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> Thanks I will test it out as a possible turning signal at my EW turning
> points (maybe at times a better entry point than what I use?). Is there a
> particular time frame you would recommend?
> don ewers
Don, I fiddled around with it and the settings when I first got it, but I don't use it only because it is difficult to escape seeing the pattern and yet another blip on the chart adds more clutter. It is very much a question of where you see it that makes it significant. As I mentioned on some posts a while ago, I now also have found the continuation version of the pattern very good - but again it depends on where it is seen.
Without ruffling further feathers, in my jargon it is a pattern and not an indicator. It is not something that you can set up and say 'buy when it crosses 20 or 30 and sell when it crosses 70 or 80' for example; nor, say, every time on a pivot point - but if it occurs on a pivot point, check a few other things out and it may prove a useful pattern. I know people have tried to turn patterns into indicators (in my jargon) but I never seen one work out that was in any way satisfactory for me. I am not saying that it couldn't be done, but I would question whether it would be worth the cost or even necessary. So many factors must necessarily come into play around the pattern, even if all of them do not need to be present. We are talking discretionary trading here, not a system.
Your charts are very detailed, as per EW and other indicators (as per my jargon) and I am sure you and many others get a lot of value from the information. Mine, according to some, contain 'silly things' and look very simple compared with yours and others - but they work for me, day trading the one instrument I trade. It would seem that either in part or as a whole my type of trading works for a lot of others - many on this list!
So, if you can make the DS work on your EW, more power to your elbow. Whether you need to have 'an indicator' to show you or simply recognise a very straightforward pattern when you see it, is a matter for you. But beware that the settings of the one I sent has limitations and you may need to do a lot more work on it to suit your book. For me, this is the trouble with trying to systemize anything: getting all the angles covered for all the circumstances - like eye to brain does at any given moment looking at any chart....
Best of trading
Bill
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