Quote from JPassion:
TRO
You generally state there is no trend yet in your video you speak of trend?
How you explain these price turns in the video has me confused:
If all you are doing is waiting for the current bar to be a different colour from the previous bar and hitting a line, how is this any different to your 'horizontal line' strategy? Or the 'famous' 'buzzard reversal'. There's no difference whatsoever as far as I can see and even on the chart you post I see whipsaw after whipsaw as price hits the line, then falls again thus changing color. You mention price testing the low first the going up and hitting the line. Yeah, well we can't see what really happened inside that H1 candle you love to post can we?? How many times did it really bounce around within the hour and take out your famous 10 pip (including spread) stop?
Now if what you mean is the 'price turn' candle closes a different color to the previous candle and you then enter on the following candle..that's just another variation of your 'rat' entry and I still fail to see why an indicator is required to see that an arbitrary price bar closed a different color to the previous arbitrary price bar.
You also say in the video the reason for entering the market has no bearing on outcome. I agree to some extent. In which case your entry method and indicator are, ergo, useless.
So you have a 10 pip stop, a useless entry method and no defined exit (which is what you state makes you money).
Here comes the 'exit playbook'
True, I don't believe in "trend" because trend is what the trader says it is... it is conceptual in nature. However, after the fact, traders look back and point to where the trend started (turned). In each and every case a PRICE TURN occurred. Therefore, those who use "trend" in their trading should be aware of PRICE TURN and when the last price turn occurred.
You ask how it is different. Did I say it was different? Do you see a difference? The difference is that price turn tells the trader what is happening with price based on when the last turn occurred - 1) turning up, 2) trending up, 3) turning down or 4) trending down.
This has nothing to do with the horizontal line though you can use price turn with a horizontal line to decide whether or not to enter a trade, trade direction and where to enter.
Buzzard reversal includes a price turn but not every price turn is a Buzzard reversal.
Yes, a Rat Reversal includes a price turn.
"You also say in the video the reason for entering the market has no bearing on outcome" Yes, that is true. ANYTHING CAN HAPPEN after you enter a trade therefore your reason for entry does not guarantee you a profit.
"So you have a 10 pip stop, a useless entry method and no defined exit (which is what you state makes you money). " Any tool is "useless" if you don't know how and when to use it.
I see you are familiar with the EXIT PLAY BOOK.
Your "questions" have been answered. Best of luck to you. Thanks for posting.
