I did have a webinar with Justin and I thought the concepts in their system and what they were looking at in terms of volume and range of the bars as well as things like deceleration, ie narrow range bars, or squat bars all make sense. I can usually spot snake oil a mile away, but their concepts and method seem quite sound. As well, Justin mentioned that the ideas behind their system can work great with other tools such as bid/ask volume or delta which I agree with.
I have been watching their promo end of day videos and the trades that are produced sometimes look like trades with great trade location, and others look less great.
On some of the videos, Dave mentions that some of their clients only took the long trades on a day they had an upward bias, or that another client just trades for the first profit target of only 3 ticks, rather than using their money management approach and getting stopped out at b/e.
This makes me think that the traders who succeed with their method are the guys that use their trader knowledge alongside the system trades and also those who don't require the "to the tick" entry prices can step in front and get a fill if the setup looks strong. Do any of you guys here have this experience?
They also mentioned that they calculate volume per tick of the wide range bars, which I am trying to understand conceptually.
This is how I understand it:
When price moves down on a large spread say 10 ticks, but with low volume, this means there wasn't much stopping volume when price slowed down, which also means traders agree that price is correct in moving lower, because no one stepped in to try and stop it from falling and that a pullback into that wide spread bar could be sold. But, when price moves down 10 ticks and volume increases, say, into a previous s/r area this shows actual support coming in and thus gives a possible buy. Does this make sense? If anyone can expand on this concept or correct me if I am off, I'd appreciate it.
I'm considering testing their approach on the European markets such as the Eurostoxx 50...
I have been watching their promo end of day videos and the trades that are produced sometimes look like trades with great trade location, and others look less great.
On some of the videos, Dave mentions that some of their clients only took the long trades on a day they had an upward bias, or that another client just trades for the first profit target of only 3 ticks, rather than using their money management approach and getting stopped out at b/e.
This makes me think that the traders who succeed with their method are the guys that use their trader knowledge alongside the system trades and also those who don't require the "to the tick" entry prices can step in front and get a fill if the setup looks strong. Do any of you guys here have this experience?
They also mentioned that they calculate volume per tick of the wide range bars, which I am trying to understand conceptually.
This is how I understand it:
When price moves down on a large spread say 10 ticks, but with low volume, this means there wasn't much stopping volume when price slowed down, which also means traders agree that price is correct in moving lower, because no one stepped in to try and stop it from falling and that a pullback into that wide spread bar could be sold. But, when price moves down 10 ticks and volume increases, say, into a previous s/r area this shows actual support coming in and thus gives a possible buy. Does this make sense? If anyone can expand on this concept or correct me if I am off, I'd appreciate it.
I'm considering testing their approach on the European markets such as the Eurostoxx 50...