wheezergeezer
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A masterclass by a master trader........well done Iraj.........much appreciated
wheezergeezer
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Many thanks ely37,.........really appreciated you doing this....cheers dude
Trader333
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I'm using IG and their charts from IT finance Paul. So I expect it to be out a bit. Not as much as it was though. Have to get back to some decent software I suppose.
the major thing i learnt from the seminar was this:
Id been following the macci's in the timeframes as you all are, but what i did before was always enter too early and not waiting for the final spike or exhaustion. Hence i was always getting stopped out before eventual move would happen which of course is depressing. Anyway i think we really need to wait for this exhaustion candle first before entering and if it does not come just miss the trade out, like iraj says its perfectly ok to miss out, best to be sure and reduce risk as far as we possibly can. I from now on will wait for the exhaustion candle, that one last up or down before i enter.............best to wait, only need 2 or 3 set ups a day and being cash or chiken is a postion in itself.
Id been following the macci's in the timeframes as you all are, but what i did before was always enter too early and not waiting for the final spike or exhaustion. Hence i was always getting stopped out before eventual move would happen which of course is depressing. Anyway i think we really need to wait for this exhaustion candle first before entering and if it does not come just miss the trade out, like iraj says its perfectly ok to miss out, best to be sure and reduce risk as far as we possibly can. I from now on will wait for the exhaustion candle, that one last up or down before i enter.............best to wait, only need 2 or 3 set ups a day and being cash or chiken is a postion in itself.
Yes - it was US ET. Hopefully now that you have the recording by Ely37, it will complete the explanaton
Charlton
I use Nnja Trader so don't have the macci, but I found a 5 CCI and plot a 4 simple moving average over it, take the reading off the 4 simple moving average works great.
MACCI Synchronisation
If it will help you with your synchronisation (and to confirm mine) my readings at close of play are:
weekly: -84.61
daily: - 4.88
60 min: +58.23
30 min: +112.65
10 min: +94.95
5 min: + 100.34
3 min: + 100.16
1 min: + 75.91
This is using the code called MACCI_TS8 running in tradestation with the tradestation datafeed. The settings are:
max number of bars study will reference: auto-detect
update value intra-bar (tick by tick): yes
Inputs are:
Length: 6, smoothing length 5, oversold and overbought set at -100 and +100
-------------------------------------------------
The ELA code is posted below:
inputs:
Length( 6),
SmoothingLength(5),
OverSold( -100 ),
OverBought( 100 ),
OverSColor( Cyan ),
OverBColor( Red ) ;
variables:
CCIValue( 0 ) ;
CCIValue = CCI(Length) ;
Plot1( Average(CCI(length), SmoothingLength), "CCI" ) ;
Plot2( OverBought, "OverBot" ) ;
Plot3( OverSold, "OverSld" ) ;
{ Color criteria }
if average(CCIValue, SmoothingLength) > OverBought then
SetPlotColor( 1, OverBColor )
else if Average(CCIValue, SmoothingLength) < OverSold then
SetPlotColor( 1, OverSColor ) ;
{ Alert criteria }
if Average(CCIValue, SmoothingLength) crosses over OverSold then
Alert( "Indicator exiting oversold zone" )
else if Average(CCIValue, SmoothingLength) crosses under OverBought then
Alert( "Indicator exiting overbought zone" ) ;
Options
If it will help you with your synchronisation (and to confirm mine) my readings at close of play are:
weekly: -84.61
daily: - 4.88
60 min: +58.23
30 min: +112.65
10 min: +94.95
5 min: + 100.34
3 min: + 100.16
1 min: + 75.91
This is using the code called MACCI_TS8 running in tradestation with the tradestation datafeed. The settings are:
max number of bars study will reference: auto-detect
update value intra-bar (tick by tick): yes
Inputs are:
Length: 6, smoothing length 5, oversold and overbought set at -100 and +100
-------------------------------------------------
The ELA code is posted below:
inputs:
Length( 6),
SmoothingLength(5),
OverSold( -100 ),
OverBought( 100 ),
OverSColor( Cyan ),
OverBColor( Red ) ;
variables:
CCIValue( 0 ) ;
CCIValue = CCI(Length) ;
Plot1( Average(CCI(length), SmoothingLength), "CCI" ) ;
Plot2( OverBought, "OverBot" ) ;
Plot3( OverSold, "OverSld" ) ;
{ Color criteria }
if average(CCIValue, SmoothingLength) > OverBought then
SetPlotColor( 1, OverBColor )
else if Average(CCIValue, SmoothingLength) < OverSold then
SetPlotColor( 1, OverSColor ) ;
{ Alert criteria }
if Average(CCIValue, SmoothingLength) crosses over OverSold then
Alert( "Indicator exiting oversold zone" )
else if Average(CCIValue, SmoothingLength) crosses under OverBought then
Alert( "Indicator exiting overbought zone" ) ;
Trader333
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Jason,
I am not sure what you mean by exhaustion candle ? The signals came when the 1min, 3min and 5min Macci were OB on INDU and then we shorted stocks that were weaker than the market immediately. The stocks for selection came from those that were the weakest according to the Iraj N Minute change indicator. If you look at the attached screenshot I have marked in a red box the stocks that are suitable candidates for shorting if we got a signal from INDU to do so. The two at the top AKAM and CCJ would be first choice in this scenario.
Paul
I am not sure what you mean by exhaustion candle ? The signals came when the 1min, 3min and 5min Macci were OB on INDU and then we shorted stocks that were weaker than the market immediately. The stocks for selection came from those that were the weakest according to the Iraj N Minute change indicator. If you look at the attached screenshot I have marked in a red box the stocks that are suitable candidates for shorting if we got a signal from INDU to do so. The two at the top AKAM and CCJ would be first choice in this scenario.
