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The PriceBob Strategy
- Joined Nov 2023 | Status: Trader | 1,398 Posts
Mebob 2/2 +20
- Joined May 2022 | Status: Grateful for the Roulette Epiphany | 1,904 Posts
{quote} MEBOB range definitely holds weight. Three 5 minutes candles respecting the range in a row, only for the breakout candle to lead to a decent move.
Very small sample size (the thread is less than two weeks old) but so far, Rob Falk's MeBob has earned further consideration.
The MeBob review this evening will have several points of interest that need to be examined, imo.
Life itself is a privilege, but to live life to the fullest is a choice
- Joined May 2022 | Status: Grateful for the Roulette Epiphany | 1,904 Posts
I posted this screenshot from Linda Raschke's Streetsmarts book in my journal a few weeks ago and it has relevance here.
1) MeBob is itself not an element of what is generally considered "technical analysis." The MeBob methodology is a precise set up that gets you into and out of the market quickly. It is a "surgical strike" methodology.
2) It is important initially to trade a new concept or patter on paper or with what Al Brooks calls the "Do Not Care" size. You must remove the psychological and emotional pressure of the possibility of losing money so that you can watch for and see the pattern over and over again so as to come to feel completely comfortable with it.
3) If MeBob doesn't make sense to you or you find yourself negatively disposed toward this type of method, don't trade it! If you don't have 100% confidence (and I would add "comfort") with the pattern, you will never be able to overcome the desire to abandon it during losing streaks. This is, imo, the key to the trading kingdom, and its realization is the heart of what in my journal I refer to as "the roulette epiphany."
4) All you need is one pattern to make a living day trading! That really is the ruth. I use one pattern on the NQ each day. Completely mechanical with zero discretion. That one pattern has made the past five months the most profitable of my trading career. That is in spite of the fact that I lost confidence in it temporarily as I was not prepared to muscle through its first losing streak. Thankfully, I did muscle through ultimately. One pattern is all you need. MeBob might be it for some of you! If it isn't, the exercise of trading MeBob, even in a sim account, for 20 days, is likely all you need to correct forever the habits of FOMO, over-trading, jumping the gun, etc. All the bad trading behaviors that lead almost always to big losses and blown accounts.
1) MeBob is itself not an element of what is generally considered "technical analysis." The MeBob methodology is a precise set up that gets you into and out of the market quickly. It is a "surgical strike" methodology.
2) It is important initially to trade a new concept or patter on paper or with what Al Brooks calls the "Do Not Care" size. You must remove the psychological and emotional pressure of the possibility of losing money so that you can watch for and see the pattern over and over again so as to come to feel completely comfortable with it.
3) If MeBob doesn't make sense to you or you find yourself negatively disposed toward this type of method, don't trade it! If you don't have 100% confidence (and I would add "comfort") with the pattern, you will never be able to overcome the desire to abandon it during losing streaks. This is, imo, the key to the trading kingdom, and its realization is the heart of what in my journal I refer to as "the roulette epiphany."
4) All you need is one pattern to make a living day trading! That really is the ruth. I use one pattern on the NQ each day. Completely mechanical with zero discretion. That one pattern has made the past five months the most profitable of my trading career. That is in spite of the fact that I lost confidence in it temporarily as I was not prepared to muscle through its first losing streak. Thankfully, I did muscle through ultimately. One pattern is all you need. MeBob might be it for some of you! If it isn't, the exercise of trading MeBob, even in a sim account, for 20 days, is likely all you need to correct forever the habits of FOMO, over-trading, jumping the gun, etc. All the bad trading behaviors that lead almost always to big losses and blown accounts.
Life itself is a privilege, but to live life to the fullest is a choice
- Joined May 2022 | Status: Grateful for the Roulette Epiphany | 1,904 Posts
Rob Falk referred to the MeBob bar as a "reference bar. It provides a defined range of price by which one can measure the movement of price throughout the day.
This section from Linda Raschke's eBook is, imo, of interest to us in that she too refers to the importance of "pivots" and points of reference.
This section from Linda Raschke's eBook is, imo, of interest to us in that she too refers to the importance of "pivots" and points of reference.
Life itself is a privilege, but to live life to the fullest is a choice
These were my two entries today in my demo account, my management is to use 0.5% per trade and limit myself to 2 entries in case the price retraces to the MB candle.
I have a doubt, I see that at the moment the average movement in this strategy is 10 points, how much would those 10 points represent in pips? The same? It would be very helpful.
Thank you very much to all of you
- Joined May 2022 | Status: Grateful for the Roulette Epiphany | 1,904 Posts
Life itself is a privilege, but to live life to the fullest is a choice
- Joined May 2022 | Status: Grateful for the Roulette Epiphany | 1,904 Posts
Life itself is a privilege, but to live life to the fullest is a choice
- Joined Aug 2007 | Status: Trader | 3,090 Posts
{quote} LBR is old school, and so are we and so is this thread! One effect the roulette epiphany had on me was that I immediately went to a method that was based just on M15 bars. And not only that, but the original roulette method was very much a fixed time bar method, and it remains nearly, though not entirely so. I shed the MA's, used no oscillators, and I even removed the pivots, temporarily. This was not an "anti-indicator" impulse, by any means. LBR herself is famous for her attachment to the 3/10 oscillator, keltner channels, and other popular...
Muscle MemoryAs Linda Raschke said: 'All you need is one pattern to make a living.'
Or Bruce Lee: 'I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times.'
Mebob 3/3 today 30 pts.
Master your Mind,,,Master the Market
- Joined May 2022 | Status: Grateful for the Roulette Epiphany | 1,904 Posts
Life itself is a privilege, but to live life to the fullest is a choice
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- Joined May 2022 | Status: Grateful for the Roulette Epiphany | 1,904 Posts
Sorry for crashing in on your thread like this, but i see alotta skeptics here, and i might be able to clear things up. So, i never heard of this 8th bar method, but as Al Brooks explains in his books the 18 bar range is actually very reliable, and effective. I myself trade it all the time with good results (refer to some of my posts in the roadmap thread for examples). anyway here's all you need to know. {image} {image} {image} {image} {image}
The value of the Mebob is it provides a reference range outside of the opening volatility and after 99% of post-open news dumps by which a trader can identify good times to enter, i.e. it provides set ups, not statistics.
When it comes to Al Brooks, imo, if there is anything that is "all you need," it is in the 13 videos those compose his "Charting Analysis" section of the course. My favorite are these three:
Life itself is a privilege, but to live life to the fullest is a choice