Thanks, I appreciate your effort in looking up Wilder's book. My interest in DMI was purely academic - in fact I am embarassed to say that my usage of NexTrend is an example of underutilization par excellence - 5 candlestick charts (my 3 stocks, S&P and Nasdaq futures) with no indicators whatsoever and I don't use their scans, news or any other feature. I did, however, find some of your out of the box suggestions on SI refreshing.
Tom - You and me both. I trade pure price and volume action. Only things else on my charts are 5, 10, 15, and 20 bar sma's for gauging acceleration, breakout reliabilty, and trend strength. If you have something you want to share over there, post it. I'm running out of stupid ideas. Mind saying what and how you trade? Always looking for a free education! - Mike
Mike, I trade (intraday) 2 Nasdaq stocks only, using S&P and Naz futures, level II and time and sales (top down approach). This lack of formality has me somewhat worried since I am trying to work on my discipline (as per Douglas) - hence my recent interest in TA-land. Does it worry you that you can't write down the exact, specific rules for your entries and/or exits? Or maybe you can?
Tom - Thanks for describing what you do. I am constantly evolving variant trading strategies, and incorporating bits and pieces of each into a larger whole which seems to work for me. I want something I can use on any time frame. I'm always looking to plagiarize. It's so much easier than paying the dues to learn the hard way. I trade QQQ intraday, with the occasional opportunistic NYSE swing trade which pops up from overnight scans. I hope to graduate to trading NQ. I presume you are trading DELL, ORCL, CSCO, MSFT, or INTC for the better volatility? If so, I keep a screen up of those just to see what's influencing the QQQ, but don't trade them. You and I are kindred spirits if you worship Mark Douglas. Saying his name is like saying "Amen, brother!" to me. Re rules, yes it's hard to make them and stick to them. I started out by writing them down, realized they constituted a set of fuzzy logic rules, and flowcharted them. That helps me to stick to them. As an example, the first decision diamond is "Is there a minor or no gap?". If yes, I'm allowed to trade until 9:40. If no, I can't trade until after 10:30. A technique I use to stick to Douglas' principles is to make tape watching a meditation. I focus on price, carefully monitoring my thoughts to catch those devilish beliefs and banish them, like "That 1M block will kill the move", "the gap will close", "38 will hold", etc. On every one minute bar I keep a running commentary to stay focussed: "made a low, first high above the 5ma, 5ma turned, closed above the 10ma, first high above the 15ma" etc. Also I use nominal rather than price in the candles to keep the clutter from bad fills down. I'd be interested to hear from you what your tricks are. Can't pay, of course! You have an SI handle? - Mike
Just started a thread for NexTrend hints and tips.. http://www.elitetrader.com/vb/showthread.php?threadid=3815 mainly about tweaking the software.. using formulas and such.. Neil
I'd be interested to hear from you what your tricks are. Can't pay, of course! If you followed my tricks, believe me you'd pay! You have an SI handle? I'm not a Premium Member, so I can't post.
Anyone knows how to get intraday data 30',60' (RTH only) on eminis in Nextrend? I can only get the 24hour data. Thanks
I keep getting kicked off, or if I do log in, I don't get anything. I'm even having trouble connecting to their website. I want to see if it's my connection. I lost IB a couple times today too. thanks, Johnny