Not Luck at all. I bought 1121.50 last week when we gapped down at the open. That was a nice low too...ES squeezed up to 1132 on that day. It was awesome. Then I knew that 1139.00 would hit to the upside. Not luck at all. Thanks for the congrats.
For all those interested I found out how J-charts works. The answer is on the site: ""How does J-Chart forecast price? ANS. During the process of obtaining equilibrium, some price will have its image, which is the boundary of balance. This corresponding phenomenon of market price is the same as the particle and anti particle in physics, or day and night in the solar system, or even birth and death in human life. J-Chart uses the 1st Point of Origin with the 2nd Point of Balance to figure out the 3rd Image Price in the future.""" Clear?
Yeah, that is problem when the people who created it are from Taiwan. Hehe. That's why I'm trying to show people how it works. You find a balance point, and then you make a forecast using another balance point. The resulting image point is your forecast. It's one of those tools where you have to actually use it to understand it. Believe me, the first time that I saw J-Chart, my initial reaction was , "WHAT THE HELL IS THIS?" But then I took the time to figure it out and it has been a VERY REWARDING experience. The statement that you posted from the J-Chart site is actually very clear to somebody that understands the pair production effect.
Hello Everyone: I reviewed "JChart" briefly perhaps a month ago. I did not take a lot of time to try to understand it because there was no way to translate the jargon. Reitberg, I am an educated adult trained as a mechanical engineer. I have an extensive background in applied math. If there is a way to understand this that makes some sense I would be among the first to offer some support. As of this point however, I can see no real organizing principle that I can get a hold of. Unless you have a way of explaining the central principle in english, I (and most other sensible folks) will tend to attribute your calls to random chance. As an alternative, you may want to post your "predictions" for a few weeks so that we can see just how accurate JCharts really is. I admit that I am skeptical, but I didn't get to this point by being stubborn. I hope you will enjoy a friendly challenge. Show me what you can do using JCharts. Best Regards and good luck tomorrow. Steve46
Good idea. And perhaps a few different markets, I see they have forex also. I think give entry price, stop and target and time of trade so there is no doubt about what you are doing.
OK: I took another look at the website. A couple of things occur to me for the present. First, there is reference to using a price, chosen arbitrarily I believe, as a "balance point". From that point the display resembles MarketProfile. If I am correct the display shows a distribution of prices. Thinking back to elementary stats, I remember that there are a number of different distributions possible for data. Bell shaped or gaussian distributions are but one. If I am correct, this "system" relies on the idea that no matter what kind of distribution the data (prices) offers initially, it will tend to eventually assume a guassian, lognormal, or normal shape. Because one can draw a triangle from the high point to the "tails", Jchart suggests that until the standard distribution is achieved, price will move in such a way as to "fill the holes". As far as I can tell, this is equivalent to finding a new balance point. Thats about the best I can offer. Would be nice to have a Chinese speaking person interpret the site in colloquial english. Oh well, Best to all, Steve46
Hi Steve, it's not MP. J-Chart is more useful because you can combine different amounts of periods. For instance, I can look at 45 days of data and seperate the data into 5 segments of 9 days. Now I have longer term balance points to look at. It is my understanding that MP does not let you do that. Also, MP does not let you create forecasts based on Balance points. Furtermore, J-Chart DOES NOT create a normal distribution curve for each period. It uses price and volume, which will sometimes give a similar result, but not always. I can explain more tomorrow..It is really late and I must be off to bed.
Echoing what others have said, could you post your analysis for the Nasdaq also? At lease for a while so we can see if J-chart is something that would be useful to each of us?
Here Guys. I am coming to the rescue. John Chen said that it is ok if I upload the J-Chart ENGLISH USER'S GUIDE to my website. You will find this useful, and I'm still going to explain to people how to use this software. BELIEVE ME. When I first got the software, I was so confused. It took some time for me to understand it, but it was worth all of the time in the world. Here is a link (It is a word document and pictures that are used in the word document. The files are all compressed in a zip archive): http://www.fibwatch.com/documents/JCHART_English Guide.zip So you guys can read this file, and then we can have more in depth discussions about J-Chart in this thread. Cheers