LOL...reminds me of when I used to draw my charts by hand (back before there was an internet) using the daily newspapers. Get with it gbungard...times have changed!... (just ribbing ya...I know there's nothing like doing charts by hand to get a feel for a market)
I mainly DT eminis so I use a little app written by a friend of mine that's based on TS and esignal. I feed it with both esignal basic and IB data. For longer term stuff, I have an Extra Stockcharts membership (probably overkill but it pays for itself). I like the fact that I can log on to it wherever I am (travel a lot). Sometimes I hitch on to my bro's TS but he's only had it for a couple of months so I'm still learning it. If I like it, I may go for it myself. I just don't like the fact that you have to use their brokerage to get the software. Maybe I'll go with esig's package instead. I don't really have any complaints yet anyway. It's not like I'm swinging a hedge fund or anything. Uni
Austrader and parttimetrader: one 11 and the other 12 postings, hmmmm..... Having evaluated both RT and EOD I can say that I threw them in the garbage bin. Ah well, your milage may vary Their exponentional moving average does not look like any of the other vendor's exponential MA's. Just get an old TS2000i. No need to be connected all the time to the internet. Much better if you are new to stick to EOD initially anyway, casualty rate under daytraders is pretty high. Metastock for EOD is fine too, allows you to do scanning as well.
good and gracious replies ... I've gotten a few new ideas, and for that I am appreciative one that I haven't seen mentioned (and yes, I did a search) is Amigo Charting ... it is written and sold by a cyberfriend of mine from SI (and NO I get nothing in return for mentioning it ... gggg) what I "tried to do" when I started this thread was to make a poll ..... and then I saw it didn't take ... I guess it is similar to when I first started to attempt to post a chart here on ET .. the first couple I did went fine .. then quite a few of my next tries failed ... sought help and discovered that if one "peeks" at the contemplated post by use of "the preview pane" it negates the chart link .... and it seems that not a lot of the "regular long time posters' knew that fact ... so ... I apologize for being a newbie, and for not getting it done correctly .. but, I do appreciate the replies ... thanks .. and I'll try to learn how to submit a poll properly ... ggggg
racehorse, Thanks for starting the thread. Very valuable as we all see. Over the last nearly 50 years I have used a small variety of stuff. All covered by prior posters. I currently do my intraday monitoring as follows: Coarse measurements: on charts (QCharts) where I do trends and traverses on price (trendlines), PRV (5 min)and volume ranges to determine market paces, and indicators and their first and second derivatives. Medium measurements: compare INDU and YMXX (qcharts) to use leading indicator of "smart money" (end of of traverses within intraday channels) Fine measurements: On trading platform (IB for ES). I use DOM to do detail of reversals within one tick of traverse ends. (See 2 pair and spiking sequences). Fast trends occur @10K vol or better on 5 min charts. Slow paces are @ 4.5k vol or better on 5 min. This is about 1600 dollars/month per contract commish as an activity level measure for trade frequency. For the slower equities that can handle large capital blocks, I use 30 min charts on QCharts to monitor planned BO's and peakings. I do a weekly assessment of universe on a scan from stocktables.com and I use portfolios on clearstation.com to prepare (daily using EOD) for following day's cross overs of capital (switches based on money velocity). These are 3 to 4 day brief holds that extend to 6 to 8 days sometimes. EOD values and 30 minute monitoring give good optimizing. First two hours of day is when switches or entries and exits occur. I go for 50% of "long" trends (enter late leave early as a cross over on money velocity)
Hi Jack, What does PRV (5 min) and volume ranges to determine market paces mean? What is an example of a first and second derivative? How does the "smart money" indicate an end of a traverse? Can you expand on the 2 pair and spiking sequences technique? Thanks, JohnnyK