Just finshing up a 2 week trial with http://autochartist.com/ . I use it only for forex but it has helped me out .
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Scanning Patterns Software
- Thread starter vitorleite
- Start date
Weel, it seems that type of software that I'm talking about. And is fine for stocks too.
How good was your experience?
It detects completed patterns or also EMERGING patterns?
Just for the record and for users of amibroke I'm also playing with pattern explorer (http://www.patternexplorer.com/). It seems promising
How good was your experience?
It detects completed patterns or also EMERGING patterns?
Just for the record and for users of amibroke I'm also playing with pattern explorer (http://www.patternexplorer.com/). It seems promising
Quote from watchdaride:
Just finshing up a 2 week trial with http://autochartist.com/ . I use it only for forex but it has helped me out .
I tried chart patterns for three years and I couldn't get a success rate higher than 55%. After commissions I was barely making any money. I think price patterns are more promising. Also candlesticks are a subset of price patterns. Just finished testing the demo of APS http://www.tradingpatterns.com and it looks very promising. It also generates code for TS, WL, MS and TC.
What do think about price patterns?
Bill
Quote from intradaybill:
I tried chart patterns for three years and I couldn't get a success rate higher than 55%. After commissions I was barely making any money. I think price patterns are more promising. Also candlesticks are a subset of price patterns. Just finished testing the demo of APS http://www.tradingpatterns.com and it looks very promising. It also generates code for TS, WL, MS and TC.
What do think about price patterns?
Bill
I didnt use it for entry . I just used the software for basic trends in a higher time frame . Then i if it was a continuation on say a 4hr i would look for a setup on a 30 or 15 min chart.
Having a success rate of 55 % is not bad. In fact, it may be very good. I have about 9 months of trading and right now I'm considering myself still a novice in this matter. I have made lots of mistakes, big mistakes:
1-Over trading
2-Put a lot of money in each trade
3-Buy high
4-Stay too long in my losses
5-Stay too short in my wins
6-No reading, no learning process
7-In some cases, going against the trend
8-No money management
9-and so on...
So, after losing big money in a portfolio of 5 stocks (which I own after this time) chosen by subjective criteria (another mistake) I realized the problem was on me. And I started to read, read and read. I invested money in books but also on software. And I started to learn something.:
1-Loosing is OK as long that this will be SMALL losses
2-I'm going to loose more times than win. That's OK. This happens to great traders as long point 1 is true and my wins are BIG.
3-The trades that count or should count are the ones that have a HIGH probability rate for winning.
The problem is, after a person knows its style of trading what stocks, futures and so on I'm going to trade? The issue of scanners was and is for me vital. I can't be a day trader all week. I work from 2 pm to 7 pm. and trading USA stocks, I have a problem: Where I live my time is 5 hours ahead of NY. So, 2 to 7 pm translate to 9 am to 2 pm in NY time. If I daytrade I can only do the final 2 hours. Too risky, to frantic (albeit it can be done...).
So basically I'm a swing trader and at night I know that the scanners are my weapon to the war next day. That's my time frame.
I believe in chart patterns. There are alright as long as I have a PLAN to get in and most importantly to get OUT. I will have more losses than wins. It's in the books. As long as there will be small losses and big wins it's ok. That's why I said that 55% of success is astonishing as long That YOU loose small and Wins BIG. Is that what happened? I don't think so.
So maybe in the process of your trading are small things (but important) that needs changing. I strong believe that if these things aren't changed you rate of making money on price patterns is going to be deceptive too. I hope I'm wrong. I'll wait for your experience on that.
2 final notes:
1- One person must not be involved emotionally with a stock. I confess that I'm involved with one for a long time for several reasons. What was changed for me is that I learned to control my emotion to a point of rationality if you can say that. I like AAPL. Period. Good company, strong earnings, no debts. Yet it is at this time it is like many other stocks on the ground. Short ground I might say.
AAPL graphic remembers me one valuable story. In my country there is a politician that 4 years ago made a famous quote : "I know that someday I will be prime minister the problem is that I don't know WHEN". 2 years later it was elected as prime minister. The problem of AAPL (as other stocks) is the same: I know that it will go to 200 USD and up the only problem is I don't know when. So I keep an eye on her like a eagle. But to this properly well, I should trade her with the learnings that I have made so far. To all others stocks that appear on my scanner the same attitude is true.
2-I would also like market depth scans (after all the market is the BIG wave) that gives me in a graphical way how the indexes, industry, sectors and groups are in a particular frame of time. Anyone knows a good scanner for this?
Sorry for the long post.
