Stealth, It appears you must be using about a 200 tick chart or minute equivalent. At least that is what is seems to be on my IB data feed which is not true tick. And given that time frame it looks like stops might be up to 30 points. Is that about right? But with runs like that last short, who cares!. Thanks for posting.
1st arrow Probably the low pivot (cyan) plotting higher. I think the high there got a bit higher than it was supposed to in comparison to the previous free fall. Definitely sign of possible reversal or chop to come. 2nd arrow Probably the low pivot making a double bottom and not a higher low. When the market makes a low like that you really want a higher low and a higher high like on the first long of the day I took. Got to be extra careful at LODs/HODs, traders are nervous around those areas. ...and sometimes its just pure luck of entering a good trade or not entering a bad trade. Anek
Stealth, I also use ensign, could you please explain what function was used to create the LL,LH,HH,HL notations on the chart. Thank You, Dave.
*Upcoming Change* ---------------------- Starting next week I am officially moving to the ES. It might take me sometime to adjust but better now than later. YM liquidity and bad fills are getting on my nerves lately. I had a few stop market orders today that got filled for 4 tick against me. Simply not acceptable anymore. Have not decided which tick size or volume bar size I will proceed with but I guess I will know soon. Officially I'm saying my farewell to the YM unless the ES spanks me in ways that do not excite me Anek
I am reading your logs..wonderfull work. If somebdy can hele in duplicating stochastic like you hav done on your chart. I am using Qouetracker and unable t create simmilar thing. i have ayed with lot of there setup ut dosn't replicate your setup. One more thing , i am also watching for blck tades and tick hook along with the signal generated from AHG system. I think stochastic and MACD combined are great tool, if you have patience. Still debating should use 199 tick or 89 tick chart.
Thanks again to Anekdoten for a generous and helpful thread. Regarding the stochastics question from billdobson1972, I am sure the charts that have been posted are from Tradestation and their feed. Judging from your question, you may be using Quotetracker with another feed, probably Interactivebroker (IB) ? Please note that IB is not a tick by tick feed, so that on a tick chart, it will sometimes look very different between QT/IB than TS or other true tick based feed. Here is the TS inputs for slow stochastics : Code: inputs: PriceH( High ), PriceL( Low ), PriceC( Close ), StochLength( 14 ), SmoothingLength1( 3 ), { used to slow FastK to FastD = SlowK } SmoothingLength2( 3 ), { used to slow FastD to SlowD } SmoothingType( 1 ), { pass in 1 for Original, 2 for Legacy } OverSold( 20 ), OverBought( 80 ) ;
thanks for your help I am still studying and as of now i am using etrade..i am planning to switch to IB. I will be looking at markets only from 9.30 - 10.30 and again from 1 p.m - 3.0 p.m... will be making very few calls ...less than 2 trade /day.. thats my goal... One of the guys in this thread posted a very good chart which shows the latest swing high or swing low ..now i am trying to develop paintbars for that logic.. I also find ticks/Trin/intermarket relationship/ Block trades(trades gretaer than 200K on spy) to be very good tells... this is a great approach ..need to fine tune the entry & exit - so market internals grasp would make or break this system
Awesome news ! All the best and just imagine what you can achieve when you groove with the ES and build those contracts 20, 30, 50, 100, 300 .... Cheers
I have been contemplating starting a journal for a couple of weeks now called "Old Fashioned Trading" or something similiar and then I ran across this thread and see that you have already done it. Our trading approaches are almost identical except that I am still using time bars. Pullbacks in a trend, double bottoms and double tops. What else do you need? I use only trendlines and a couple of moving averages although I have used the stochastic off and on. I have seen you mention 50% fib retracement and sto crossover as an entry. Which one are you using now? I am also wondering if you have taken anything from Proflogic as theres a lot of parallels. In any case I would like to join in the discussion. Great thread. A rarity on this board.
Just a word on this if this if it's an index system . Not sure how many trades it takes, and if it's base on charts only, but BEWARE ! Il will say this: TA on intraday charts is pretty much worthless and in the current market forget it . You've got to have something else than TA alone to even have a chance to survive. Daytrading on TA (S/R, patterns, oscillators have they ever worked as standalone?) is DEAD ! There is nothing there. A couple of years ago yeah you could make money more than 50% of the time if you were really good. Don't waste your time trading intraday and don't dream about making it as a homebased daytrader. It's the biggest pipe dream/ scam invented by the brokerage industry.