BlowFish

No. Well maybe no (see the last paragraph). The current implimentation of Ninjatrader provides much more data than the current version of TS. TS will report last, best bid and best ask (the latter 2 only when last generates a tick). Ninja will generate an event for a trade (same as TS) and it will generate an event for an order book changes at any depth including best bid and ask (TS won't do this at all though you may be able to do it by having ask or bid as data 1). T.S. does store volume information with upticks and downticks separated. As I am now a multicharts user I can't really say much about that implementation.

He does, google will take you there 2 out of the first 3 results.

His rules for reversals are absolutely trader vic 123. That occurred to me too Some of his price action stuff share similiarities to 2B's but a bit different. Plus of course there is a whole host of other 'setups' and observations.

The irony of this made me smile. The first two criticisms could certainly have been levelled at Multicharts in the early days, less so now perhaps. Whilst the majority of the guys and gals there a superb there is the odd person that can still be somewhat defensive and deny issues that clearly need attention. I'm not saying that MC is a bad product, just that it would be better and taken a lot less time to get where it is if certain people there accepted demonstrable issues that need attention. Still, I digress. Sorry for you transact guys.

He does indeed devote a chapter to this. Here's the thing, it seems to me (from my first read through which was a bit of a 'skim') that it's not so much 'type xyz' setup that makes it best but the quality of the individual setup itself. I may have got that wrong though because I do seem to recall he has some setups that are more favourite than others. I'll re-read that chapter a bit more thoroughly and report back.

I wonder how hungry you where and how close to your potential entry you where when you stepped out It's easy to find oneself answering an urgent email, making an important call, or even surfing an 'important' website (or posting here) right around the time price is approaching an area that is likely to require a trade decision. I hope this is not a too non technical observation.

Monad, I found a great deal of benefit in extracting key points and making a bullet list (early in the thread) FT has gone about 3 steps beyond that!! ....the important thing (for me) is going through that process really aids in my understanding.

Another thing I meant to mention and I found very useful is the idea of having extra envelopes. Its funny but it seems that this is something that occurs to people independantly when looking at Charlies work. I was surprised it was quite late in the day when he incorporated this idea. I think these can provide a very useful 'framework' to help organise the geometry. After all EB->Pldot and Pldot->ET are used for this.

Thanks for reminding me who holds the rights to the original software. At the end of the day it is a remarkable body of work and its nice to see it discussed (though respect for the NDA makes full discourse tricky in the open). Of course in the early days it was all plotted by hand! Anyway I probably over reacted, not looking for adulation but simply establishing credentials (for what thats worth, on the interweb I guess it's wise to take everything with a pinch of salt). As an aside have you thought about getting the V2 indicators? Whilst they certainly look comprehensive they seem a bit like overkill to me....unless you are pursuing back testing automation and all that malarkey.

Signal is the green bar with the isolated high. It becomes an entry (on stop) one tick beyond the low of that bar.

Nice trade, direction and momentum clearly down and a 2 legged pullback would be one of the safest entries according to AB. What is the instrument by the way?

As I have mentioned to you before I first became acquainted with Drummond ooo I dunno early 90's. I thought I had proved my credentials then Nearbys (and father out) areas are important but the key is to apply them in multiple time frames. In essence you want to see focus time periods nearbys holding in higher time periods key areas. There is an argument that the indicator is a crutch for those that don't have the skill (or inclination) to draw them for themselves. You'll notice that Charlie will frequently hand draw daily overlays on intraday charts. Anyway with that caveat I have developed complete sets of indicators (including nearbys and fartherouts and the higher time period overlays) for Ensign (ran too slow) Neoticker and Tradestation. I plan on doing Ninja some time soon as its a good way to learn a platforms programming nuances as you need to use every trick in the book. I used to have long converstaions with Ted about how the official indicators grouped stuff into nearby and furtherout areas. That was the one thing that he would not reveal saying it was proprietary . I believe that it was in fact because he did not know (the V1 indicators where developed by a third party....Cynthia someone or other if memory serves). So to cut a long story short I came up with my own algorithms to group geometry into near or far areas. Whilst not perfect I believe they are better than the official V1 versions. Sadly I don't have experience of the V2 indicators so can't comment there. I know Ted was impressed, he showed screens of my Neoticker indicators at the conference they did in err..... was it 1997...I cant remember exactly. This was to demonstrate what was possible at the leading edge. Anyway whether any of that qualifies me as 'following drummond' I don't know. Don't assume that every one is restricted by the same constraints you put upon yourself, well when it comes to coding indicators at least.

Looks like I was wrong about how the code works -apologies- it looks as if he is doing some sort of 'weighting' for up and down volume. I don't think the earlier versions did (but I may be wrong there too). Maybe I'll go through and change all the value1 value2 value3 etc etc etc to more meaningful names so we can actually see what is going on!!

Essentially it looks at the ratio of Volume against Range and marks high volume low range bars low volume high range etc. etc. An uptick does not necessarily occur at the ask if price is being bid up (bid and ask lift) you can have upticks on the bid. This is completely academic as this indicator uses total volume, it does not split the volume in anyway.

Best of Luck. Hopefully the simple act of being accountable to your thread will prevent you being fooled again. I am sure lots of people will jump in to tell you if it looks like you are being (fooled).

Could you re-post the .pdf version of he documentation? The link above is saying thread removed.

I would say no not in this 'time frame'. Imagine what a higher time frame (say 1 bar for every 5 bars on you chart) would look like. This shows a common and interesting characteristc of price movement. When price is clearly consolidating in a particular time frame a chart in 'the next lower timeframe' (e.g. *5 bars) will very very often be making beautiful trend runs back and forth across the higher time frames consolidation.

A simple and elegant way of defining consolidation.

Neither TS or NT have historical bid/ask info. Its fortunate then that the better volume indicator does not require it are you getting mixed up with another indicator?

Good stuff FT, much better effort than my plain text bullet point list.

Any market. The method simply uses price data from multiple time frames.

Ninja with Zenfire. Is probably as good as it gets for CME traded products. There kit is co-located with the exchanges servers. TT used to be favourite for Eurex (never used it myself but have mates that do).

[quote=simterann22;67022 I guess I still haven't worked out how I want to trade yet. I like a new indicator so I adapt. There's the problem. I like the squeeze but I think by nature I'm a kind of 'hit and run' congestion guy. Nothing wrong with indicators but you need to know how they work and what they are showing you. Just going on the chart you posted I think that one is pretty horrible. Even in the trending portion it gets you short at the bottom of the pullback (though does flip long again) and just generally looks 'late'. Have you seen JPerls 'Trading with Market Statistics' threads? He presents a couple of tools (indicators if you like) but explains there construction what they show and exactly how you might consider using them.

This thread http://www.traderslaboratory.com/forums/f104/futures-i-trade-show-brooks-book-6008.html is about Brooks work.

I tend to use day and upwards on intraday though no reason why you could not use an hourly overlay on a 10 minute (I have in the past). It all depends on what you want to see which depends on the moves your are trying to capture. I am not really trading from P&L charts at the moment though have in the past.