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The philosophy for the setups is largely that they reveal "tendencies".
Exit strategy is mostly discretionary, making a bit tough to exactly nail
down a mechanical simulation of their results. For instance, if profitable
at the close, hold ovenight at get out sometime the next morning. The
underlying tendency is that
an up close precedes a higher intraday high the next day, but not
necessarily a higher close.
You can certainly test for tendencies, i.e, if the setup occurs, hold until
the close of the day. Or hold 2 days. etc. So your statement is correct,
the ideas have been backtested. They are not intended to be traded
mechanically, at least that's the recommendation in the book. The entries
certainly CAN be traded mechanically, but with some of the indicators, you
are on your own to develop hard exit rules.
And you can software tools to identify entry setups.
LBR works with Steve Moore on testing issues, see www.mrci.com.
Also see the daily transcripts of her trading chat room at
www.mtrader.com/linda.htm.
..Mark
At 10:08 AM 2/19/99 -0600, you wrote:
>Hi Scott:
>
>Feedback I have is that these systems (setups) have been backtested
>and the results show that they cannot be traded mechanically. Someone
>please correct this belief if it is incorrect.....Comments....
>
>Charles
>
>> From: JSBGALT@xxxxxxx
>> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
>> Subject: GEN - Street Smarts Indicators for Supercharts
>> Date: Friday, February 19, 1999 12:50 AM
>>
>> I just finished reading Street Smarts by Larry Connors and Linda Bradford
>> Raschke. In the back of the book, the advertise software (Street Smarts
>> Indicators for Omega Trade Station and Supercharts. It is an add on
>module
>> that helps to identify the setups discussed in the book. I am interested
>in
>> it for Supercharts. Has anyone tried this program. What do you think of
>it?
>>
>> Thank you,
>>
>> Scott Brown
>
>
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