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Hi Yuki,
You are right one can be easily fooled by the eye. Also in a fast
market one bar can be the difference between a profit and a loss.
I trade for a living, but I am not a Daytrader. I leave that to the
younger folks with fast reflexes. I usually trade daily charts,
using 30 or 60 min charts to time my entries. Hold my trades for one
or two days depending on the price action. I usually trade between
100 and 500 shares
Regards
Guno
--- In amibroker@xxxxxxxxxxxxxxx, Yuki Taga <yukitaga@xxxx> wrote:
> Hi gunovanengel,
>
> Tuesday, February 8, 2005, 8:08:38 AM, you wrote:
>
> g> I have been studying woodies method since March last year. I
have
> g> been spending around three to five hours a day watching
woodies
> g> pattern on Esignal and Amibroker.
>
> g> My understanding is that woodies system is a discretionary
system
> g> based on pattern recognition and support and resistance lines.
I
> g> have not been able to program woodies system in amibroker. My
> g> trades are triggered when I visually spot a CCI Pattern. Since
5 of
> g> January until today seventy percent of my trades are winners
using
> g> woodies system.
>
> That's nice, but the time frame is way to short to suggest that
there
> is anything conclusive about it, and you don't even mention size
> ratio.
>
> g> I also think that not every pattern that is visible and
straight
> g> forward to the eye can be programmed. Discretionary trading
works
> g> from some people, system trading work for other people, a
> g> combination of system and discretionary trading works for other
> g> people. I place myself in the last category.
>
> I agree with all of that, but the eye can be dangerous, too, or
> rather the brain processing what the eye 'sees' can be dangerous.
> The brain is quick, very quick, to eliminate noise and find
something
> that simply isn't there, or is there, but has a noise component
that
> in real trading would cause you to take action that would ruin the
> whole thing. It only takes one bar for that to happen, but then in
> hindsight 7 to 10 bars later you realize you've been had by noise.
>
> Yuki
>
> P.S. I have renamed a subject line that absolutely no longer had
any
> reference to the content of the thread.
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