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crabbydog

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Posts posted by crabbydog

  1. Posted

     

    the top two threads seem to have disappeared from the boards :crap:

  2. Posted

    Does the rising of price above a downward sloping trend channel take it into an 'overbought' territory? or is the term 'overbought' reserved for the price going above the upward sloping trend channel?

     

    I am reading about this in W course but have not finished the whole trend section. I am sure the answer is somewhere.

     

    Gringo

     

    I had understood that when price goes above the upper trend-line then it was a sign of overbought, regardless if the channel is up or down. be careful though, channels can change after yo first draw them so if the trend channel is based on early moves, the apparent over bought may just be the channel was too narrow or the slope slightly wrong and the channel needs adjusting.

     

    Channels are easy to see after the event, not so easy in real time.

    cheers

  3. Posted

    Yes, I think you are right that there is some flexibility here in the possible definitions. It sounds like you are suggesting that the sessions correspond more with the open and close of the stock market but some would argue that the larger shifts in liquidity and transaction flows coming from North American sources start as early as two hours before that.

     

    That'd make sense because. London seems busy well before the stock market opens, 7am or even a bit earlier.

  4. Posted

     

     

    The Forex News Mobile App

     

    But for traders who are looking to place all of their focus on the forex markets, and do not want their data feeds “cluttered” with information that might be more useful for stock traders, luckily there is the Forex News app, which takes the separate news feeds from prominent websites like Action Forex, Daily FX, Forex News Now Bloomberg, and Dow Jones Newswires. This information is then grouped together in terms of which currency is most directly affected by the news in that specific release.

     

    So,for example, if there is a many interest rate decision from the European Central Bank, you can find the information under the Euro category, which will have it as soon as the event is made public. This can prove to be greatly valuable for traders that focus on a few specific currencies and even when forex traders use mostly technical strategies, the information can be helpful in knowing when market volatility is likely to pick up for a certain currency.

     

    This can potentially help you to perhaps avoid getting into a position when conditions are uncertain and this can help to improve your overall accuracy when conducting your regular technical analysis methods. This app is available on the Android Market, all you need to do is search “Forex News” and this will be one of the first items listed.

     

    Conclusion

     

    .

     

    Although its still listed on the Android store, the guy's web site has disappeared and several of his apps haven't been updated in a long time (2 yrs in one case). Some of his stuff gets very mixed reviews.

     

    One user said of one of his other apps that it used 280 mb of his data allowance in one month. It was only an alerts app.

     

    Its worth doing a bit of due diligence before using this guy methinks.

  6. Posted

    Jesse livermore is the compilation of what someone feels he should have done because he did something else. Anyone one of us can write the same book correcting the old mistake, but correcting old mistakes leads to new mistakes that then need to be complied and written about. I found it incredibly difficult to swallow his bullshit about taking down the bucket shops. Trading in the early 1900's was largely unregulated and rumors and tips were shared like notes on which of the woman would put out.

     

    Most of what you will read is fantasy, generally written by trading junkies who can't make it trading. It may as well be in movie form with your favorite actor playing the lead role.

     

    A really fun book would be a "Where Are They Now" type book.

     

    Well, livermore shot himself about 80 years ago; wyckoff dies a bit later basically of old age. Gann the same.

     

    Wyckoff and Gann both have a lot to say relevant now, but you can't pick up their books and have a complete trading system. Gan's best are the non esoteric books, where he turns out to be very pragmatic. Much of what he says sounds obvious to us now, but its because people like him came up with the concepts they sound so obvious. I like reading the old books, but there are limits to what you can learn in practice

  7. Posted

    I have a general distaste for most trading books. I only like books that are basically memoirs. I have read and reread Reminisces of a Stock Operator, How I made 2,000,000 in the stock market, the market wizards series, Mark Douglas' two books, and Martin Schwartz's pit bull book.

     

    The problem is that it appears I have exhausted the source of quality trading books. I would greatly appreciated any and all suggestions. Please give suggestions even if the books are not directly related to trading. For example I have found some biographies on generals such as Gen. Patton and Field Marshal Rommel to be appropriate to trading in some aspects. Thanks for the help and good trading to all you great people on this forum.

