Hi cajak,
Yes I've got TradeAdvisor 5 and use it on UK equities. I can't see why you can't use it on anything if you have the data for it. I use it on Metastock EOD data which I think it needs. I get the data from Prestel (Citiservice) about £105 per year. The way TA5 is set up it looks for Elliot waves. So at the end of a wave 3 up move it will wait for a reversal candlestick and signal a short and give you a target price and a price to set your stop loss. Similarly at the end of a wave 4 retraction on a reversal candle it will signal a buy with target and stop loss.
Sometimes it works and sometimes it doesn't. What can go wrong? It can show a 'reversal' candle but next day instead of playing the game the equity doesn't 'reverse' and start a new wave but carries on up or down (opposite) to your position. Or at the end of the day you get the reversal UP candle. So tomorrow you are going long. Next day it's up again before you have chance to get on. It's now some way from the original signal. But that's a criticism of end of day data not TA5. You can also scan using many other criteria, such as equities showing a MACD divergence, various candlestick partterns, ma crossovers, etc.
It only shows ones with a good risk to reward ratio. Let me give you some examples purely for research purposes so you can follow them and see if they would have worked out. They are not given as advice to buy or sell. DYOR.
Tonight's scan (5 Oct 2005) which was a bigish down day pretty much across the board unsurprisingly showed no buys on my (roughly) FTSE100. Sells: CCL (Carnival) Hanson was chosen but eliminated by the system as it didn't meet the risk-reward criteria. Look at the two charts. Basically CCL has more room to drop before meeting support, Hanson doesn't.
The TA5 system also signalled
FTSE250. Long. FKI.
Shorts: EUS, ECM. Jam, KCOM, PFL, SHB, SLOU.
Can't say stongly enough this isn't advice to buy or sell. Do your own research. Just posted these so you can follow them to see if they would have been a sucess or failure to see whether the program is for you or not because it is expensive and no program is going to automatically make you money. All we're looking for is an edge. Probably the cheapest and not the worst system is to just look at support and resistence and have strong stop loss and money management!
Any queries get back to me.
Soya
Yes I've got TradeAdvisor 5 and use it on UK equities. I can't see why you can't use it on anything if you have the data for it. I use it on Metastock EOD data which I think it needs. I get the data from Prestel (Citiservice) about £105 per year. The way TA5 is set up it looks for Elliot waves. So at the end of a wave 3 up move it will wait for a reversal candlestick and signal a short and give you a target price and a price to set your stop loss. Similarly at the end of a wave 4 retraction on a reversal candle it will signal a buy with target and stop loss.
Sometimes it works and sometimes it doesn't. What can go wrong? It can show a 'reversal' candle but next day instead of playing the game the equity doesn't 'reverse' and start a new wave but carries on up or down (opposite) to your position. Or at the end of the day you get the reversal UP candle. So tomorrow you are going long. Next day it's up again before you have chance to get on. It's now some way from the original signal. But that's a criticism of end of day data not TA5. You can also scan using many other criteria, such as equities showing a MACD divergence, various candlestick partterns, ma crossovers, etc.
It only shows ones with a good risk to reward ratio. Let me give you some examples purely for research purposes so you can follow them and see if they would have worked out. They are not given as advice to buy or sell. DYOR.
Tonight's scan (5 Oct 2005) which was a bigish down day pretty much across the board unsurprisingly showed no buys on my (roughly) FTSE100. Sells: CCL (Carnival) Hanson was chosen but eliminated by the system as it didn't meet the risk-reward criteria. Look at the two charts. Basically CCL has more room to drop before meeting support, Hanson doesn't.
The TA5 system also signalled
FTSE250. Long. FKI.
Shorts: EUS, ECM. Jam, KCOM, PFL, SHB, SLOU.
Can't say stongly enough this isn't advice to buy or sell. Do your own research. Just posted these so you can follow them to see if they would have been a sucess or failure to see whether the program is for you or not because it is expensive and no program is going to automatically make you money. All we're looking for is an edge. Probably the cheapest and not the worst system is to just look at support and resistence and have strong stop loss and money management!
Any queries get back to me.
Soya
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