[kalalex]

Hi Logic,

I just finished reading THE thread from ET and finally got some basic idea.

Before I could ask some questions with specific setups I wonder if you could do me a favor.

I took the indicator from the other site and wonder if this looks right compared to your chart especially histogram part?

I don't have old data and couldn't compare my chart vs yours that you posted here.

If this doesn't look right or if you have updated version could you please share it?

This chart is from 1-18-12 and time's pacific time. It's 2401 volume.

Thank you.

[Logic]

Originally Posted by kalalex »

Hi Logic,

I just finished reading THE thread from ET and finally got some basic idea.
Before I could ask some questions with specific setups I wonder if you could do me a favor.
I took the indicator from the other site and wonder if this looks right compared to your chart especially histogram part?
I don't have old data and couldn't compare my chart vs yours that you posted here.
If this doesn't look right or if you have updated version could you please share it?
This chart is from 1-18-12 and time's pacific time. It's 2401 volume.
Thank you.

One thing I've found in the many years of using these charts is that real time data and historic data are different. This is why I've always stated that the key to trading is learning to read a chart and that begins with a chart constructed with Constant volume bars. You've done that . . . well done!

Now the indicator. Whatever indicator you use it shouldn't be confined to a range. The Sto and MACD are range bound and that is why they are worthless. Most other indicators are just as worthless for the same reasons. This is why I use the Ergodic. It is not because it is range bound not because it has some magical power.

Now that I've set the ground rules and explained what I learned digging through and watching over 40,000 hours of real time data, I can tell you the key. Take ANY indicator that isn't range bound, apply it to the chart, adjust it to show you the extreme oscillations and make it smooth to ease you into being comfortable with making decisions on what is shown on the chart. Then watch that chart to establish your confidence in making decision based on those oscillations.

The chart you posted is as good as any and if you learn to read it you will be consistently profitable. If you want to play with the parameters in your off hours to see if you can improve on them . . . go for it. That is a good way to learn the indicator.

Since posting that thread on that other website, I've tweaked the parameters and improved on them. I've even had a programmer create a program that will read the chart in real time. It will label the entries, exits, reverses, stops and exits in real time. It will display trade alerts on the screen and send trade and exit alerts to my email.

A new day is dawning.

[kalalex]

Originally Posted by Logic »

One thing I've found in the many years of using these charts is that real time data and historic data are different. This is why I've always stated that the key to trading is learning to read a chart and that begins with a chart constructed with Constant volume bars. You've done that . . . well done!

Now the indicator. Whatever indicator you use it shouldn't be confined to a range. The Sto and MACD are range bound and that is why they are worthless. Most other indicators are just as worthless for the same reasons. This is why I use the Ergodic. It is not because it is range bound not because it has some magical power.

Now that I've set the ground rules and explained what I learned digging through and watching over 40,000 hours of real time data, I can tell you the key. Take ANY indicator that isn't range bound, apply it to the chart, adjust it to show you the extreme oscillations and make it smooth to ease you into being comfortable with making decisions on what is shown on the chart. Then watch that chart to establish your confidence in making decision based on those oscillations.

The chart you posted is as good as any and if you learn to read it you will be consistently profitable. If you want to play with the parameters in your off hours to see if you can improve on them . . . go for it. That is a good way to learn the indicator.

Since posting that thread on that other website, I've tweaked the parameters and improved on them. I've even had a programmer create a program that will read the chart in real time. It will label the entries, exits, reverses, stops and exits in real time. It will display trade alerts on the screen and send trade and exit alerts to my email.

A new day is dawning.

It looks like you've come far since the thread in 2009.
Also it's seems that you advanced from trading just pullbacks after HH or LL (that's the basic concept I took from the other thread about your system).

If you think I should stick with the indicator I have and be proficient with it
could you post an ES chart, preferably 2401 volume, so I can at least have a chart to base off for comarison.
I know you said it can by ANY non range-bound indicator but it's a CONFIDENCE thing from knowing mine's close enough to yours.

[SunTrader]

Watching over 40,000 hours of real time data works out to - a typical long day of 12 hours of screen watching over 3333 days or 13.332 years if 250 trading days/year.

So unless this is covering a far greater period than 13+ years "Billy needs a new hobby and/or just see the light of day".

Unless a fat finger was involved in calculations. But then again you don't care for time, now do you?

[Logic]

Originally Posted by SunTrader »

Watching over 40,000 hours of real time data works out to - a typical long day of 12 hours of screen watching over 3333 days or 13.332 years if 250 trading days/year.

So unless this is covering a far greater period than 13+ years "Billy needs a new hobby and/or just see the light of day".

Unless a fat finger was involved in calculations. But then again you don't care for time, now do you?

12 hours per day X 20 trading days a month X 12 months a year X 15 years = 43,200 hours.

The first 9 years it was more like 16 hour days and that doesn't count the typical 15 hour weekends reviewing the weekly data for any errors.

Billy's focus was to create a consistently profitable trading program. I did. So I guess all those hours were worth it. I get a kick out of all the hundreds of traders that have made fun of my work over the years that are still trying to put a consistently profitable week of trading together. A typical neurosurgeon's time in training is well under 15,000 hours but people say I couldn't accomplish what I've accomplished with nearly 3 times the time involved.

[SunTrader]

Originally Posted by Logic »

12 hours per day X 20 trading days a month X 12 months a year X 15 years = 43,200 hours........

So how many hours in typical day/week do you now put in in front of the screen?

Extrapolate it out to month/year if you care

[Logic]

Originally Posted by SunTrader »

So how many hours in typical day/week do you now put in in front of the screen?

Extrapolate it out to month/year if you care

Since my software is done and I can concentrate on trading instead of data mining and the research. I'm only in front of the screens trading for about 4 hours a day. I spend another 2 to 3 hours supporting my software and working with the programmers on the web application but that is it. It is like being on permanent vacation compared to the hours I used to put in.

[sysot1t]

proflogic, are you still sharing your indicator? cant seem to find it anywhere and I am interested on seeing how it can help me on my seasonal trades for gaining more confidence on the entries and exits.