VT,
I've used several datafeeds over the years: RealTick, Cyber, Esignal, Qcharts with Metastock. They're all good programs. Presently using Tradestaton, which has no comparison for the price. Find what works for you. But you really need a live feed to observe the ebb and flow of demand. Consider the cost as a part of the education expense.
Just a couple pointers that had someone told them to me, it would have saved me about 18 months of dead-end experimentation:
Using a live software feed, stack the 4 major indices - INDU, SPX, NDX, and SOX - along with the TICK in 3 different time frames - 1 min, 3 min, and 30 min. Place a 15 min. XMA on the TICK, along with a 0 line, + 1000 and - 1000 lines. That's it. No other indicators needed.
So you have these 3 columns arranged of 5 datastreams each. A 30 minute column, 3 minute column, and a 1 minute column. Then observe how they all interact. For example - If all 5 are making new 3 min. highs (or new lows) together, they will likely go on to make another (if there is enough range left that is). Make a trend entry on the pullback with the objective of at least reaching the previous high(or low).
If they begin to diverge, as today for example at 10AM - the INDU and SP at new 3 minute lows, NDX even, SOX and TICK higher lows, SP AM range already at 12.25 points, 105 minutes until the PM bar begins - a solid countertrend entry point. Catching the bottom? Yes, but with divergence. Looks risky at that moment, but in reality is quite safe.
As far as projecting out days or weeks into the future there's no need. A half day at the time is sufficient. The AM and PM range are both presently averaging around 15 points (SP). For example today, SP AM and PM range both about 12 points, total day range at 18.5 points, with about 6 points overlap. It is usually much easier to play each day as half units.
There you go. Hope this helps you out a little.
I've used several datafeeds over the years: RealTick, Cyber, Esignal, Qcharts with Metastock. They're all good programs. Presently using Tradestaton, which has no comparison for the price. Find what works for you. But you really need a live feed to observe the ebb and flow of demand. Consider the cost as a part of the education expense.
Just a couple pointers that had someone told them to me, it would have saved me about 18 months of dead-end experimentation:
Using a live software feed, stack the 4 major indices - INDU, SPX, NDX, and SOX - along with the TICK in 3 different time frames - 1 min, 3 min, and 30 min. Place a 15 min. XMA on the TICK, along with a 0 line, + 1000 and - 1000 lines. That's it. No other indicators needed.
So you have these 3 columns arranged of 5 datastreams each. A 30 minute column, 3 minute column, and a 1 minute column. Then observe how they all interact. For example - If all 5 are making new 3 min. highs (or new lows) together, they will likely go on to make another (if there is enough range left that is). Make a trend entry on the pullback with the objective of at least reaching the previous high(or low).
If they begin to diverge, as today for example at 10AM - the INDU and SP at new 3 minute lows, NDX even, SOX and TICK higher lows, SP AM range already at 12.25 points, 105 minutes until the PM bar begins - a solid countertrend entry point. Catching the bottom? Yes, but with divergence. Looks risky at that moment, but in reality is quite safe.
As far as projecting out days or weeks into the future there's no need. A half day at the time is sufficient. The AM and PM range are both presently averaging around 15 points (SP). For example today, SP AM and PM range both about 12 points, total day range at 18.5 points, with about 6 points overlap. It is usually much easier to play each day as half units.
There you go. Hope this helps you out a little.
