taotree wrote:
Yes, I wrote an indicator that color codes the WRBs. There was enough information on your site to have that definition. Obviously, I couldn't do key s/r areas since I hadn't received the necessary information yet
Given the one you marked, it appears that it would have suggested a very nice short at 1020.25 when it came back up and filled that hidden gap... though, did it already fill the hidden gap on the 3rd bar after the hidden gap? Maybe that's explained in chapter 4.
Since receiving access to the tutorials, I have written an indicator that draws a box around all the hidden gaps.
I started working on one for the information in chapter 3. However, the bullish engulfing example doesn't occur very often (I wrote indicator to draw boxes around it). We'll see how my time is, and maybe I'll use it as an example to highlight areas with the swing/continuation definitions.
I assume the "key market events" it refers to would be some of the things that the strategy reports would define?
So far, things look interesting. I appreciate how open you are with your track record. However, that just means that you are a great trader, it is not conclusive regarding the value of your strategies and tutorials. That's not a criticism, just logic. It just means, I need to judge the information I receive on its own merits.
My own background: I have worked with some successful traders in the past, but the information they provided was too vague for success. Basically, it came down to researching charts on your own for many many hours and trying to train your brain to recognize what works. One doesn't need to pay for that kind of thing. So... I'm a little wary of paying for information that isn't pretty specific.
However, so far, the info in the first 3 chapters is all specific to the point of being fully programmable. You mentioned it's not programmable, so I guess the discretionary stuff comes later? I would be interested to know the nature of the discretionary element.
Thanks!
Hi Joel,
Thanks for the quick reply and commentary to my email.
The key market events (economic reports, breaking news, FED events et cetera) are detailed in tutorial chapter 2 and that's really where the discretionary element comes into play.
For example, lets pretend your background or interest is economics and because of such you may tend to only follow WRB S/R Zones produced by economic reports whereas another trader has more of an interest in breaking news because he/she has access to real-time market news (e.g. bloomberg feed).
Simply, it's not uncommon to see users of the WRB Analysis Tutorials to be following different WRB S/R Zones and that in itself is just one reason why trade results are different...discretionary different.
Also note that there are 12 tutorial chapters and clients are reminded to find a particular type of WRB S/R Zone or a few from the tutorials to concentrate on because it's impossible to follow them all especially the ones they may not have an interest in (tutorial chapter 5 is the least popular for clients).
By the way, there's nothing wrong with the zones...it's just that as traders we have our personalities and the different zones or different key areas that represent changes in supply/demand fits our trading style in comparison to another type of WRB S/R Zone.
The above is the main reason why I state it's a discretionary trade approach even though the WRB S/R Zones are rule base (objective).
Yes, I strongly agree in that my trade performance cannot be the sole indicator of the merits of the tutorials or the trade signal strategies due to the fact that my market experience has a great impact on my trading results especially via the fact that I'm not using a mechanical trading system nor was it designed by me for such.
I also agree about the self market study but it only works for those that have the time and capital to endure the years needed. In contrast, some traders have exhausted the self-taught route after many years of trying to do their own thing and that's when TheStrategyLab.com can be useful...provide a new direction or new perspective considering the tutorials and strategies can be changed, altered into anything they want to make it more suitable for their trading style.
Best Regards,
M.A. Perry
http://www.thestrategylab.com