Charts Patterns are not correct

Just so I am not assuming anything...can you clarify the exact meaning to you of 'trading off a chart'? Been around for a while...and definitions and terms are not universal.

 

Looking at the chart of an instrument to make buy or sell decisions.

 

For clean charts I suggest rolling your own from scratch in excel with closing or last prices only. I use a REDI+ addin and check closing/last sales with yahoo for a double check next day.

Its not for the lazy though. I have 10 issues with several time frames that I adjust every morning manually. Takes me 30 mins just to get proper color for the days setups. However, the manual process gets in your blood. I cant foresee a days trading without watching those levels move as I add and remove data.

Its much more organic than simply turning your software on imo. And after a few months you are truly one with your data and numbers.

Also less noise without candles, ohlc..etc is a plus for some people.

 

Are you predicting what happens next when you look at a chart?

Trend following doesn't do that.

 

Its a deal Mike. I for one know that chartists do well. So well as to want to stay under the rocks where they dwell. So I am out from under my rock and we will have that debate. I will begin to feed you data from my own findings over time. Who knows, maybe I could learn something.

 

Yes. Do it all the time.

So, may I assume that you don't believe that people can predict a profitable trade via use of a chart?

Please answer yes, no, or state that you prefer not to say.

 

I do not trade the ES, I trade the Euro, and like you I will not give away precise details, but the index will do more than enuf to show that trends exist and can be used.

I will give numbers where I would go long, and where my stops would be. Money management is of course, classified.

 

You shall have that Surf. I use several timeframes to trade the Euro. I will not and cannot post all of that. The SnP will suffice that a chartist can identify an probable entry and exit based on trends, or hindsight data. That is what this is all about right? Any stocks will do also, would you rather I use GOOG?

 

Prediction does not work.

Not my opinion alone, but a view passed down over the years (backed by much substance and data) from some of the most profitable traders of the last 40 years. Real people. Real names. Nothing generic or anonymous.

Further, the question of success is a slippery slop when the primary focus is on entry. There are 5 critical issues mentioned earlier -- and entry is at the bottom of the list.

 

1. Oh my.

2. When you put on a trade, if you put on trades, you are making a prediction.

3. Have fun little brother.