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Posts by "daveo"
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512 Posts by Anonymous "daveo":
Their range bars are "pure" unlike most other charting packages. I have their 6 page pdf explaining how they build range bars as apposed to how everyone else bastardises the correct method. I must say I am very pleased using their range bar charts specifically for forex and the indicators they have developed actually seem to work due to the smoothing effect. I have never been an indicator fan and as you know my pattern work is not ideal for paired assets.
Costs are relative to any additional gains as far as I am concerned and so far I think I am on the right side of that equation. Early days yet, only been with it for about a month. I should mention that the symbol menu only covers 19 pairs plus their special USDX but they are all the pairs I would consider monitoring and trading myself, more than enough for me.
I trade from the charts but also have the broker platform minimised in case of problems. The currenex broker platform is very low cpu demands. The currency strength charts gobble up the cpu more than 3 other charting progs I have open. The range bar charts are insignificant on cpu even with several workspaces stretched across multiple screens.
The 3 day trial is not long enough to digest everything and access to tutorials is restricted during the trial period. The company is split between software developer and educator/licensee.
Note to Ashraf, sorry we are at a tangent to your specific topic. I am not trying to promote this software, no financial interest whatsoever.
"Identifying when consolidations have ended"
I would point you to study Market Profile (auction market theory). This will show you how markets, all markets, behave. Consolidation is a period in which traders agree value. Agreeing value leads to dissagreement and vertical development. Vertical development leads to consolidation again (new value area) MP will provide you with the trading parameters on any timeframe you select.
Attempting to predict price action without the technical tools to manage your trading is a very dangerous game. No trader can fully digest all the news quickly or accurately enough to interpret the correct bias for trading. The news flow is totally dynamic and often misleading.
Flast, all one can say is that sometimes the MA's work for S&R and sometimes they do not work. Same applies to H&S patterns and all manner of analysis. Ultimately we develop a "feel" what is likely to work and what is likely to fail in any given mkt environment but even then we can get it wrong as often as we get it right. Trading is one of the most difficult challenges you could seek to confront. Its easy to put on a trade but not so easy to be in the top 2% of traders who reach "consistent" profitability. Lots of hard work and dedication is required. Blood, sweat and tears come first. This is my easter message to you hu hu.
http://www.youtube.com/watch?v=LanCLS_hIo4
Your chart link did not work. If you want to post a chart you can use the stockcharts.com facility. Take a look at some of my daily charts athttp://chart.ly/vptbxio where you will see how my MA's are integrated with other studies.
Also keep an eye on charts posted in this group by the linesmen, Jacek, Subway and others. Sir Ignore has his own use of MA's which is very effective on the 1 hr and 4hr timeframes.
If my suggestions dissapoint you can ask our Catnip what he thinks :-) gl and gt.
Many traders will use the crossing of their 2 favourite MA's as an entry/exit signal. Using MA's alone is very simplistic and unlikely to have a high success record. Some traders will only trade in the direction of their MA slope combined with reading candles and price action. All these methods are valid, you have to find what works for you.
The HFT has certainly helped to further cloud patterns but I would argue that EWT is all about human behaviour/emotions being the underlying structure of markets. The algos are designed by humans and believe it or not even resourceful bankers are half human. Your typical cheapy MT4 EA is designed by an idiot human but all mkts are comprised of both idiot and intelligent participants.
I am currently back researching currency strength charts once again, looking for more potential there for shorter term forex plays. Perhaps cat would like to comment on that.