do you have a couple specific stocks you prefer daytrading or an index?
Learning to read Price Action with P&F Charting
- Thread starter HolyGrail
- Start date
there are some real up/down movers out there. Not sure that's what you want cause I haven't studied day trading . guy on another post said he made a lot of money trading Visa.
Post a couple stocks you've been watching and I'll see if I run across a few of those patterns. My scans are 3 box reversal approx .50 to $2 tho.
Post a couple stocks you've been watching and I'll see if I run across a few of those patterns. My scans are 3 box reversal approx .50 to $2 tho.
After all the bad news about shorting last night, and since I had a lot of work to do today that needed my total concentration, I decided to get out of Tech at the open. good thing I wasn't here to watch it whipsaw back and forth.
So back to the drawing board. No disipline, no edge, no faith. I'm gonna abandon most of the double bottom and double top breakouts because most that I am watching went the opposite way in this volatile market. At least till I can figure out what the key is to good double bottom and double picks. Maybe Look for a more complex pattern that is more consistent.
So back to the drawing board. No disipline, no edge, no faith. I'm gonna abandon most of the double bottom and double top breakouts because most that I am watching went the opposite way in this volatile market. At least till I can figure out what the key is to good double bottom and double picks. Maybe Look for a more complex pattern that is more consistent.
I wouldn't get too discouraged just from these results, the markets have been historically exceptional this past week I think. Just look at the wild swings of GS, STT, CEG, etc. just to name a few.
I stayed out of the market today as well. While a lot of people made a killing, that I saw on the P/L thread, I am not well capitalized enough nor experienced enough to trade these markets I think, so best to stay out.
Don't beat yourself up over it, if what you've been testing has worked before and it's forward tested well, wait for things to settle down a bit and continue on your way.
What is your exact strategy? Maybe I and others can help, but right off the bat I'd suggest, instead of buying breakouts/selling breakdowns, buy pullbacks/sell pullups. That is just my own observation.
I realize the market we are in is great for the educated, but maybe not for the student.
I've been trying to buy on a breakout of a double or triple top breakout.And Short the opposite. I am starting to recognize some of the reversals Like Holy Grails, so I will keep studying them.
One of my problems is my scan list is too large for the amount of time I can devote to checking charts. Takes me a whole weekend. So I need to weed out the ones that are undesireable.
second I'm not comfortable with shorting for real yet, so I didn't know what to take from the news of the Fed stopping all shorting ( I think just the financials for now). Presently, for shorts, I was going to get a good breakout, check the Days to Cover ( ideally 7 or under, but Tech was at 10) and make sure there are no dividends coming up.
Other than that, i guess you could say i don't have my ducks in a row, but until one starts doing it for real, he doesn't realize how many there were to line up.
I've been trying to buy on a breakout of a double or triple top breakout.And Short the opposite. I am starting to recognize some of the reversals Like Holy Grails, so I will keep studying them.
One of my problems is my scan list is too large for the amount of time I can devote to checking charts. Takes me a whole weekend. So I need to weed out the ones that are undesireable.
second I'm not comfortable with shorting for real yet, so I didn't know what to take from the news of the Fed stopping all shorting ( I think just the financials for now). Presently, for shorts, I was going to get a good breakout, check the Days to Cover ( ideally 7 or under, but Tech was at 10) and make sure there are no dividends coming up.
Other than that, i guess you could say i don't have my ducks in a row, but until one starts doing it for real, he doesn't realize how many there were to line up.
yes I have been comparing the RSI to S&P 500 and its sector. watching trendlines too. Stops I haven't got a good handle on yet. As volatile as its been, seems like stops will get hit regardless which way it goes.
I've read through a lot of this thread (like the first) 60 pages, and it seems very much like this system can be automated.
Has anyone tried to do so?
I created a trading system that can create events given any input of data streams.
ie :
given a PF real time stream, each event thread will monitor the stream, and when a given event is seen it will signal a certain way. ie buy or sell (like double top double bottom etc)
these signals can be built upon to colude with other detectors indicting bullish or bearish trends. (that people seem to be using like RSI) (or volume to indicate choppy days etc)
I'm wondering if people who trade this daily think it makes sense to attempt to automate a system around it?
(the paper i read on it isn't a very good idea on PL b/c I don't think they automated their order execution well. They also don't seem to take into consideration risk vs reward ..
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=264717#PaperDownload
Has anyone tried to do so?
I created a trading system that can create events given any input of data streams.
ie :
given a PF real time stream, each event thread will monitor the stream, and when a given event is seen it will signal a certain way. ie buy or sell (like double top double bottom etc)
these signals can be built upon to colude with other detectors indicting bullish or bearish trends. (that people seem to be using like RSI) (or volume to indicate choppy days etc)
I'm wondering if people who trade this daily think it makes sense to attempt to automate a system around it?
(the paper i read on it isn't a very good idea on PL b/c I don't think they automated their order execution well. They also don't seem to take into consideration risk vs reward ..
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=264717#PaperDownload
Hey phubaba,
Actually, I would really like to do so. I took something of a break from working on it, but if you'd like to work together on it, that'd be great. I am pretty certain automating it is not only possible, but makes sense considering one could monitor many more stocks than humanly possible (and react quicker).
I also read that paper a while back and agree, I think there is much to improve on, but regardless it seems just utilizing their approach would lead to profitability considering that the markets are only getting more and more volatile.
Actually, I would really like to do so. I took something of a break from working on it, but if you'd like to work together on it, that'd be great. I am pretty certain automating it is not only possible, but makes sense considering one could monitor many more stocks than humanly possible (and react quicker).
I also read that paper a while back and agree, I think there is much to improve on, but regardless it seems just utilizing their approach would lead to profitability considering that the markets are only getting more and more volatile.