"Trading Day by Day" by Chick Goslin

[LevII]

I bought the book from the States after Global Investor stated they had despatched my book yet they didn't even have it in stock!

It cost a little more but well worth it.

JonnyT

Me too.

 

[s-a]

Yes, please post the code for 2000i. The 49th bar back feature would be very useful. Thanks!

This is SHOWME code:


inputs:
Displace(49), Width(5), HighLightColor(White);

if LastBarOnChart then begin
Plot1[Displace + 1](C[Displace + 1], "Highlight", HighLightColor, Default, 0);
Plot1[Displace](C[Displace], "Highlight", HighLightColor, Default, Width);
end ;

 

[Option1]

JOhnny,

I thought that the 49 was the LT trend - you would use look at the trend that occurred 49 days ago and then see the "potential"/ anticapted trend for the next few days

I cant remember what page it is but it is used

 

[Trader333]

s-a,

Thanks for this.


Paul

 

[karmit]

Just ordered the book via the US website... hoping for a fast delivery...

As far as money mgmt goes, I have "started" with a "massive capital" of 2000 GBP..

Status as of 02Jan05 => 2000 - 50 GBP (for the book) = 1950 GBP ;-)

Need all your wishes and guidance!

Have a Happy New Year 2005!!!

karmit

 

[eddyjo]

The 49/50 MA is used in the 3 point system.


Eddy.

 

[eddyjo]

PAT 494, Do you see a negative div on the SL?


Eddy.

 

[Roberto]

Status as of 02Jan05 => 2000 - 50 GBP (for the book) = 1950 GBP ;-)

Wishing you very good luck. You could not have started with a £50 loss in a better way!

 

[s-a]

Wishing you very good luck. You could not have started with a £50 loss in a better way!

Haha - if that is losing, I love to lose!

HG

 

[JonnyT]

Reading the book I do not think the 49/50 MA is used at all.

My take is that all that is important is the price 49/50 days ago.

Thats what the chart examples dictate.

Anyone care to elaborate?

JonnyT

The 49/50 MA is used in the 3 point system.


Eddy.

No its not.

In the examples the trend is given purely if the price is higher than 50 days ago. Have a look at page 68 and the Cocoa trade. This is where my confusion lies.

JonnyT

 

[s-a]

JonnyT,

Ok, i can see how you might be confused. Chick does refer to price 50 bars ago and uses this to aid in determining his status. Although I don't think he explicitly mentions it, I think he likes the MA(50) on the chart so he can get a quick visual feel for the intensity of the trend and how price interacts with this dynamic trendline. Any more confusion on this matter maybe you should call Chick himself and ask for clarification, from what I hear from TGM, he is very receptive to calls. I didn't find his method confusing at all, and you still haven't specified to me (even though I have asked several times) what your confusion is.

HG

 

[Panman]

s-a,,,

Thanks for the show-me marker ! very handy to have now.

Can anyone explain to me, the phrase, "winning the zero-sum game of futures". What does "zero-sum" mean?
Sorry for my ignorance here.

panman
___________________________
Be thankful for fools. Without them, none of us would amount to a damn.

 

[Bigbusiness]

s-a,,,

Thanks for the show-me marker ! very handy to have now.

Can anyone explain to me, the phrase, "winning the zero-sum game of futures". What does "zero-sum" mean?
Sorry for my ignorance here.

panman
___________________________
Be thankful for fools. Without them, none of us would amount to a damn.

The 'zero sum game' just means that for every winner there must be a loser. Every £/$ one person makes is lost by another person.

 

[Bigbusiness]

The 49ma method is interesting. I would have thought that looking back 49 days and taking off a few days to predict the future movement of the 49ma would work out the same as using a shorter ma. By taking the days off, you are just using a shorter ma. So I have just put a shorter ma on my charts.

 

[JonnyT]

JonnyT,

Ok, i can see how you might be confused. Chick does refer to price 50 bars ago and uses this to aid in determining his status. Although I don't think he explicitly mentions it, I think he likes the MA(50) on the chart so he can get a quick visual feel for the intensity of the trend and how price interacts with this dynamic trendline. Any more confusion on this matter maybe you should call Chick himself and ask for clarification, from what I hear from TGM, he is very receptive to calls. I didn't find his method confusing at all, and you still haven't specified to me (even though I have asked several times) what your confusion is.

HG

My confusion is this:

How is trend determined?

a) Price compared to price 50 days ago
b) 50 day Movering Average

The text suggests b) the chart examples are clearly a)

JonnyT

 

[s-a]

JohnnyT,

Have you read about 'margin of error' yet? Chick will use price 50 days ago as a way to anticipate trend intensity shortly in the future. One does not need to do anticipate anything, but once this art is acquired I believe it can give a serious advantage. Note he also does the same thing with anticipating the ML cycle.

HG

 

[s-a]

The 49ma method is interesting. I would have thought that looking back 49 days and taking off a few days to predict the future movement of the 49ma would work out the same as using a shorter ma. By taking the days off, you are just using a shorter ma. So I have just put a shorter ma on my charts.

An astute observation BB!

What I like about determing where price was X days ago is that you can get a good feel for how likely it is to continue or if it will whipsaw. Clearly if we are taking bars off 50 bars ago that is starting to head down a solid dip, even if price stays flat we will show the MA slope increasing - price could even go down and the MA would remain up. Now that I have learnt this technique I like it a lot. Everyones mileage varies I guess though.

HG

 

[smiley]

For those of you that use Sierra Charts I've created a study called SMS for this.

Simply place the file in the SierraChart\data directory then on an active chart click analysis and choose SMS

Remember with a MyTrack bronze subscription you get access to continuous commodity EOD data ;o)

Enjoy

I still don't understand it!

JonnyT

JonnyT

Thanks for your SMS sierra folder. I'm having problems loading it. I've got it in my data directory BUT it doesn't appear in my analysis list. Any ideas what I'm doing wrong?

Cheers

 

[nine]

JonnyT

Thanks for your SMS sierra folder. I'm having problems loading it. I've got it in my data directory BUT it doesn't appear in my analysis list. Any ideas what I'm doing wrong?

Cheers

Smiley,

Thats a zip (compressed storage file). Open sms.zip and you will find that you can save sms.stdycollct in your c:\sierrachart\data directory ... then it will work

Kiwi



Hmmm ... spoke too soon ... the sms worksheet didnt work for me.

As far as I can tell from the discussion so far all you need to do is apply a 49 period simple moving average to the upper region and a MACD to region 2. The MACD settings are fast 3, slow 10, macdmalength 16 and (heres the special bit) Moving Average Type = 2 (simple).

 

[JonnyT]

Smiley,

Thats a zip (compressed storage file). Open sms.zip and you will find that you can save sms.stdycollct in your c:\sierrachart\data directory ... then it will work

Kiwi



Hmmm ... spoke too soon ... the sms worksheet didnt work for me.

As far as I can tell from the discussion so far all you need to do is apply a 49 period simple moving average to the upper region and a MACD to region 2. The MACD settings are fast 3, slow 10, macdmalength 16 and (heres the special bit) Moving Average Type = 2 (simple).

Try this one as I think I left a file out!!!

The MACD isn't the same on Sierra...

JonnyT