can locate the most likely retracement point. By combining that with only entering in off-london sessions (since london sessions normally only lead to implulses and exhaustion happens at the end of it), intellectually I might have a good plan at getting the levels right.

Well, and yes, the win/loss increased, but not enough to satisfy my needs for profits.

I guess what I am asking is, if other people have some similar filters to find the right levels and which filters they are.

Thanks in advance.
  • #14,250
  • Jul 12, 2011 4:19am Jul 12, 2011 4:19am
Well, Steve respectively BRV often stresses out how important news flow / fundamentals in trading are. He talks a lot about it on his blog http://www.nobrainertrades.com/ and I think this could be one of his main filter.
  • #14,251
  • Jul 22, 2011 1:22pm Jul 22, 2011 1:22pm
I've traded this method since the beginning of the thread and I've been following Steve for a while. Steve has explained alot but not all because one can explain so much within a small period of time. This method has developed alot since Steve left this thread. Visit the site and read the recent articles last 8 months and the rest when you have time.

Some things I want to clear up for people that didn't manage to master this method:

- Stop fading all levels
People read this thread and see that alot of levels that are being faded. When fading a level there is some logic behind it. The only reason why prices change direction is because the supply and demand equilibrium changes.

- Instant reaction
When the price reaches a certain level you should follow the action on a 1 minute chart. If you're level is causing price to react, you, have a level that is getting interest from big parties around the globe.

- Stop fading momentum
When price is moving fast it will break all levels, most if not all fast moves are caused by big news. Just like yesterday it was a no-brainer not to trade support and resistance levels because the underlying fundamentals are always stronger then technical setups. Big funds change there portofolio based on fundamentals not on technical setups as alot of ignorant traders believe.

- Watch the timezone you're trading
Only trade london time and no other time zone for this strategy. Other strategies can work on other timezones but not this one. If you live in an otherwhich makes it difficult to trade this timezone, then you should make an important choice about taking low probability trade. Steve lives in a timezone which makes it difficult to trade london time but hes has made the choice to trade during midnight.

London time: 09:00- 17:00

- Keep an eye on the price and do not leave it alone
When price approaches a level watch the price and let it react and then you should enter. Wait for the candle to close and you should enter with the a stop at the bottom/top of the previous candle. Will it sometimes stop you out and then continue further, you bet it will and it will cause alot of emotional reactions. The good thing is that you wil maintain a good risk-reward ratio of about 1-3/4. Also it will keep you of entering at non-existing levels. I have drawn well over a thousand levels and some levels don't even get attention. The only way a level will react is when the're people willing to enter at that levels.

Don't set a buy limit and leave the computer, alot of things can happen.
Imagine this: you're at your computer and discovered a beautifull level. It has a and strong support level, fib confluence, diagonal trendline, 200 sma etc. Should you take this level, absolute yes but you should follow it untill it gets executed. The question arises but why do I have to follow it, just a little bit of bad news can knock-out this setup with ease. Who will buy the euro if Greece defaults, well not as many as there will be selling. Get a fast news wire and keep your eyes on the numbers that are coming out on certain days.


- Watch the news and the fundamentals
Alot of news and numbers come out but the majority of traders don't know what the mean. Not knowing what numbers mean is a big disadvantage, check nobrainertrades for some important and compact courses about economics.

Is this all? No, but it's big part of the NBT strategy

Why is the grammar and spelling used in this post rubbish? Well birds fly and fish swim and english is not my strongest language.

Do you not agree with my view? Thats perfect because it means you're using your brain. Will I debate you? No, Google translate is making me dizzy.

PS. Steve = BRV

People who will debate and help you are located on the nobrainertrades chatroom.
  • #14,252
  • Jul 22, 2011 2:38pm Jul 22, 2011 2:38pm
Why would I keep watching charts once I enter the trade. I identify the level , enter, set SL and TP and thats it. Watching the price causes a lot of emotional reactions and forces people to interact with the trade. I found it is the best to let the trade play itself out and not to change the setup only because I think that news were bad. My job is to identify high probability setups and if you are using SL your loss will be small. Next time the news will be in your favor, there is no reason to believe that all the news will be against you.
Furthemore my avarage trade takes about 10 hours to play out. I can not magine to watch all setups like you suggest.
  • #14,253
  • Jul 22, 2011 3:04pm Jul 22, 2011 3:04pm
Quoting alter
Why would I keep watching charts once I enter the trade. I identify the level , enter, set SL and TP and thats it. Watching the price causes a lot of emotional reactions and forces people to interact with the trade. I found it is the best to let the trade play itself out and not to change the setup only because I think that news were bad. My job is to identify high probability setups and if you are using SL your loss will be small. Next time the news will be in your favor, there is no reason to believe that all the news will be against you.
Furthemore...
I don't say you have to watch the charts after you have entered. You must watch the price when it comes close to your level. By watching the price when it's near your level you can judge if the level will hold or fail. When it holds you fade and when it breaks you go for a break-out. By watching the news you will have less losing trades. If a trader can't manage his emotions it means two things:

