Practice Trading With Bar Replay: Tutorial
https://www.youtube.com/watch?v=cl8mChK2EYY
Transcript:
We are incredibly excited to show you our new features in Barreplay. Now, most of you know what Barreplay is. It’s the little rewind button up here at the top of the chart. It’s how you go back in time to relive historic market moments, to go study all of the events that happened in markets across crypto, forex, equity, and more.
It’s how you can test your strategies, test some drawings or some indicators on these charts and now you can also paper trade these moments in time. So let’s just click a candle and we will go right back in time to that exact moment and now we get to relive that moment. If you’re practicing as a trader or investor, if you’re trying to test something new, if you want to see how your indicators maybe would have performed, we can just add even a simple moving average here.
This is how you can do that with Barreplay. Going back in time, let’s just do a 20. It’s on a weekly, so it’s a 20 week moving average, make it a little thicker. So we have our indicator and now you’ll see the bar replay buttons here at the bottom and this is how you control that moment in time, almost like you have a remote in your hand to press play.
So now we’re reliving these moments to press pause. You can also slow down the replay speed. We’re at 10x. That’s the fastest speed. If we go to 1x, watch the difference. We’ll click play. We are currently in July of 2020 reliving this historic market moment on a company called Carvana CVNA.
We will show you the chart at the end. It is just a jaw-dropping chart and you’ll see why this is such a fascinating chart to examine with Barreplay. Now we’re going to click pause just to quickly direct your eyes to a really special new feature of Barreplay, which is the ability to sell, buy, and flatten your trades. So you can now officially paper trade on bar replay.
For example, this is quite the uptrend here. And this is just an example. This is not real money. We are not giving advice. This is purely for education and informational purposes so that you know how to use these tools.
If for whatever reason we have done some research or tested some strategy or looked at an indicator for example look at the moving average here maybe maybe we want to test the distance between the moving average and the price we’ll change these colors to make them a little easier to see let’s see here label let’s make the text bigger how about 12 okay as you can see price is currently 51 percent above its 10 week moving average 20 week moving average if you’re testing some sort of mean reversion strategy and you think this gap will close because that sounds like maybe a large divergence between the two let’s click sell that means we just sold
one share short so this is betting the price will go down let’s click play and watch what happens to this trade we are down 17 7. 63 dollars 32 dollars before we click pause this was a terrible trade and this is exactly what Barre replay is for. And it’s exactly what these new tools here to paper trade this chart back in time were built for.
If we click flatten, it means we will close the position entirely. Because we sold a share short, if we click buy, well, we’ll also close the position because we’re short one share. So if we click buy and buy one share it closes it but let’s click flatten flatten is the best way to close a short or a buy just click it once and we’re closed and right here you can see our profit and loss so far we’re doing terribly we just got really burned badly trying to short this uh spike and that is the danger of shorting
and that’s the whole point of these tools so you can test them and see if it’s a smart thing to do bad thing to do and what your experience or learnings are from that now let’s click play again and we’re still at one time speed and we can watch what’s going on is this a chart you’d want to buy or sell? Well, here’s the best part about this tool.
You can click pause. And yes, markets are open and you can’t pause a market. But if, for example, it’s 7 p.m. on a Wednesday night and markets are closed, you can go in and draw some analysis. So, for example, maybe now that you’ve been short, you know, you’ve shorted this position once, perhaps you want to try to go along this position once now.
