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Hi Bob,
I'm not a big fan of Tom Demark and do not use his system, nor am I
defending his book, but I use daily charts to define the trend for day
trading. This method was first spelled out by Dr. Alexander Elder in his
book "Trading for a Living". He calls it the Triple Screen System.
The first screen is a daily chart with a trend following indicator, such as
MCAD. This chart establishes the trend, i.e. only go long when the trend is
up. The second chart is a hour chart and uses an oscillator such as
Stochastic as the entry signal. The third chart is a short time chart, 5 or
1 min. This defines the entry point, one tick above or below the previous
bar. The time frames are arbitrary, and could be weekly/daily/hourly or
hourly/10 min/1 min. depending on your time frame.
The point is to use different time frames and different indicators and enter
trades only "when the planet's align", (as Norman would say). You could
apply Debark's indicators to this type of system but would it be worth $700?
Probably not, since there are effective systems exist for free.
Good luck and good trading,
Ray Raffurty
P.S. A pamphlet titled "Trader's Guide to Day-Trading" gives a synopsis of
the system, if you don't want to spend $60 for Elder's book, from Alaron
Trading at www.alaron.com
----- Original Message -----
From: Robert A. Roeske <bobrabcd@xxxxxxxxxxxxxxx>
To: Real Traders <realtraders@xxxxxxxxxxxx>
Sent: Tuesday, June 29, 1999 8:47 PM
Subject: Re: Trading with the Odds
> You know, I felt the same way about Tom Demark's new book on Day Trading
> Options. There wasn't a stitch of TS code in it. Like the Trading with
> the Odds book it is a promo for software. A demo disk is available, but
> again it is a very old demo of examples of how the code could be used.
> Some indicators discussed in the book but not on the demo required the use
> of volume and open interest. The question begs answering, how could such
> indicators be used in daytrading options when the open interest is not
> available until the next day and can change dramatically. To the authors
> credit, the book is well written, but sure left a bad taste after
finishing
> the last page and discovering it would take another $700 or more to have
> anything to use in trading.
>
> BobR
>
> At 07:59 PM 6/29/1999 -0400, Owen Davies wrote:
> >>Has anyone read "Trading with the Odds" by Cynthia A. Kase? If you has,
> >>is this book any good?
> >
> >
> >Yes, and no. She may have some worthwhile ideas, but the book is
> >strictly advertising for her products. Nowhere near enough information
> >to let you evaluate her methods. I was so irritated that I took it back
> >for a refund, and I haven't done that in several decades.
> >
> >Owen Davies
> >
> >
>
>
>
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