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Hi Gerald,
Sorry for the very late reply -- it has been a very busy week, again, and I
don't often get a chance to catch up intra week.
For ADX studies, of course one starts with J. Wells Wilder's seminal work
New Concepts in Technical Trading Systems (1978). [Don't be put off by the
date, Wilder also developed and published RSI, PSAR, CCI, and other basic
tools in this book.] Other books touch on use of ADX (Cooper and other
traders, myself included include it as a basic method) however I'm aware of
very few books are devoted to it's use exclusively. One recent publication,
which is sitting on my desk only partially read so I can't give a full
review yet, is ADXcellence by Charles B. Schaap -- available from Trader's
Press and Shraap's own website (
http://www.traderspress.org/detail.asp?product_id=3900
http://www.traderdoc.com/default.asp and also soon from
http://stockcharts.stores.yahoo.net/adbydrchsc.html ).
ADX is particularly helpful to identify trends, however a variety of systems
have been developed involving pull backs on strong trends, momentum changes
of trend, +DI and -DI crossovers, MACDs of DI, etc. I'd be interested in
learning a bit more of your momentum indicator that was in your attached
chart -- is it a standard construction? I see you are using the "standard"
14 period for ADX, what period are you using for the Momentum indicator and
do you mind sharing how it's constructed? If you're interested, I'll dig
around and find some of the things I've written over the years with ADX --
as I recall, a MACD was one of the more interesting as was a ROC variant.
Peace and Justice --- Patrick
----- Original Message -----
From: Gerard Carey
To: AB Yahoo group
Sent: Thursday, June 01, 2006 6:15 PM
Subject: [amibroker] ADX'ers - Riddle me this
Hi all
I noticed recently that often +DI & -DI both DECREASE on the day
a possible entry is signalled, by price action or another indicator.
(See the attachment)
This is not always the case as shown here but it appears to be much more
than just a coincidence.
Anyone have any insights?
It does happen on other occaisions - Could this perhaps be used as an
indication of trend strength, usable when holding a position?
I am aware that one of the ADX nuances is to look for an entry when the
ADX is above both the +DI and -DI.
Regds
Gerard
--
Gerard Carey
gerardncarey at fastmail dot fm
--
http://www.fastmail.fm - Does exactly what it says on the tin
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