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DOW JONES @ LIVECHARTS

Melnibone,

I've seen you using point and figure charts on here before. Which software do you use/recommend? I'm considering PFscan or Updata. I would appreciate your thoughts.

Regards

Hi Harlosh.

I'm afraid I don't use other people's software. I've no wish to be led
by the nose by a computer when I consider that the Human Brain, when
used correctly, is a superior reasoning tool. :-)

I collect my own data, started off a while ago using Yahoo closing price
historical data, and use Excel or OpenOffice.org to create my own charts.

I then try and coax my few little grey cells that I have left, into
interpreting that data according to the prevailing market conditions
and sentiment.

Sorry not to have been of more help. I believe that Zarif has paid for
some computer generated systems. Maybe he can help?

Melnibone.

By the way, whilst I'm on the subject. If you create your own charts
from your spreadsheet data, you can also set up columns of MA's using
the average function.

Why do that you may be asking?

Well, you know that I say that a lot of TA indicators are historical
trailing indicators? If you plot your own average columns (MA's), you can
start the plot off out of sync with the price action and shift them to
the left or the right, thus lining them up with the price action peaks
and troughs and see if you can get any predictive qualities according
to the type of market conditions you are currently experiencing.

Just one of my little aberrations, so all you TA purists can wind your
necks in before you start. :-)))

Melnibone.

Thanks Melnibone.

I always suspected you were brighter than I.
I have considered doing them myself but prefer the option of having a computer search for particular patterns, though I admire your diligence.

Regards

Harlosh, take a look at Metastock. It is a chart plotting system not a propriety black box trading system.
It can be used to plot all the normal indicators and you can also code and plot your own. It also has the facility to plot offset ma's and has a scanning facility for finding patterns.
I sound like a salesman I know but I have been using it for years and like it.
In the charts I post in the header you can see highlighted green/pink price bars/cs's. They are higlighted according to rules the user defines. For example the S&P chart shows green price bars when the close is above a moving average.
The buy/sell arrows are plotted when the closing price crosses a particular level. All determined according to the users own rules. The trend bars at the bottom of the chart are also displayed according to user rules. In the case of the S&P a down trend is displayed when a price drop below a 55 day low was more recent that a price rise above a 55 day high and vice versa.
I believe Updata are very good, particularly their scans. I don't use them because I have bought Metastock and don't have to pay a monthly fee - except for the end of day data of course. I am getting that on a trial from Investor Ease (UK) and Downloadquotes.com (US).

Snowball,

Thanks very much for the info.
Do you know what their P&F charts are like? Though I haven't used P&F yet I think they are probably the best charting tool available. I would like to search for ascending triple tops for example, which apparantly have in the region of 80% succes rate.
I believe Updata are now very good after a poor start. No upfront cost, just 27 per month for EOD feed and their P&F is supposed to be the best available.
I will take a look at Metastock anyway.

Thanks
Harlosh

I too use Metastock and like it. They have just brought out version 9 which I upgraded too and purchased from Paratech. I get EOD from prestel so thank you Snowball for the tip about Investor Ease and Downloadquotes. I'm not a salesman either!!

Hi Harlosh,

I doubt I'm brighter than you.

A thicko may only know 10 things, but if you ask him those 10 questions
then he will appear to be a Genius.

A genius may only not know 10 things, but if you ask him those 10 questions
then he will appear to be a thicko.

I suspect that we are all somewhere in between with our own perceived field
of experience.

Best if you think of me as the thicko and do your own thing.
Who said I was right anyway? It's only me that thinks so.

Melnibone.

Afternoon all:
What has the ym got in store for us today?
Now that they are saying that the "terrorist" news is OLD news -will the market fall as it rallied when they said there was a heightened alert of threat!!!.
With such small volumes and thin markets it is easy to their manipulation.
Best to trade what the market is doing in front of the screen.

harlosh:
metastock is a good package.Pfscan is alright -i bought it but never used it.
Also if you want point and fig charts etc for indices,currencies,etc why dont you try
www.livecharts.co.uk
and its free!!!
rgds
zarif (ps i have not forgotten will ring u soon)

Thanks for the advice everyone.
I'll try some free downloads and then decide.

Zarif,
No worries, we'll speak in due course I'm sure.
Good luck for the ym

Harlosh

I just do my little trades day by day!!! +17 today, +17 yesterday.
I reckon I need just +30 a week. So rest of the week off!!
Cheers,

JP

Zarif,
Had a look at Live charts. Just couldn't fathom the P&F charts out.
Back to Metastock, Updata or PFscan.

Harlosh

Harlosh
In the live chart window -click the graph you want and then once in the graph just right click and it will give u the options at the bottom of mini screen in graph window for bar ,candle,pnf etc.

Good day on the dow as had left a short running and managed to bag 50pts.

JonP.
at the moment is best to scalp and taking small profits is a good strategy as the biggest dilemma once in a trade is "when to hold and when to fold" once emotion fear and greed take over than things go topsy turvy.

remember "BIG LAKES ARE MADE OF SMALL WATER DROPS"

rgds
zarif

Harlosh. Have been offline all day - my birthday.
I can post some PF charts from Metastock if you like. Tell me which ones you want and the period you want and I will put them on the web for you.

Heres the support services sector.UB58 p&f chart.
This is at default settings.

JonP, I would be interested to know what signals/indicators you use.
I presume you are trading the Dow.
Are you spread betting, trading cfd's or trading the real futures?

zarif...

the link to the dow page at live charts doesnt work anymore...the url has changed to this....

http://www.livecharts.co.uk/MarketCharts/DOWchartpage.htm

Basically just put /MarketCharts/ between .co.uk and DOW

regards
Lee.

snoball,

Yes the Dow futures using Interactive Brokers (www.interactivebrokers.com).

I use a number of indicators. But am basically looking to buy low and sell high (aren't we all)!!!

I have an automatic trading system I developed in VBA running with excel. Which connects onto the interactive brokers Trader Work Station and does the business for me. It uses RSI 5 mins and 2 minute highs/lows for re-trace entry. After locking onto the low and high of the day so far and will only trade off those.

Nice thing is it works while I am away and is not subject to emotion, however it is not as clever as I can be!!! It doesn't trade every day but looks for at least 40 points.

I also trade manually off tops and bottoms for a few points (say 10 ish) - that's my +17 from the last few days.

So it is all a bit non standard.

REgards,

JP

Lee:
Thanks for the update as i was going to email you as to it not working.
Will sort it out immediately.
I am also at khalsa with moonblue and Co.
Thank u very much for all the help and surely when we meet one of these days the drinks/meal will be on me.
rgds
zarif

Link updated for the dow charts which is kindly given to us by Lee and for free to use by all.not many people like him on this planet.
Bravo mon ami.

harlosh:
Try the link on where it says DOW JONES@ LIVECHARTS above then on your left hand side click home and it has all types of indexes,fx,oil,comm etc listed click on one of these go to the chart, once a candle chart appears left or right click the mouse and a sub menu will appear -click on pnf etc.The good thing is that you dont need to change charts as you can get others wile in the same chart window.

rgds
zarif