Autochartist

This is a discussion on Autochartist within the Trading Software forums, part of the Commercial category; Has anyone recorded any past predictions of chart patterns from this software?...

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Old Jul 2, 2011, 5:48pm   #1
 
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Autochartist

Has anyone recorded any past predictions of chart patterns from this software?
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Old Jul 2, 2011, 11:37pm   #2
 
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Re: Autochartist

Tried it for a month - I'm not that impressed. Often the R/R was screwy or it was doing stuff I just wouldn't do. The chances of it being right are also not that great. I don't think you can just use it blindly - you will have to perhaps only take trades in the direction of the overall sentiment... or maybe flip a coin.

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Old Jul 3, 2011, 10:50am   #3
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Re: Autochartist

Chart patterns have 50/50 win rate over the longer term. Forget about them.
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Old Jul 3, 2011, 11:17am   #4
 
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That depends on your definition of chart patterns
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Old Jul 3, 2011, 11:28am   #5
 
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Re: Autochartist

Quote:
Originally Posted by forker View Post
That depends on your definition of chart patterns
No, it doesn't. It's the chart patterns that are specifically identified by Autochartist.
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Old Jul 3, 2011, 12:13pm   #6
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Re: Autochartist

If you choose only the higher quality patterns as defined by autochartist you will get better results. I've used it on forex only a few years back and had some success with it. I wouldn't say it's the greatest thing since sliced bread but certainly not worthless either. If I remember correctly I only took trades on patterns where the quality, length, breakout strength, etc, were near the top of the range on the indicator they give you. For 15m patterns I only took trades in the direction of the 1H trend, for 1H patterns I only took trades in the direction of the daily trend. Experimenting with taking 1/2 off right before the target level is reached or setting stop loss to breakeven at that point might give interesting results.

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Old Jul 3, 2011, 1:37pm   #7
 
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Quote:
Originally Posted by shadowninja View Post
No, it doesn't. It's the chart patterns that are specifically identified by Autochartist.
I was referring to lamog7's statement
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