     

    I know this is a few years old, but people still see old threads like these, s here are a fe I have found interesting or useful:

     

    Studies in Tape Reading - Richard Wyckoff (the original was Rollo Tape, a pseudonym of Wyckoff).

     

    Master the Markets - Tom Williams -lots of good stuff but needs many readings and has a bit too much about his software product.

     

    Charting the Stock Market : The Wyckoff Method - Jack Hutson

     

    How I Trade and Invest, in Stocks and Bonds, Being Some Methods Evolved and Adopted, During My Thirty-Three Years, Experience in Wall Street - Richard D Wyckoff.

     

    Wall Street Ventures & Adventures Through Forty Years by Richard D. Wyckoff (auto biography, not a trading book - fascinating to read though).

     

    A scan of Amazon in books for Richard D. Wyckoff turns up a number, including a couple that are collections of his newsletter (one covers Gann and another covers Livermore. Note there is an author peddling books under the name Richard Wyckoff - note the missing D. This is a modern author and personally I think a waste of space.

     

    David Weiss is due out a book in the next few weeks /months and it is highly likely to be very interesting - it is listed on Amazon: "Trades About to Happen: A Modern Adaptation of the Wyckoff Method"

  8. Posted

    I bought it some time ago, haven't used it in anger. But my experience in talking with them and with the training support, and the realism of their claims suggests its a good, honest product and service which will work from some and not others.

     

    I would like to see how they handle losing trades more often in the webinars, but that's my only gripe.

     

    I would not recommend someone to buy, would merely say I don't believe its any kind of scam, and so would not recommend against.

     

    I prefer VSA (the method not the product) myself and am currently focused on that. Its interesting they have some videos including VSA with MTP which I am intrigued by.

  10. Posted

    Most of technical analysis is just a self fulfilling prophecy, meaning that if every man and his dog is looking at a certain level, then it's likely to be important. You want to trade the blindly obviously levels to start with that everyone can see. Don't look for s/r or tiny times frames, look for s/r on the 30min, 60min and daily etc.

     

    If you're new, check out my blog, I made a post yesterday of a list of tips to get you started.

     

    Your blog appears to be invitation only.

  11. Posted

    I thought the above was an interesting question.

     

    Especially since so many Gann followers seem to depart from the belief that it IS possible to predict the markets. Although I can honestly say I have not studied anything Gann related in depth, it seems like some of the foundations are similar to Wyckoff (supply, demand, support, resistance, trendlines), with one extra layer, being the 'time' factor...

     

    OAC, Perhaps a reason why so little Gann talk is to be found, is because there are 'issues' about his 'credibility' (the use of astrology for example), where I believe there weren't any about Wyckoffs.

     

    This might be interesting, Gann interviewed by Wyckoff:

    http://www.tradingfives.com/gann/wd-gann-interview-1909.htm

     

    Wyckoff's theories are well understood and can be verified. Gann's are shrouded in mystery (at least the ones that supposedly produced his 1909 successes). There have been numerous attempts to flog Gann's 'secret' method. Wyckoff was so open there is little or no mystery.

     

    I have only read one of Gann's books, full of sound basic stuff about managing risk and swing trades. Nothing controversial, and nothing magical. Many think his rading sucecss was not so great but his salesmanship (selling courses for 3,000 dollars in the 1920s was pretty amazing).

  12. Posted

    He was a gambler who also often operated with syndicates on inside information. he blew his fortune several times. He was also regarded by people such as Gann and Wyckoff as an honorable man and a great trader.

     

    There are lessons in there, but mainly what not to do. There are some pearls of wisdom (such as avoiding the noise, controlling emotion etc, but all modern books will say the same thing.

     

    There are no techniques or indicators, and nothing that will help define specific trades for you. It's a great read. It is worth reading, but its not a bible and modern books (the good ones) are better.

     

    Someone mentioned Edwards and Magee, but if its pattern trading you want, Bulkowski is better.because he analyses statistically according to modern markets, and more of the successful old patterns are breaking down more often now.

  13. Posted

    There is a service based on the CANSLIM method that lists each day's breakouts based on that method. the basic list is free each day, and there is paid for service for more detail. That may be an easy way to get your watch list and use your own filters as to whaich one s(if any) to follow.

