If you want to fail as a trader, study TA
- Thread starter The Expert
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"thruppenny bits" isn't that Cockney rhyming slang? Half a crown and two 'n' six, showing your age there Mysteron.
DT it's definitely part of a program, most of the pages and charts look like presentation slides.
Only half way through it, should be able to discuss it better post weekend.
You're in Bangkok aren't you? Still going off over there then...
DT it's definitely part of a program, most of the pages and charts look like presentation slides.
Only half way through it, should be able to discuss it better post weekend.
You're in Bangkok aren't you? Still going off over there then...
Listening without hearing.
Looking without seeing.
Blimey, it's like the blind leading the blind
I'm guessing from your handle that BOB is Big Outside Bar n'est pas?
Actually, I'm pretty sure that I said that last night.
You guys do struggle with Mr Cryptic
I think you will find that it is an old TA term, "Blow Off Bar" which in more modern parlance is a long tailed candle which is either a hanging man (top) or hammer (bottom).
The relevance of those is that they mark a serious rejection of price and big money taking the opposite side to exuberance or panic. As he describes the mark on the generals. The sad thing is that such pointers are only really relevant at beginning and end of trends which is not exactly helpful for jumping in intraday.
If you read his cryptic poem type thing and think toilet humour then he made it quite clear.
Wow this is again one mighty long journey to get absolutely nowhere. I hope none of you guys are hoping to trade in this decade
I think you will find that it is an old TA term, "Blow Off Bar" which in more modern parlance is a long tailed candle which is either a hanging man (top) or hammer (bottom).
The relevance of those is that they mark a serious rejection of price and big money taking the opposite side to exuberance or panic. As he describes the mark on the generals. The sad thing is that such pointers are only really relevant at beginning and end of trends which is not exactly helpful for jumping in intraday.
If you read his cryptic poem type thing and think toilet humour then he made it quite clear.
Wow this is again one mighty long journey to get absolutely nowhere. I hope none of you guys are hoping to trade in this decade
Hmmmmm, big outside blow offs...is that even legal?
Whatever you choose to call them they indicate the same underlying market dynamics.
But the question is, why use bars at all? Show me a sequence of bars on your chart, I'll change your baseline period or offset and show you a totally different sequence of bars.
Candlesticks are only any good for killing Colonel Mustard. Real generals use much more effective weapons.
Whatever you choose to call them they indicate the same underlying market dynamics.
But the question is, why use bars at all? Show me a sequence of bars on your chart, I'll change your baseline period or offset and show you a totally different sequence of bars.
Candlesticks are only any good for killing Colonel Mustard. Real generals use much more effective weapons.
I feel sure that you could re-compile the data I use and whatever I display them as to something completely different that had a totally different meaning.
When I use probably one of the most accurate data providers available and show data in 6 different formats, why would I wish to change something that works for something that by default wouldn't?.
If your point is that underlying market dynamics rules then I am in total agreement and it doesn't matter what shows it providing something does.
Big Outside Bar is it TE?
Quote from DionysusToast:
Good day all. Not trading today. I have other things on my mind currently - like being on the wrong end of a grenade or bullet. Having to keep your head down does not make for a happy trading finger.
So - let me steer for a second...
First - BOB - Blow Out Bottom/Blow Out Bar ???
Second - ze generals. I found the generals book pretty interesting 'cept it's not a book - it appears it's the accompanying documentation to a web seminar - all 500+ pages of it. I can only hope for those present that it was more than one sitting.
It starts off looking a lot like a swing trading methodolody. It talks of a certain segment of the trading community with deep pockets that measure themselves in comparison to the performance of the S&P500. Anyone that's brought a mutual fund knows this makes sense. It also says that these people can't beat the performance by investing in the S&P500 so they need to be selective. OK - also makes sense.
There is talk of these people getting into certain stocks and pushing them for a return. We know TA traders will hump (sic) on a trend, so this also makes sense. There is talk of relative strength too.
Then it jumps into day trading setups and I have to admit it seemed like a bit of a quantum leap to me and I can't help but think there must be something in between. I can understand the concept that certain groups will be investing in stocks and that in this case you can argue that for a period these stocks may rise. On any one day though, I find it hard to see how this is of benefit more than going into an earnings stock for a day trade.
If I look at relative strength on the S&P500, it seem to me that more is not better. I have a strength measure that largely agrees with RSI but is less granular - it gives me a number between -10 to +10. I have seen that those that hit the heady numbers like 7 onwards are actually pretty much done and that those with lower strength, that are just going actually make more sense.
So - I have 2 things I don't understand when looking at this literature....
1 - How do we leap from what 'ze generals' are jumping into on a 'macro' level into any sot of day trading action plan at a 'micro' level ?
2 - How do we use a measure of relative strength when it appears that those with more strength appear to be cooked and ready to serve (apple turnover) ?
Note - spreadsheet of S&P500 with current strengths & daily ranges attached.
DT, contrary to what most think, as someone has just posted about BOB's and how they are no use for daytrading, well, as I keep saying, very few actually know how to use them CORRECTLY, for, if they did, they would not make such silly statements, but, we will let them think as they do, for that is how it should be
As for ze generals, we have already covered what we need to know about them, as there are OTHER things we also need to know in order to make some GOOD money daytrading.
Look at BDX today, notice anything
TE
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