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Hi,
I just finished the book "Trade chart patterns like the pros" by Suri duddella.i'm impressed by how at last a trading book cuts through all the craps & provides readily applicable knowledge.
before i'm going through all the long programming sessions, i'd consider what you all think about these setups.r they really worth all the labour?what kind of hit & failure rate you found previously in emini or think is reasonable?
this book is also recommended by our Big Mike.but i'm not ready for the worst case scenario, to code all those setups only to find they're not working practically quite as good as theoretically assumed.
Help me here.
Can you help answer these questions from other members on NexusFi?
It usually takes many years to be good enough to be profitable at this. At least 1 year if you happened to study something in university that is relevant to the topic.
Don't spend years of your life on "labor[ious] programming sessions". Spend years of your life on something you love and are passionate about. There's many ways to make (a lot more) money.
I have a similar project which I also journal in the elite automated trading section (which I need to update actually).
My homework was around automated strategies using price action fundamentals, which also led me to incorporate testing common price patterns. My personal findings were these patterns on their own offered nothing better than random returns.
That's not to discount their usefulness, but without larger context they were only random. Now my work is more focused around broader market structure and applying patterns as an entry qualifier when I feel there is a greater then 50/50 bias in the market.
Anyway, that was/is my personal journey, hopefully might be something useful for you.
You mean overnight margin I presume.
The methology is valid whatever the time frame, it's just easier to succeed with higher time frames as there are less noisy.
.