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All you need
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Created: by Jeff Castille Attachments:534

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All you need

  #161 (permalink)
Market Wizard
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cunparis View Post
That was interesting Jeff, thanks for the link to the video. I love videos like that. I don't buy the products (usually!) but I like to see how someone could use it. It often gives me ideas like you got to just use the moving averages yourself.



.

a video on how to use vol to trade
https://dataview.infusionsoft.com/link/4a7f2aeee0/14b1da0

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  #162 (permalink)
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Volume

Hey Cory,

Thanks for the link. The volume indicator that is on the video looks a lot like Big Mike's volume graph in the download area. It's interesting that the topic of volume should come up as I had been working on a template with Mike's volume indicator on it. (Mahlon's "My Simple Chart" template also uses the volume graph)

Another good read by Geoff from Market Gauge is the "10 o'clock Bulls" I would highly recommend it.

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  #163 (permalink)
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Videos


Jeff and Cory,

Thanks for sharing the videos. I have never figured out how to use volume in a way to give me a consistent edge.

Jeff, I can't believe I just did this! I typed a long response to your sling shot video and tried to insert a link and lost everything! Maybe it was too long! I will try to recollect my thoughts and try again later.

Thanks,

Mahlon

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  #164 (permalink)
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Do we need an Oscillator?

Here's my question...... do we need and oscillator on our trading chart? And if so which one would be the most helpful?

As far as I can tell the best use for an oscillator is to identify divergence. That's about it. Perhaps additional confirmation of what we're seeing on the price chart. But again.... the oscillator is not telling me anything that the price is not already telling me.

So, I created a comparison chart that I'm posting to look at two excellent oscillators. The Sharky Eco and the Linda Rashke 3/10 oscillator. I would appreciate some feedback as to which oscillator is the most helpful to your trading. And if neither, which oscillator do you prefer and why.

The chart I'm posting is my tweak on Mahlon's chart. Check it out and let me know what you think.

Jeff

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  #165 (permalink)
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LBR interview

http://www.lbrgroup.com/images/Omega.pdf

Check out Page 22 of this LBR interview. (Lower right hand side)

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  #166 (permalink)
Trade with the flow
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Jeff Castille View Post
Here's my question...... do we need and oscillator on our trading chart? And if so which one would be the most helpful?

As far as I can tell the best use for an oscillator is to identify divergence. That's about it.

Jeff

I agree about divergence, that's one of my favorite uses for oscillators. In the chart you posted, the LBR showed nice divergences which did pretty well at picking the point where price changed directions. I didn't see these in the eco bars, but maybe someone else will see something in the eco bars that is lacking in the LBR?

I've been studying LBR's setups, I reread her book Street Smarts and I listened to a webinar she gave. I'm very impressed with her. I like how she has taken a very simple oscillator and has come up with these setups.

Most use oscillators for overbought and oversold. I never used them like that. Tzachi posted about using a stoch for his Trading CL thread. If you observe a stoch for a while you can imagine the stoch value without the stoch indicator. For example if you have a stoch with period of 14.. you can basically ask yourself the question: "What is the current bar's position relative to the last 14 bars?" You can answer like "It's at the top of the range, it's in the middle, it's increasing, decreasing, etc." IMHO you don't need to know the stoch is 28 and that it crossed 20 or 50 or whatever. Once I realized this about stochastics I took them off my charts. Same for moving averages. You can start to see them. Not exact but often close enough.

I've been trading ES for 6 months now using only one price oscillator - the sine wave (I use some volume indicators but only one based on price). Take a look at the videos and/or charts on this page:

Hilbert Sine Wave Ė Donít Trade Cycles Without It !

He sells it for TS & NT but there is also a free version for NT that I can post if anyone is interested. I think this indicator is unique because it doesn't show momentum or overbought/oversold. It shows cycles. Sometimes price respects the cycle and sometimes it doesn't. That's the big difficulty in using this is that you have to know when price is respecting and when it's not. And for that I think one has to understand price & volume. And if one understands price and volume one could even ask the question "Do I really need this indicator?"

