Hate to jump on the bandwagon but I'm definitely with Avi on this. If you pay attention bar to bar, the annotations should be consistent day in and day out.
Iterative Refinement
- Thread starter Spydertrader
- Start date
or a 
by the above comment to indicate my attempt a humor and not a honestly held belief. However, it has afforded me the rare opportunity to quote myself Spyder,
This is one area of difficulty for me so please bear with me.
I brought this up with Avi a few days ago as well.
The faster channels or channels without an obvious retrace (by my definition I guess) are giving me trouble.
I was looking for a retrace that traded below the previous bar low (for an UP trend, reverse for a DOWN trend) and that also broke the UP "tape".
If a retrace is defined as "where price moves in a non-dominant direction" then wouldnt the 13:25 bar meet this criteria, even though it is only by 1 tic????
It seems this bar opened at the previous bar close, then moved above the open by 1 tic, then reversed and continued down.
Is there a minimum move in the non-dominant direction?
I am very grateful for any clarity that you can provide.
O.K. The first requirement here is to start to learn to look for the subtle differences which result from context changes. Think back over the course of the previous year at how many people could 'see' the similarities between one situation and another. Yet, these same people failed to recognize what about a certain scenario differed from another.
Look at the YM during the period of time under discussion. Which period of time shows Price retracing?
Next, check the amount of bar overlap. Can you 'see' how in areas of high overlap, Price moves in a non-dominant fashion during the later part of one bar, and the beginning part of another bar? In other words, begin to 'think' in terms of 'how does Price move through this space?"
In time, you'll begin to 'see' these things in real time - as they unfold on your chart.
- Spydertrader
I feel like I am making some progress, but I am still unable to hold through a lateral on the ES.
Two bars today got me on the wrong side (not the only two, but I see the problem on the others I think). But for these two bars I can't see where I read them wrong. Hopefully someone can shine the light
Spyder, I hope you don't mind me recycling your chart segments. I didn't bring chart data home tonight.
First bar: ES forms a VE then a FBP then attempts to BO on decreasing vol forming a lateral. The next bar (the one that got me) started up on inc vol and at the same time the YM broke its lateral on inc vol so reverse long. Didn't get more inc so back short.
I was making an effort to hold through laterals today, but just couldn't do it on this one with the inc black vol
Two bars today got me on the wrong side (not the only two, but I see the problem on the others I think). But for these two bars I can't see where I read them wrong. Hopefully someone can shine the light
Spyder, I hope you don't mind me recycling your chart segments. I didn't bring chart data home tonight.
First bar: ES forms a VE then a FBP then attempts to BO on decreasing vol forming a lateral. The next bar (the one that got me) started up on inc vol and at the same time the YM broke its lateral on inc vol so reverse long. Didn't get more inc so back short.
I was making an effort to hold through laterals today, but just couldn't do it on this one with the inc black vol
The second bar I referred to in the last post:
ES price retraced across the channel and formed a FBP, then a lateral. YM price breaks the bottom of its lateral on inc PRV as does the ES, go short.
ES pops back in the lateral, so back to the YM which runs up forming an outside bar headed up, reverse long.
Staying on the YM watching for confirmation and it heads back down breaking its lateral again still on inc prv, wtf, back short. Then I get more inc from there.
It was funny in a way, I went back to the sim today after a week of just watching and I got filled on the bottom then one tick outside the top and on the bottom again. I actually lost more than twice the range of this puny little bar :eek:
The not funny part is I do not see what I read wrong.
ES price retraced across the channel and formed a FBP, then a lateral. YM price breaks the bottom of its lateral on inc PRV as does the ES, go short.
ES pops back in the lateral, so back to the YM which runs up forming an outside bar headed up, reverse long.
Staying on the YM watching for confirmation and it heads back down breaking its lateral again still on inc prv, wtf, back short. Then I get more inc from there.
It was funny in a way, I went back to the sim today after a week of just watching and I got filled on the bottom then one tick outside the top and on the bottom again. I actually lost more than twice the range of this puny little bar :eek:
The not funny part is I do not see what I read wrong.
As of January 1st I took the YM off my screen to better focus on just price and volume.
I believe it has helped me but it seems lately I have needed the YM to help me find my way through spots of uncertainty (like Fridays area that you reviewed thanks to cnms and these "fast" channels).
I will review the YM and again I thank you for your help.
Did okay today but I keep on having problems when price goes from point 2 to point 3. Often, somewhere between these points I see change (so I think the point3 failed) but there really isn't. Usually I need to wait longer.
IMO it's more an issue of time and volume than an issue of price. Normally I think you can expect point 3 after two bars unless volume really decreases a lot compared to the previous bars. In that case it can take much longer.
Does anyone have any tips how to get thru this period?
regards,
Ivo
IMO it's more an issue of time and volume than an issue of price. Normally I think you can expect point 3 after two bars unless volume really decreases a lot compared to the previous bars. In that case it can take much longer.
Does anyone have any tips how to get thru this period?
regards,
Ivo
If anyone has automated the equities trading I'd love to hear your experiences.
I'm at working during the morning session. So far I have quotetracker set up on my pc at home with my watchlist and alerts on volume and then a paintbar alert on macd & stoch. The problem is the two aren't sync'd. They could be but it's be more complicated. I'm thinking I can write on a paper when I get an alert on volume (lower band) and if it's by 10h30 I can then wait for the second alert on macd & stoch. WHen I get the second, I can logon, confirm, and buy. Note that the alerts can come in the other order, mach+stoch and then volume. So some manual intervention is required.
I'm thinking of coding a custom indicator for ninjatrader's marketanalyzer and have it send me email. And if that works then the next step would be to have it buy and put in the stop loss (probably trailing).
If anyone has done this I'd love to hear your experience. If anyone is doing something even similar with ninjatrader I'd love to hear.
I'm at working during the morning session. So far I have quotetracker set up on my pc at home with my watchlist and alerts on volume and then a paintbar alert on macd & stoch. The problem is the two aren't sync'd. They could be but it's be more complicated. I'm thinking I can write on a paper when I get an alert on volume (lower band) and if it's by 10h30 I can then wait for the second alert on macd & stoch. WHen I get the second, I can logon, confirm, and buy. Note that the alerts can come in the other order, mach+stoch and then volume. So some manual intervention is required.
I'm thinking of coding a custom indicator for ninjatrader's marketanalyzer and have it send me email. And if that works then the next step would be to have it buy and put in the stop loss (probably trailing).
If anyone has done this I'd love to hear your experience. If anyone is doing something even similar with ninjatrader I'd love to hear.
Yes, I have done this extensively. In fact, I have attempted to automate several variations of the Hershey methodology.
I tested these systems with IB's paper trading account. The results were mixed.
I tested the beginner's and UV methods.
I'm not sure that full automation, at least to my satisfaction, is possible without implementation of some advanced techniques.
I also tested Ninja's Market Analyzer. Since it does [did?] not place orders, I did not pursue it any further. If memory serves, it is not even possible to apply any kind of criteria to the grid. Perhaps the biggest obstacle was the way NT obtained historical data from IB which resulted in continuous timeouts.
I do not want to discourage you from pursuing this path, but beware that it is a bit of a rocky road to say the least.
OTOH, a mix of discretionary and automation may be the way to go.