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mark,
simply put, the traditional approach is to use end-of-day (or bar)
data... view the range hi & low... in a column of x's, you look at the
hi & add any x you can based on the bar hi; if no x is added, look at
the low & post a reversal of o's if you get a (3)-box reversal...
otherwise, o change in chart.
additionally, TS will not vary the chart scale... you set at $1 or $.50
or wherever & that is it. it should for example use $1.00 boxes from
$20 to $100; $.50 under $20; $2 over $100 (as i recall it's $5 over
$300). (similar effect to a log chart as you can see)
the TS problem is that intra-day moves are (all) posted & the chart
moves to the right too fast, crossing the bullish support or bearish
resistance line early, resulting in turning the (stock) bearish or
bullish when it has in fact not done so.
yes, i have set up TS correctly... i have had a few classes in P&F &
have used them actively since 1962. the method i use ws taught in the
60's by earl blumenthal who at the time promoted some CHARTCRAFT
products, but whose methon slightly differed from that used by M.Burke &
co at CHARTCRAFT. CCRAFT has since adopted several of earl's reversal
patterns and note them on technical indicators & industry group bullish
% charts (which i get on their TECHNICAL INDICATOR REVIEW each 2
weeks... suspect other products follow the same, but this in the only
one i get (continuously for about 35 years now).
yes, i do understand that TS 5.0 will not plot (price) into the future,
but i have recently heard that with the purchase or upgrade to 5.0,
omega throws in at no extra charge a subscription to tomorrow's closing
prices (stocks & futures... no options nor other derivitives, as hillary
is not well-versed in these more exotic instruments).
preston
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