Each symbol is linked to a beautiful chart with an excellent short-setup.
Joined Nov 11, 2007
1,458 Blog Posts
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Wood, what’s your target % profit and stop on these?
I would use a volatility-based stop, like ATR. These test well using a 3ATR stop. They also test well using a tight fixed stop, like 6%.
I still have some engineering to do with an indicator before I can tell you a price for an exit threshold. Basically, I need to reverse-engineer an indicator so that it gives a price rather than an indicator reading.
hey Woodshedder!
Thanks, looks interesting… I’m just making the move from day trading to more swing/medium trades, so just learning technical analysis. Lots of materials/books out there, do you have any favorite ones, as an overview/introduction?
Thanks!
Omen, greetings.
The most important thing to remember is that many/most of the standard technical indicators set to the standard settings don’t work. Or, they may work opposite of what you have read or been told. Therefore, I would highly recommend the following book, which will guide you in the direction of what actually works:
http://www.amazon.com/Evidence-Based-Technical-Analysis-Scientific-Statistical/dp/0470008741/ref=sr_1_15?ie=UTF8&s=books&qid=1277044257&sr=8-15
There have been dozens of TA books published in the last few years and I have read none of them. My focus is mainly on backtesting the various indicators to find what works right now. All that being said, I have heard that Brain Shannon’s book is good, and he’s a nice guy, so that helps! http://www.amazon.com/Technical-Analysis-Using-Multiple-Timeframes/dp/1598795805/ref=sr_1_16?ie=UTF8&s=books&qid=1277044257&sr=8-16
The first book I read on TA was this one, and I remember thinking it was very good at the time:
http://www.amazon.com/Getting-Started-Technical-Analysis/dp/0471295426/ref=sr_1_10?ie=UTF8&s=books&qid=1277044257&sr=8-10
Finally, most technicians consider this to be the Bible: http://www.amazon.com/Technical-Analysis-Trends-Robert-Edwards/dp/0814408648/ref=sr_1_11?ie=UTF8&s=books&qid=1277044257&sr=8-11
Regards,
Wood
Great, thanks, Woody!
At the moment I’m looking for an intro, so I can at least understand the vocabulary, and the concepts/ideas (even if not which ones work better when 🙂 ).. I’ll get the intro one, and go from there 🙂
Thanks!
http://www.thepatternsite.com
studying that site will save you hundred of dollars on textbooks.
the first link about statistical inference of patterns I haven;t read, but the site linked above has all the statistics for how often a pattern works, how often it reaches its target, which patterns work best in bulll markets, best in bear markets, etc.
I own “the bible” and for the sake of book collection, it’s great. For the sake of “learning,” though, I think this book is better:
http://www.amazon.com/Encyclopedia-Chart-Patterns-Wiley-Trading/dp/0471668265/ref=sr_1_1?ie=UTF8&s=books&qid=1277162929&sr=1-1
that book is authored by the guy who runs the site linked above, where he offers ALL of the info in the book for free.
I enjoy reading an actual book. There are tons of great ones with thought provoking material, but the best bang for your buck (FREE!) with clear info and everything is thepatternsite.