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websouth's shared Price Action templates
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websouth's shared Price Action templates

  #1 (permalink)
Site Administrator
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websouth's shared Price Action templates

I hope you've been monitoring the Downloads section, because websouth has been busy. Today he posted something that caught my eye more than usual.

See screen shot, attached.

He calls it "bigTape". You can download it here:
https://futures.io/free_downloads/ninjatrader/misc/123-download.html?view

What caught my eye was the way in which he approaches things. I find his approach fascinating. I do not intend to speak for websouth, but my interpretation is he is trying to make people realize that a bunch of indicators aren't what's important, it is how you interpret them -- or better yet, how you interpret price action.

How many indicators in your war chest are predictive? Meaning how many of them do something based on a model of some sort, and not based on price? I'm guessing not many. Most people's indicators are historical or reactive based on price.

So with the template websouth has shared, I believe he is trying to emphasize an alternative and simple approach to reading price action without relying heavily on historical indicators.

I hope he doesn't mind me starting a discussion

You can find more of his shared work here:
https://futures.io/local_links_search.php?action=show&userid=364&sort=d

Mike

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websouth's shared Price Action templates-folds.jpg  
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  #2 (permalink)
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Inspired by websouth, I created a new indicator called Wave.

Attached are some screens. A more detailed discussion is on the VIP forum, and the indicator is available for download for VIP users.

https://futures.io/elite-circle/693-wave-indicator.html

It's the top panel stuff in the screens.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Attached Thumbnails
websouth's shared Price Action templates-2009-09-06_0317.png   websouth's shared Price Action templates-2009-09-06_0317_001.png   websouth's shared Price Action templates-2009-09-06_0317_002.png   websouth's shared Price Action templates-2009-09-06_0318.png  
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  #3 (permalink)
Just starting out...
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I agree this is a great way of looking at a chart. Just scrolling back through the chart you can see what a great job the 'folds' do in making S/R jump out at you. Really like it.

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  #4 (permalink)
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i have not see the code ... but nice diplacement mike.

wh

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  #5 (permalink)
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Thanks Mike for the interest.

So with the template websouth has shared, I believe he is trying to emphasize an alternative and simple approach to reading price action without relying heavily on historical indicators.

Yup.

So draw a line in the sand and place your bets...
Is price going up or down? The answer is always both.... What?

If you say UP then I can zoom out or in and always show you that the price is really going DOWN in the opposite direction in another time frame or view reference. Whether the price is going up or down depends on you. Kinda crazy talk, huh? But your trading account and risk tolerance decides the time frame you should trade. Which in turn decides whether price is going up or down... Are you a scalper, Swinger, or Big Money trader?

Attached Thumbnails
websouth's shared Price Action templates-3ringcircus.jpg  
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  #6 (permalink)
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Hi websouth,

I appreciate all the work you've done with your templates. Hopefully more people will check them out and benefit from them after this "radical" approach makes them rethink their methods.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #7 (permalink)
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Thanks Websouth

Hi Websouth,


Thanks for your contribution for fellow traders.
your templates will give ideas to new traders that
how to make trading simple and profitable

SSS

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  #8 (permalink)
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Big Mike View Post
Inspired by websouth, I created a new indicator called Wave.

Attached are some screens. A more detailed discussion is on the VIP forum, and the indicator is available for download for VIP users.

https://futures.io/elite-circle/693-wave-indicator.html

It's the top panel stuff in the screens.

Mike

That's a fine indicator, Mike.. thanks!

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  #9 (permalink)
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I tell you there is alot to be said for trading just the one line template, out of everything I tested this morning, that has worked the best, I'm really going to take a hard look at this one. Thanks for all your hard work and also more importantly getting us to think.

Jeff

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  #10 (permalink)
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FOR FOREX ONLY :

OK - here's another idea from the "radical". Call it OPM (other peoples money). Do you ever place a trade and get stopped out only to find the price reverses and goes in your original direction? If this has never happened to you then you have never traded....hehe.

Note: I don't trade ES, CL, or ZN ... I trade currencies so this may or may not apply.

This is to be done as a supplement to your regularly scheduled trading...

So try this - trade 10 times as small with a stop 10 times as wide. (or 100 times as small with stops 100 times as wide - experiment) ) Same money right.
Let's use dollars for example. Say you typically set a stop loss at a risk of 5 pips/ticks and you put on trades @ $40 a pip so the value of the risk to you is $200. So change that to 50 pip stop loss and trade smaller @ $4. a pip. Hardly seems worth your time, right? Keep reading.

Figure out how to risk the same money you do now but widen your stops. If you can't pick a direction with a stop 5 pips wide how about 50 pips wide or 100. This is mildly interesting up to now but what you do next is take your profit (you were profitable, right? If you weren't you risked no more than usual but got to play a little longer term) and add it to your original stake. Then the next trade is put on using your new larger buying power so you may be @ $6 a pip but the stop is still a money stop in other words keep it @ losing your original $200. Stop loss = AccountValue before first trade - $original risk.

So you put on trade 2 and you still have a risk the same as your first trade. Keep doing this and pyramid the amount of money you trade with but keep the stop as original. After a few trades you can move your money stop up to even and you are now playing for free with huge stops because you are only using winnings to trade. So soon you are swinging $20,000 on a trade with a stop loss @ letting it go to zero. (don't do this...hehe) But that is a lot of breathing room to get on the right side of a trade.

This idea bugs people because they want to take profits or they can't stand to "give back" profits. But if you think about this. An 80% drawdown once this gets going is cutting into "potential" profits not your trading money at this point. Yes it sucks but you are out the little time it took to put the trades on and you are still profitable from your original stake. You are using your winnings to trade with. This system can scale faster than you think. The only thing to control is your nerve. You would not want to see $100,000 turn back to flat even but what if it did? This is a side bet you originally risked $200 on. Take that "system" you have that you like but it has 80% drawdown and give it a whirl...
You may need to change your charts to think longer term bigger stops.

My personal results with this? Largest return - I have turned this side bet into a 60x my money winner.


Last edited by websouth; September 8th, 2009 at 03:57 PM.
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