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Rounding off my contribution on this topic.
Most of my work, so far, has been based around EOD data (exclusively in
stocks).
I consider that daily bars are the natural rhythm of the market.
I also regard them as nothing more, nor less, than barometers of market
sentiment.
For macro trading, if we look at the markets in weekly/monthly time
frames we are seeing exactly the same information that we see in daily
timeframes,except that is an approximate summary.
Traders who want to see the macro picture with greater accuracy can do
this by marking the major pivot points (write code for the daily
timeframe to do that).
(Sorry I can't provide code at the moment).
If this is done it is successful, although I concede it is harder to
follow the visual cues because of the limited number of bars that can
be viewed in one screen (technically it is successful but I have no
comment, for or against, it's usefulness for trading).
IMO intraday bars, at around the 5 minute mark, are an extension of the
daily timeframe and they can be successfully used to finesse entries
and exists for EOD strategies.
As an aside.
Re: single bar patterns.
Once again, IMO, they are a summary (shorthand notation) of the
underlying bar patterns.
I have made an effort to train my mind to know what info the single bar
patterns are relaying to us, about the 'mood' of the market, in that
timeframe (similar to the way in which musicians read music).
I don't know exactly how successful I have been, or how much that
impacts on my trading, but it is quite good fun and it does have it's
uses.
(It is consistent with my intention to strengthen my mental
capabilities, for trading, by not over relying on computer memory).
>From my point of view, very little of what else is available
in 'classical' TA is of any value.
I consider that the topic (patten recognition) is finite and that at a
personal level I have conceptually exhausted the subject (after many
hours of contemplation). That doesn't mean I have exhausted all effort
in that area - there are still new patterns (to me) to be found and
more detail to obtain about those I have considered.
I also consider that macro trading doesn't end there.
There is the other side of the coin.
If we are relying entirely on patterns, for macro trading, then we are
only flying around on one wing (I will comment on supplementary methods
somewhere down the track).
Intra-day trading, however, is another cup of tea.
The intraday 'patterns' are influenced markedly by the mechanics of the
market (exchange hours, overnight cessation of trading, morning versus
afternoon session, opening versus close, carryover action from the
previous day etc) so it has some peculiarities of it's own.
Further to that, at the sub-micro level (tick trading), continuity
breaks down into discrete packages (perhaps there are new things to
find out about that).
I look forward to Hermans efforts to push that boundary.
Like Herman I believe that the more we learn about what is ahead of us
the more we understand what is behind us.
brian_z
--- In amibroker@xxxxxxxxxxxxxxx, "brian_z111" <brian_z111@xxx> wrote:
>
> Should be fun.
>
> Not posting against you.
>
> Just a philosophical observation.
>
> In nature, when we zoom in, we move from the discrete to the
> continuous. Order disintegrates at the boundary (objectively we 'see'
> no organizing principality in CHAOS).
>
> In trading, when we zoom in, we move from the, apparently, continuous
> to the discrete.
>
> brian_z
>
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