Guys,
Nobody seems to have answered mik1973's question on page 4 yet, so let me ask again:
Can this book be used with Sharescope EOD? Has anyone done it yet? The book might be very good, but if I can't use it with my existing software then I have to give it a miss.
Thanks.
Nobody seems to have answered mik1973's question on page 4 yet, so let me ask again:
Can this book be used with Sharescope EOD? Has anyone done it yet? The book might be very good, but if I can't use it with my existing software then I have to give it a miss.
Thanks.
You can use what you learn in this book with, or without, any particular software at all. The book is about a method of trading that the author has been using since the days before computers.pratbh said:
If you're asking whether the specific indicators he refers to throughout the book can be programmed into Sharescope EOD, I have no idea. But it wouldn't affect the generality of anything even if it couldn't. As the author explains in some detail in the book, it's not the particular indicators which he happens to use that are the point at all.
Sorry if this _still_ doesn't answer the question, but with respect, I think the question may be assuming something (i.e. that what's being offered is a specific and detailed trading system dependent on the availability of a specific and detailed indicator) that simply isn't the case.
JonnyT said:
It most certainly is.
I recently looked at some old charts and notes from when I first started to learn how to swing trade
I was pretty horrified as I looked at the charts and my notes, no wonder I lost money in those trades.
In theory, I knew what I was looking for, I knew the candles and how they should look - Yeah in theory...
You can read all the books in the world, but until you start to be able to read the charts with understanding and experience, you really need to keep your trade sizes small. Keep reading, keep learning, keep your screen time up, but do keep your trade size down till you get it.
This is not a knock against Chick's book (or any other book) as I haven't even read his yet - I have bought it, just not read it yet. I am finishing a few other things off first and am a slow reader.
(Sorry for deviating from the thread subject matter, but JonnyT's comment really rings true)
Roberto said:
Having read the book I feel that although he indiactes to trade when signals are bullish or bearish.. according to his points system he doesnt quite elaborate what rules/plans to follow in deciding at what price to enter a trade. Infact at one point he says the point you enter a trade should not be that precise...something that worries me .also not sure what rules he follows when deciding where to place his stop losses....even though he has given several chart examples ehat are his rules for entering and stopping a trade.
DESKPRO,
Try to be less concerned with a specific entry and more concerned with how you exit. This is easily illustrated by how I can use my random entry strategy and then apply a range of exits and still be profitable over many trades. The exits are what is more important, not the entry in my strong opinion. I've tested this out on 5 years of FX data across 7 pairs and in all cases they where profitable over many trades. Now this is just a random entry always in the market strategy. Using an entry with some sort of smarts behind it should fair better IMHO.
As for stops, he does say he places his stops based on the charting landscape. He looks for points where the price would turn the line pattern against his either bullish or bearish status. He includes neutral status as a point where a stop will reside. Makes good sense to me.
HG
Try to be less concerned with a specific entry and more concerned with how you exit. This is easily illustrated by how I can use my random entry strategy and then apply a range of exits and still be profitable over many trades. The exits are what is more important, not the entry in my strong opinion. I've tested this out on 5 years of FX data across 7 pairs and in all cases they where profitable over many trades. Now this is just a random entry always in the market strategy. Using an entry with some sort of smarts behind it should fair better IMHO.
As for stops, he does say he places his stops based on the charting landscape. He looks for points where the price would turn the line pattern against his either bullish or bearish status. He includes neutral status as a point where a stop will reside. Makes good sense to me.
HG
Wow, up to page 68 already! You are a fast reader. I might be able to help JT. Look at his chart, see where he circled price? That is price 50 bars ago. Through using this technique it is easy to see that for the next few days the MA will be dropping off higher prices, thus even if price where to go down from here the trend will stay up as long as the most current price action is not drastically exceeding the price dropping off the MA calculation. To me, thinking about indicators like this gives one an edge. Does that help?
If he hasn't already covered this in the book, he does very soon.
HG
If he hasn't already covered this in the book, he does very soon.
