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Jeff,
I checked with Daryl on programming the CBL in Metastock and this was
his reply:
Ian,
the problem lies with the programming language of Metastock. It
does not allow a conditional line to be calculated and then plotted.
With Ezy Chart you click on the relevant bar it it counts back, taking
into
account lower highs, and equal highs, and gaps, and then plots a line.
The
structure of Metastock programming langauge will not allow this to
happen.
I will follow this up again, but that was the response I last received
from
Equis.
Cheers
Daryl
Jeff Ledermann wrote:
>
> > A technique I quite like for exiting trades (ie taking profits and
> as
> > a stop loss) was first introduced to me in a book by Daryl Guppy
> > - "Share Trading -An Approach To Buying And Selling" (1997).
> > The COUNTBACK LINE was adapted by Daryl from Stowell's 3-Bar
> > Nett Line,
> snip...
>
> Ian,
> I also use Guppy's CBL technique with some success (especially when I
> act on it). [http://203.31.125.2/guppy/index.html]
>
> I have been trying to incorperate it into a system I am building, but
> cannot
> work out how to formulate it. It bears a remarkable similarity to
> Keith's exit
> posted earlier which I guess one could formulate as
>
> KeithSL:=If(H = HHV(H,3) AND Ref(H,-1) > Ref(H,-2), Ref(L,-2),
> PREVIOUS);
>
> This gives the same result as CBL for "3whitesoldiers" type patterns
> but CBL
> seems more general in that it doesn't require the days contributing to
> the price
> action to be consecutive. It seems to me like the sort of thing that
> MS ought to
> be able to do, but I can't see it.
> Any help would be much appreciated. TIA
>
> -----
> For those unfamiliar with count-back lines they work like this (it's
> actually
> easier to see than describe). Assuming trading long, starting with
> the
> highest-high since entry, draw a line left (back) from the low until
> it intersects
> a previous bar. >From the low of this bar draw a second line back
> until it
> intersects a previous bar. The exit signal is given by a close below
> the low
> of this second bar.
>
> Jeff.
>
> [Image]
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