     

    Go to Canslim.com to find outr more.

     

    Again, I don't have any associatiosn with this service and have not used it, so do due diligence before parting with money for the service and before investing your hard earned money.

  15. Posted

    peterjerome, is your approach automated in any way or are you manually scanning a limited universe of stocks. I know esignal has a powerful screening language and could possibly a search could be built in this.

     

    Also what is your exit criteria? IN your last chart you mention a pivot line, what kind of pivot line are you using?

     

    Thanks for sharing your ideas, they do look interesting.

  16. Posted

    I noticed when a stock breaks through a major resistance or consolidation, and has increased volume it tends to continue to go up.

     

    How do i find these stocks on the day it makes the break through?

     

    As you can see on the charts I provided, this is what I'm looking for

     

    Is there some software when I can preform a scan to find stocks that fit this criteria?

     

    There are a number of softwares and sites geared towards pattern recognition and / or breakouts.

     

    Today's Breakouts Chart Pattern Recognition Scanner

    Stock Breakout Trading | Providing Daily Breakout Signals

    Chartpattern.com - Free Technical Stock Chart Analysis - Dan Zanger

     

    Thomas Bulokowski provides a piece of free sofwtare that tracks emerging software patterns, and most of the bug packages there are 3rd party add ons to do the same

     

    What is Autochartist | Autochartist

     

    Also look at the Investor BUsiness Daily site which I believe has info to supoprt this.

     

    YOu need to scan the web really as many sites offer atch lists and alerts and there are numerous packages claiming to support pattern recognition and hence breakouts.

     

    I don't use any of the above sites / systems and am not associated with them, so please ensure you do any due diligence if you look at any of them

  17. Posted

    If I can I would add Dr. Gary Dayton to this list of go to guys for learning. He studied with David Weiss who himself has a new book coming out this fall. He was one of the authors of Charting the Market the Wyckoff Way.

     

    Of course the original course is still being offered at The Stock Market Institute. You can find the tape reading course out of scrib if you look.

    But the best bang for the buck and one of the best teachers I have come across Gary Dayton he is very good. He also is a Duke trained psychologist and spent alot of time in the sports Psychology field. . He teaches that as well and that has really changed my trading.

    By the way I have never recommended anyone to anybody.

    If you tell him Bryant told you about him he may send me a nice email but nothing else. I promise. I just really would like to see everybody do well. He does have some free webinars posted on his site and just did one for SFO mag which is up as well.

     

    I would agree with the comments re Gary. I have done a couple of his courses and he teaches very well and talks a great deal of sense. Has helped me. Not sure about the psychological side as I have not looked into that, but he talks sense. And he doesn't know me from Adam so no kick backs here either :)

  19. Posted

    Jesse:

    I am already familiar with 95% of the patterns listed in the table of content. Do you think I will still benefit from reading the book ?

     

     

    Thanks

     

    I would recommend the books by Thomas Bulkowski, he includes a lot of statistcial analysis as to what works and what doesn't, % successes etc. He also has a web site http://thepatternsite.com/

     

    One caveat - he and others have suggested recently that classic patterns are failing more often than in the past, probably due to the numbers of people trying to trade them.

     

    It also seems to be the cases that rather than totally failing many patterns are apparently failing but can be jumped into a little later (eg the apparent break up, which then breaks down, goes sideways and then suddenly resumes the direction originally expected.

  21. Posted

    Reliable signals....

    Since I have never looked at indicators, all I have in my arsenal to consider is S/R levels, trendlines, candles, and price action, if you can call that a signal. Maybe I should look into moving averages a little since so many traders are using them to decide on trades also.[/quote

     

    :helloooo:

     

    Maybe use volume as well if you can figure it, but otherwise leave the rest alone. They deliver some quick even spectacular wins, but over the long term they are like most lovers and never call except to let you down.

  22. Posted

    I have spent the last 6 months working with Eiger on VSA chart reading[no TRADEGUIDER SOFTWARE] and can honestly state that once proficent at reading the BARS/ VOLUME the system works 95% of the time.

     

    Well on that basis you will soon be a millionaire :)

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