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Interceptor

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Posts posted by Interceptor

  1. Posted

    Its always interesting to note that all these candlestick patterns all over the internet NEVER come with statistical backing. e.g. The Shooting Star was found to precede an immediate reversal in price of a magnitude of x y% of the time. Id suggest x would be perhaps twice the length/range/volatility of the pattern - at an attempt to exclude 'randomness'

     

    How come? Such a test would be easy to do.

     

    WRB states that context is most important. If so, could it be that in fact these patterns have absolutely zero use? If the patterns did have any use, or any significance, the variable of 'context' would be of less importance. Whats more, if making money was as simple as spotting such patterns, success in the markets would be easy, and there would be little use for money management.

     

    If context is so important, could it be that any pattern of price variables are not important? This would imply perhaps that volume, previous highs/lows, and sentiment are the only drivers worthy of consideration.

     

    This site (link attached) gives an interesting statistical overview:

     

    http://thepatternsite.com/CandleReverse.html

  2. Posted

    I have been trading this stratgey for last 6 months. There has been no losing month yet. I am aiming to make about 3-5% a month. I don’t want those guru tradres who double their account every 2 weeks come and destroy this thread. If thses guru traders can achieve this kind of return hedge funds will pay them millions.

    I want to share my signals with like minded traders. My exit needs help, I make good pips then by the time I exit most of of my pips disappear.Where can I post my signals so you guys can see in real time what I am doing and advice me how I can improve my trading.

    My position size is very small , I risk no more than 5% on each trade. So far I have achieved about 9% a month.

    Thanks

    5% risk.....?

    Jeez, 'small' has changed since I started trading.

  4. Posted

    I think TA only has some merit for trading on EOD data and above.

     

    For day traders, charts are almost useless (traditional ohlc bars/candlesticks).

     

    This is why prop firms dont use TA/charts for day trading.

    This is why prop traders who have never traded before start making money in 3-9 months, where as 'retail' day traders take years before they finally throw in the day trading towel - and their charts with it!

     

    I would partially agree with this.

    TA is useful for visual confirmation of reaction around key areas, and also as a means of calculating risk on each trade, ie the 'I was wrong point'.

    But, without the underlying basics of supply/demand/inflection points etc, its a bit 'hit and hope' on its own.

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