Strategy Based On Chart Pattern

trading strategies and money management discussion, code, results

Moderator: moderators

Ali Son
rank: 150+ posts
rank: 150+ posts
Posts: 179
Joined: Sun May 28, 2006 1:30 am
Reputation: 0
Location: Boston, MA
Gender: None specified

Postby Ali Son » Thu Jun 22, 2006 10:10 pm

Yes, FATDOG, I second rrobin; I spent a good part of the morning keeping an eye on the eurusd as it fell as you predicted with your Weinstein model. Great work. Maybe next month when I finish setting up my forex account, I'll take advantage of this model.

-OS

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.

fatdog1
rank: 150+ posts
rank: 150+ posts
Posts: 164
Joined: Thu May 18, 2006 11:58 am
Reputation: 0
Gender: Male
Contact:

Postby fatdog1 » Thu Jun 22, 2006 10:24 pm

Ali Son wrote:Yes, FATDOG, I second rrobin; I spent a good part of the morning keeping an eye on the eurusd as it fell as you predicted with your Weinstein model. Great work. Maybe next month when I finish setting up my forex account, I'll take advantage of this model.

-OS


Ali, I found the eld. It is very useful information to have plot on the screen.

The Russell also moved lower because of the down flag pole before the congestion area that formed yesterday and overnight, and was a short an the break of 695 this morning using the Weinstein breakdown method.

Be very careful with forex. I lost my trading account in the Refco FX bankruptcy filing. I hope it does not happen to anyone else. I am worried that if there is a major meltdown in the forex markets like in the gold and silver markets, there will be a lot of brokers that follow what Refco is getting away with and steal the clients money.
I am nothing but a unsecured creditor in this bankruptcy filing and will probably get back 10 cents on the dollar in the end.

It has set me back quite a few years.

rrobin
rank: 50+ posts
rank: 50+ posts
Posts: 112
Joined: Fri May 19, 2006 11:09 am
Reputation: 0
Location: Cedar Creek Lake, Texas
Gender: Male

Postby rrobin » Thu Jun 22, 2006 11:19 pm

I opened your screen on TS and saw the results.

!!_msheiner_text_2d works well on equities.

Are you trading the Russel with TS?

And you do you use for FX?

I want to pursue other avenues.

Thanks

rr

fatdog1
rank: 150+ posts
rank: 150+ posts
Posts: 164
Joined: Thu May 18, 2006 11:58 am
Reputation: 0
Gender: Male
Contact:

Postby fatdog1 » Fri Jun 23, 2006 1:11 am

rrobin wrote:I opened your screen on TS and saw the results.

!!_msheiner_text_2d works well on equities.

Are you trading the Russel with TS?

And you do you use for FX?

I want to pursue other avenues.

Thanks

rr


rr,
I think you may have wanted to post this to another thread.

Ali Son
rank: 150+ posts
rank: 150+ posts
Posts: 179
Joined: Sun May 28, 2006 1:30 am
Reputation: 0
Location: Boston, MA
Gender: None specified

Postby Ali Son » Fri Jun 23, 2006 1:25 am

Sorry to hear you got fleeced as an unsecured creditor. I will proceed with caution. I guess that's another advantage for the big players like hedge funds to trade directly with the banks.

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.

Ali Son
rank: 150+ posts
rank: 150+ posts
Posts: 179
Joined: Sun May 28, 2006 1:30 am
Reputation: 0
Location: Boston, MA
Gender: None specified

Postby Ali Son » Fri Jun 23, 2006 1:30 am

Fatdog, like the RIMM chart very muc. But what adding daily version or or even lesser timeframe for scalping. Thanks.

