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I've been talking up Elder so much here that I thought I should make it
clear that I don't really like one part of his "Triple Screen Trading
System" described in "Trading for a Living".
I take Elder's contribution to be mostly a CONCEPTUAL contribution around
which one can build a system adding detailed elements. I really don't see
his "Triple Screen Trading System" as a "System" but instead a conceptual
framework that one can build a system within.
Elder writes that the "ripple" is a breakout or breakdown below a recent
high/low on daily data (or something to that effect).
I don't like this. I do like what he proposed as the "ripple" in the short
piece he wrote in that booklet I've referenced before on "Day Trading." He
said that the ripple was an oscillator like a stochastic. This is much
better. (Although I should say that because I'm trading completely
different time periods I have no real experience with this.)
He probably changed (in my view corrupted) his original concept because the
book "Trading for a Living" was targeted at audiences not using intra-day
data.
Steven Buss
Walnut Creek, CA
sbuss@xxxxxxxxxxx
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