Iterative Refinement

[guavaman]

I hope I wasn't too careless with marking the IBGS

 

[Spydertrader]

Quote from Mr_Black:

My chart so far

The last several posts of yours have showcased an ability to consistantly profit with these methods. Keep up the great work.

- Spydertrader

 

[Spydertrader]

Quote from guavaman:

I hope I wasn't too careless with marking the IBGS

Your annotations have greatly improved over the last few weeks. Keep up the great work.

- Spydertrader

 

[sscott]

I saw a pt3 at 13:50 and then an continuation of the dominant up channel until close without breaking the RTL. There may have been a pt 3 at 13:10, but the next two bars were a decrease in dominant volume so the 13:50 bar was it for sure. It looks like a long entry at 13:50, 1294, would have netted almost 30 points for the day at a forrest level resolution. My power took a temporary dump at close and wiped out my chart.

 

[LostTrader]

Today's chart

 

[The Flaw]

continuation off of the FTT

 

[vorzo]

Quote from tobbe:

The pace table/chart I posted was for february. If you used the last 30 days of data, that would explain the difference.
Even if you used data from the same period but from another provider there would probably be some difference (but hopefully smaller). I don't think your average feed vendor (esignal, qcharts, iqfeed, ib etc) spend very much time cleaning their tick data so there's bound to be differences.

For comparison, see the attached pace spreadsheet with IB data, Feb 1 - Feb 29 2008, 8:30-15:00 CST (same data used by tobbe). There are MINOR differences from tobbe's sheet, likely due to different feeds used.

From a PM I got - I thought I'd post the answer here:

I understand the importance of PACE - but can you help me to understand what table, volumepacemak.xls, you've posted is used for?

The table is used to RECALCULATE the VDU, DU, Slow, Medium, Fast, Extreme pace levels. The most immediate application is identifying the NOISE (VDU/DU) levels so we know when to stay out.
During periods of increased volatility, noise level increases, so intuitively, the pace lines have to be adjusted UPWARD in order to keep the trader out of the noise. Conversely, when volatility decreases, so does the noise level, so the pace lines have to be adjusted downward.
By how much do we adjust them? Pasting recent ES data in the spreadsheet gives you the new pace levels.
The choice of data series length and frequency of updates belongs to the user (as always, YMMV ). I use 20-22 days (one month) worth of ES data, 8:40-14:55 CST and I update the levels every two weeks.
The spreadsheet can be used for the same purpose for other instruments or time frames, provided they offer sufficient liquidity (sounds familiar ? ).

 

[Spydertrader]

Quote from vorzo:

The spreadsheet can be used for the same purpose for other instruments or time frames, provided they offer sufficient liquidity (sounds familiar ? ).

Thanks for the update vorzo. (BTW, for those who do not know, I based my first Chartscript off of the work first coded by Vorzo)

For those with an interest, Chartscript Version 5.0 (and the Dry Up Scan) calculates Pace Levels in the exact same fashion. However, in order to obtain a sufficient data set, The Equities Chartscript uses 60 days of data. For the Equities folks, the process updates each and every night - automaticaly.

- Spydertrader

 

[TIKITRADER]

What must come next ?
For Wednesday, March /12 /2008

 

[LittleMac]

GLNG gave a signal today to go long but my question is on the 30 min fractal. On the chart posted I have two lines(the green line and the blue line. Which of these channels is the better channel to KEEP on my chart. Do I keep the green and just consider all the dips below the green RTL as FBOs(meanign i dont need the blue channel) or do I fan the channel to the blue channel, adjust it and delete the green channel. It is important because it better lines up the BOs and sometimes even the FTTs when moving to smaller fractals....and even within the same fractal.