DislikedThanks Joyny! That's interesting. But it looks like the EA is taking some trades that don't match the engulfing bar rules? I marked them on this chart.{image}Ignored
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DislikedThanks Joyny! That's interesting. But it looks like the EA is taking some trades that don't match the engulfing bar rules? I marked them on this chart.{image}Ignored
Disliked{quote} Entries are made on Monday. Engulfing candles pattern in 2 previous weeks bars. On Monday is already new week started - that current week bar cant be used for pattern detecting. {image}Ignored
Probably not terrible advice but after our recent MM studies this seems ...unsophisticated.
Ok, seems solid. It seems like Langer might be more of a scalper than a long-term trader. Maybe some scalpers will find this useful. Believe it or not we are already nearly finished the book.
My 'final thoughts' on this book
Langer’s so-called Blog is nothing but ghost-written ‘forex for newbies’ articles. The title is ‘Honest, proven and profitable Forex trading advice’ but there is absolutely no proof anywhere. Langer doesn’t seem to keep a public trading record.
It would be hard for any act to follow Penfold after his excellent book, so I have to keep in mind that my disappointment is probably due partly to some kind of anchoring effect. Also it’s inevitable that after a high quality offering there should be some reversion to the mean.
Joyny and I checked one strategy and we both found it to be woefully incompetent. I didn’t feel like checking the second one as it’s similar to the first. The scalping strategy probably will work for some people, probably. Almost certainly, with some added house rules to stay safe. I personally have never found scalping with bands to be very effective. It does work brilliantly sometimes, but it can also be terrifyingly ineffective, especially since the market is reactive, and your order, depending on how tantalizing it looks to other traders, can actually affect the outcome, initiating a breakout at the worst time. It also seems to me that unless your scalper is automated you are putting all your faith in yourself acting like a good robot, treating every situation identically. That will surely appeal to some. However I would prefer to scalp with an EA and this system isn’t quite mechanical enough to turn it into one...or is it? You could dispense with the S&R check and just trade the Bollinger touches. I am going to guess that it is mostly a random signal though. The daily trend will help only if you are willing to suffer wide stops.
Having said that, this book doesn’t seem to stand out in any way. We are given a few strategies, a few well travelled bits of wisdom. Nothing terribly unique or useful. So I'd compare this to 'Naked Forex' and ehh, maybe it's because I read that book first, but this doesn't seem as strong.
DislikedHi all, I just discovered this nice thread. I'm gonna share my fav book by Dr. Elders, he is a true legend, if you like the book please purchase from the stores. {image}Ignored
Reasons not to trade for a living (now this is a refreshing change. Some day I hope to see a book that is entirely devoted to this topic)
Disliked{quote} Thanks Mashfx - I will add it to the reading stack. But please remove the PDF file as I don't want the thread to get shutdown for a copyright issue. I already skirt the ragged edge of disaster as far as that goes. I'm sure everyone can figure out how to get a copy of the book.Ignored
If any of these terms are alien to you (especially the bolded terms) then my book thread is not for you - please start with a beginner forex book or three (not BabyPips) and then come back.
Of course, it’s always good to refresh your knowledge of the basics, and there’s so much info to cover that ROK can’t really do much but sample the most general data in a few pages, so this chapter will not be enough to get you started if you don’t have some years of experience already. If I were writing a ‘how to trade’ book I would either split it into two parts (beginner/advanced) or omit this chapter entirely and tell people to read someone else’s book. To be fair, ROK does warn us that some topics have already been covered ad nauseum.
Chapter 2 - Principles of a Bargain Hunter
Identifying Support and Resistance
Now let’s begin.
It’s as bad as it looks.
228 total losses for -4560 pips
136 total wins for 4080 pips
Produces a deficit of -480 pips before taking into account trading costs.
209 losses for -4180 pips
122 wins for 3660 pips
What about the skeptical version of this system? Let’s call it the ‘anti-gunner’?
Trading Price Action
Profit targets