Well, where are you going to enter on this chart? In this example, if we were to draw a trend line, so maybe we’re a trend line trader. So let’s draw a trend line. And the reason why we’re drawing this trend line is because this shows, let’s actually as support or the the company has just been whoever is buying this or trading this has been really respecting this upward trend so these yellow circles are just showing you each time price hit the trend let’s make this this white line a little thicker perfect okay so if that’s the case and we’re looking for an entry why don’t we wait for
the price to come back to the trend line so we’re already down 32 dollars let’s see if we can fix that we’re going to click play and now we’re going to sit back and wait let’s change our chart so we can have a perfect visual here and it’s really taking off and let’s see if it hits and it’s hit our trend line and we were a little bit off here but that’s fine we’ll just move this here now we’re going to buy okay so now we’ve bought now we’re on the long side however if you noticed in the previous trade we never set a stop loss every
great trader knows it’s imperative to set a stop loss manage your risk don’t let any one trade take you all the way down have a number that you’re comfortable with losing or taking a loss write it on the chart and respect it in this instance the loss is going to be this low right here so 157 see this huge candle we’re just going to say if it breaks through the the low of this huge candle the trend’s over we want we just want nothing to do with it so we’re going to make this actually a red line with text and we’re going to write stop loss let’s make this red as well so
now we see our stop loss and for take profit well the take profit is probably when we look at this chart it’s it’s probably going to be the highs here it’s you know this this this level’s showing some resistance so if it gets back up here and breaks above this or near it let’s let’s take some let’s take some let’s take some off the table really so we will draw a line here and let’s actually go all the way up to this wick, the top of that wick, and let’s do green, and let’s just do profit target. So we know what we’re going to sell, we know what we’re going to
buy, and we’re going to close it, and let’s just see what happens. Click play, and we’re down a dollar, down six dollars, so another really rough trade, down five dollars, down fourteen dollars, down $6, so another really rough trade, down $5, down $14. We are once again trading poorly. It has not broken this line yet.
Whoa, whoa, whoa, whoa, but it didn’t quite even break our profit target. So fascinating. This is the beauty of Barreplay. You can see our profit target up here. It did not blast through the profit target, so we stayed in the trade. Our stop loss is here. It did not break the stop loss. So we stayed in the trade and let’s click play and watch what happens.
So we are up $45. This is our profit and loss and it broke through. Okay. It broke through there. We did not pause it quick enough. So we’ll just take the $44. Let’s click flatten and we flatten the trade and now look, our profit and loss is $11.50. So how much fun is this? How cool is this? We hope that you’re seeing the potential.
There’s really very few ways you can practice your trading quite like this and if you have a TradingView account you should go try this right now because you know it will definitely show you just how good your strategy or indicators or drawing capabilities really are and you can test it across as many symbols as you want we could type in Bitcoin Apple Amazon the euro USD anything and then do exactly what we’re showing you here so now we’re up 11 bucks and let’s click play and let’s just watch for a while to see what
happens why don’t we speed this up maybe we go on vacation so we’re on vacation we’re at the beach and we’re going to click pause once we get to 2021 here actually let’s go all the way to 2022 so we’re still at the beach and by the way what’s really cool about this moving average we placed is, wow, the moving average had some great bounces.
So had we actually been using this trend line and then this moving average, some really interesting bounces here that maybe might have unlocked some new insight for you. But let’s fast forward this chart all the way to 2022. We’re on the fastest speed. Right now it’s still 21. And actually, if we pause this and zoom out, look at the chart we’re on the fastest speed right now it’s still 21 and actually if we pause this and zoom out look at the chart we’re trading and let’s get rid of these this profit target stop loss let’s
get rid of all these drawings and let’s even get rid of the moving average wow so this is the chart we’re trading this is also what is a very valuable lesson of this tool. If you recall, we tried to go short back here. But look at the trend that we tried to short. How eye-opening is this? And this is why they often say the trend is your friend because these trends can take hold and, you know, really even go beyond people’s imaginations of how high sometimes something can go.
But, of course, always be careful. Nothing goes up forever. And there are often corrections and drawdowns. It’s almost a statistical fact of markets. Now let’s click play and let’s just get to 2022. Here’s 2022. So we keep watching and we’re just waiting for 2022. We’re on the long vacation. We took our $11.
50 profit and now we’re back in 2022. We’re back from vacation and we open this chart up. Wow is what we say. Look what we traded. Look where it’s come from. Look where it was and now look where it is. The first thing that we’re going to say about this chart as we’re back from vacation is the trend appears to be over so if we’re going to trade this you know how much energy would it take for this chart how much energy would it take for this chart to sort of go all the way back to its highs quite a bit of energy so we’re going to
now maybe more think about the short side once again. And let’s just quickly look to see where our short target would be. And in this example, we are going to go to a volume profile tool. So let’s go to technicals, volume profile. Let’s go to visible range profile. And what the volume profile tool is showing us is what regions on the chart have attracted the most volume.
