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MetaStock traders,
In response to numerous enquiries, here is some more
information about the DiNapoli formulas for
MetaStock. These formulas are downloadable for free from
DiNapoli's website http://www.fibtrader.com
but only for traders who have his book.
I created those MetaStock formulas, from the
formulas provided in the appendix of Joe's book
"Trading with DiNapoli Levels".
These formulas are not appropriate for all traders,
they are specifically suited to Discretionary traders
(as opposed to mechanical traders). Mechanical traders
are usually looking for simple buy-sell signals.
Unfortunately, they do not provide simple buy-sell
signals, they are used to help quantify context for
a trade (trend, and setups for a predicted reversal
of trend). Once the context of a trade is known,
I then use DiNapoli's Fibonacci techniques to decide
on the specific entry, profit object, and stop-loss.
All of this give you a framework to operate in, so
you know when you're right, when you're wrong, and what
to do about it in either case.
The formulas are useless without the knowledge of how
to apply them in the markets. So using the formulas
alone is counter-productive, probably dangerous.
There are many uses of the 7 formulas, I count 9 uses
alone for one of the formulas (filter out bad trades, control
risk, select most probable entry points, select preferred
profit objectives, predict overbought and oversold levels
for the next day etc). It's not practical for me to
explain it all via email, though I would if I could.
The best way to learn how to apply the formulas is to
read Joe's book. If the price of his book is too high,
give him a call, I know that he sometimes gets a book
returned (30-day guarantee), so he may have a used one
at a lower price. Maybe. It doesn't hurt to ask.
I know it's not great to hear that there is a cost
involved, but I can't do anything about that. I
do not receive any compensation from Joe's book
sales, and have no interest in whether you read his
book. I happen to think it's a great book, and get
consistent thanks from traders who I've referred to it.
Let me know if I can be of more help.
-Neal.
At 02:12 PM 5/3/00 -0400, you wrote:
>Thanks Neal ... I appreciate your help.
>
>I've seen DiNapoli Levels mentioned many times but never any "specifics". I
>saw the web site that you mentioned ... wow ... "razzle dazzle ... send me
>the money".
>
>Best regards
>
>Walter
>
>
>----- Original Message -----
>From: "Neal Hughes" <neal@xxxxxxxxxxxxx>
>To: <metastock@xxxxxxxxxxxxx>
>Sent: Wednesday, May 03, 2000 11:05 AM
>Subject: Re: DiNapoli Levels
>
>
>|
>| At 08:08 PM 5/2/00 -0400, you wrote:
>| >Does anyone have this programmed in Metastock ... it's from the Ensign
>List.
>| >
>| >"Is there a way to incorporate DiNapoli's variation of 'Fib levels' OP,
>| >COP, and XOP that are based on the 'C' point as opposed to the 'B'
>| >point used in 'Fib Levels'...where OP=B-A +C, COP=.618(B-A)+C, and
>| >XOP=1.618(B-A)+C . ..."
>| >
>| >Thanks
>| >
>| >Walter
>| >
>|
>| Walter, I don't know of any code to do this.
>|
>| The FibNodes software at http://www.fibtrader.com
>| does that and is compatible with DBC data feed used
>| in conjunction with MetaStock.
>|
>| -Neal.
>|
>|
>|
>
|