Another indicator I use is based on volume. I plot the net volume for each bar (volume on up ticks - volume on down ticks). I'm currently playing around with the best way to visualize it. I'm currently smoothing it with a moving average but I'm also playing with a 3,10 macd.

Another that I use is his better volume which colors low volume bars which show amateurs and high volume bars with low range which show professionals accumulating or distributing. This one is available for free for TS with source. I tried porting it to NT but was not successful. He now has an NT version for $67 but I think we could probably figure out how to code ourselves cause he gives hints on how he did it.

Better Volume Indicator for NinjaTrader

So if you add another oscillator, I think LBR is a great choice. If you want to add something else, I would encourage you to add an indicator based on volume or one that is non-standard (not showing momentum or overbought / oversold).

Here's my primary trading chart from Friday. I didn't trade the afternoon so I don't have any annotations or trendlines. The red (support) and white (resistance) are drawn by the sine wave crosses. You can see that they picked the cyclical turning points very well, with one exception when price blew through support and that itself is a breakout signal to go short. You will also see that more often that not, the yellow bars are going the wrong way (amateurs thinking the move will continue) and the blue bars mark the turning points (professionals accumulating & distributing to/from the amateurs).

I'm current trading both this and the All You Need. I'm trying to find a way to combine them.

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  #167 (permalink)
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Hey Cunparis,

Thanks for the input. I would be very interested in checking out any indicator that you are willing to post. (sine wave/better volume)

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  #168 (permalink)
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I use a stochastic and Macd avg. to define continuation signals like this hidden divergence . The stoch drops lower when price makes a higher low and the macd turns up to confirm the entry .

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  #169 (permalink)
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Divergence

Jeff,

Observing divergence is interesting, but is it reliable enough to go to the bank with? I also started out with TI as some other guys on this forum did. Divergence works sometimes and sometimes it doesn't. I have found it messes me up more than helps.

As far as Sharky's implementation of ECO with the blue band - I have added another line at +5 and -5. This is what triggers my entries. If I cross +5 I will look for a long entry. If price crosses -5 I will look for a short entry. Sharky had suggested +/- 10. I found that to be a little late at times. I found that if it crossed 5 it would often continue on to cross 10.

I have had LBR 310 on my charts at times - but usually if an indicator doesn't "gel" with me I don't keep it. But I have often returned to ECO implementations of various forms - paint bars, oscillators, Sharky's systems, etc.

Mahlon

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  #170 (permalink)
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Jeff Castille View Post
Here's my question...... do we need and oscillator on our trading chart? And if so which one would be the most helpful?

As far as I can tell the best use for an oscillator is to identify divergence. That's about it. Perhaps additional confirmation of what we're seeing on the price chart. But again.... the oscillator is not telling me anything that the price is not already telling me.

So, I created a comparison chart that I'm posting to look at two excellent oscillators. The Sharky Eco and the Linda Rashke 3/10 oscillator. I would appreciate some feedback as to which oscillator is the most helpful to your trading. And if neither, which oscillator do you prefer and why.

The chart I'm posting is my tweak on Mahlon's chart. Check it out and let me know what you think.

Jeff


The "Sharky Eco" is derived from the ECO2New indicator/oscillator. Sharky has said it "one million and one" times that his own version of the ECO2New (alias "Sharky Eco") is designed/tweaked for scalping and/or triggering a short-term entry, and with specific rules. Meanwhile, very very few Divergence trading can still be obtained with the indy. In fact, when a Divergence is obtained on the "Sharky Eco" indy, it is always an accurate and effective Divergence (please backtest it to confirm). In any case, Sharky does not design/tweak it to be used to look for Divergence.

The LBR does a good job on Divergence trading; but Divergence does go BAD quite often.

"Sharky Eco" is it !!!!!!!!!!!!!!!!!!!!!!!!

Lolu

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