crabbydog

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

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

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

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.

Good article, but when do you think the US session closes? You open it at midday GMT, although I had understood it was considered open 1pm or 2pm. I had understood it closed at 8/9 pm GMT. thanks :missy:

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

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"

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.

Oh poo, that was my next business model you just trashed :doh: :rofl:

Your blog appears to be invitation only.

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).

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.

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.

Peter, thanks for this, I will have a look through them. The list will help me understand better the PnF pattern. Then I can look at the CCI bit and see how the trigger works.

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.

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

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

If you basic system is profitable stick with it to trade whle at the same time analyse whether leaving the contracts on the table add to or detract from the profit. Myself I woudl stick with what works and makes profits.

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.

Why? Don't fix if it aint broke I say,

Well on that basis you will soon be a millionaire

Who is / are the programmer?

Anyone here know if esignal has the VWAP or PVP are in esignal charts?