funny...wonder if i can make money like this. you know if you all contributed $10 to me I'd be very glad to post pictures of everything Betsy and I did with the money. You all would be able to live vicariously through us. Wow what an idea!
Hmm...guess I should start my own thread instead of hijacking your's. Sorry.
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So here I was thinking that you guys were all being really negative about a product that you haven't even tried, so I decided to go ahead and buy the thing and write a review myself. Here's what I think so far; the company that sells them is slow. I completed my purchase yesterday after the close, chased them this morning, was able to download and install the bars, but they haven't been activated yet. I've been told that the guys that activate them might be traveling and "in the air"... So I've spent $500.00 and I have jack. I'll post again with my opinion of the bars if I ever receive them.
Using the word "company" to describe this vendor's business is a bit generous. More like one man working from his flat. He may be employing a third party to setup the licensing for your machine through software from Ninja.
Looking forward to hearing what you think of the product (I'm confident you get it activated). Mr. Mitchell may be many things, but an outright thief isn't one of them.
I did, indeed, get the bars activated late in the day on Friday. At first glance they look different from anything I've ever used before. The market is closed now, and I don't feel like playing with a replay, so any further analysis will have to wait until Monday. I will report back when I have more information.
Ok, never mind, I found the Candle Style and installed it. I'll play around with chart resolutions to see if I can get something to line up. The resolution between the UTB's and standard Tick Bars is not 1:1, there are far fewer bars with the UTBs... Let me play around with this and I'll hit you back.
Ok so here's a 233 Tick UTB using the CandleVolStyle2 along with 233 Tick UTB with Heiken Ashi V4 (Thanks Fat Tails - I love it)... There's also MT Predictor, PriceActionSwing, ADXVMA, PLA Dynamical, and Crable Range Projections all over the HA chart but why not, it's what I look at so why shouldn't you get to see it. ;-)
Both charts are for CL-08 Friday 28/06/2013 and the Sunday night session (so far). I was previously using a 1597 Tick chart to obtain this kind of resolution but 233 ticks on the UTB seems to be just about right.
What I can say about the UTB's, so far, and I've only seen two bars print real time, is that they do seem to show the trend very well. We opened about where we went out on Friday and ticked up to 96.59, the UTB gave me a long wick moving up, not new bars, and when price started to come off, the supplied "Tick Counter" indicator went negative just as the sellers initiated. Clearly I had other reasons to be bearish about this session, but the UTB's confirmed it.
I should add, at this point, that I am not affiliated with Rob Mitchell in any way. I'm a trader, just like you, trying to improve my edge through whatever means possible. I only started dealing with him when I purchased the bars, and since other's have seen fit to criticize him I will say that my dealings with him have been very good. When there was a delay in activating the bars he offered to send me screen shots of the instrument that I'm trading and did so, lots of them, so I could take a look.
Obviously I have only seen a couple of bars print, but looking back over Friday and watching the open Sunday night, I like what I see. I'll post more as I observe things.
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Right, so I've been playing with the UTB's for a couple of days now. I spent most of the day yesterday playing with chart resolutions and finally found that the 233 Tick UTB's were not responsive enough for me. I scaled back to 175 and I have to say these bars are amazing. Here's why.
Not only do the bars themselves show the trend, but the way they organize the data makes my indicators smoother. Let's start with the bars. During periods of consolidation, in particular the overnight session, which I regularly trade, there are fewer elongated bars. As the market begins to trend the bar frequency increases and there are a lot more of them. See the attached screen shot.
As for smoothing indicators, my main indicator is the PLA Dynamical which, on it's own, does an excellent job of filtering the trend. With the UTB's, however, it does an incredible job compared to Tick Bars, Time based bars or Renko Bars (which I have come to despise).
First, take a look at the first test of my VP High. My Heiken Ashi turned red but the PLA stayed positive for two red bars before HA went positive again, keeping me in the trade. This is exactly what I want. I don't mind holding the position so long as I have a reason to. Immediately after we took out the VP High with a series of very small UTBs we rejected 99.17. As we came off there was a green HA but the PLA stayed negative. The same scenario plays out late in the day when we break out of the range and make new highs. HA goes red, PLA stays positive.
I've started modifying the HeikenAshi V4 so that the bars will stay positive, with a different shade of green, if they turn negative but PLA doesn't confirm. So instead of red bars I'll get a light green bar, showing me that there's weakness but not a reversal. Obviously I'll do a similar thing for the other side.
I've recently had people ask me if the price I paid for my indicators is "worth it" and I've read comments that "these bars are expensive". What I have to say to that is this. If anyone thinks spending $500 for a bar type this sophisticated isn't worth it, you might want to rethink your approach. I made significantly more than the price of the bars on _one trade_ this afternoon _because_ I was using them. Any purchase is like any trade, the cost of evaluating the bars is $50.00. I don't know about you but my stops, which I take regularly, are usually a bit bigger than that.
Being a properly capitalized trader means more than having enough margin to cover your intraday positions. You need to have enough cash to live off while you learn how to trade, lose money, and purchase quality technology and education. Sure there's a lot of free stuff out there, thanks to Mike and the awesome contributors on this forum, but there are also a lot of really smart people writing some really cool technology who, for whatever reason, want to get paid for their efforts. Some people say, "If they make money trading why do they have to sell software?" Who knows and who cares; it's what they want to do. I'm sure Mike takes money out of the market regularly and yet he spends a substantial amount of time working hard to make futures.io (formerly BMT) the incredible resource that it is. I've now spent a couple of days exchanging emails with Rob Mitchell, the creator of the UTBs and I can assure you all that, from my perspective, and you can base your value of this on your opinion of me, he knows what he's talking about.
Sure, I've purchased some crap along the way, some of it I was able to give back for a full or partial refund, but these bars, and PLA Dynamical are an absolutely amazing combination. Thanks Rob and Roger.
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