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Hope this is OK .. got a message from @bobwest the other day implying I could do this .. please delete if this is not allowed ..
the YouTuber I have been following is Patrick Wieland ( [yt]https://www.youtube.com/@PatrickWieland/streams[/yt] ) .. PW goes live at 9:15 AM EST on most days and will trade for 1.5 hours - 2.0 hours .. unless he makes a lot of $$ .. so go to that webpage about 9:10 AM EST and look for the thumbnail (usually in the upper left corner) that says XXX waiting ...
PW trades price action .. bull/bear flags patterns using EMA[14] .. EMA[21] .. EMA[51] .. VWAP .. and Pivots for reference .. sometimes, his trade entry seems a bit aggressive but he utilizes a tight stop loss
PW has several monitors .. as I recall he has 4 X 32" 4K monitors in portrait orientation .. these monitors allow PW to keep an eye on the 1-minute // 3-minute // 15-minute charts .. he will usually have NQ on his primary monitor while keeping an eye on the price action of the QQQ .. ES .. SPY .. DXY .. and BookMap ( https://bookmap.com/en ) on his other monitors
PW seems to prefer the volatility of NQ but will trade ES on occasion
PW pre-market opening routine may include some or all
1) look at trends/trend channels across several chart timeframes ..
2) review the potential impact of news
3) review potential targets "if the market is bullish" or "if the market is bearish"
4) he makes suggestions .. "he would go long if .. " or "he would go short if .. "
5) PW will share what he is seeing on BookMap .. where there are large order blocks
5) he DOES NOT tell you when to enter a trade .. in part, this is due to the inherent delay in the YouTube video reaching your computer .. you can do a right click on the video and select "Stats for Nerds" to see the delay .. my feed is usually 2-3 seconds but I have seen as much as 10 seconds
PW has many educational videos on his YouTube channel .. you can learn his technique from these videos .. you can also look at the images I have shared these last few days and get an idea
PW has helped my trading .. he claims to make a lot of $$ .. like Monday (Aug 28) .. his claim was $15,000 profit across several accounts .. I say "claim" because I did not actually see the $$ in his accounts .. but I did see $1800 in my three accounts (while trading just 1 contract)
PW's language can get a bit vulgar but hey, I spent 6 years in US Marine Corps so nothing I haven't heard
hope this helps
.. you don't have to be the first one at the party .. just be part of the party ..
PW is a clever marketer who has relationships, i.e., he gets paid, with TopStep, Lux Algo, etc. He also charges for member chat in his Youtube channel. He is currently promoting a private trading group called Market Flow Trader. The charge is $500.00 for lifetime membership, however, he just changed that to $500.00 "initiation" and $100 a month. He seems to be good at reading price action. But I am not convinced he trades real money (he is trading in something called Topstep "Express" account which is a demo account) since he will not show what I consider a verifiable P & L. My two schekels.
This back-and-forth is entirely healthy, but it there is to be any real discussion, pro and con, of this person, the best place for that would be in a new review thread in the Trading Reviews and Vendors subforum, here: https://nexusfi.com/trading-reviews-vendors/
That way, anyone who has an interest or a potential interest would be able to find the discussion easily and find out if he is someone they want to look into or not.
What we have now is fine, but if it gets into more depth, then let's move it to a full review.
Thanks.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
while I can agree with what @tradergino posted .. I have looked past all of the advertising && marketing on the PW YouTube channel .. my focus has been on the educational content/value .. and for me, the bottom line is that my trading has improved since I began watching PW ..
hope everyone has a safe && fun weekend ..
.. you don't have to be the first one at the party .. just be part of the party ..
@mewddsltd nice! I also rode it down, held too long trying to go for 100 ticks. There was a big pull back after I got to 80 ticks, stopped out high 50s. Btw, do you happen to know how many points PW puts for his S/L?
Good day, stuck to my rules, didn't oversize, or didn't hit my daily drawdown. I'm trying to learn how to read foot print, so please feel free to share the info. I had no idea, couldn't make out much of it, was mostly relying on my other chart. I did give a few ticks back, over held some of my positions.
I went back and recreated the trades for the morning .. not my trades eactly but to give you an idea ..
lower highs gave reason to think the price was going down ..
the first trade was when the price definitively broke the pre-market low @ 15621 .. the stop loss was placed 3 ticks above the swing high .. @15646 .. a 25-tick stop loss
.. think my first trade was after the bar closed below VWAP and the second bar below VWAP was showing signs of continuing in a downward direction
the second trade was when the price closed the GAP and bounced off the previous day's CLOSE .. (ETH) && (RTH) were very close so will call both @ 15536.50 .. the stop loss was placed 3 ticks above the swing high @15569.25 .. a 29.75 tick stop loss .. could have had a more aggressive entry but this one worked out just fine
I could have made more $$ but the settings in the Strategy | AccountEquityGuard closed my trades early .. that's OK .. I'm pretty happy with the day
What I am learning so far
NQ to have a stop loss that is less than 10 points / 40 ticks and a profit target that is 10-20 points or 40-80 ticks .. 1-2 risk-to-reward
ES to have a stop loss that is less than 5 points / 20 ticks and a profit target that is 5-10 points or 20-40 ticks .. 1-2 risk-to-reward
can move the stop loss manually to a reasonable high/low if the price is moving in a profitable direction and want more profit ..
NOTE: OBVM-CD was already below zero and turned red about 2 minutes after opening.. confirming indicator ..
not saying ES can't reach 100 ticks but think that would be rather rare .. 23 09 01c.fw
.. you don't have to be the first one at the party .. just be part of the party ..
here is an expanded image of today's NQ chart .. notice how the price dropped about 100 points .. 400 ticks .. to "fill the gap" .. or what some would say the price reached Y-Close (ETH) [yellow] && Y-Close(RTH) [green] .. the price action dropped these 100 points in about 15 minutes .. which means the drop in price set the Opening Range (Low) AND in so doing, reached today's Pivot Point (white)
all of these levels are within 3-4 points of each other
and there is certainly a case for a 25-point (100 tick) opening range breakout to the low side ..
but wait .. there is more ..
my chart also has Infinity's Supply Zone / Demand Zone indicator (elite section download) .. notice how the price action continued to a Demand Zone (blue) before bouncing off the Prior Settlement .. Prior Settlement is the Y-Close(ETH) for yesterday .. so this is Friday's Chart .. Y-Close(ETH) is Thursday's ETH Close .. Prior Settlement on this chart is Wednesday's ETH Close
I'm not saying reaching a level (or bouncing off a level) happens all the time .. I'm saying it happens often enough that it is important to know these levels
23 09 01e.fw
.. you don't have to be the first one at the party .. just be part of the party ..
