Whether this is a profitable strategy or not, or that it's just another worthless squiggly TA is besides the point IMO. What should be asked instead is why would anyone publicly share this if it is indeed profitable? Once it becomes public, we know its edge wears out. We've seen this over and over. And to believe that one does it out of altruism is, well, not to sound cynical, downright naive.
That is the academic believe to some extent that when it comes out the edge goes away. But it is not true. Otherwise no strategy can work, because every strategy has been somewhere published. So you must be a believer of the efficient market hypothesis, which is wrong too. Because everybody knows here too, that there are working strategies. So I just proved you wrong logically. Do you know any working strategy that has not been published anywhere ? (if yes, then you did not make a proper search, because everything is already published somewhere if you just look more around. The biggest secret is that there is no secret.)
Also a nonsense argument. So do you know a working correlation between youtube and profitable strategies ? Of course not, but there is a correlation between profitable traders overall, because we all know that over 99% of traders fail. So the chance that a profitable trader is sharing (one of his) profitable strategies must be less than 1%. So the same is true for youtube, or any other media. It has nothing to do with youtube itself (of course). And that I was asking if there is some value to this content I was posting. So no value from your post here too.
Ughh...another trading video that wasted my time. I don't quite "get" this strategy and all of the rules. Plus, where did that bottom indicator come from ? Where was the link ? A PDF file would be a much better way to describe this strategy.
Once the Strategy becomes well known people try to anticipate the Entries and Exits, knowing others will be Entering or Exiting, frontrunning. That's why it's edge loses effect.
Sample size of 200 is like eating 2 potatoes chips, when I backtest I require minimum of 20,000 trades and over at least fifteen years for intraday trading or 40 years on longer term. 200 often is "selected" time and market. Using that indicator which I tested long ago is fine for trending but get whipsawed during chop. Here is what most do not understand, volume drives price, retail has very tiny imprint in direction. Study when huge volume comes into market and study what patterns created this volume. You really want to tailcoat larger players than being lone dog. Charting is a roadmap to learn, takes time, but once learned, you know what price recently has done and stats of patterns to take that gives you rules of possible of profits. But risk management is 99% of good systems and you never see this in free systems. Hundreds of systems on how to get in but money management is usually absent.
It is amazing someone would actually "defend" or "ask" about this. The thing has a computer generated voice. This is akin to a robo-spam call or a Bot driven text msgs. It is for people who are "digital serfs". The lowest on the cyber food chain and are blindly manipulated by those who control the digital domain. Gee I wonder how this came across your path? Even dwelling on it is a waste of time and reinforcement of an attitude that is not helpful. The people who succeed do not consider these things. But those who don't, do look at them and wonder.... It is 2022 not 2000. Get with the program or be left behind. BTW: Handle123 is correct. I got a handful of these in the dust bin. One has a 600+% ROA, but in chop crumbles rather spectacularly. It could almost be an assignment in Trading Algo 1C course.
It looks like it is based on a custom oscillator of some sort, but the entry on a dying triangle looks sound. Good R/R, but if enough muppets start using it the price will move enough to trigger the buy signal then whip back down violently to get the stops. Most patterns fail this way. Remember the turtle 40 bar buy signal? Everyone started fading it once it was published. There was even a new system called "turtle soup" which bought the dip after the breakout reversed.
So many people are going to begin buying on support / resistance thanks to ET gurus talking about it, the next system will be to anticipate all the failures. This is the game - taking money from beginners. Sad but true, trading the market is a combat sport.