HG
Last edited:
I have only just discovered this thread today having been absent from the site and have taken the plunge and ordered the book. A trading book for me does not have to provide anything new although of course that is the objective to make you think and maybe even laterally to help improve your trading method. If a book turns out to be no more than an interesting read I am satisfied.
However from the posters that I have come to respect and have given positive feedback illustrates that this is a good book. It may not provide all the answers in your trading because we are all different but certainly it has something that seasoned traders feel have merit and can be used or adapted into there own trading methods. On this basis I look forward to an invigorating read. I suspect it will not suit my day trading needs but will turn my attention to the daily or 60 min time frame.
I am attempting to only use price in my trading, although I have long ago moved away from lower indicators so it will test my knowledge of price movements before I accept returning lower indicators to my setup. However I can say that the MACD is a fantastic divergence signal and when it is seen has a very high probability of profit and good profit at that. (In this case I am referring to the daily chart). I am drawn to this book also by comments that the author directs your attention mainly to price. I can say that since I turned off the lower indicators and simplified my setup and turned my attention to direct price action of a single bar to a sequence of bars and the varying formations they produce I have learnt much more and quickly. I now know when an indicator such as RSI, CCI OR Stochastics would be about to produce divergence, overbought or oversold signal just from watching the price and not having the indicator on. Price I feel is everything and to much is made of indicators to new traders. Once you have discovered what messages the price can give then you can consider if the filters such as lower indicators offer you anything extra. I must admit that I still use bollinger bands and moving averages, they help in taking profit as does price sequence in a trend.
As some have already indicated they should not look to a book to provide everything unless the title is something like 'a complete trading plan'. Even then it would not suit everyone because we all have differing requirements and emotional hang-ups. It would seem this book will offer some of these requirements and may suit some to adapt to there own requirements. I am starting to ramble so I will end by saying that those that indicate this book requires work is not a bad thing if it gets you thinking. Try writing down a complete trading plan that incorporates what style of trader you wish to be, what time frame the instrument or instruments, the trading signals and method, the stop policy, the risk management, the profit taking signals, exit signals, whipsaws, dealing with greed and fear ,profit expectation and ongoing evaluation. That takes a massive amount of work because to reach a stage where you find a method that works takes a great deal of time and effort, heartache as a component fails as you fail to keep your discipline so you need to redress this until finally you have something that works for you and you can trade it then you have a trading method and in all honesty can take years. So working through a book is just a small part of what is really required for successful trading.
Happy New Year to all
Kevin
However from the posters that I have come to respect and have given positive feedback illustrates that this is a good book. It may not provide all the answers in your trading because we are all different but certainly it has something that seasoned traders feel have merit and can be used or adapted into there own trading methods. On this basis I look forward to an invigorating read. I suspect it will not suit my day trading needs but will turn my attention to the daily or 60 min time frame.
I am attempting to only use price in my trading, although I have long ago moved away from lower indicators so it will test my knowledge of price movements before I accept returning lower indicators to my setup. However I can say that the MACD is a fantastic divergence signal and when it is seen has a very high probability of profit and good profit at that. (In this case I am referring to the daily chart). I am drawn to this book also by comments that the author directs your attention mainly to price. I can say that since I turned off the lower indicators and simplified my setup and turned my attention to direct price action of a single bar to a sequence of bars and the varying formations they produce I have learnt much more and quickly. I now know when an indicator such as RSI, CCI OR Stochastics would be about to produce divergence, overbought or oversold signal just from watching the price and not having the indicator on. Price I feel is everything and to much is made of indicators to new traders. Once you have discovered what messages the price can give then you can consider if the filters such as lower indicators offer you anything extra. I must admit that I still use bollinger bands and moving averages, they help in taking profit as does price sequence in a trend.
