Chinese numbers

Bigbusiness has a valid point in his previous thread.

However, I have been following Chinese for a while and am not convinced that they are pivot points or any of the support / resistance points. I suspect that they use some factor on R1/R2 S1/S2 along the lines of Camarilla. I have not been clever enough to work it out though. Certainly it is not a simple matter of x points away from these points.

That said, I agree totally that both SBG and CN are often difficult to trade due to the frequent opening gap. I personally think that the services they offer should be used as educational not a utopian black box trading system.

Finally, for spreadbetters things are slightly more complicated as it frequently takes 30 minutes or so for their prices to align with real time, however, a 10 point spread on either the DOW or UKX is a case for changing your SB company!
Dave
 
Euro d,

The numbers I was working out were almost exactly the same as their numbers. That was a while ago, so perhaps they have put in another fudge factor. There is a possibility that the idea might work with futures and extremely small spreads but I wouldn't even try with spread bets. I can get a 1pt spread on the YM and I know my entry is going to be close to the level I see on the chart. With a spread bet, the 4 point spread on the DJIA might trigger my entry and then flip the other way to take out my stop. I can't see the fun in that.

As well as the opening gap problem, there will be a lot of days when it takes hours for either of the levels to be triggered. Perhaps some people might be able to cope with that but I am not one of them.
 
Bigbusiness said:
Euro d,
As well as the opening gap problem, there will be a lot of days when it takes hours for either of the levels to be triggered. Perhaps some people might be able to cope with that but I am not one of them.
Click to expand...
Totally agree, I have given up on both SBG and CN for the reasons you indicate. There is certainly no satisfaction in being glued to the screen all day and then getting stopped out on the spread!
Also, for me (and I will stand corrected) the actual finite accuracy of the entry points is not vital, just a disciplined system. Camarilla will do that for you if that is what is needed, no need to pay for someone else to do it.

BTW, any observations regarding these tools using the open prices? I posted on another thread a question that in my research I have found no formula that uses the open although many claim to do so, including surefirething.com.
Cheers
Dave
PS born in Swansea
 
I haven't spent a lot of time looking at any of these pivot point ideas. I prefer to look at price patterns. The 123's thread has some good examples of a few that I find work well www.trade2win.com/boards/showthread.php?t=13451

I used to live in Llandrindod Wells but now live in Cornwall. Still go back to Wales a few times a year to visit the family.
 
Totally agree. PP trading in any form is a little hit and miss!

I too have been dabbling with some reasonable success with 123's.

I like it as it is dynamic and can happen any time during the trading day.

Have you tried it on more boarder timescales?
 
I just like day trading and use 10min and 5min charts. I have been looking at daily charts and will start trading longer term soon but I prefer to take a profit during the day and not have to think about it after the closing bell.
 
I have tried to subscribe to CN but no one seems to be responding to my queries! seems like poor customer service.
 
Hmm, I am not at all surprised. I have stopped using them although they keep sending me the alerts.

If you want to trade this method why not search here for "Camarilla" and down load a free Excel based formula and try that?
 
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