Don`t read this thread..Make Money with it. - page 8
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The books just showed way too many simple patterns. Everyone knows what a double bottom looks like. Everyone knows bollinger band looks like. Everyone knows what a head and shoulder looks like. Everyone knows what a channel looks like. This is all just patterns 101. I had to wait until like page 300 before we even got to see something remotely new.
If you don't know simple patterns, this book is great. But I was hoping they were different patterns that I've never seen (like the pros). I guess there isn't that many new patterns left.
The books just showed way too many simple patterns. Everyone knows what a double bottom looks like. Everyone knows bollinger band looks like. Everyone knows what a head and shoulder looks like. Everyone knows what a channel looks like. This is all just patterns 101. I had to wait until like page 300 before we even got to see something remotely new. If you don't know simple patterns, this book is great. But I was hoping they were different patterns that I've never seen (like the pros). I guess there isn't that many new patterns left.
BTW...The book has only 276 pages,so,finding something new at about page 300 is really something requiring exceptional capabilities....Congratulations.
Everybody knows how to count the pages of a book?...Like the pros ?
Size
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.
Well,actually I should be sizing the lots according to monetary value of volatility and distance to stop per pair,NOT to the actual value of the cross,since this is irrelevant..anyway this thread is not intended as a full course in MM,so,I don`t care and I will use anything from 5 to 15 lots as I deem fit..just to get a feeling of the patterns...if you don`t mind
Regards
Simba
Sorry, the book wasn't close by in my trading room, I was just mentioning my thoughts from what I can remember. I don't memerize the total number of pages, I only knew it was around 300. All I remember is that the exotic patterns were near the end of the book, I think the dragon and the seahorse were 2 that I saw. I'll be interested in what other patterns you find tradeable consistently. It's ok to quote me, but at least do it completely. Do you agree with me that this book is filled with 90% simple patterns?
As for your MM, I was merely suggesting a better way of your position sizing so it can show the profitability of the patterns across all pairs. The current way you are showing it of fixed lot sizing is skewed by just looking at P/L. Sizing to stop and volatility can be done, but not necessary to demonstrate the pattern's effectiveness across all pairs.
Hello Simba,
What are those red and blue lines that you have in your charts and what are their values?
Thanks
G G
quoting
Sorry, the book wasn't close by in my trading room, I was just mentioning my thoughts from what I can remember. I don't memerize the total number of pages, I only knew it was around 300. All I remember is that the exotic patterns were near the end of the book, I think the dragon and the seahorse were 2 that I saw. I'll be interested in what other patterns you find tradeable consistently. It's ok to quote me, but at least do it completely. Do you agree with me that this book is filled with 90% simple patterns? As for your MM, I was merely suggesting a better way of your position sizing so it can show the profitability of the patterns across all pairs. The current way you are showing it of fixed lot sizing is skewed by just looking at P/L. Sizing to stop and volatility can be done, but not necessary to demonstrate the pattern's effectiveness across all pairs.
jbfx..
1-I was joking,don`t take it too seriously
I didn`t quote you out of context and that is what is important...I appreciate you having a different opinion,my joke was based on the sum of all your previous affirmations:A-You knew about suri`s work at ET and appreciated it B-First impression of book was good C-Then it is only for newbies D-the page 300 issue...
2-MM..I understood and appreciated your suggestion,though I don`t agree with you,volatility considerations should be a must in any MM strategies,since that is what really skews the PL...you know, sizes of same monetary value,as you propose, would mean having 1 position with 17 lots audjpy and another with 10 lots ,for example,EURUSD..both have the same monetary value(approx 1mm euros for the first,and 1mm euros for the second),the first one has an atr(10 days) of 2.91..which is around 3% volatility,the second one has an atr of 0.0183 wich is like 1.2% volatility..so,with your proposal,we will end having (3/1.2) 2.5 times more risk in one position than in the other...frankly,since I don`t have the time to do all the calculations for this demo,including the monetary value of aforementioned volatility computed to distance to stops,and my intention is not to do a course in MM..I prefer to just use fixed lots from 5 to 15 per pair ...hope you still find useful the thread.
3-You ask me a question about 90% of book being simple patterns...My opinion:
A-In the book there are 65 patterns,I wouldn`t say 90% are simple patterns,since that would mean(stressing the definition of simple from a previous post you wrote about non newbies knowing them) that a non newbie knows about 58/59 patterns,and I don`t think this is the case,anyway,this could be a matter of personal focus on patterns during the developmental stage as a trader...My feelings:a typical pro trader will probably have previous knowledge of anything from 40 to 60 patterns..a newbie will probably know around 10 to 20 patterns...BUT
B-This is not what I deem important,for me,the main focus in the book is in HOW TO TRADE THE PATTERNS..ENTRY+MANAGEMENT+EXIT,this is what makes the book worth of my time in testing the patterns,and this is what sets it apart from other good books about patterns,like the "Encyclopedia of Chart Patterns" by Thomas N Bulkowsky,or Bulkowsky`s new book about candlestick patterns,just hot from the presses.
If you already know how to trade these patterns like Suri,and with the same degree of success he has,I congratulate you..If you don`t , I am sure,that,like me,and most traders,focusing on the pattern RULES could be a better strategy than just learning a few new patterns.
Regards
Simba
tunnel trough the air
Hello Simba,
What are those red and blue lines that you have in your charts and what are their values?
Thanks
G GI should have named them "Hell&Heaven"...Or "tunnel trough the air" with its Gann connotations
They are just EMAs of Highs and Lows.
Welcome
Simba
Thank you Simba, but what values do you use for those High & Low ?
GG
values
Thank you Simba, but what values do you use for those High & Low ? GG
Partypips:21...for both.
I will review the book again, and see if I'm being too critical. I'm familiar with Suri's in a particular thread, and the patterns discussed are more of the exotic nature (ie dragon). So perhaps from that thread, my expectation was set too high for the book as well, I did not expect simple patterns and channels. Lots of filler material like bollinger, keltner, or Donchain channels, but even then, his approach to trading them are too simple and there is no discussion of how to trade them effectively in different scenarios. I did very much enjoy his work on the dragon pattern, it is with great detail, I just don't think he went into as much detail with the other simple patterns as he did with the exotic patterns.
If you follow his other thread, he showed a lot of different interesting statistics of volume vs. time based bars in the futures market. So I was expecting to see some sort of statistics for each pattern, how successful it is, what type of markets, and what kind of stop vs reward ratio for each pattern. To me, that would have been something for the "pros", and worthy of a book dedicated to patterns that would be useful for actual traders. Also, if he had discussed about timeframes and chart patterns with statistics would be extremely interesting to me. But I didn't get any of that, I got another book with illustrations of what a particular pattern looks like.