Ali Son
rank: 150+ posts
rank: 150+ posts
Posts: 179
Joined: Sun May 28, 2006 1:30 am
Reputation: 0
Location: Boston, MA
Gender: None specified

Postby Ali Son » Fri Jun 23, 2006 4:35 am

FATDOG1:

Could you elaborate on how well you find the msheiner levels line up with your own handmade S/R levels? Thanks. BTW, it's amazing how fast you come up with these multi-colored, alert equipped precision TL charts considering it's all done by hand.

BTW, how often do you update (i,e, "optimize") your charts and TL lines or hence have to do new charts?

fatdog1
rank: 150+ posts
rank: 150+ posts
Posts: 164
Joined: Thu May 18, 2006 11:58 am
Reputation: 0
Gender: Male
Contact:

Postby fatdog1 » Fri Jun 23, 2006 7:30 am

Ali Son wrote:FATDOG1:

Could you elaborate on how well you find the msheiner levels line up with your own handmade S/R levels? Thanks. BTW, it's amazing how fast you come up with these multi-colored, alert equipped precision TL charts considering it's all done by hand.

BTW, how often do you update (i,e, "optimize") your charts and TL lines or hence have to do new charts?


Good morning Ali,

What kind of trader are you trying to be? Are you a scalper, trend trader, range trader, swing trader?

The msheiner levels are the day befores high, low, and middle areas in text form and with trendlines. It is useful information to see plotted on the screen for the right type of trader. It is not as useful for other types of traders.
I trade long at support and short at resistance. The area in the middle is no mans land to me. I don't have a method for trading in the middle yet.
Avery has some great stuff for doing that. I am impressed with his ability to take money out of my no mans land.
For breakouts, I use the 4 stage method to catch a trend or swing move.
I am updating charts all day long which takes a lot of time. That is why I like the DarvasBox strategy that Avery coded. I use it as an automated strategy so I can scan charts looking for areas of S/R to trade at. I run the long on one chart and the short on another by turning off the inputs for buy and sell on the short chart and short and cover on the long chart.
I only turn the strategy on to trade near support and resistance so I can cut down on the number of losers.

I have updated the EURUSD workspace to show the
breakout trade information on it.
Here is a screen shot for people who don't have TS version 3159.

Can you make money with the Euro trading in this tight little congestion area?
Attachments
EURUSD 60 MIN 6-22-06.tsw
UPDATED TO BREAKDOWN TRADE
INSTEAD OF BREAKOUT TRADE
(129.5 KiB) Downloaded 22 times
Last edited by fatdog1 on Fri Jun 23, 2006 10:28 am, edited 1 time in total.

fatdog1
rank: 150+ posts
rank: 150+ posts
Posts: 164
Joined: Thu May 18, 2006 11:58 am
Reputation: 0
Gender: Male
Contact:

Postby fatdog1 » Fri Jun 23, 2006 7:51 am

Ali Son wrote:Fatdog, like the RIMM chart very muc. But what adding daily version or or even lesser timeframe for scalping. Thanks.


Ali,
Look at this 10 minute chart of RIMM.
It is going to make you a little sick.
It is the result I am looking for on the EURO breakout trade to a tee.
If you had asked the scalp question yesterday, you may have been in this trade. As a matter of fact, I may have been in it to.
Here is a screen shot for everyone to see to demonstrate how adding the up flag pole condition to a breakout trade using the DarvasBox is suppose to work.
The only issue is where you would have been filled on the gap with your buy stop which I set at 10 cents above the highest high in the congestion area. One other way would be to buy in the money or slightly out of the money calls and sell some near the first area of resistance.

Attachments
RIMM 10 Minute 6-22-06.tsw
(22 KiB) Downloaded 14 times

fatdog1
rank: 150+ posts
rank: 150+ posts
Posts: 164
Joined: Thu May 18, 2006 11:58 am
Reputation: 0
Gender: Male
Contact:

Postby fatdog1 » Fri Jun 23, 2006 8:09 am

It gets worse when you look at the 15 minute chart of RIMM.
You could have been in on 6-20-06.


Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.


Return to “strategy trading & money management”