But we don’t want to see it from the covid lows we actually want to see it when the breakout really started which is about right here so this area 228 has attracted the most volume in this time frame so from this candle to this candle 228 has attracted the most volume that could mean a lot of people are long from here long from here short from here there’s tons of trading volume maybe people need to exit and close at this position and if interesting enough it’s where our trades even occurred early on in you know when we
were showing you how how this tool works or how we could or would have traded it so why don’t we say if the price gets even just before that we’re going to let’s just say 200 round number 200 if it goes back up there we are going to initiate another short target and let’s do red and let’s make sure the line is red and we’ll initiate the short here and if it breaks this 228 then we will sell so that’s a short so that’s our target uh this is our stop loss this is gonna be our stop loss stop loss and then it sort of just breaks this this line is our stop loss and then our profit target is going
to be sort of the end of the trade. So when it breaks through these levels, you know, the trend is really over. Going back to this point in time, right when the initial breakout occurred. So let’s do take profit. Let’s do green. Let’s make sure that this is green so it’s easier to visualize. So here you go.
You see our entry. You see our loss. You see our take profit. Remember, we have not done this before, so we don’t know it’s easier to visualize. So here you go. You see our entry. You see our loss. You see our take profit. Remember, we have not done this before, so we don’t know what’s going to happen.
We might just end up watching the trade for the next year until 2023, but that’s perfectly fine. That’s what this tool is for, to test your patience, your composure, your ability to sit on your hands and follow your drawings or strategies or indicators. And lastly, remember, this is all for information and educational purposes.
There’s no real money on the line. This is just to show you how to use the tool. So let’s click play and let’s sit on our hands and watch what happens. And let’s see. It doesn’t even look like we’re going to get there, so we may not even have another trade. Yep, we missed the trade. And rather than sort of saying, we’ve got to get in, we need to chase this, we need to trade this. Let’s just let it run its course.
Look, we were up 11 bucks, we went on a great vacation. And now let’s just let it run its course. And we’ll click play. And when the bar replay is over, you will see a really fantastic feature about this bar replay tool, which is that, congrats trader, your hard work shows on Carbonico and bar replay. Our profit was $11.50. Our success rate was 50%.
Our most profitable trade was $44. Remember, we only placed two trades. So, you know, we won one, we lost one, but the one we won was much greater than the one we lost and here’s our profit now if we had lost money and let’s just quickly show you what would happen if we lost money so let’s just go back and let’s click this and let’s click buy and then let’s go and then we’ll click buy again we know the chart goes down now bye bye bye bye bye now let’s sell some let’s sell a little more sell some more sell some more and let’s sell some more wow we are losing a
lot now let’s just close it all take our loss flatten it wow we lost 571 on that quick example but take a look what would happen we now are no longer a profitable trader and the session is over and keep training. The session is over and you lost paper money on Carbonico and Barreplay. We lost $571. Our success rate was 16%. Our most profitable trade was $1.26. Yes, we lost $571.
But if you remember, we clicked buy and sell a lot, and we actually did make $1 on one of those trades that we were showing you. We’re just clicking buy, sell, buy, sell. Success rate was 16%. That’s because if you were to go back and look, there were a few trades did actually work, but 16% means the majority were fails, just terrible fails.
So that is the new bar replay feature and remember this is all for education and informational purposes we highly encourage you to go get in there on any chart when we go to BTC USD and why don’t we we have some drawings there so why don’t we go to Apple and we have more drawings here but that’s fine we’ll just clear them up quick and click bar replay and go back in time and start trading click auto to get the chart sort of re-centered and you know this is this is it this is how you can test your trading right now or test your strategy and if you have some indicators you’ve always wanted to work with go throw those on the
chart and see how they would have worked. So we hope that you really enjoyed this new tool. It is going to be invaluable for many traders and investors on this planet to go back in time. And especially if they want to relive moments, you know, there is the great dot-com bubble of 2000. That’s when tech stocks had their first really big spike.
And you can go back in time and trade this this is the dot-com bubble and you can literally go trade this moment if there’s any moment in market history that you’re interested in whether it’s the crash of 1929 or something else you can type that into the search box let’s see dgia and let’s see here how far can we go back on this symbol DGI and 1950s 1930s and 19 okay now how cool is this if you wanted to trade the great depression and the crash of 29 and the roaring 20s you can go trade that with bar replay so we hope that you enjoy this new tool.