Paul
Attachments
well, remember market is first, we don't even go to stock until market exhausts in the one minute time frame. But i understand what your saying and i don't currently have that sftware so thanks for highlighting it as this will be a great help for me to shortlist my stocks.
But my understanding is market must come first and we must be sure market is not just correcting itself and is actually exhausted. Persoanlly i think this is as far as possible that we can can fine tune our entry and imo where alot of traders trying this style are going wrong as their entry like mine is bad but the market direction they choose was right. We must wait for exhaustion or entry will be no good and as grey says risk is the most important factor and if he is saying that then entry must be the most important factor and imo the number one reason traders cannot do his style. Me personally from now on going to concentrate on near perfect entries and i really have gained alot of confidence from the seminar and watching grey and i know for a fact he goes for as near perfect entry as possible and not bothered if he misses a good trade.
Alot of us here including myself just think maccis have to all be os/ob in all timeframes to get a signal but its just not the case as i have first hand experience, we forget about that one last up or down (exhaustion) and enter prematurely and probably get stopped out or definately out of pocket. The stock method you highlighted is sound and i can't wait to use it but to me i must get market direction spot on first.
Think about it, if you can almost read the market perfectly and then go to stock you have made it in my eyes.
Also one final thing, do you remember grey saying that his stop is simply when he gets market direction wrong. This is further clarification that the man goes for spot on market entries, and only then does he go to stock selection. This is my understanding only, i may be wrong but can only speak from my point of view, sorry if i have got anything wrong.
And of course being pateint enough to hold out for them perfect entries is a skill in itself.
Why don't some of you look back over your charts, look when 10,5,3,1, macci's were all ob/os, then just look out for the exhaustion candle on the one mintute timeframe, you should see it occur quite regurlar.
I personally feel we have all under-estimated how vital spotting exhaustion is to this system as exhaustion equals reversal quite often enough, well enough for a good scalp anyway.
Macci's or technical indicators may be all os/ob or very close, but if you enter before the market has exhausted
you will get a bad entry.
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Trader333
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Yes of course the overall direction of the market comes first and that is not the point I was making. Once market direction has been determined then the trigger to trade is not an exhaustion candle as you keep saying. It is when the Macci is either OB or OS in all timeframes on INDU and then we trade either the weakest or strongest stocks relative to INDU and as determined by the screenshot of my last post. You may decide to add using a 1 min exhaustion candle for your own entry but that is not what most of us are doing.
In my view if you wait for this you could miss the opportunity. On Friday when we traded AAPL my entry was $126.35 and less than 10 seconds later the price was at $126.16 Did you notice how quickly the stock moved and how quickly we closed 3/4 of our position ? If we had hesitated we would have missed this in my view.
I have finely tuned the speed of my entries and to do this I use hotkeys and I never use a mouse. That means that when the call is made I am in the market in under 2 seconds and on days like Friday that can be very important.
Paul
there you go, and this is why most of you are failing (sorry if that sounds offensive, its not meant to be), try to cut out the pride and listen to me, i seriously on to something here.
look back at your chart for the first entry grey made, it was at 15.57pm, just look at the shooting star candle on the one minute timeframe, grey can correct me if he likes but my understanding is this is what he was waiting for.
by the way, yes we could have missed oppotunities but so be it.
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I agree. I dont think Grey looks at candles!! Dont get me wrong. I'm not saying using candles doesnt work but it is important to master what you are being taught first. I would learn Grey1's methods they way he is teaching them, with patience and then when you have mastered them and they are working for you, to introduce your own flavours!
Jason, pls dont take this the wrong way but IMO I'd say this is the reason why people fail and the fact that they keep switching different methods. They start thinking they know better than the master! Its like going to med school and telling the master surgeon how to improve his methods.
Jason, pls dont take this the wrong way but IMO I'd say this is the reason why people fail and the fact that they keep switching different methods. They start thinking they know better than the master! Its like going to med school and telling the master surgeon how to improve his methods.
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Trader333
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Sorry Jason this is just plain wrong and you may be onto something but Grey1 was not even looking for that at all.
Also please don't insult my intelligence by implying that I am a failure or that I am showing pride here as you are totally wrong. I am just trying to explain how we go about trading but you seem to take it as some kind of attack so I will not be doing anything more to further this view you have acquired of me.
Paul
ok sorry paul , honestly did not mean that.
i am not feeling sorry for myself or anything but ive been thinking for a long time to stop with bb's and in my venture to be a successful trader i will now do so, and i actually feel very positive by doing so.
Good luck guys i really mean it and i will see u around in the seminars.
regards,
jason
if anyone wants any help with this please feel free to contact me as i will be trading everyday from now on, no part time bs, just pure full time commitment.
grey before i leave for my full time venture, please would you kindly put me right on the above as ive obviously got something wrong here. many thanks
i am not feeling sorry for myself or anything but ive been thinking for a long time to stop with bb's and in my venture to be a successful trader i will now do so, and i actually feel very positive by doing so.
Good luck guys i really mean it and i will see u around in the seminars.
regards,
jason
if anyone wants any help with this please feel free to contact me as i will be trading everyday from now on, no part time bs, just pure full time commitment.
grey before i leave for my full time venture, please would you kindly put me right on the above as ive obviously got something wrong here. many thanks
Keano, try:
Adobe - Adobe Shockwave Player
Adobe - Adobe Shockwave Player
