|
PureBytes Links
Trading Reference Links
|
Richard,
You wrote,
"The concept of comparing different time frames came off Noah's Ark on
crutches. I don't
think there is anything scared about a mon-fri week or a running 5 day. When
you find a method to do that, test it."
My point in initiating the various threads here was that, in fact, trading
systems based on the comparison of multi-period indicators COULDN'T be
tested in Metastock even if they're as old as you suggest. The two other
list members who have also looked into this now both appear to agree with
me.
Paul Chivers on 1/14/98 wrote:
"I agree that MetaStock DOES NOT SUPPORT Multi-Period Market Indicators."
Rick Mortellra on 1/19/98 wrote:
"Your criteria for the dinner may not be able to be satisfied because in the
way Metastock compresses daily to weekly data."
Richard, you also wrote:
"There is not anything there to make enough money to justify worrying about
it, based on my perception."
My worrying about it is based on viewing thousands and thousands of other
multi-period bars with associated indicators that have the same kind of
relationships between price and multi-period indicators that show up on the
S&P500 graphic that I sent earlier today. My perception is that the kind of
price/multi-period indicator relationships shown in that graphic are worth
worrying about. Everyone can judge for themselves...
I take the net to be this: I think that ones perception of the significance
of Metastock not supporting explorations and system tests that reference
data and indicators from multiple periods depends on the degree to which you
see trading-significant relationships among prices and multi-period
indicators.
************************************************************************
I still am committed to a formal announcement about the winner of the SF
Dinner challenge but other than that I believe I've met all the commitments
I made about this topic. Other than that one note, I won't send any more
notes about this topic to the list unless someone else tackles that same
problem that Paul and Rick took on and also merits a prize.
I would happily entertain an offline discussion with anyone who wants to
contribute to a discussion of conceptual framework details or has related
findings.
And the whole list breathes a sigh of relief that Steve's done... <G>
Steven Buss
Walnut Creek, CA
sbuss@xxxxxxxxxxx
-----Original Message-----
From: Richard Estes <restes@xxxxxxxxx>
To: Steven Buss <sbuss@xxxxxxxxxxx>; metastock-list@xxxxxxxxxxxxx
<metastock-list@xxxxxxxxxxxxx>; John E Bush <jb90036@xxxxxxxxxxxxxxxx>
Date: Monday, January 19, 1998 9:04 PM
Subject: Re: A Difference with Elder...
>"They want to program and get something "working" before they even have a
>clear concept or design of what they really want."
>
>I assume they "want" a system/style/method that is compatible to their
>mindset. Traders or investors do not attempt to maximize their profits,
>instead they try to optimize it, based on their perceptions and bias. Some
>won't trade anything that is not on NYSE, a future, a tech stock, over $10,
>you name it. First one must know himself. I would hope one reads many, many
>books to get an idea of what is available in terms of TA before he starts
>trading. So he can better work out a rational plan to follow. All TA books
>are expensive because of small readership. When people ask me if they
should
>spend $80 on a book, I say " if you think you can make an 1/8 on a thousand
>share trade from it, yes". I think all of these are worth that.
>
>About time for a books lists: B=BEGINNER, *= my ratings with * lowest to
>********
>HOW TO MAKE MONEY IN STOCKS - O'NEIL ********B
>TA FROM A TO Z - ACHELIS *****B
>TA OF THE FUTURES MARKET - MURPHY ********
>SMARTER TRADING - KAUFMAN ***
>TRADING FOR A LIVING - ELDER ***B
>TA EXPLAINED - PRING ****B
>WINNING IN THE FUTURES MARKET - ANGELL ****
>THE NEW TECHICAL TRADER - CHANDE AND KROLL ********
>THE PSYCOLOGY OF TA - PLUMMER *****
>THE PROFIT MAGIC OF STOCK TRANSACTION TIMING - HURST *****
>MARKET MOMENTUM - PRING ****B
>BEYOND CANDLESTICKS - NISON *****
>THE ELEMENTS OF SUCESSFUL TRADING - ROTELLA ****
>CANDLEPOWER - MORRIS ****
>TA COURSE - MEYERS ***B
>THE NEW SCIENCE OF TA - DEMARK *****
>Fibonacci Applications and Strategies for Traders - Fischer*****
>Street Smarts - Conners and Raschke *****
>Hit and Run Trading - Cooper *****
>When To Sell - Mamis and Mamis *******
>OTHERS:
>Chart Reading For Professional Traders - Jenkins
>Geometry Of Stock Market Profits - Jenkins
>Successful Investing (5-part guide) Van K. Tharp
>A Mechanical Trading System - Tom Joseph
>The Trading Advantage - Joe Duffy
>Turning Point analysis - Joe Duffy
>The Square Of Nine - Bill McLaren
>MAGAZINES:
>Futures***
>Trader's World*****
>Windows*****
>Technical Analysis of Stocks and
>Commodities****************
>
>
>Elder's book is an easy read, and should be read by all. He covers the
>simple basic indicators. He really directs most of his discussions and
>examples to futures where the margin requirement makes small % moves, big
>money trades. He has a couple of IBM and Apple charts to represent stocks
as
>most books do. Trading stocks and trading futures are different. The
concept
>of comparing different time frames came off Noah's Ark on crutches. I don't
>think there is anything scared about a mon-fri week or a running 5 day.
When
>you find a method to do that, test it. There is not anything there to make
>enough money to justify worrying about it, based on my perception.
>
>As for listing systems better than what you find in Elder's book, it all
>depends on the trader or investor and his "mindset". Results are always the
>bottom line on his account and how that coincided with his goals.
>
>
>
>Richard Estes
>-----Original Message-----
>From: Steven Buss <sbuss@xxxxxxxxxxx>
>To: metastock-list@xxxxxxxxxxxxx <metastock-list@xxxxxxxxxxxxx>; John E
Bush
><jb90036@xxxxxxxxxxxxxxxx>
>Date: Monday, January 19, 1998 1:39 PM
>Subject: Re: A Difference with Elder...
>
>
>>Three answers to your question.
>>
>>1) Elder's "Triple Screen Trading System" is NOT really a system. He
>calls
>>it a "method" or "style". >Steven Buss
>>Walnut Creek, CA
>>sbuss@xxxxxxxxxxx
>>
>>-----Original Message-----
>>From: John E Bush <jb90036@xxxxxxxxxxxxxxxx>
>>To: metastock-list@xxxxxxxxxxxxx <metastock-list@xxxxxxxxxxxxx>
>>Date: Monday, January 19, 1998 6:50 PM
>>Subject: Re: A Difference with Elder...
>>
>>
>>>At 10:40 AM 01/19/98 +0000, you wrote:
>>>>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".
>>>>
>>>>
>>>This book is about 5 years old now; I wonder if Elder has updated,
refined
>>>or maybe even abandoned this system.
>>>
>>> john ( MS 5.11 & DOS, TechniFilter Plus 7.1.5 )
>>>
>>
>
|