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Trading spot fx euro using price action

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  #831 (permalink)
 Adamus 
London, UK
 
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Psy24X View Post
a few months ago I was facing the same problem you are facing now, and I was rescued by Barry Burn's approach.

I liked very much his way of defining market states and elements to be taken into account before putting on any order. His main idea is to look at the various "energies" in the market.

I actually never bought his course, but integrated his structure to filter my previous buy-the-dips strategy, resulting in a positive expectancy method, that I have just started to test live.

Hi Psy

I checked out his topdog website briefly but I couldn't actually find anything to describe what he advocates, if there's anything there it's completely buried behind the advertising and promotion stuff. Do you want to expand a bit on the principles you use then?

Thanks

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  #832 (permalink)
 Psy24X 
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Adamus View Post
Hi Psy

I checked out his topdog website briefly but I couldn't actually find anything to describe what he advocates, if there's anything there it's completely buried behind the advertising and promotion stuff. Do you want to expand a bit on the principles you use then?

Thanks

@Adamus

unfortunately futures.io (formerly BMT) doesn't allow me to post links yet. I will PM to you the link to a webinar where Burns briefly explains his principles I have adapted.

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  #833 (permalink)
 WilleeMac 
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@Adamus,

If you have a chance to post the link being described, I'd like to take a look as well

Thank you

-Bill

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  #834 (permalink)
 Adamus 
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Psy24X View Post
unfortunately futures.io (formerly BMT) doesn't allow me to post links yet. I will PM to you the link to a webinar where Burns briefly explains his principles I have adapted.

Ah OK, didn't see you'd just joined until now. I think you just have to make 5 posts and then the restrictions are removed - a precaution against Vietnamese / Russian spam attacks. Last time I looked anyway - not sure it stayed that way, I think spammers adapt to survive so counter-spam measures probably need adapting regularly too.

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  #835 (permalink)
 Adamus 
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@WilleeMac - I just searched on google. Don't remember exactly what the link was, just put a few search words in, you're bound to find it on the first page. But as I said above, the guy didn't reveal anything except the price of his courses and books

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  #836 (permalink)
 Psy24X 
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Adamus View Post
Ah OK, didn't see you'd just joined until now. I think you just have to make 5 posts and then the restrictions are removed - a precaution against Vietnamese / Russian spam attacks. Last time I looked anyway - not sure it stayed that way, I think spammers adapt to survive so counter-spam measures probably need adapting regularly too.

That's the way it still is. And legitimately so.

...but this one should be my fifth post, if I'm not mistaken!


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  #837 (permalink)
 Psy24X 
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Adamus View Post
Hi Psy

I checked out his topdog website briefly but I couldn't actually find anything to describe what he advocates, if there's anything there it's completely buried behind the advertising and promotion stuff. Do you want to expand a bit on the principles you use then?

Thanks

This is the link to Barry Burns video:

Webinar Recording |

...and the .pdf that comes with it.

https://www.topdogtrading.com/How_to_Time_Your_Entries_Outline.pdf

It is all part of the free sectioin of his website, but I agree that it's not easy to find.

In any case, this is just one suggestion: I guess that your main problem now is to simplify as much as possible your view of the market. To this end any simple but rational general theory of the market can be very useful, provided it resonates with you.

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  #838 (permalink)
 Adamus 
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Adamus View Post
(snipped) .... a swing high is a point with 2 lower highs on either side, and a swing low has 2 higher lows on either side. I'll look at the last 5, and a trend up is when 4 out of 5 are higher and the last low is higher than the first high.

Ranges are defined by the swing highs being all higher than the swing lows, allowing for 1 aberration in 8 swings.

Anything that doesn't fit those criteria is neither trending nor ranging.


Psy24X View Post
(snipped) ... In any case, this is just one suggestion: I guess that your main problem now is to simplify as much as possible your view of the market. To this end any simple but rational general theory of the market can be very useful, provided it resonates with you.

I'm totally open to suggestion. I figure that my definition of trend or range or neither (as above) is as simple as I can get it. I've got trend direction and strength in there, and ranges. You think something's wrong? I can't see it myself except maybe over-simplification. Or are you talking about more than just this trend / range / neither definition?

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  #839 (permalink)
 Psy24X 
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Adamus View Post
I'm totally open to suggestion. I figure that my definition of trend or range or neither (as above) is as simple as I can get it. I've got trend direction and strength in there, and ranges. You think something's wrong? I can't see it myself except maybe over-simplification. Or are you talking about more than just this trend / range / neither definition?

I think that this definition has its merits, that will become apparent the moment you will have it coded into your indicator. This will also bring to the surface some drawbacks, though.
There is a group of traders I know, who trade profitably the Dax and the Bund off a single Zig-Zag indicator. They rely on a relatively higher percentage of winners to compensate for a penalising profit factor, and they are required to change their indicator's parameters every now and then.
Perhaps you might adopt this same approach right away with your indicator.
As for me, I am just unable to trade this profitable strategy: my personality demands for much less risk. That's why I had to devise a more elaborate strategy, taking into account several other dimensions (momentum, volatility, liquidity, higher-time-frames...).

I contend that the starting point of every trading strategy is yourself. Let me briefly tell my experience.

After spending several+ years analysing "the market", desperately looking for some "objectivity" to dictate when to enter and when to exit my positions, what really made me click was to turn my approach around, asking what "I" wanted from the market. To answer such question I had to delve deeply into my personality.
It took me years, but finally discovered that I am an extremely risk-averse, and impatient person.

Then came the easy part: building a strategy around the constraints dictated by my personality. In my case ridiculously-small stop loss, profit factor above 2, more than 50% winners, the highest number of trades as possible. Huh, yes: and applicable to my pet-contract: the 6E.
At that point I stumbeld upon a Barry Burns webinar, and found that his approach could fit my deal, functionally integrating the over-simple Jeff Quinto strategy I was struggling with back then. Chiming a popular say: perhaps simplicity (and over-simplicity) is just in the eye of the beholder.
Can I say Burns' method is THE right fit? No way, no! It works for me. Perhaps many others would.

And now for the hard part again: applying my method unfailingly. I am expecting my impatience to be a big stumbling block. For instance I am ending this week feeling dissatisfied, despite trading well and strict to the plan.
I also expect this daily struggling will make me evolve over time. Then my needs will also become different, and I might change my strategy accordingly.

I hope this can be of help to you too. It certainly was for me to put down straight my experience. I thank you for this opportunity.

I can also see that this post partially disconfirms my previous ones. I apologise for that.

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  #840 (permalink)
 Adamus 
London, UK
 
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Psy24X View Post
I think that this definition has its merits, that will become apparent the moment you will have it coded into your indicator. This will also bring to the surface some drawbacks, though.
There is a group of traders I know, who trade profitably the Dax and the Bund off a single Zig-Zag indicator.

Thanks v. much for reminding me of the Zig-Zag indicator. If it's well-coded it might just save me a lot of time coding up something similar from scratch.

re your psychological journey - I can totally appreciate that, I think a lot of people have the same struggles.

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