Ultramarine
Junior member
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Many thanks for your hard work ely - much appreciated.
Al
Al
TheMoneyMachine
Active member
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Grey1 thanks for another extremely informative session, you are a true gentlemen!
And ely37 thanks for sharing your recordings, much appreciated.
Kind regards
TMM
And ely37 thanks for sharing your recordings, much appreciated.
Kind regards
TMM
wheezergeezer
Well-known member
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Well done guys.......in particular GREY1 and thank you too ELY37 for the recording.......it was a great friday session......enjoyed it no end, looking forward to the next one!
Ely
Thanks for making the recordings. May I ask what the issue is with MACCI - is it that you don't have Tradestation ? - or do you need assistance with getting the code or setting it up ?
Charlton
Charlton,
There's no issue with MACCI. It's just that I don't have Tradestation yet. I plan on opening a TS account soon and hopefully will have it up and running at the next session. I'll definitely ask if I run into issues.
Is there anyone here running MACCI and Iraj N Minute with TS8?
Also, is anyone using Tradestation as a broker? What's your opinion on them?
Thanks,
- E
I use Profhet charts for looking at Stocks, I dont have the macci, but what works fine for me is, a 5CCI and plot a 4 Simple Moving Avr over it, seems to be very close the the macci readings, when Iraj says, macci now -97, i check my readings and its around -94, so that will do for me.
Ely
That's good - with respect to your questions I run MACCI and Iraj N minute with TS8. I also use Trasestation as one of my brokers. I have never had any issues with them, the platform or their service. They are very helpful during the initial sales period - but then you would expect that in any case !
Once you sign up then you have access to various forums that can be quite handy. For me their strategy lanaguage is easy enought to learn and use - very comprehensive and there is plenty of documentation/webinars online - most resources are free, but some are payable.
Charlton
Bladerunner
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thanks to all that have posted every place
thanks grey1 for sharing
I might need some help later when my brain pan cools down a bit
Andy
thanks grey1 for sharing
I might need some help later when my brain pan cools down a bit
Andy
Blu-Ray
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Thanks Paul, Yes Ely, I use TS 8.3 with MACCI & the N_minute Change, it works no problems and is very easy to use. If/when you get signed up to TradeStation, give me a shout if you have any difficulties getting started with it........ and thanks a million for the recordings !!
Iraj
Thank you for yet another great day.....you are the best !!!!
Cheers
Andy
Thanks Laptop,
I've used Prophet in the past. Cancelled my service a couple years ago. I've been trying to use QuoteTracker, however, it does not seem to be able to apply a SMA over CCI. Prophet is definitely a cheaper alternative over TradeStation.
- E
Saw the recording- Ely thanks once again for posting it- it was very helpful;
Thanks a lot to the 'master blaster' Iraj for such an informative session- each time I join Iraj's session I feel my understanding about the market has improved.
Cheers!
Raj
Thanks a lot to the 'master blaster' Iraj for such an informative session- each time I join Iraj's session I feel my understanding about the market has improved.
Cheers! Raj
Summary as I understand
To Summarise the strategy discussed in the conference(as I have understood -all inputs within the boundaries of Iraj's strategy welcome)-
a) Before market opens-
1) Try to find clues about the market sentiment- CNBC, Breifing.com (any other
sources...?)
2) Be aware about the time for any major news which might be released on the
day- as these can influence market turns
3) Check INDU Macci and see if the market direction (as per macci)and market
sentiment are consistent or not.
b) When market opens decide market direction based on 60 min and 30 min Indu -again
as a precaution ensure that this is consistent with the market sentiment.
c) Now wait for 10 min to turn in to the same direction as the 60 & 30. Previous nodes
are helpful to get an idea where this is likely to happen.
d) Use a heatmap (Finviz) or e-signal (any other ideas?) and Iraj-N Minute- to selet the stocks from 2-3
different sectors/industries.
e) Make an entry based on the position size code.
f) Now sing a song or dance while waiting for things to develop.
g) Note-get out at first opportunity if market direction changes suddenly or you have
analysed it incorrectly.
i) once trade goes your way-wait for it to reach 0.5ATR (based on pos sizing atr)-put a
mental stop at entry +2C.
j) Now at INDU 10min ob/os (as applicable)-sell 3/4 of the position and let the rest to
follow the trend.
k) when market direction changes-close complete position.
l) You can continue to sing (if the neighbours and family permit) and be thankful to Iraj
& Mr market
Hi All- I have tried to summarise this with a view to start a constructive discussion on
G1 strategy so that we can add important points as we learn- please feel free to comment.
