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Theo Patsios
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October 30, 2013 - 02:42
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Please use this thread if you are not sure what to title a new thread. 
I will move and create new threads as needed from any discussions that happen in here.

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Generaal_Goudvis
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October 31, 2013 - 14:30
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Theo,

 

a question on market structure and price action.

 

my thought around market structure is that it defines the trend, with price action it is defined as HH an HL or vice versa.

and HH and HL define the trend.

so to me they are the same, the only  difference is timeframe, but for me mostly using renko this is of no value...only size of Renko-bricks.

in your opinion what's the difference and how can they both help or strengren each other?...

 

looking at your video's I have to understand the differences otherwise I am missing one of the three cornerstones of your mindset.

 

hope you can be of help.

 

cheers

 

GG

Cheers and keep the pips floating.

 

Generaal Goudvis

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Theo Patsios
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November 1, 2013 - 00:25
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Generaal_Goudvis said
Theo,

 

a question on market structure and price action.

 

my thought around market structure is that it defines the trend, with price action it is defined as HH an HL or vice versa.

and HH and HL define the trend.

so to me they are the same, the only  difference is timeframe, but for me mostly using renko this is of no value...only size of Renko-bricks.

in your opinion what's the difference and how can they both help or strengren each other?...

 

looking at your video's I have to understand the differences otherwise I am missing one of the three cornerstones of your mindset.

 

hope you can be of help.

 

cheers

 

GG

Market Structure and Price Action in the way I use those words are also basically the same, the difference being that I like to watch 2 'scales' of swing as a minimum. The longer term swing you are watching ends up being the one you are using the shorter term swing to trade the turn of, and then the shorter term swing allows you to trade the trend continuations within that same longer term swing you just traded the turn of. 

In order to make use of both descriptive ways you can think of your longer term swing as your Market Structure, then your shorter term swing can be what you consider as your Price Action.

In my case the Price Action, shorter term swing, is an Intra-Day level of action so that I can have a trade a day as a goal.
Market Structure, longer term swing, is an Intra-Week level of action that I need to keep my eye on to optimally trade the shorter term swing.

Hope that helps... and WavEFX is based all around Renko to clean up the noise. It looks like we are on similar paths, what I have done with WavEFX is create tools that help everyone see what I am trying to explain and have something to follow. Kind of like training wheels that can be removed once you get comfortable or kept if they help you see everything better. We have developed an Organic system for the Renko Size which makes various calculations from all the standard time frame charts and adjusts your Renko size as the market increases or decreases in volatility, this is very gradual.

Here is a quick screenshot. The latest Trades were the turn of the Green Line using the double tap of the Brown if you get my drift, and the next trades are continuations of the green lines move down. A nice clean an easy way to pick trades.

** Register Here for Free Membership to see this image/link **

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Generaal_Goudvis
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November 1, 2013 - 11:00
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Theo,

 

And is this an EA, that gives signals or trade by itsself or an indicator that is a kind of overlay?

 

And the obvious question (of course from a dutch guy) is it available on your website? Or via the paid subscriber part? Do you distribute it or teach it?

 

Anyhow, the post was very clear and showed me that we indeed are on the same path.

 

 

cheers

GG

Cheers and keep the pips floating.

 

Generaal Goudvis

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November 1, 2013 - 11:17
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Everything to do with the organic size chart creation and what you see on the charts themselves are Indicators we have created, we do also have EA's though that trade the setups and manage for us. This is all stuff that has had taken years to perfect and is part of the paid levels of membership. The most of my teaching is done in the Live Room (VIP level) and this includes 3 daily outlook and review sessions Mon-Fri

Cheers,
Theo

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November 11, 2013 - 17:58
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Dear EFX

I started trading Forex almost 2 years ago. I have tried many different strategies along the way and it has been quite a roller coaster ride. I eventually settled on candlestick patterns using the daily time frame with support/resistance levels.

The free e-book and free videos have really opened my eyes to the concept of market structure. I don't know why I had not heard of, studied, or applied "Market Structure".

 

I believe applying "Market Structure" to my analysis is going to greatly improve my trading. I have gone through the free course twice now and I am practicing the concepts using a simulation program.

Thank you very much

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November 11, 2013 - 23:19
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TX_Trader said
Dear EFX

I started trading Forex almost 2 years ago. I have tried many different strategies along the way and it has been quite a roller coaster ride. I eventually settled on candlestick patterns using the daily time frame with support/resistance levels.

The free e-book and free videos have really opened my eyes to the concept of market structure. I don't know why I had not heard of, studied, or applied "Market Structure".

 

I believe applying "Market Structure" to my analysis is going to greatly improve my trading. I have gone through the free course twice now and I am practicing the concepts using a simulation program.

Thank you very much

You are very welcome TX_Trader, thanks for taking the time to write that down.
I'm glad you have found the Course useful.

The Daily Candle candle presents it's own valuable story once a day but without putting it into context it doesn't end up meaning that much or being something you can trade by itself. Support/Resistance and/or Supply/Demand areas combined with the Candle gives it some context as to where it is happening and that is nice, what I ended up calling Market Structure is simply a read on how the Market has arrived there (preferably based on 2 'scales' of swings) and it gives you more than enough context for your Candles.

All that combined allows you to use the the SR and Structure for location and direction, the Candles as an Entry Trigger, and then the SR and Structure also become part of your Risk:Reward judgement and therefore intelligent Trade Management.

