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What is the general consensus of predictive forecasting software?
Many of the indicators that we use are predictive in nature. The weather is predicted days in advance, the market runs in cycles, is seven day forecasting of price movement reasonable?
Can you help answer these questions from other members on NexusFi?
99% of indicators are showing you what already happened, not at all what is going to happen. These indicators also almost all re-hash existing price data (or maybe volume).
Decoding The Hidden Market Rhythm will run you $1995 for the book and comes with software that runs on the Wave59 platform. Its considered by many Wave59 users as well worth it.
Got it Fat Tails, I was on the broker web site viewing a video on price action and came across a hosted webinar dealing with the subject so I wanted to pose the question.
You got the price right but I think your indicator needs a little refining of the code. Good One
FWIW...IMO, all typical indicators are lagging. That is, they go off price action and rate of change. Things "should" bounce back to the middle. Action, reaction and all that.
Some months back, I got Back To The Future. It mines data from the past eight weeks. If a market has moved at exactly the same time in the same direction for eight weeks in a row, you have a pretty high probability of it happening again. Shows the times that that the large commercial guys have bought/sold. It's about the only true leading indicator I've seen. It isn't perfect, but I can't imagine trading without it now.
Quite honestly, one of my absolute favorites is Andrew's Pitchfork. It's simple, it's free, and it works extremely well if used correctly. Look at Interactive Broker's website, go under Industry Education, and find Timothy Morge. There are multiple videos. Free is good.
