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Bill,
I wonder how you can condemn something that you by
your own admission do not comprehend?
When you say an indicator computed by using historical
price and/or volume data is of no use, do you then
suggest that Technical Analysis is just "doji
sandwiches" and the like?
A simple indicator that works across a lot of markets
is the StoRSI i.e. stochastic of RSI. Get the formula
for that and check it out for yourself. Success rates
far outnumber failure rates in my experience. Just
like with any pattern, indicators also require a
"validation price bar" after the "set-up bar" .
Patterns do not always deliver and similarly
indicators don't either in certain instances. It is
incumbent upon the trader to see whether the signal
generated is "actionable" or not. Inability to
determine that does not render an indicator or a
pattern for that matter worthless .
Rakesh Sahgal
At 12:42 PM 2/4/01 +0000, you wrote:
>the relationship between the S&P and the bond an
"indicator."
It's not really worth the response, but for the sake
of accuracy can I say that when I refer to an
"indicator" I mean the sort of stuff you can write an
.ela code for TS or SC. I have well over a hundred
from different sources and it is these that I am
referring to. The relationship between one
instrument and another is, of course, very much a
trading tool but I would not class it as an
"indicator" nor the "silly things" you refer to, or
would you call price action itself an "indicator"?
Fortunately, I am sure most on this list know what I
mean - whether they wish to agree or not is a totally
different matter, of course.
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