FBT - First Bar Trade

i came across (from an ET thread about blogs) this blog:

http://tradersparadise.blogspot.com/

and it has some interesting things in it.

1. the trader/blogger is pictorially chronicling the construction of his house. not sure how many square feet or rooms or whatever, but i do recall him mentioning that it is 5-levels.

2. he is a rogue CCI trader. he and a few other traders/friends/associates USED to be part of Woodie's world. blast them for having their own ideas!!

3. he uses (or at least details) only a couple of setups, and one is the FBT - First Bar Trade. basically, it is taking the breakout/breakdown of the first 3min bar. he describes it a bit further (though there really isn't much to describe - it's a price-only setup) here:

http://tradersparadise.blogspot.com/2005/09/first-bar-trade-did-it-againand-so-did.html

anyway, it's a very simple setup and is a lock to occur once a day. he has blogged it 9 times and it was a winner 7 times. it would be interesting to see it's effectiveness across other markets and backtested. stop strategies could also be revisited.

enjoy!

It's a good blog - I've read it before and enjoy it. I think that his house is going to be amazing when it's finished. Great the way that he uses tons of pictures. I find this graphic that he put up fascinating. I still can't work out how this illusion works.