Jack seems to have had extensive experience withTelechart. i have used it for years, but i think it is lacking in the necessities for Hershey trading. i want to have the mosy versatile tool availble, since they are all comparably priced and i wondered if Jack has used this platform recently and is familiar with the new Snap Sheets. if so, i would appreciate his comments on this service. restan. ...............
I second the above. I've used Telechart off and on over the years and signed up again recently specifically to use with this method. By the way, I think Telechart was one of the first software companies to follow the software subscription model, i.e. you never buy the software outright, you only rent it.
Spyder, I noticed on the new chartscript, and the old 4.1, that you used a green and red shading for the MACD when it is above and below the 0.4 level. I remember reading something about it in the beginner rockets and iceburg setups, but i thought those mainly applied to futures. Could you explain how the +/- 0.4 MACD level is to be used in equities. TIA
The 0.4 refers only to the ES futures (it is an absolute measure of divergence not a relative number so it has to be scaled for the price of the instrument in question). [please correct me if I misunderstood.]
Rather than explain, how about I show you how to 'see' it yourself? Head on over to Wealth-Lab.com and enter into the Chartscript any Final Universe Symbol. Note the chart location where MACD Histogram exceeds 0.4 levels. Now, look at the price pane. Notice anything significant? Hint: It's Blue. If you experience difficulty seeing it, log in and set the price bar spacing to 8 (gives you wider price bar separation). If it still isn't clear, please let me know. - Spydertrader
Spyder, would you mention the chartscripts you now use? also, are you still using Qcharts? i use TC2000, which is easy to use, but i don't think it is suitable for Hershey/Spyder trading. i'm a rookie and my confusion is compounded by the variety of trading platforms, data souces and the different variety of ''tools'' used by the different posters. if possible, maybe you would be so kind as to list your souces for all the information you gather in order to trade as you do. my mileage has varied. thanks, restan
Qcharts - Charting and Culling Wealth-Lab Developer - Cycles and Scanning MBTrading - Broker - Spydertrader
Thanks Spyder, i remember you saying that the merger between e-signal and qcharts may cause you to change services. in the wealth lab, which chartscripts do you now use? i see there are a number of them available? thanks again Roy
When the MACD is above 0.4 and is blue the stock generally is in an uptrend. Do we then use the 0.4 MACD level as a hold or an enrty criteria. The reason i ask is because with alot of the Bruno R setups we are looking for the MACD to be diverging towards the zero line or just around it as it is getting ready to break out. If this is true then I guess a breach of the 0.4 level would be used as a confirmation that the stock is in a strong uptrend and we would then hold the stock. Am I on the right track here?
Yes. you are headed in the right direction. What I wanted you to note was the blue lines in the price pane. Many of the 20% (or more) runs occur when the MACD Histogram finds itself above the 0.4 level. Now, that doesn't mean every 0.4 level turns into a 20% run. It's sorta' like "All poodles are dogs, but not all dogs are poodles." - Spydertrader