So I Came Across Another Trading System for Only $997. However, if you purchased in the next 24hours the whole system could be Yours For Only $497.
So I decided to Code it. This is only Version 1, and I discuss in the Video What I’ve found so for, some plans for Version 2 of the indicator, and I ask for your feedback on anything you find.
Indicators used in System:
CM_DI_Plus_Minus_V1 (Indicator On Bottom).
CM_ADX_V1 (Indicator On 2nd Pane).
CM_Gann_Swing_Hi_Lo (Indicator on Price Pane). This Indicator was published before…Link Below.
Link In Related Ideas Below
Link In Related Ideas Below
Link In Related Ideas Below
In Video I go over settings and how to customize charts.
Link To Video:
Link To Downloadable PDF Shown in Video:
As far as the StochRSI. I used that indicator the first 5 years of trading. During that time I was required my my mentor to analyze 300 stock symbols every night on 5 different time frames per symbol. So I've analyzed it on well over 2 Million charts. We used other indicators also, and during that time I took $2,500 to $250,000 which gave me the ability to trade full time. That was a LONGGG time ago...but I can tell you this...the StochRSI is a great indicator for Range Bound Markets...Like the chart you showed....it's a below average indicator for Trending Markets....especially Breakout Markets.
So if you filtering for Range Bound Markets you can make a lot of money with that Indicator alone. And one of the items I mentioned in the video is TradingView will be introducing Scanning capability in the future. The ADX is a probably the #1 indicator to use for scanning to find Trending and Range Bound Markets...If you know what to look for in the ADX.
That is the #1 reason I introduced this thought process. Because the majority of traders I speak with don't know how to transition from a Range Bound Market to a Trending Market. You don't use the same type of indicators for both markets.
"I've analyzed it on well over 2 Million charts".
Wow, that's a lot! I'm just trading since Q2 this year, still much to learn :) I hope I didn't sound disrespectful.
"The majority of traders I speak with don't know how to transition from a Range Bound Market to a Trending Market. You don't use the same type of indicators for both markets."
Yes, the Stochastic RSI is sometimes tricky, I guess in these scenarios it's better to use something like the MACD or PPO?
"The ADX is a probably the #1 indicator to use for scanning to find Trending and Range Bound Markets"
Each time I tested the ADX so far I wasn't happy with its signals. Maybe I have to test for another time after watching some video explanations about how to distinguish these different types of markets. At least the ADX is ahead in terms of signal quality compared to the Vortex and the some other even more exotic trend finding indicator I forgot the name of.
The video was average at best...b/c I haven't done any statistical research on this system this guy was promoting. So there were a lot of "Maybe This" etc. I'm in no way saying this system is great...I'm not trading it...
What I'm trying to do is show people how you can take a concept, evaluate it, and if I move forward with the strategy show how I develop filters to turn a "Concept" into a statistical based system. This is easier said than done...and the reality is to find a truly great system with a statistical edge...you go through 20, 50, or maybe even a hundred different systems or thought processes....before you find one that truly gives you a statistical edge.
So this system...I might post 10 different updates...and develop it in to something...or I may kill it...and move on.
You'll see me do 3 things in the future.
#1 I'm moving to videos...because it shows people a visual vs interpreting what someone writes. And I can do a 10 minute video and show more than it would take me an hour to write out. Plus once we find a worthwhile topic people can follow along at their leisure and see the progression over time.
#2 I'm going to introduce some of these thought processes that I see other people market...b/c traders need to learn to evaluate all the stuff that is being marketed and learn how to come to a conclusion by doing their own research, vs. just taking what the person marketing the system claims.
#3 I'm going to start introducing some of the methods I've actually used and made money with. For example I'm going to be doing a video and/or video series on How I traded Pivots...have had a lot of requests from the post I ddi saying "I used this system and made a living trading nothing else for 2 years".
The developers are making several modifications to one of the items we have access to on TradingView that I use...and I can easily make a living using this method alone...it will be a powerful concept for people to learn once the modifications are made. I'm keeping it a "Secret" until I can actually show it...but most people are using indicators that "Lag" by definition....The system I'm going to show is Real Time...No lagging indicators...And it will give people a statistical edge over Retail traders that are using lagging indicators.
Lots of good stuff coming in the future...
I always appreciate your posts...and by the way...keep a look out for a major announcement from TradingView either this week or next!!! It's going to be very impactful to the TradingView community...
Regarding the videos, it's great that you upload them (as pro user) to Vimeo so that we don't have to deal with advertisement. But I personally would love to see you upload them to Youtube, too. Because Youtube offers a feature to watch every video in 1.5x or 2x speed, so I can get the information in half the time, cutting a 20 minute video to 10 minutes of time (... so I can watch two 20min videos in the same time it takes to watch one with 1x speed). You can easily upload your videos to several video hosters using: http://www.oneload.com/ (by TubeMogul)
And I'm personally still testing many ideas for systems, that's why I was so harsh regarding the ADX system, because you already gave us other system ideas like the pivot bands, which are much more reliable and therefore better. I assume if you combine the pivot bands with Bill William's fractals and something like Ichimoku cloud as a system you have already something statistical superior to the ADX system. I'm glad we can prove that next year with backtesting :)
I'm not going to upload them to YouTube b/c technically I need a bunch of disclaimers...but I feel only posting private links on this site people will have common sense. On YouTube I have to really watch what I say and add disclaimers to videos...Also you get a bunch of random people making unaware comments b/c they came across the video and watched it with no context.
I've used a product called MySpeed for years http://www.enounce.com/myspeed ...they have a windows and Mac version...you can get a free trial...and if you like you only need the $29 version. The more expensive version allows you to do the same with downloaded videos...but if you use windows, windows media player does the same thing...and if you use a Mac MPlayerX in the Mac app store is free and is amazing giving you complete control of video speed...and will play almost any type of video file..