This is the forex software simulator I am using; https://soft4fx.com/software/forex-simulator.php
In this video I clarify the exact rules of entry trades. In VPs series I believe 3 videos add confusion and contradiction to the rules of entry.
For instance, in the 1 Candle Rule and Bridge Too Far videos exists a rule that has contradiction to each other. The Pull Backs video adds confusion.
In future podcast videos, VP states that he has been receiving messages about trading rules and he stated that the person should just test what works best for them.
Now, I think people had to come to their on conclusions on how to trade since their algorithm trading system would be incomplete if they could not add solidified rules to their systems.
I think the rules for basic entry should be simplified and carried out as follows.
- An entry should occur when price crosses the baseline and the price is within the 1 ATR zone of the baseline and all of your indicators and agreeing. Disregard anything that the exit indicator is signaling when entering.
- All of these rules only apply if the price has crossed over your baseline and you are only entering when it is in the 1 ATR zone.
BRIDGE TOO FAR
- This rule has no real logical sense and seems slightly superstitious by using the number 7th candle, like lucky 7 or unlucky 7. VP is from Las Vegas so maybe he is into that stuff but I am not really into lucky or unlucky numbers or a ritual. I do not follow this because I think price is random and no one really knows what is going to happen the next day until it happens. In addition, I think everyone’s primary entry indicator could be different than VPs so something that signals 7 candles for him could be 5 or 10 for another person.
THE ONE CANDLE RULE
- If the bridge too far rules exists for VP then I don’t understand how the ONE CANDLE RULE works for him. Since both would be contradictory rules.
Has VP created a system peer reviewed that has been scrutinized by other fellow forex traders, no. So could there be inaccurate information or holes in the system, yes. I am just pointing out my discoveries and noticing that while backtesting there are unanswered questions and price situations that need to be addressed. I hope this lesson can help traders create a plan that works in every situation they encounter, please let me know what you think, – Dave