Thank you for your answer. You answered very well. Right. This is also relevant for the thread topic. The OP seems to dismiss TA/PA, yet he does not seem to have invested any serious work in trying to understand it either. It takes time. A lot of it. And even a good system/methodology may have additional challenges when trying to implement it in real time (think fast entries/exits, emotions, $$$ at risk, etc.). Damn right. It seems like most people either dismiss or too easily 'believe' without testing the validity of a given approach. I think you're approaching this exactly how you should be. Would be great if you could keep us updated on your findings. Best of luck.
%% He uses too long a sentence/many oid timers do/LOL That last sentence/ he hedged hiss sentence , admitting he could be wrong/LOL/ he is bullish . As far as price improvement/sentence improvement; he could have said my QLD,qqq longs have been doing better in MAR , but SQQQ is loooking better lately,.Like today sqqq looking good,
Hello Laissez Faire, Thanks for the response. I responded in red I agree with your statements. From my experience, and I am not a consistent profitable trader, this is why I always state "my", I believe alot of traders make the mistake of thinking, "Just because I trade this way and he/she say trade that way, I will eventually make money" That word eventually is a powerful word that I believed in for years as it relates to trading. After some serious thought, and I mean seriously thought and research "I" had to come to serious conclusion that my approach to trading is based on Hope it works eventually. AND NOT based on clear stats and data, that show that I have EDGE. "I" personally, will never ever trade my real money until I have a proven valid Edges. Will that edges come from Al Brooks? I do not know. Will it comes from a KKK leader who trades and tells me at local bar? I do not know. Will it come from some on this ET forum? I do not know? The only way I will know is by "me" validating it at cost of $0.00. But here is the key part of the thread, will I be mad and bash Al Brooks, if I find no edge with him and post on a forum to discredit his business, NO. NO, I will not, because here is thing. Al (just like all other teachers or book sellers), they selling their trade idea/theory/method/entry/exit. All Al is doing for me is presenting a trading idea or theory. Nothing wrong with that. All I have to do is now is validate his idea, but here the catch. I am not going to spend longer than a month or 2 to validate that. It either has edge per my testing or it does not. Then I am on to next trading ideas. Perhaps some of those trading ideas will be from price action, maybe they will not. Who knows!! I like the feeling of not knowing, but verifying and validating. A monkey can tell me a good trading idea, as long as the idea is clear, I can validate it. However, I do subjectively based on my experience and skillset lean more towards price action concepts.
Back testing a method or system using software like for example Amibroker is a hit and miss affair, well it is if you were backtesting stocks. You may end up with incorrect results, either too optimistic or too negative. Example; I run a method which I doubt could be backtested unless I threw a huge amount of money into the data. When I trade I'm always looking at correlations, what was this index doing, what was another index doing?? Backtesting normally can be difficult to code if there are a number of parameters, conditions, correlations and other data which your particular data supplier cannot supply. Most traders I assume don't make trading decisions alone off one data source, they may think they do but unbeknown below the surface they may be influenced by news reports, weather, the time of the year, how far up the curve a bear or bull market has progressed, PE ratios, even what time of day - do you wait toward EOD to get price confirmation......all sorts of little things which make a difference to buy and sell signals and which can't be coded into a backtest.
I predict the sun will rise tomorrow. And...it will appear in the East. I predict it daylight length will grow until June 20th, after which it will begin to shorten again. How'd I do?
I would say the same about FuturesTrader71, he is also like the head of the conservative private church of volume profiling. He also refuses to share his trading statements, even when asked multiple times. There is always some excuse and the matter is never addressed. He also has a cult following; try pointing out something logical which outs him and you will get attacked by the Muskateer equivalents. Every traderbite has 2 scenarios - either we will go up or we will go down. LOL!
Why do you think flags...pennants...wedges...channels...PB’s...Breakouts....triangles....and such form on charts? Are they there? If so, why?