ahead of time, how would you know Michael whether to use the
indicators on the 10950 contract or the 7500 contract? Its usually
rear view mirror stuff.
vimal -- I don't think so. The cycles are good. I
have them on many charts -- different tick charts, contract charts,
candle or bar charts, and they catch turning points fairly often
and, more than that, they denote levels where price congests and
struggles, and if price pushes through the cycle level then it
often keeps going, or if it pushes through and then comes back up,
then that new direction will be sustained. Anyway
-- I know what you're thinking, but its not like curve fitting a
system, its an indicator and sometimes it works better in one
time-frame than another. Also like matt said, you can't use
it alone -- but if you hit a cycle level with divergence on
indicators, or a good fib level, you've got a high probability
trade. Just my thoughts about it.
It really depends, some days it's better on one, and other days
it's better on the other, the good thing is that they tend to
trend, so one day it will work better on one but will generally do
so for the whole day instead of just one trade,
otherwise correlate those with other indicators such as pivots
and divergences and in this case the bollinger bands top and
bottoms, when they line up they are more powerful
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matt -- nice how close
here's an updated view of the 10950 ES chart, in ...
Posted by Michael on 27th of Jul 2010 at 02:57 pm
matt -- nice how close the cycles hit the tops and bottoms on the 10950 contract chart vs the 7500 contract.
ahead of time, how would
Posted by vimal on 27th of Jul 2010 at 03:08 pm
ahead of time, how would you know Michael whether to use the indicators on the 10950 contract or the 7500 contract? Its usually rear view mirror stuff.
vimal -- I don't think
Posted by Michael on 27th of Jul 2010 at 03:44 pm
vimal -- I don't think so. The cycles are good. I have them on many charts -- different tick charts, contract charts, candle or bar charts, and they catch turning points fairly often and, more than that, they denote levels where price congests and struggles, and if price pushes through the cycle level then it often keeps going, or if it pushes through and then comes back up, then that new direction will be sustained. Anyway -- I know what you're thinking, but its not like curve fitting a system, its an indicator and sometimes it works better in one time-frame than another. Also like matt said, you can't use it alone -- but if you hit a cycle level with divergence on indicators, or a good fib level, you've got a high probability trade. Just my thoughts about it.
It really depends, some days
Posted by matt on 27th of Jul 2010 at 03:01 pm
It really depends, some days it's better on one, and other days it's better on the other, the good thing is that they tend to trend, so one day it will work better on one but will generally do so for the whole day instead of just one trade,
otherwise correlate those with other indicators such as pivots and divergences and in this case the bollinger bands top and bottoms, when they line up they are more powerful