As some have already indicated they should not look to a book to provide everything unless the title is something like 'a complete trading plan'. Even then it would not suit everyone because we all have differing requirements and emotional hang-ups. It would seem this book will offer some of these requirements and may suit some to adapt to there own requirements. I am starting to ramble so I will end by saying that those that indicate this book requires work is not a bad thing if it gets you thinking. Try writing down a complete trading plan that incorporates what style of trader you wish to be, what time frame the instrument or instruments, the trading signals and method, the stop policy, the risk management, the profit taking signals, exit signals, whipsaws, dealing with greed and fear ,profit expectation and ongoing evaluation. That takes a massive amount of work because to reach a stage where you find a method that works takes a great deal of time and effort, heartache as a component fails as you fail to keep your discipline so you need to redress this until finally you have something that works for you and you can trade it then you have a trading method and in all honesty can take years. So working through a book is just a small part of what is really required for successful trading.
Happy New Year to all
Kevin
Kevin546,
You will like the book. What the book is about is gauging the "intensity of momentum" in the price the action. Chick Goslin does this with the 3 lines. It is full of tricks. But very elegant and straight forward. Interesting enough, one of the best rules in his book is the News Spike rule. That is worth the price alone.
A couple guys keep asking about entry. When a market first goes concurrent get in! In the book he mentions quite clearly that you should unchanged or better the next day. If after the first hour you are not filled ----cancel the order and go with a market order. If the trend has developed ---wait for 2 days against the trend. This is all the book. The market (any market) will seldom (if ever) go more than 4 days against the trend. He gives a handful of ideas and examples of this. With regard to stop losses, he uses percentages of margin. I do not want to sit here and re-write his book on this thread. That is why you bought the book.
It is very easy to get things straight by calling him. If you own the book and esp. if you subscribe to his newsletter ---call and ask him. That is a huge advantage. I do not know any other authors that allow folks to do this.
You will like the book. What the book is about is gauging the "intensity of momentum" in the price the action. Chick Goslin does this with the 3 lines. It is full of tricks. But very elegant and straight forward. Interesting enough, one of the best rules in his book is the News Spike rule. That is worth the price alone.
A couple guys keep asking about entry. When a market first goes concurrent get in! In the book he mentions quite clearly that you should unchanged or better the next day. If after the first hour you are not filled ----cancel the order and go with a market order. If the trend has developed ---wait for 2 days against the trend. This is all the book. The market (any market) will seldom (if ever) go more than 4 days against the trend. He gives a handful of ideas and examples of this. With regard to stop losses, he uses percentages of margin. I do not want to sit here and re-write his book on this thread. That is why you bought the book.
It is very easy to get things straight by calling him. If you own the book and esp. if you subscribe to his newsletter ---call and ask him. That is a huge advantage. I do not know any other authors that allow folks to do this.
TGM
I am sure from the previous comments that I will enjoy the book and will learn something from it. I am always opened minded to new ideas for my trading, although in the case of my day trading that is something that I am very happy with and it is now very rare that I change or introduce a new element.
However I will consider this book for longer term trading and see if it links in with what I am already aware of. At the end of the day a method is only as good as the person applying it and not everything may sit well with all traders. If you gain confidence in what you are doing then it begins to take shape especially after testing yourself thoroughly in applying it correctly. So as with other posters here I am open minded but at the same time I am not going to jump right in, it will need to be tested and I expect with my previous trading it will in some way have to be adapted to my own mindset.
There are a wealth of methods available for use that traders have had huge successes with but they do not suit every traders mentality and that is why trading requires a lot of work to make it work for you and knowing you is as much a part of it as working through this method IMHO.
Regards
Kevin
I am sure from the previous comments that I will enjoy the book and will learn something from it. I am always opened minded to new ideas for my trading, although in the case of my day trading that is something that I am very happy with and it is now very rare that I change or introduce a new element.
However I will consider this book for longer term trading and see if it links in with what I am already aware of. At the end of the day a method is only as good as the person applying it and not everything may sit well with all traders. If you gain confidence in what you are doing then it begins to take shape especially after testing yourself thoroughly in applying it correctly. So as with other posters here I am open minded but at the same time I am not going to jump right in, it will need to be tested and I expect with my previous trading it will in some way have to be adapted to my own mindset.
There are a wealth of methods available for use that traders have had huge successes with but they do not suit every traders mentality and that is why trading requires a lot of work to make it work for you and knowing you is as much a part of it as working through this method IMHO.
