You can backtest in TS on minute, tick or volume charts. Minute based data is available for download and backtesting over many years. While tick and volume data are only available for a 6 month look back, if you're a TS client and you maintain your cache, you can build up a history of more than 6 months. I know that TS has discussed making more than 6 months of tick and volume data available, but I don't know where that effort stands.
Hi opm8, Thanks go to you for translating Market e Motion into Ensign. I love Ensign but I'm not a programmer in any sense of the word and would not have this wonderful tool unless you had done the work and made it freely available. Cheers For 2008, Shel
I really suck at this so far. On the attached chart is the first valid trade to take today the failed H&S at 12:30 pm? Would I really have to sit here for 3 hours before even seeing a trade set up? Were there any trades before this point? I have a huge problem getting in questionable trades because if I sit here even for an hour I feel like I must be missing trades, so I think I make them up. For instance there were a couple double tops or M tops before the circle I drew. I think I went long on the 2nd one when it failed. Would that failure be a valid trade, or should I not have taken that? Thanks for any help. I'll get the hang of this any time now.
some position traders don't make trades for days.... they feel the situation building up and the right factors start to impose themselves on the market place. Then a trade is placed.
I would probably go insane waiting that long. A quicker style suits my personality more. I can wait 3 hours for the AHG style of setup. I just don't know if I should be waiting that long or if there are things I am not seeing.
If you don't start to think about trading as a business, you are going to have huge problems in the future. In a business you don't buy stuff for the sake of buying or because of impatience, you buy stuff when there's a good opportunity to profit. I obviously have no idea about your experience, anyway let me tell you , if you don't see a clear pattern/setup, probably it's not there. Sorry no time to take a look at your charts, i'm supposed to be on vacation
Here's a marked up chart of what i saw in today's action: http://img185.imageshack.us/img185/7922/croppercapture2ba3.png In the morning there were two Piscuy 123's or in my mind they're just bull flags but the method has you wait for a 2nd bar to break the signal instead of buying the first breakout I guess for extra confirmation. They also retraced to nice fib. levels. There's also a channel. You could have bought it at the Lower TL (trendline) PT 2 as an ascending triangle breakout or waited for the pullback later in the day and bounce on support at the HL3 (Higher Low) to enter. As soon as HL2 formed you could've drawn the channel connecting HL1, HL2 as the lower support of the channel and use HH1 as the basis for the upper channel resistance. Hope that helps.