RoughTrader, Here's another way to look at it, and actually might be something to consider. Assuming your charting software allows you to do this, start with the daily fractal and draw channels that span a few months. Then zoom in and do the same with the 30 min or 60 min fractal. Now, zoom in to the 5 min fractal. You should have a bunch of CO's visable. So, end of previous day and beginning of current day is something to deal with but if you're going to handle CO's you need to be able to construct channels from RTL and LTL touches that span more time. Make sense? I guess one way to handle this is to have the ability to generate multi-fractal channels (daily, 30 min, etc) and display them on a 5 min chart. Even if you don't implement this, maybe you can design for it (data model, etc). FWIW, spooz
I see what you're saying. On a 5-minute chart, the only way to construct daily, 60-m, 30-m, or whatever higher fractal (that's an integer multiple of 5 minutes) is to register the OHLC values into storage arrays. This can quickly get messy, and I can see how it would be intractable. The larger question is, is it necessary to include CO channels in this context? In other words, once 15 or 20 minutes has passed to let the market settle properly for a new day, can't we just automatically start trading off of tapes / channels made just for that day.... RoughTrader
RoughTrader, Good question. Maybe other folks can chime in here. If you don't implement a general solution, I think you would need to (or should I say ideally ) be able to "widen"/"fan" the Forest channel(s) from the previous day. Or, maybe just the last traverse (from point 1). Food for thought and of course, just my opinion. spooz
I believe Tradestation has an addon .eld that gives the programmer access to data from other charts. Also, couldnt you just add additional data streams since its all the same symbol ?
Yes. There are many ways to do this. The path of least resistance would probably be what you suggest. In one chart, let Data1 be the 5 min. chart, data2 the 15 min., data 3 the 30 min., etc. etc. Trendline values could be referenced from each data stream in this way. I'm still questioning what the utility of this really is.... RoughTrader
AFAIK there are at least two approaches hershey has hyped here on ET: 1). The first one was STOCH/MACD approach with all the beginner rockets icebergs etc. 2). The channels and SCT approach currently the subject in the journals section. Why not explore the STOCH/MACD first as it seems to be more readily programmable and put ALL the hype to rest? http://www.elitetrader.com/vb/showthread.php?s=&threadid=19361&perpage=6&pagenumber=1 At any rate, best of luck on the quest.
-------------------------------------------------------------------------------- Quote from Index Maximus: Hershey says beginners should make $75,000 a year trading 1 contract on rockets. -------------------------------------------------------------------------------- Easyrider grew a small ($5000 I believe) account into $213,000 USD trading nothing but rockets. - Spydertrader http://www.elitetrader.com/vb/showthread.php?s=&threadid=83604&perpage=6&pagenumber=971
i read thru the method myself and its typical t/a you fit the study to the past. when it fails you come up with another rule or admit you should have done this or that. all this stuff is not going to make money on a consistant basis. fooled by randomness just as the book is titled - how true. what a successful trader must learn and understand is market dynamics, internals. like ned davis "www.ndr.com" coined the phrase techno fundamentals, but mechanical as it can be. this understanding of what drives all markets is the edge everyone has to have to make money trading "consistently". mb