Best wishes
Raj
To Summarise the strategy discussed in the conference(as I have understood -all inputs within the boundaries of Iraj's strategy welcome)-
a) Before market opens-
1) Try to find clues about the market sentiment- CNBC, Breifing.com (any other
sources...?)
2) Be aware about the time for any major news which might be released on the
day- as these can influence market turns
3) Check INDU Macci and see if the market direction (as per macci)and market
sentiment are consistent or not.
b) When market opens decide market direction based on 60 min and 30 min Indu -again
as a precaution ensure that this is consistent with the market sentiment.
c) Now wait for 10 min to turn in to the same direction as the 60 & 30. Previous nodes
are helpful to get an idea where this is likely to happen.
d) Use a heatmap (Finviz) or e-signal (any other ideas?) and Iraj-N Minute- to selet the stocks from 2-3
different sectors/industries.
e) Make an entry based on the position size code.
f) Now sing a song or dance while waiting for things to develop.
g) Note-get out at first opportunity if market direction changes suddenly or you have
analysed it incorrectly.
i) once trade goes your way-wait for it to reach 0.5ATR (based on pos sizing atr)-put a
mental stop at entry +2C.
j) Now at INDU 10min ob/os (as applicable)-sell 3/4 of the position and let the rest to
follow the trend.
k) when market direction changes-close complete position.
l) You can continue to sing (if the neighbours and family permit) and be thankful to Iraj
& Mr market
Hi All- I have tried to summarise this with a view to start a constructive discussion on
G1 strategy so that we can add important points as we learn- please feel free to comment.
Best wishes
Raj
Grey1
Senior member
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yes spot on ,, It is vital to include the market sentiment as you mentioned , TA on its own is not good enough ,, you need to be a pro and include those catalysts which influences other trader's mind into the equation.
Thursday night there was a profit warning by DELL , I knew Friday would be a down day as DELL is a MAJOR catalysts which can represent a broader sector weakness ( others are WMT,GOOG,AAPL,FRE,FNM,GS,DELL, HPQ IN OIL you look for XOM ,CVX )
You can be as technical as one can be but NOT understanding the market catalysts is a MAJOR hurdle to become a consistent winner. You must listen to me and get out of the habit of being a 100% TA ...
I have a program trade which uses TA but I still have to fed into it the market sentiment by allowing it to either go short or long .
Pure technicians says Everything is in the chart... ALL news is in the chart, then they draw their support and resistance line , next things is there is a news on the CNBC that hurricane GUSTOVE is going to hit GOLF of MEXICO OIL stocks go up a chartist sees this as breach of resistance he goes LONG next minute there is an update that GUSTOVE is not going to hit the GOLF OF MEXICO and OIL pulls back and a chartist says OH Well a failed break out . Neither a NEWS trader or a chartist are any wiser about the fate of the OIL STOCKS before the day is finished but at least a NEWS trader KNOWS why moves are happening and 9 out of 10 he does not wet his feet unless he has solid info about the GUSTOVE path where as a Technicians LOOKS at the PRICE HISTORY ( how stupid ,, how stupid ) to forecast the future MOVEMENT OF THE HORRICAN CUSTOVE.. THE HURRICANE IS MOVING FORWARD and a CHARTIST LOOKS BACKWARD . This is also true about other stocks.. Stock A goes down to hit the low of the year and there is a change of a management and wealthy Arab invests into the STOCKA and the turn around starts and the same stock that have been hitting LOW of the year turns around to HIT the high within the next 2 years and a chartist KEEPS shorting the stock on a PULL back SIMPLY because his chart tells him .. This is beyond stupidity .
I am not saying you cannot make any $$ out of TA ,, this is not what i am saying , I AM SAYING TRY TO UNDERSTAND THE NATURE OF THE MOVE...
On the main BB people FORCAST NEXT DAY MOVE ON DOW .. How many of them have been successful more than 50/50 .. NONE ,,, NONE of them ,, the reason is because they want some thing from TA which is not capable of offering them ,, It is like expecting a 90 year old man to perform without Viagra three times a day ,,
Market can not be tamed with silly if A ( Example RSI > 80 ) then B ( blah blah ) rules .. If this was then i would be the richest man on this planet . In fact i would be richer than US treasury .
