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Great blog, you're encouraging me to dive into tech analysis as part of my trading arsenal.
I did that initially but it was too much work and encouraged hecklers - if you did well, people would heckle you out of jealousy and if you posted losses, people would heckle you to make fun of you. It was very discouraging.
Besides, I'm keeping the focus on education and examples of set-ups/market commentary rather than making it my personal trading journal. There are plenty of those out there.
Best,
Stan
Thank you for your first comment! Glad to have you aboard.
TradeStation is amazing in its customization, strategy testing, and commission structure.
Been following you for about week, and I enjoy the charts and research.
I sent an email with a trading screenshot using QuoteTracker.
Appreciate all your effort as always!! A couple of questions if you dont mind....
a) Have you ever backtested 3-10 oscillator divergences? If yes, I would love to know the results!!
b) Also, what exactly is the custom ADX?? I am guessing you have made some changes to the normal ADX. I cant remember ever seeing this on any of your plots!
Thanks!!
Have been aware of you for several months but my interest has increased over the past week or so. Picked you up from Grace Cheng's site and references to you from Phil Davis' writings. Thanks for the posts, as a stuent of the market and charting I've enjoyed your lessons.
Cheers, Dave
Thanks for responding. I'll try to get a link up to show your screencap per your request. Thank you for sharing.
UPDATE: I have uploaded the screencap you sent and posting the link here so others can see your screen as well.
If other readers would like to share links to their setups, please share.
A) I haven't been able to get the code for successful divergence testing - it's far more difficult to program than it is to eyeball so I'd love it if there were any gifted EasyLanguage programmers out there who might be willing to share or try to develop divergence code.
B) The Custom ADX uses a slightly different formula but more specifically it colors the line Red if it registers above 30 and blue if it registers below 15, which give me signs of "trend" and "compression"
I'm so glad to have you aboard and thank you for your kind words. I appreciate your support which is what keeps me posting!
That's a cool setup. I've been wondering how things were set up for you. Do you have a UPS (uninterrupted power supply) setup too?
The blog is excellent and I have book marked a lot of different areas for reference! Keep up the great work!
I have a battery back-up/UPS that powers the trading console and main monitor. I also have a laptop as a second back-up that stays fully charged and TS trading desk phone number/info by the computer. You bring up a good point that often goes unspoken - redundancies/back-up devices.
Thank you so much for all your support!
As always, excellent work. This is a very informative post.
I was wondering if TradeStation allows you to control which ticker your viewing across the various windows with a single input. In other words, can you enter "SPX" in one field and have all your periodicities/views update to SPX?
On another note, I found today's action on 5-min XLF to be interesting and was hoping you might analyze it. In particular, we gapped up on BofA news but had a sharp sell off in Financials mid-morning. Would you say the action between 9:45 and 10:30 was a bear flag, an ascending triangle, a symmetrical triangle or none of these? I was actually watching UYG at the time and to me it looked more like an ascending triangle than what XLF is showing. The action around 3-4pm was puzzling as well.
By the way, the link above (#10, to Matt's set up) is not working. Where can I send a screenshot of my set up?
What a helpful post. I don't want to ask too many questions, but I am trying hard to set up a system of my own using the various available indicators. When you are daytrading, are you mostly scalping or letting the various indicators tell you when to take a profit or loss?
Thanks
Toad
I know you always use and explain the 20 & 50 EMA, 200 SMA and the 3/10 in your posts, but can you enlighten us on how you use the other indicators?(particularly the Bollinger Bands). I suppose they also build confidence and give you that edge you speak about so you end up on the right side of the trade? Thanks again, I know it is a lenghty question and the response would take time but I am probably not the only one wondering and any help is always appreciated.
Yes, which is another reason I love TS. Not only do all linked windows switch to the symbol you typed in, but you can link up a page - similar to the one I have on the right monitor - where you can put up a number of stocks and switch timeframes in one click across all charts.
I'll try to post on XLF perhaps in conjunction with the DIA in the intraday post this weekend.
Hmm. I may have to upload to another server. Feel free to send it to me at corey AT afraid to trade DOT com (no spaces) and I'll try to upload it and link to it. Alternatively, if you have a Flickr account or other image hoster, you can upload there and then share the link here.
Oh, and I would consider the morning action on XLF a bear flag (or ABC Elliott corrective wave) provided you truncate the shooting star tail. You get parallel trendlines that form a 45 degree angle.
Of course, it well-exceeded its 'measured move' target.
I used to be governed by indicators but now it's more the analysis and price structure that drives entry and exit.
In other words, the 3/10 only gives me a clue as to a possible move (as in new momentum highs often lead to new price highs yet to come) so I'm looking to buy the first pullback after a new momentum high particularly if we come into logical support via a moving average or Fibonacci ratio... or perhaps form a bull flag.
It's more a multi-input, price structure based trading with fixed targets based on price swings and expectations.
The vertical monitor allows me almost to be like I'm reading a newspaper and is a unique compliment to a wide-screen monitor.
No other monitor for now - for the trading I do, I have trouble filling up all the space I have. I'm not a hyper scanner trader anymore. Remember I have a laptop and two other comps if needed - and I'm often looking at StockCharts on one of those.
I can't give away all of my secrets on the free blog, can I? :)
BBs help me assess the volatility condition and set-up at least one trade idea plus provide confirmation/non-confirmation and possible target zone.
I'm also drawing Fibonacci retracements and using a couple of other tools as the day progresses and structures become clearer.
On the 5min chart, can you put the Tick chart(study) right underneath it (above the momentum study)?
JJ
I suspect you could. I'm analyzing the TICK and TRIN on a 5-min line graph (well, a MA of the TICK).
It could also be used perhaps as confirmation/non-confirmation.
Haha I see myself eventually writing a book - the blog is sort of like an unformatted, big thousand page book!
Awesome!
It's scanning futures data/prices. I think it's a chart of Gold I had up at the time. I'm using the same indicators, only using bar charts with a special color algorithm to code swings. Same 3/10 and ADX. Just colorful.