Regards
Kevin
TGM said:
Dont get me wrong I found the book very interesting... think you hit the nail on the head whenyou said that get in when the market first goes concurrent but this is easily said then done. Bit confused when you say that if not filled wait for the market to go against the trend... if this does happen surely the indicators will be pointing to a low probabilty trade. ie score of less than 2.5 or -2.5
Deskpro
I think and I maybe wrong that TGM was referring to a situation where you have missed the best entry and so look to join a trend on a pull back. As to probability this will all depend on your style of trading and the time frame. Whatever way you trade you should obviously thoroughly test it so that you can apply it with confidence. It is sometimes harder to lift a method of trading from another and then trade there method as affectively. I firmly believe you can make use of another's system by adopting all or part of it within your own trading method and psyche. I feel you have to bring something of yourself to your method of trading to help you through the awkward moments of trading when it is not so clear cut what you should do. Belief in yourself and your method carries you through this and generates further experience and confidence in your self and your method which leads to greater profits. IMHO
Kevin
I think and I maybe wrong that TGM was referring to a situation where you have missed the best entry and so look to join a trend on a pull back. As to probability this will all depend on your style of trading and the time frame. Whatever way you trade you should obviously thoroughly test it so that you can apply it with confidence. It is sometimes harder to lift a method of trading from another and then trade there method as affectively. I firmly believe you can make use of another's system by adopting all or part of it within your own trading method and psyche. I feel you have to bring something of yourself to your method of trading to help you through the awkward moments of trading when it is not so clear cut what you should do. Belief in yourself and your method carries you through this and generates further experience and confidence in your self and your method which leads to greater profits. IMHO
Kevin
DESKPRO said:
I said to get into the market as soon as it goes concurrent. The book talks about getting in unchanged or better etc..etc.. I said (repeating the book) IF you do not get your price in the first hour----go in 'at the market' these moves are usually the best ----the market is really moving-----and your fills will not look so bad a couple days later. In fact, the worse your fills are ---the better the trade (based on my experience). I repeated a couple concepts he goes into in the book. You seem to be pretty confused. It is difficult to convey things on a board like this without getting folks confused. However, in my trading library ---this book is the most simple I have come across.
"when the market first goes concurrent but this is easily said then done"-----He he----Yes, you are right----welcome to the business!
If it were easy ---all of you would have had Ferrari's on order all ready! Everything is easier SAID than DONE. You must surrender to the risk. There is NO such thing as perfect. Never has been ---never will be. These are just reliable methods with simple entries. As far as marginal trades, or waiting for 2 days against the trend. The concept is to NOT sell lows in an uptrend and NOT buy highs in a downtrend. Once, again he gives several examples depending on status and the ML. What I am talking about when I say jump in is when the ML is JUST starting it's rally ----that is were the juice occurs and I do not want to get fancy.
Based on my experience, the method's big edge is that you will not be waiting for fancy pullbacks etc...you just plough in. Most traders are too fearful of this. That is the edge. By the time you start getting the fancy pullbacks. You will have a cushion and the market is generally going into crosscurrent mode. I have seen this time and time again. Especially, day trading you get the fancy pullbacks and everyone is trying to make nickels for the test into the previous swing high or low. This was me at one time! Your best trades will be profitable very quickly. You will have an ML building into a new trend. And you can sit and watch the first crosscurrent trade as test to see if you want lock down profits etc....or let it run.
TGM asked me to post this because he has technological challenges... :cheesy:
This is a simple SMR quality 3-10-16 for TradeStation. Because of limitations on this forum I have changed the file extension to .doc strictly so I could attach this file.
Note: After downloading this you must change the filetype back to .eld so TraeStation will recognize it. Otherwise you will get MS Word trying to open the file and of course, failing miserably!
This is a simple SMR quality 3-10-16 for TradeStation. Because of limitations on this forum I have changed the file extension to .doc strictly so I could attach this file.
Note: After downloading this you must change the filetype back to .eld so TraeStation will recognize it. Otherwise you will get MS Word trying to open the file and of course, failing miserably!