If you asked me how many hours I spent on the back tester/simulator practicing this combination I couldn't tell you, but practice does make perfect. Just keep in mind that the simulator process is there for you to perfect your technique and develop confidence in your Trading Plan and ability to execute it. Once you have that down you have another mountain to climb though and that is in the form of patience required for real time, and dealing with fear of loss/emotions with real money. Don't take these last 2 lightly and start off with micro lots to get your feet wet with it as soon as you are comfy.

Welcome to EFX,

Best,
Theo

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August 10, 2016 - 01:34
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Hi Theo,

 

Maybe this is not in the scope of the free course, but in the free book you talk about candle stick patterns for the entry and confirmation. Since i am also interested in using renko charts i wonder how you define your entry in this case?

Maybe a change from one color to the other (bullish-bearish box) ?

 

Regards,

 

Cornelis

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August 10, 2016 - 23:30
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Hi Cornelis,

In simple words; when trading renko my triggers are price patterns within the Renko.

In that Trade Manager video series I sent you in a different post you should be able to see what I mean by that. Extreme details on trading using Renko is in my VIP course which is over 20 hours at this point. Renko has been my trigger mechanism replacing the candlestick for a very long time now.

Best,
Theo

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May 9, 2017 - 06:26
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Theo Patsios said
Please use this thread if you are not sure what to title a new thread. 
I will move and create new threads as needed from any discussions that happen in here.  

Hi Theos and everyone,

I'm new here, and yet to cover all your videos. I have a few questions, please (I'm strictly following everything you teach; so everything I mention here is based on your template; I'm also with binary.com):

1) I've downloaded the trial version of the tick chart, and was wondering what your settings were for the binary 30 second videos that you did. Yes, I've seen both versions of where you teach how to set up the software; but, you mentioned how you were using the 89 and 21 tick chart on the binary videos, but did not specify the minute time frame you used.

What I've noticed is that when I put, for e.g, a 5 tick chart and on M2, when the 5 tick candle ends, the next candle starts at 2 minutes again, when, clearly, 2 minutes have not gone by already. I'm not really sure I fully grasp the concept. How does this work, please?

2) The S/R zones repaint (at least on the 5 tick chart that I was testing). Is it just because it was on a 5 tick chart? At what tick (or minute time frame) does it stop repainting?

3) Do you still suggest using a Market Maker if we have a small capital like $200? I ask because the broker on your site I was able to sign up for was IC Markets, which is an ECN. I live in Canada, by the way (and binary, apparently, is about to be banned in Canada).

Finally, I've been learning forex (and trading mostly binary using indicators, that have only managed to lose me money :)) for almost a year now, intently. It's been over 10 years I discovered Forex, and have been learning here and there, but never opened an account due to fear of not really understanding all the different parts.

Over the last year, I've learnt a lot, and now that I don't work, I've been studying the charts everyday.

One final question is: how realistic is it if I upgrade to VIP status (after looking at all your videos, ofcourse, as I know you want us to get a hang of your trading style before upgrading) making $500 a week starting with a $200 account in forex? That's all I need, at the moment, to be able to continue to stay at home and perfect my understanding of Forex.

Thanks for all your work.

Regards,

Jennifer

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Theo Patsios
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May 10, 2017 - 03:38
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1) Tick charts have nothing to do with time. Each bar is an amount of ticks, it does not matter how long it takes for the many ticks.

2) SR zones disappear when broken, they do not repaint.

3) ICMarkets are very good yes, they are not Binary Options, they are SpotFX ECN trading. Binary Options are only for fun anyway, they are casinos and directed at gamblers. Stick to SpotFX, you will thanks me later.

Learning this trade takes time, VIP membership will speed up the process for you as it gives you all of my knowledge from well over a decade in a package. Each person takes a different amount of time to process this information and put it to use. Some go on to be able to double their account in a month, some just can't get their head around it. Some take things stress free and go for 20-30% account increase per month. I have a fully automated trading robot coming soon which is designed to double an account in a month but that will be reserved for VIP members only. Making $500/week with a $200 account is very unrealistic. Starting off with a $200 account and building it up to a $2000 account and then trying to make $500/week is more realistic but only after you have mastered the craft.

Best,
Theo

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May 10, 2017 - 03:48
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Theo Patsios said
1) Tick charts have nothing to do with time. Each bar is an amount of ticks, it does not matter how long it takes for the many ticks.

2) SR zones disappear when broken, they do not repaint.

3) ICMarkets are very good yes, they are not Binary Options, they are SpotFX ECN trading. Binary Options are only for fun anyway, they are casinos and directed at gamblers. Stick to SpotFX, you will thanks me later.

Learning this trade takes time, VIP membership will speed up the process for you as it gives you all of my knowledge from well over a decade in a package. Each person takes a different amount of time to process this information and put it to use. Some go on to be able to double their account in a month, some just can't get their head around it. Some take things stress free and go for 20-30% account increase per month. I have a fully automated trading robot coming soon which is designed to double an account in a month but that will be reserved for VIP members only. Making $500/week with a $200 account is very unrealistic. Starting off with a $200 account and building it up to a $2000 account and then trying to make $500/week is more realistic but only after you have mastered the craft.

Best,
Theo  

Thanks, Theo. 
 

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