1 the position is too big for their account
2 the don't have enough confidence in the setup or they have taken a random trade.
  • #14,254
  • Jul 23, 2011 12:54am Jul 23, 2011 12:54am
Well, I would say that trader dont have enought confidence in the trade if he has to watch the price when it is close to the level. Will you change you strategy only because CAD housing numbers are bad? I dont trade the news but if there are bad news and price spikes 150% ATR into the level, this is actually the best trade to take, small riks and huge profit potencial.
Yes I can wait for pin bar, outside bar, dark claud etc . that will be formed but it means that I get worse price. So even if there is less losers , expectancy is not better.
  • #14,255
  • Jul 24, 2011 9:19am Jul 24, 2011 9:19am
hi all,
keen to hear feedback on the levels i've put on my chart.

I see 1.42700 as a likely bounce area for long on EU.......thoughts? (see attached). cant see it on posted chart, but if you zoom out, 1.42700 has been a recent reversal level.

1.42200 also interesting as confluence with trendline.
Attached Image (click to enlarge)
Click to Enlarge Name: eu-zones.jpg Size: 149 KB
- Look to the left, Trade to the right - I am the system
  • #14,256
  • Aug 7, 2011 11:16am Aug 7, 2011 11:16am
Quoting swingtraderf
I've traded this method since the beginning of the thread and I've been following Steve for a while. Steve has explained alot but not all because one can explain so much within a small period of time. This method has developed alot since Steve left this thread. Visit the site and read the recent articles last 8 months and the rest when you have time.

Some things I want to clear up for people that didn't manage to master this method:

- Stop fading all levels
People read this thread and see that alot of levels that are being faded. When fading...
This is really an excellent post.
  • #14,257
  • Aug 17, 2011 5:02am Aug 17, 2011 5:02am
Quoting BillyRayValentine
Measure Twice, Cut Once:

If there’s one major piece of advice I have, its to simply be prepared. This and this alone is going to save you thousands in the long run and a lot of time that would normally be wasted on making up for poor decisions. A half hour to an hour each day isn’t long at all and the benefits to reap from it are only limited to your time on this planet. Trade smart, be informed and do your homework.
My father did a lot of carpentry work and one of the things I used to hear him say all the time was “measure twice, cut once”. You can’t build a house without a blueprint, and you can’t expect to trade profitably without the proper planning.
Measure Twice, Cut Once.
This goes to the top list of my rule. Easy to remember whenever I want to jump into trade without proper preparation.
Thanks BRV.
  • #14,258
  • Sep 8, 2011 5:31am Sep 8, 2011 5:31am
Hello,

I've read explanations in the .pdf-file (which is on the first page) and got severel questions regarding how to manage open positions (different things were mentioned on different pages).

As far as I understand:
1. SL=40 pips
2. Break Even ~=20 pips

3. What is better - close part of position on BE or not?
4. In some cases the profit is +10 pips, while in other +150 pips - how can it be?
I mean +10 pips is below BE. And if you wait for +150 pips then definitely something will happen, which will bring you to think about closing position.

5. If you open trade by Buy Limit, price reached BE=20 pips, then went back and closed position, then returned to the point where position was opened (the same candle) - would you open new position again at the same price?


Thanks!
  • #14,259
  • Sep 26, 2011 11:29pm Sep 26, 2011 11:29pm
Hi. I want to start testing this method.
Attached Image(s) (click to enlarge)
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  • #14,260
  • Sep 29, 2011 3:09am Sep 29, 2011 3:09am
Hi,

I first read this thread about 1.5 years ago. At that time, I was a totally forex newbie. I tried it one time and failed, then I gave up.

I am now achieving some success with james16 pinbar strategy. And many times, I found the price reverse (minor or major) at the s/r. I want to test this method again. Thanks BillyRay and Iron-man, the posts are really full of wisdom.

Wish we can win big pips together.

Here are the charts I am watching.

USDCAD
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AUDUSD
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USDJPY
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY.png Size: 18 KB


Regards,
Yang
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