I only have SierraCharts. Prof, since I already have the line (not the green and black histogram) is it possible to use your method using only that? How important is the green/black histogram for making trading decisions?
The Histogram is part of the process and like a great recipe, all the ingredients are required. There are a couple people working on the Sierra ERG. Patience.
You are I are exact opposites. I only believe that which I can verify myself and you are willing to trust any one that is able to speak or in the case of this forum . . . type. I personally wouldn't believe anyone that PM'd me either way. I wouldn't trust anyone telling me that my stuff worked for them any more than I would trust someone telling me the opposite. Hundreds of people write books on their experiences in trading and the markets and people buy the crap out of them, trade and fall on their collective asses. Because of my background in problem solving I learned in the very beginning of that process, that process of learing new environments doesn't work. And believe me when I say that SUCCESSFUL AND CONSISTENT trading is new because everyone and their brother is still searching for it. I started from scratch at building what I've created so it can be duplicated by anyone willing to put the effort into verifying it for themselves. The problem is that very few traders have the patience to see the process to the end. It isn't a long time needed to confirm what I do but if it does take 90 to 120 days. Then you hear blood vessels burst and people screaming bloody murder, "IT TAKES HOW LONG???, BUGGER THAT I WANT A FASTER RETURN." But then they will take the next 2 years trying to find a "FASTER" way. Now to me that is shear ignorance but then I'm not trying to convince anyone that what I do works. I trade and I'm successful and if someone wants to learn it I will help them. If they have the patience to apply it, I will have the patience to help them. When their patience gives out . . . I'm done. Why . . . because I'm still trading profitably. I've had about 20 people PM for the indicator in MultiCharts and Tradestation and I have given it to all of them for free. I figure that a few of them have the patience to varify what they are seeing for themselve. They are the ones that matter and the only ones that matter. The ones that whine they want proof first will be wondering aimlessly through this process never finding success. We all know that only about 5% of the people that try trading succeed but most never think about why that number is so low. It's because people don't want to put in the effort to figure it out for themselves, they want it handed to them. I was the best problem solver my company had and has had since I retired. That was because I never gave up on a problem and I never believed anything anyone ever told me about the potential solution to the problem. When the company sent me out on a job, I interviewed everyone then I started from scratch just like no one told me anything and let me tell you that in only about 1% of the cases was given and I solved was any of the information I got from those I interviewed any help in solving the problem. Even the engineers that created the environments I was troubleshooting were clueless as to what the cause or causes were that created the problems. If you don't understand what I am trying to tell you then the thread is better off left to its own bearings and you can put yourself on the company of some rather smart but tunnel-visioned engineers.
. That's why I made my comment before about the long post from Prof detailing the "rules." A logical system's rules should be summarizable in a few lines of rules, not pages. Go long when: x Close long when: y Go short when: a Close short when: b That's why I asked if consise rules had been posted anywhere before.
I also am using Ensign, and received some assistance from another user who posted earlier in the thread. Take a look at the attached for the settings which seem to closely mirror Prof's charts. Also, concerning the +/- 10 grid lines, notice the selection for the 'Study Scale' to be "Fixed Range", which then allows setting the high and low values. Further, click on the GRID button within this same window, to bring up another window for selectable grid lines. Uncheck the defaults, then on the first two rows select 'Value' for the description, set the values to 10 and -10 and choose the color and line style. Then check the boxes for these two rows, and you should be good to go. I'll post today's 2401 chart below, and perhaps someone can verify for us that the Ensign rendition is in the ball park.
Are you a programmer? How much time have you spent researching the markets? Have you discovered any perfect consistencies as to the way price moves within specific environments? You can't say that rules for anything "should be summarizable in a few lines of rules" until you personally can prove the above questions for yourself, which you can't. You make the statement that the market environment ""should be summarizable in a few lines of rules" when you are talking about an environment that only 5% succeed in manually. The rules I posted are a step by step logical progression of statements that can be (AND HAS BEEN) programmed. One must first UNDERSTAND the structure of the environemnt that those rules work inside. Until you do that you can not say the rules "should be summarizable in a few lines of rules", that is ridiculous. That is like saying that wiriting an operating system for a computer is easy you just write a series of "if this" "then this" statements and string them together, presto you have an operating system.
My trading system is shut down now but I will post my 2401 in the morning from today so you can compare. It's late here and I need to get to bed.
No, I said a system should be summarizable in a few lines of rules. Not the market environment. I will read them again tomorrow.