Well said. Anybody who does not agree with ProfLogic methods, please feel free to post constructive criticism with valid arguments. Please no more senseless bashing that clogs the thread. Not a log time before this thread originated I started using volume based candles and was amazed how clear the signals are and how much chop is eliminated. This thread can help a lot of people. Regards, redduke
1397.75 . . . close enough. Nice run up from there. Great job! Might be getting a short term top up here. Now is where the caution comes in to play. I'm throwing in an intraday stop here at 1405.75 and calling it a day.
Yeah fellas, your're right in general, and redduke, you just hit the nail on the head. The fact of the matter is, Prof's chart settings are actually better than mine for the purpose of displaying pure price action, which is what he's been talking about all along. All of the indices gave a quick buy signal (HL), with the ergodic showing range extension. Now that it's registering divergence, it's definitely time to close the Longs and look for a counter-trend Short (if it suits your personality). Best Regards, JJ P.S. I'm using YM for this exercise, but all of the indices are displaying the same thing, and I'm actually trading off of ES. P.P.S. This means I may have to rethink at least part of my system :eek: !
There is such a SIMPLE SOLUTION to this problem. It is called your IGNORE LIST. You will never again have to see another post from someone you dislike. http://www.elitetrader.com/vb/showthread.php?s=&threadid=81947&highlight=ignore fearless is right on
Hi Prof Logic, I am just confirming what I believe I read earlier in the the thread............you use 24 hour charts for every market, even for the ES and ER2 correct? TIA Dan
At the bottom of the following page, I can see that the Ergodic offers a substantial advantage over the Stochastic. http://www.erlangerquote.com/newplugins.htm It seems the Ergodic is not available as a canned indicator on TradeStation, Interactive Brokers or NinjaTrader. Can anyone help with either (a) a website where the Ergodic can be used without incurring further expense? or (b) how to create the Ergodic in (preferably) NT or (2nd choice) IB. Can it be created by tweaking the TSI -- adding an EMA of the TSI on top of the TSI line? What parameters would be used (ST 5, LT 20, EMA 5?)
Yes, I use all of the data for every market I watch and/or trade. In addition, the intraday stop has held and now trying to challenge 1411.25 on the eMini S&P. Replacing intraday stop to 1407.00. Swing Stop on YM replaced to 12264.
You can find the code on the Tradestation Easylanguage forum along with a very detailed discussion. Search for "True Strength Index" or just "TSI". https://www.tradestation.com/Discus...SearchTerm=true strength index&txtExactMatch= You will find several interesting variations of the TSI there as well. Good Trading!
ProfLogic, If you could continue the wonderful community service you are performing here I would much appreciate it. Since you are the authority here, perhaps you would anwer my question. I can't figure out how the TSI differs (if at all) from the Ergodic. Some websites describe them as being the same, others say they are different. The charts you and others have posted of the Ergodic show two signal lines and a zero line. The TSI as a canned indicator is just one signal line. What's the best way to get the Ergodic or its equivalent?
It's interesting that Sierra Chart uses the same formula for both TSI and Ergodic. Now if I can just get my volume bars to cut right at 2401v etc., I will be good.