Market rewards excellence. It does not reward naive and 1 dimensional chartist and if some told you pay me a donation and i show you how to make $1000 a day then you are finished as a trader. If you believe this then you believe any thing .
without a doubt there is a room for TA but don't worship it,,, accept it as a friend but do not accept it as the GOD. Have you ever asked yourself why an INDICATOR called an INDICATOR? by definition an INDICATOR is only an INDICATION ,,. Nothing more Nothing less,, just an indication ,,
Any way ,,, be a PRO ,, try to understand the reason for the MOVE and then you have done yourself a FAV ,, I am not saying to become a NEWS trader ,, far from it , I am saying ,, to INCLUDE the catalysts based on fundamentals into your analysis ,,
NEXT time IF WMT gave a profit warning ( and WMT gapped down ) then use TA to find a good entry and SHORT the market for the rest of the day .
The above strategy which RAJIB has outlined is perfect for day trading as long as you include the sentiment into it as he has said himself.
grey1
The idea is to minimise risk-so if the sentiment and TA do not match up then stay away rather than increasing the risk. The main part of the skill is to get the market direction correct.
Raj
Grey1
Senior member
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DELL news was released after hours ( when the market closed on Thursday ) so this new info is not yet into Fridays price.. intra day trading of futures/stocks/SB or what ever instrument you trade only looks into that particular day and not from few days back ,,
I think it was on Wednesday ,, just up until WARREN BUFFET,s comment the futures were down by 70 points and i was thinking of shorting the market for the day,, Mr Buffet suddenly admitted that he has bought into AMERICAN EXPESS and all of the sudden the market spiked up and it was one of the strongest days and it closed 200 point up. Now, lets go to DOW2008 prediction thread on the main BB,, Did our young traders know about Mr. buffet's next day comment ? NO, NO BODY KNEW ,Our traders analysis became invalid by new information which arrived on Wednesday morning which was not in Tuesdays' chart .Our traders INSTEAD OF GETTING TO THE BOTTOM OF TRUTH AND FINDING WHY FUTURES TURNED AROUND AND SPIKED UP ON WEDNESDAY THEY WENT BACK TO THEIR TUESDAY'S CHART TO FIND A TECHNICAL ANSWER AND BOY THERE ARE MILLIONS OF STUPID TECHNICAL REASONS TO JUSTIFY THEIR FAILURE.
I repeat , i am not in any way against TA.. far from it but the fact remains that using TA alone does not do the trick and IMHO there is not a single PURE Technician who is rewarded for his knowledge of classical TA in the market . I say this categorically and if i had said this on the main BB some one would have come along to prove me wrong with false financial claims to underestimate my view. Most these defenders of TA are new to this game and they argue for various reasons and not because they can show their P/L.
Before any trading days do the following ..
1) look at the futures .. is it up or down ? if up why up and if down why down ..
2) How much futures are up if 100 then why up so much,, CNBC,, tells you why market is up or down
3) listen to ASH.. he is on CNBC and is the NYSE floor director,, his views counts a lot
4) IF DOW IS UP look for NASDAQ.. IS NASDAQ UP too if not then the market either oscillates of runs up fast and sells off in the afternoon ,,
5) find out why NADSAQ is down or is lagging
6) for a strong trending day you need SP500,NASDAQ and DOW all confirming . Any disconfirmation shall result in huge volatility and market oscillates ,, Hence a very difficult day . Most traders lose during oscillation ,, the reason is EXCESS RISK during oscillation and traders who do not understand pos and risk management they lose most.
7) DONOT YOU EVER EVER LET COUPLE OF HIGH OR LOW VOLUME BARS TO TELL YOU IF MARKET IS STRONG OR WEAK ,, Classical TA tells you a high VOULME bar is very bearish or bullish depending o the direction of the bar .. .. DONOT BE FOOLED,, I can prove to you in real time that classical HIGH VOULME ANALYSIS OF BARS means nothing any more . The high volume bars often occur @ open so be carful and don't read too much into this.
8) instead of learning more TA learn more pos management
9) Look at the FINVIZ,, Look for leaders in a sector are they in red or green..
10 ) Watch CNBC pre market,, if a bad news hit the market and market went down and it recovered then it is going to be a STRONG DAY ,, ISM ,PPI and news like that tells you a lot about DAY'S trend,, resistance to bad news is bullish for the rest of the day ,,
10 ) Finally try to do more FA analysis than TA as explained above ( Pre market )
Grey1
Thanks rajibde and thanks Grey1 for teaching so logically and clearly. It's beginning to sink into my boney skull. If one was thinking about trading YM (or had to, more to the point, to get the TS8 platform) then would it be fair to say that one should only trade the index futures when there is a clear confirming direction and strong trend possibility? If it is a day of conflicting sentiment, then stay clear?
Thanks.
Thanks.
