Don`t read this thread..Make Money with it.

[Guyver]

Originally Posted by SIMBA

Fellow members of the Forum:

A few weeks ago,I bought a book that improved my trading results,and helped me in building a new base of trading knowledge as to push me into asking the writer to allow me to explain several of his trade tactics.

A BOOK...Is ole good Simba crazy?(of course I am..that is what gives flavour to Life)..Well,I actually buy like 2 books or ebooks per week,most of them I discard after a speedreading of 10 minutes convince me that they are not worth the paper they are printed in(specially the ebooks )..but a few of them have either several actual "modifiable" trading strategies or give me a few ideas to test,so,I keep buying and extracting the few items of wisdom I can find there.

Seldom,like in the case of JMHURST book and courses,or Dancing with Lions by Trader x..I find a book worth rereading....well I have found a pure jewell..and I want to share it,so,I asked both the author and Newdigital,and both say ok,go ahead.

What´s in it for you?:

1-You will learn a few "pure price action patterns" that work..for free,all posted here...and we will test and discard the ones that don`t.
2-I will explain,show past examples,forward test..and livetrade a few of the setups,the ones I have chosen to share,based on my trading style,so that you can check their accuracy..or not
3-I will be the first to point out when,IMHO,a setup is not worth the risk for the reward...in Forex.
4-You will be able to decide if you want to buy the book and use all patterns or not,Not all of them are suitable for my style of trading,but they could be for you...In any case I will post,forward test and trade enough patterns for you to make an informed decision.

What´s in it for the author?:

1-The author is a professional trader,very well known,that decided to self publish a book.and consequently..he expects,though he doesn`t requests,some additional sales.(I checked with ND and asked him to allow me posting in the non commercial section,since you are not required to pay anything,if you like what you see,you can buy or not the book)...and some publicity...though he doesn`t need much since even a Market Wizard(Michael Steinhardt)supports him,his book,and his methods.

2-The author has very positive reviews,we will come later ,in the next post,about them,his trading is mainly done at indexes(SP,ES,NQ..),Stocks or Futures..he was mildly intrigued,though not surprised, when I told him his patterns worked for Forex,we exchanged several emails,and he allowed me to forwardtest and reveal ,at this forum, some of his book patterns in the Forex markets,he is intrigued,and ,since he is a very open minded guy..just gave the go ahead.

What`s in it for me?:

Just 3 things,but before I post them,I have to say that I bought and paid for the book,I have no association with the author,nor do I benefit economically if he sells 1mm books or not,I like his teachings,his patterns,and his emails..if you like the patterns and buy his book,perfect,if not..I won`t be too preoccupied.

1-I learn by teaching,,yes,reread it..any poster with a few threads on their backs here will confirm,when you lead a thread you end up knowing much more about the thread´s subject than when you started it..opening a thread about price patterns will require me to get an almost perfect mastery of the patterns..then see point 3 .

2-I like to teach,it must be obvious by just reading my threads..I believe that by sharing you get more.

3-I believe I have got a handle about digital filters,and that if I can get a handle about chart patterns,I can combine both and improve my trading to the next level..to get this second handle,I need to explain the patterns,to teach them,because this will require me to learn and adapt them.

And that is all folks..next post will tell you about the guy,the book and his reviews...Then I will start with the patterns.

Hi Simba,

Great thread once again. I started following just now and seems a lot have been covered by you very much appreciated . Thinking to get the book also.

Keep it up!
Guyver.

[jbfx]

I've followed some of suri's work from ET and have been impressed with his work. Good to know others are noticing as well. But I haven't purchased anything yet, so it's great to get a hands on review from you.

[SIMBA]

Originally Posted by Guyver

Hi Simba,

Great thread once again. I started following just now and seems a lot have been covered by you very much appreciated . Thinking to get the book also.

Keep it up!
Guyver.

Hi Guyver,thanks for your kind comments.
jbfx,forward demo testing the patterns,then giving my opinions,yes,Suri`s work is very good,hope my comments,trades and charts can be helpful for you.

[jbfx]

Just placed an order for the book. Should get it by next week, and have something good to read and add to the mountain of books I already have (most are junk, BTW). Perhaps, then I can join in the conversation with a little more knowledge to participate.

I know he's more focused on the ES and NQ, but I like chart patterns as much as the next guy. I think with S&R levels, and a good eye, patterns have been used to trade just about everything since the beginning of the markets.

The only problem with patterns is that it is very time consuming in forex because of the huge number of crosses and timeframes. It's going to be a daunting task to find them and trade them.

[Guyver]

Originally Posted by jbfx

The only problem with patterns is that it is very time consuming in forex because of the huge number of crosses and timeframes. .

Hi jbfx, could you elaborate further on this please if possible?

[jbfx]

For futures, you basically have ER, ES and NQ to look at and you have covered all the major markets.

For forex, you have 8 - 10 different pairs to look at. Hehe, I'm always looking at all the market available, but I guess you can only focus on 3-4 pairs, and scan for patterns only on those. But my mentality is that if there is a market, I'm trading it. LOL.

[SIMBA]

First week:+146 pips
Second week:0
Third week:-51 pips

Details and statements of first week trades are located at the first pages of this thread,this week trades you can find here.
All trades this week were either MSH or MSL,3 GBPJPY were stopped out,before reaching the target.

My conclusions:I will modify target and stop rules..target is going to be 1 to 1.618 of the "theoretical" stop distance , stop is going to be valid only at bar close if close of bar is higher/lower than stop level,and,if,after 10 bars the trade is alive we close it at market...

I usually use exits at bar close,that is why in other threads at this forum,ie:simbasystem I have stressed the use of chandelier stops,that are valid at close of bar,instead of psar,etc that are valid "if touched",we tested this extensively and the results were always better with stops at bar close...I believe that this is essential for most Forex trading systems due to the high degree of noise we have at Forex.

Have a nice week end.

[Gil grisson]

Hello Simba,

What are those red and blue lines that you have in your charts and what are their values?

Thanks

G G

[jbfx]

Looks to me like you need to size your lots according to the value of the cross. I have my book in hand, but I haven't had the time to give it a read yet.

I was going to look through it this past weekend, but was busy with taxes.

[jbfx]

Just breezed through the book quickly. I would say that 95% of the book is for newbies. There is probably 1 or 2 patterns that are somewhat intrigueing. I think this book is good for newbies who want to learn what patterns look like. I was expecting more exotic patterns, but I guess I already know most of them.

So for me, this book is not as good as I had thought. If you are a newbie, then it might help.

As for the few new patterns, like what Simba posted, let's see how successful it is.