1-Over trading
2-Put a lot of money in each trade
3-Buy high
4-Stay too long in my losses
5-Stay too short in my wins
6-No reading, no learning process
7-In some cases, going against the trend
8-No money management
9-and so on...
So, after losing big money in a portfolio of 5 stocks (which I own after this time) chosen by subjective criteria (another mistake) I realized the problem was on me. And I started to read, read and read. I invested money in books but also on software. And I started to learn something.:
1-Loosing is OK as long that this will be SMALL losses
2-I'm going to loose more times than win. That's OK. This happens to great traders as long point 1 is true and my wins are BIG.
3-The trades that count or should count are the ones that have a HIGH probability rate for winning.
The problem is, after a person knows its style of trading what stocks, futures and so on I'm going to trade? The issue of scanners was and is for me vital. I can't be a day trader all week. I work from 2 pm to 7 pm. and trading USA stocks, I have a problem: Where I live my time is 5 hours ahead of NY. So, 2 to 7 pm translate to 9 am to 2 pm in NY time. If I daytrade I can only do the final 2 hours. Too risky, to frantic (albeit it can be done...).
So basically I'm a swing trader and at night I know that the scanners are my weapon to the war next day. That's my time frame.
I believe in chart patterns. There are alright as long as I have a PLAN to get in and most importantly to get OUT. I will have more losses than wins. It's in the books. As long as there will be small losses and big wins it's ok. That's why I said that 55% of success is astonishing as long That YOU loose small and Wins BIG. Is that what happened? I don't think so.
So maybe in the process of your trading are small things (but important) that needs changing. I strong believe that if these things aren't changed you rate of making money on price patterns is going to be deceptive too. I hope I'm wrong. I'll wait for your experience on that.
2 final notes:
1- One person must not be involved emotionally with a stock. I confess that I'm involved with one for a long time for several reasons. What was changed for me is that I learned to control my emotion to a point of rationality if you can say that. I like AAPL. Period. Good company, strong earnings, no debts. Yet it is at this time it is like many other stocks on the ground. Short ground I might say.
AAPL graphic remembers me one valuable story. In my country there is a politician that 4 years ago made a famous quote : "I know that someday I will be prime minister the problem is that I don't know WHEN". 2 years later it was elected as prime minister. The problem of AAPL (as other stocks) is the same: I know that it will go to 200 USD and up the only problem is I don't know when. So I keep an eye on her like a eagle. But to this properly well, I should trade her with the learnings that I have made so far. To all others stocks that appear on my scanner the same attitude is true.
2-I would also like market depth scans (after all the market is the BIG wave) that gives me in a graphical way how the indexes, industry, sectors and groups are in a particular frame of time. Anyone knows a good scanner for this?
Sorry for the long post.
Hey SOES...
How do you like Trade-ideas.com? I know it's in real-time. Any lag?
Overall, you're pleased?
Thinking about it...
Thx
B
Quote from vitorleite:
Is there any chart package or any scanning software with the possibility of scanning chart patterns like Head and Shoulders?
I know that neoticker is one of them but do you know more ?
If you're looking to scan daily charts and daily charts only... then I would recommend www.stockscores.com
You can scan for gaps, bottom fishing, pull up/back plays, consolidations... the list goes on.
I don't work for them but have used them for years.
Very reputable.
I don't know if they offer a trial, but I would assume they do... wouldn't make good buisness sense not to.
B
Quote from Bootsie:
Hey SOES...
How do you like Trade-ideas.com? I know it's in real-time. Any lag?
Overall, you're pleased?
Thinking about it...
Thx
B
I really like TI for what they do I thinnk pretty much they are only game in town for real-time scanning. I have been using them for a number of years.
This might be useful to watch, Raghee Horner doing a Webinar presentation on AutoChartist http://chartology.fxstreet.com/
Autochartist seems very promising. In fact, the only drawback is that they do not have a drag and drop of the lists they create to esignal (or other) "a la trade-ideas ". At least they could have an export function of the alerts lists in a format that any chart software could read. Imagine that I have 30 charts alerts on nasdaq (for instance) and if I want to study the charts with detail I would have to create a watch list on my favorite chart software by hand. It doesn't make sense.
However by ordering a free trial of aiq tradindg expert pro I discover a weird coincidence. AIQ have an add-on with chart patterns: http://www.aiqsystems.com/chartpatterns.htm
If you look closely at the 3rd figure they use auochartist! (the price is the same).
However by ordering a free trial of aiq tradindg expert pro I discover a weird coincidence. AIQ have an add-on with chart patterns: http://www.aiqsystems.com/chartpatterns.htm
If you look closely at the 3rd figure they use auochartist! (the price is the same).