TA Pattern Recognition software

[speculator]

I am seriously thinking of purchasing Metastock pattern recognition software, that the master himself JJ Murphy puts his name to.

The number of patterns included are mainly of continuation/reversal... H&S, Inverse H&S, Double/Triple Tops and bottoms and triangles.

Has anyone used or heard from anyone that has used this software.

Also does anyone know of a UK supplier, not particularly happy about zipping my information across to the states and waiting for delivery.

Thanks chaps

 

[darth trader]

speculator,

you may buy this in the uk from qdata at their website http://www.q-data.co.uk/

I recently bought this and made some postings at the time that you might like to search for. Identifying patterns (as the manual says) is very hard and the program is not perfect - however it does correctly identify patterns on a regular basis.

A key point to remember, as with all TA, is that no system is perfect and you have to put something in to sort the wheat from the chaff.

Though I use it less now I did find the program useful as part of my learning experience and would buy it again. It's much cheaper than an expensive trading course.

This program caused me to re-focus my efforts away from oscillator based strategies (which are very good for trading ranges) into a chart pattern based method. In using the software my ability to read charts has greatly improved and yielded good results on paper.

I would also recommend Bulkowski's Encyclopedia of Chart Patterns if you don'nt already have it.

Good luck.

 

[speculator]

Darth, thankls for a prompt and informed reply.

I do not plan to use this as a learning tool, really just to sort out trading opportunities, I am already SFA registered in Securities and Derivatives but will continue to 'practice' the markets as long as i breath....

Thanks for the mention of the Encyclopedia.

My must have books, include

Tech Analysis of Financial Markets.... JJ Murphy

Trading for a living..... Dr Alex Elder

Secrets of Profiting i Bull and Bear Markets...Stan Weinberg

 

[darth trader]

it's good to hear from somebody who's qualified!

Thanks for recommending Elder and Weinberg.- Elder has been on my list for a while so I'll give it a go.

My favorites are:
Murphy,
Pring - TA Explained and Momentum;
Nison on Candlesticks;
Wilder - New Concepts in technical trading
Market Wizards and
O'Neil's How to Make Money on Stocks (naff title damn good book).

though I have a long list of others good and bad.

I'll look forward to reading your posts.

 

[Morris]

Elder

I think the first 68 pages of Elder contain the best writing on trading phychology.

Absolutely essential reading for anyone trading anything in the markets in my 'umble opinion.

 

[speculator]

further to our discussion chaps...

could you advise me of the number of daily/weekly signals this package provides and their reliability on a scale of 1-10.

I am very grateful for the opinions provided so far and if you are interested in keeping in touch intra day... i use MSN and Yahoo Messenger.


Thanks again for any replies

 

[Skimbleshanks]

Hi Speculator

I don't know if you are already aware, but we have a very active chat room for daytrading and short term position trading, and you'd be welcome to stop by and have a chat during the day.

The details are here
<------------
under Live Chat

 

[DRAX]

Ascending Triangle PRE

Can anyone confirm this pattern, or am I seeing things.
The Chart is PRE, and I think we have Ascending Triangle starting.

Any comments please

Regards Drax

 

[darth trader]

my own view is that PRE is forming a base and will remain that way for some time. Check out the recent posts on the oil sector.

good trading.

 

[DRAX]

PRE

Darth,

Thanks for your reply; as you will have guessed I am learning about chart patterns, I thought that PRE might be forming an Ascending Triangle.

Can you explain what you mean when you said PRE is forming a base?

Many thanks

DRAX

 

[darth trader]

Drax,

take a look at the recent thread on Clinton Cards under UK Stocks.

This is an example of a stock that has formed a base (a cup with hanlde).

 

[Prince2Pauper]

J Murphy's Chart pattern REcognition System,

Hi Speculater,

Just read your post regarding J Murphy's Chart pattern REcognition System,

I have just purchased this software, and in the prosess of installing it. So I am afraid I cant say much regarding how good it is.

as for your quistion about where to purchase this software I bought this from Paritech who have a very good deal where you can try it for 30 days and if not satisfied you can return it for a refund.