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Brian:
(Still have to send this from the website - what a pain)
I have no problem with advising people to look before they leap so I
misinterpreted your comments as pontification based on
assumption/opinion.
As for your last comments about Gerard's code I wonder why you say
that it is not a system. I have not played with it but see in the
code up and down arrows. Sounds like a system to me although it
might not be up to your standards.
Your comments about not being efficient (whatever that is) or simple
(whatever that is) or not being optimized (Gerard does note use of
manual optimization and the need to adjust parameters for different
markets) are irrelevant, imo. In my world, what counts is bottom
line results which I gather have not been evaluated on a relative or
absolute basis.
There are by some counts seven categories of indicators, including
momentum. Within each category there is much similarity in results
and interpretation. I have not seen any objective basis for throwing
out CCI, for example, in favor of price action. As I have mentioned
on several occasions, imo, the way to go is to combine charts
(patterns, trendlines, S&R, cycles, etc.) with a variety of
indicators, requiring convergence - but then I'm a discretionary
trader so this would not work for all. Of course, no
system/methodology/philosophy is the "word" and we all take what is
useful and leave the rest alone. From what I have seen most
systems/methodologies when properly executed produce satisfactory
results and that's all that counts in my book.
Good trading.
Bill
--- In amibroker@xxxxxxxxxxxxxxx, "brian_z111" <brian_z111@xxx> wrote:
>
> Bill,
>
> Anyone using the signal, or thinking of using it might benefit from
> looking a bit further (that is all I am saying).
>
> BTW it is not a system as it doesn't have exits etc.
>
> What I am pointing out is:
>
> 1) The 'trade', as coded by Gerard, is a close cousin of the
> InverseRTM so additional commentary can be found under that heading.
>
> 2) The exact signals, as produced by Gerards code, can be obtained
by
> other simpler means.
>
> 3) Alternative ways of getting that signal are more efficient.
>
> IMO it is not optimized as written at present.
>
> Simplifying the code and cutting it lose from the CCI positions it
> correctly within the framework of its trading philosophy and that
> then leads to ideas that help towards optimizing the trade.
> Getting rid of the CCI also fits nicely with my views that price
> action is a superior 'indicator' to many of the price derived
> indicators (CCI is highly over-rated by some?).
>
> Since my friend Bob is counting my 'kernels of wheat' I made sure I
> put one in there for him (I dehusked if first though).
>
> brian_z
>
> P.S
>
> Since it is philosphy that distinguishes Mankind from the animals:
>
> "One mans chaff is another mans mattress".
>
>
>
>
> --- In amibroker@xxxxxxxxxxxxxxx, "fimdot" <fimdot@> wrote:
> >
> > Assumptions and academic exercises aside, all that matters is
> whether
> > the system/methodology produces satisfactory results for the
user.
> > That's the bottom line and the rest takes second place.
> >
> > Bill
> >
> > --- In amibroker@xxxxxxxxxxxxxxx, "brian_z111" <brian_z111@>
wrote:
> > >
> > > >Look in Files Section - Listing Dow Waves by Gerard Carey
> > excellent.
> > >
> > > No disrespect to Gerard Carey but I don't rate this as an
> excellent
> > > TA study. It is the start of an interesting discussion and I do
> > thank
> > > Gerard for sharing it.
> > >
> > > As I pointed out to Gerard at the time, the Dow Indicator
entry
> > > signals are very similar to an Inverse Reversion To Mean
System,
> > > which is bread and butter in the industry.
> > > They always look great on a chart with a longer than average
> trend
> > in
> > > place (which obviously occurs less than 50% of the time).
> > >
> > > From memory, if you look at Gerard's example chart of the Dow
> > > Indicator plotted on the ^DJI it makes 12 - 13 successive
touches
> > of
> > > a bullish MA.
> > >
> > > My propostion regarding waves, or cycles, is that if you
measure
> > > their frequency, and magnitude, you can expect to get a lot of
> > > variance and something approaching a bell curve if they are
> > > distributed (either frequency or magnitude).
> > >
> > > So 12 - 13 successive touches of a bullish MA that continue on
to
> a
> > > higher high is not something that happens all that frequently.
> > > To provide some balance look at the same indicator on some
other
> > > charts, or better still backtest it to obtain a larger dataset.
> > >
> > > If we could predict when a stock, or any other instrument, is
> going
> > > into a long term trend (cf a short term trend) we wouldn't need
> any
> > > other indicators at all.
> > >
> > >
> > > brian_z
> > >
> > >
> > >
> > >
> > >
> > >
> > > --- In amibroker@xxxxxxxxxxxxxxx, "areehoi" <areehoi@> wrote:
> > > >
> > > >
> > > > Look in Files Section - Listing Dow Waves by Gerard Carey
> > > excellent.
> > > >
> > > > Dick H.
> > > >
> > > > --- In amibroker@xxxxxxxxxxxxxxx, "greenhorn1983"
> <greenhorn1983@>
> > > > wrote:
> > > > >
> > > > > --- In amibroker@xxxxxxxxxxxxxxx, "MarkK" <MailYahoo@>
wrote:
> > > > > >
> > > > > > Was curious if anyone had written an ALF for Dow theory
> > trades
> > > as of
> > > > > yet?
> > > > > >
> > > > > >
> > > > > > MarkK
> > > > > >
> > > > >
> > > > > i've also been thinking about it lately :)
> > > > >
> > > >
> > >
> >
>
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