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Yes, you understood it correctly. For this thread I think the orignal poster was interested in whether a time of day had predictive value. The 13:30 period on the upside averaged 57.27% correct vs 51.58 of the overall market. The std. dev. was 3.73 so it was one std. dev. better than random...

On the downside if the market is trading less than the open at the time here's the % of time the market trades lower till the close. Again 1/1/96 - 5/31/03. 10:00 47.85 10:30 50.11 11:00 48.67 11:30 50.27 12:00 48.98 12:30 49.00 13:00 50.95 13:30 51.58 14:00 51.48 14:30 49.51...

Here's a year by year table from 1/1/96 - 5/31/03. The yearly % is the % of days in that year the day was higher (as a control). Interesting times were from 13:00 - 14:30. All 30 min. periods performed better than the win % for that year in each of the years checked. If there is a stable edge...

Here's the % of time the SP ended higher when the price was greater than the open from 1/1/96 - 5/31/03. The % is based on the move from the time check to the close (not from the open to the close...we all wish we had a way to turn back the clock). 10:00 53.16% 10:30 55.01 11:00 54.74...

B school is about preparing for leadership. If your recommendations are from alum, have a +710 gmat score and focus your essays on future leadership, then you shouldn't have much trouble. As long as the daytrader role is in line with your future objective (leadership position in financial...

I think you should consider a Trading Assistant position at a hedge fund. You'll learn the desk job and be able to decide if you really want the P/L responsibility. If it didn't work out you could easily get a job back at a IB. If you go the prop route and it doesn't work out, you'll probably...

As a short term trader, I don't form a strong opinion and take action based on price levels. My only concern is to recognize market action that leads the market higher or lower. Price levels are something value investors have learned. I have no conception of overbought or oversold. If I'm...

Most candidates for investment bank trading jobs do a internship between their first and second year of a MBA program. Check the campus schedule from a website of any of the IB's and you'll see what schools they're recruiting from. If they do well during the internship they'll be invited to join...

At my old firm we had hundreds of traders. One trait I noticed all the successful traders I've known was they all were EXTREMELY competitive. Didn't matter what the competition was...poker, golf, trading, etc. ...just another game. I invited a trader to come play golf at a local public course...

Over what timeframe are you judging consistency? I have many systems that are consistently profitable on a yearly basis. On a monthly basis I have some that have done well. On a daily basis, I haven't found anything that suits me and makes money day in and day out. Here's the monthly report...

Net profit is the only measurement I use for trading success. As we used to say to prospective traders..."Money is the only reward in trading. If you're coming into trading expecting any other benefits, then you're in the wrong business." Being semi-retired, I've had some time to reflect on...

A friend of mine (with a phd in stats), told me I should've done a chi square goodness of fit test with a significance level of .01. The only problem I had was that it only told me if I had a edge...not the degree. Given that I now use 5,000 samples in the test and combined it with some Monte...

Here's the basic code in case anyone wants to convert it to their platform of choice.

Next process the numbers in a simple basic program. The results show the long trades ranked: 2002 90.5 or beat 905 of the random tests. 2001 98.1 2000 95.3 1999 70.3 1998 78.1 1997 90.1 From this little test, I would say this system has a tradeable edge.

Next the annual summary report. This is for the SP market, so to find the number of points divide the $ profit by the multiplier (250). 2002 +17,125/250 = 68.5 pts. 2001 +34,125/250 = 136.5 pts. 2000 +35,225/250 = 140.9 pts. etc. Also note the number of trades per-year. 2002 24...

Here's the forerunner to my edge measurement method (which I've described many times). 1). Take all of the long trades and add up the total profits plus commissions and slippage for a year. 2). Pull out the same number of trades with the same holding period randomly from the year. Add the...

It's a true or false statement. If doji(20) means the open and close must be between 20% of the high/low range for it to be true. Ex. O = 1000 H = 1010 L = 1000 C = 1008 h - l = 1010 - 1000 = 10 pt. range abs(o -c) = abs(1000 - 1008) = 8 1 - (8/10) = .2 or 20% so the doji(20) would...

And here's the annual results since 1990 for the previously posted code. I think there's an edge here, but since I didn't finish, it'll wait for someone else to exploit.

I think what you're describing is a continuation day. I started work on a system for this as a followup to extension days. I was working on the longside trades and stopped work...lost interest. Here's the code I was working on at the time if you're interested:

Yes, you're missing something. Range extension means the market moves a certain amount above the high or a certain amount below the low. When it doesn't happen in the morning and the trading range is less than expected, then it's a possble setup for a afternoon trade. Today is a possible...