ER2 charts

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bh_trade
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Postby bh_trade » Fri Mar 30, 2007 1:52 pm

Vertical short cover from yesterday's lows, quickly clipped 810 today and ran stops

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humble1
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Postby humble1 » Fri Mar 30, 2007 2:17 pm

Image

humble1
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Postby humble1 » Fri Mar 30, 2007 5:28 pm

the flag failed, and issued a sell signal.


Bruno2
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Postby Bruno2 » Sat Mar 31, 2007 1:32 pm

Hello humble1, do you use some Tradestation strategy for ER2? I like your ER2 comments.

humble1
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Postby humble1 » Sat Mar 31, 2007 2:08 pm

Bruno2 wrote:Hello humble1, do you use some Tradestation strategy for ER2? I like your ER2 comments.


I use no indicators, strategies, or anything computer generated at all. This is old fashioned TA as per Edwards and Magee. It is all in their book and from my own experience as a short term trader.

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Postby Bruno2 » Sat Mar 31, 2007 8:18 pm

I need to study your reccomendations(Edward and Magee) but can you please approx. tell me how you calculate PT or targets from flag breakouts? Sorry for my english I am from the Czech R.

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RuGO
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Postby RuGO » Sat Mar 31, 2007 11:56 pm

May want to cosider adding to that list Thomas Bulkowski! Not in the same league as Edwards and McGee, but will give some interesting statistics on the patterns (quantifying both success and failure rates) and provide ample practical advice.

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Postby Bruno2 » Sun Apr 01, 2007 10:53 am

Yes Bulkowski´s Encyclopedia of chart patterns is very usefull tool, but can we use this statistics for ER2, if Thomas spend many many hours to check equities patterns?

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Postby humble1 » Sun Apr 01, 2007 12:33 pm

Bruno2 wrote:I need to study your reccomendations(Edward and Magee) but can you please approx. tell me how you calculate PT or targets from flag breakouts? Sorry for my english I am from the Czech R.


flags fly at half mast


email me if you want more detail.

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Postby RuGO » Sun Apr 01, 2007 7:02 pm

Bruno, your comment is on point and spurred me to brush the dust off some old material. Here's an excerpt from an interview with Barbara Rockefeller published in a well know magazine:

Q: Are there any specific chart patterns you look for?
A: I was impressed when I read Tom Bulkowski?s Encyclopedia Of Chart Patterns. I knew instantly it was going to be a classic. I had read Robert Edwards and John Magee, but wasn't taken with the idea that patterns could be relied upon to make a trading decision. But Bulkowski proved that patterns can be reliable and he even quantified it, and I have come to think that some patterns are consistently more reliable than math based indicators, which - let's face it- usually work less than half the time.

I was ripe for conversion, so to speak, because if you look at charts long enough, you can't avoid seeing patterns. The first one I noticed was triangles and breakouts from triangles. --- and of course his work is on equities, a different market, which reinforces the idea that patterns are universally valid. Patterns work for the same reason math-based indicators work: They quantify what traders are thinking. I like candlesticks for the same reason, but I have less luck with them.

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